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

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[quote=Anonymous][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]

We get that.  But life is about choices?  Why did you start at college and take out loans you couldn't afford?  Sounds like you should have started at CC and/or worked a bit first to see if college was the right path for you.

Also you found money for cigarettes and a few non-essential items.  If you want to pay off loans/budget correctly, you cut those out.  That was likely $100+/month.  And you put that $$$ towards loans.  You also take on as many jobs as needed to pay the bills.  You get a roommate/rent a room in a house to reduce your rent.    Many of us lived like that in order to pay off our loans/survive college on a budget.  
My weekends in college consisted of making the social choices: I have $6 to spend all weekend, otherwise I won't have $$ for food next week (my grocery budget was $35/week in 1990, very frugal).  So I couldn't do things friday sat and Sunday that cost money. I had to pick and choose.  That included me working 15+ hours/week while in school, taking 22 credits each semester in engineering and music performance (both are extremely time consuming and challenging majors).  When I wasn't in school I was working every break for 50+ hours/whatever hours I could get from my multiple jobs.  I did that for 5 years in college, then for another 2 afterwards to pay off my loans---now I had a good job because well engineering major.  But I lived frugally for the next 2 years so I could get rid of my $20K+ in loans as quickly as possible and then start living better.

Why?  Because I took those loans and it's my responsibility to pay them off.  I didn't "do extras" for 7+ years (college and beyond) just so I wouldn't take on more debt.

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