Reply to This story of loan forgiveness does not sit well with me

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]He knew he had to get a better paying job to repay the loan, but he didn't want to give up his passion, which was music.

Now that his almost $250K loan has been paid by us taxpayers, he says he wants to go meditate in India with a guru.

Like what the actual f*.

my nephew has a mild SN and had a  hard time finding a job after college; he majored in IT.  He found a lowish paying job (like $45K) at a nonprofit and is still paying it off while he lives with his single mom because he can't afford to live on his own and pay off the debt.  But, the government didn't pay his debt off. I think it's like $50K.  Here's someone who's trying and working a job that has potential for growth, even as he has a hard time of it, and then there's this guy with his music passion, and now he can go meditate because we taxpayers basically gave him $250K.

https://www.yahoo.com/finance/news/gen-xer-got-250-000-181801554.html

Yea, I feel bitter.[/quote]

The optics of this are terrible. Team Biden ought to find working class borrowers who never finished their degree and forgive their modest loans.

Because it almost seems like stories like this and all the six-figure nonprofit wonks going viral are poisoning the well and demonizing low and middle income borrowers trapped in student debt usury.

Why doesn't Biden just cancel the debts of poor borrowers who are in default? I thought I read the average borrower in default on undergrad debt didn't even finish their degree and their original principal borrowed was only 10K-15K.[/quote]
That's what they *tried* to do -- capping the amount of loan forgiveness, income capping it, and increasing the forgiveness for those who got Pell grants. Yet that was knocked down at the court. i cannot IMAGINE what this board would say if they only forgave borrowers in default.

God, no one on this board has ever gone into default on their loans because they couldn't pay rent despite working multiple jobs and 70+ hours per week. When i dropped out, that's where I was. State school, loans of $15K, and few nonessential expenses beyond cigarettes (in 1999) it didn't matter because I couldn't find enough money in the budget to be up to date on the loans.

I don't think everyone understands that pay does not grow how hard you work, that hard jobs are not the highest paid, and it wasn't like I could just walk in and say "I worked harder, now pay me $100K" -- it doesn't work like that.[/quote]

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