Student Loan forgivness BS!
 

Anyone else feel as I do. Do care for those who are faced with mounting debt from going to collage.

Just that forgiving repayment, be that it may be a good thing to do. The student took on the responsibility. Knowing full well the consequences, it is not the rest of our's fault. Is the government now going to give a credit to those who want to be students?

If there is a out crying at the costs of higher education. Then attack there benefiting all. Give higher education credits with strings attached, like public service or similar. Repayment in the future if and when you are successful.

A student who goes to collage gets a degree then faces little prospects once degree is in hand. Picking the wrong path, choosing to get a degree in a field thinking little on a job that pays well. Because they liked the subject never taking the boring courses just the fun ones.

The there is the fact a new teacher being paid subsistence salaries at best. Then the hours expected required to perform the duties of teaching. Providing supplies needed at times. So the salaries in the job market also has to be addressed.

Attack the costs, system of higher education and salaries in this country.

There is a huge social pressure/obligation for young people of middle-class aspirations to go to college. Because of inexperience and lack of effective guidance, they are in many cases unable to realistically assess career options, or the not-obvious connections to educational choices. Class privilege plays a huge role in career prospects, a thing that America is in denial about and does not talk about. Families that have not broken into the higher income strata must depend on the loan programs for a shot at social mobility, or even stability. The student loan program, coupled with the huge and inelastic demand for college education, basically created the huge inflation in tuition. Costs were free to rise to with no effective limit to available funding. Then the students were stuck bearing the burden of the huge costs created by the easy availability of loan money.

Education and its funding should be rethought and radically reformed. But the intent and power to do that are not obviously available. Incremental reform is more possible. This loan forgiveness is one step. It is a just counterpart to the gigantic tax cuts made available to the upper class in recent years, an extension of social benefit to the general public.

I'm not comfortable with the forgiveness program either. But, I do like the part where they restructure the repayment program for school loans..... sort of. I see long term challenges with that too.

I am not in favor of this just another "Feel Good" program that solves nothing long term. What about the students who borrowed and paid back? Or the ones borrowing in the future?

Then there are the bad bets, borrowed a lot of money to get a degree which has little market value instead of opting for trade school.

This reminds of the DACA program, does very little while giving the Party of NO live ammunition.

I feel to much emphasis and prestige also attached to a college degree. Know of students who go many $$K in debt to find in little the way of good jobs hiring. Or take a job in another field to make ends meet.

If a provision was to receive the payout to give back community service, or future down the road pay back. After all it was a contract signed. They could of joined the military to get an education also.

I see this as a handout to a few. Then again big business gets handed sweetheart deals on our dime all the time. So maybe a little equalization.

OBTW I tutored in college back in the 70's and can only speak of that time with confidence.

Little was done to stop the accepting students into the schools if they were getting a grant or GI Bill or others types of secured payments. They would put them into classes knowing they would fail. I would be going over advanced math skills with a basic level at best pupil. The school would just use up the money moving them around till it ran out.

Schools I figure have not improved rather gotten worse. So they are a big source of the problem also.

How much is the usual or average loan debt students carry nowadays? What percent of this debt does $10K cover?
Another question and I know we're all about capitalism and such but couldn't the interest on student loans be capped at a reasonable rate.

Meh, , we give out enough $$$ to the rest of the world, spending a few $ here at home don't raise any eyebrows here....... :p


:D

And if they go for some medical debt relief too, that ain't gonna raise my blood pressure either...... ;)

Given that the usual suspects give themselves and their peer group tax breaks and cripple collection enforcement, it's kinda difficult to get pissed about "little people" who actually pay them getting a break.

Speaking of which;
Sean Hannity Gripes That His Low-Wage Staffers Will Receive Student Loan Relief
https://www.huffpost.com/entry/sean-...b035629c014313

Speaking of which, furthermore;
Conservatives Throw A Fit Over Biden's Student Debt Forgiveness Plan
https://www.huffpost.com/entry/conse...b0e323a25b9ee0

I agree that giving property tax breaks or outright gifts to companies. Building sport arenas on tax payers dime all will spend more then these loan forgive.
Truthfully they just do not add the high paying jobs promised.

My grip is this will do little to solve the problems. There should now be the option of two years of ongoing education for students at public expense. A hundred years ago a eight grade education was the exception. Now times have changed and the twelve year model is failing. So go for two motr years of on going education. Offer community/ public service. Offer incentives of free or reduced education in fields that will help society. Like in the health care industry.

But an "Art History" or similar degree you are on your own....

Curt Schilling Bashes Student Debt Relief Despite Defaulting On $75M Govt. Loan
https://www.huffpost.com/entry/curt-...b0f9a2a79b9138

But..... the program doesn't address the real problem. The cost of education and the fact that once you get a degree, chances are you won't earn enough to pay back the loan.

Used to be that education at land grant colleges was subsidized to be cheap, even free in NYC and California. Republicans ended that. Instead we came up with a system that ended state subsidies to colleges, but allowed them to raise tuition all they want, with students stuck with the bill. Cool for colleges, not so great for less-affluent families.

The problem is the cost of education, just as the cost of healthcare is the primary problem in that sector. If the cost was more reasonable, the loan payments wouldn't be an issue.

Student loan forgiveness can be viewed as restoring the education subsidies that were removed.

I have a idea..



Lets start taxing the top earners, businesses that benefit from the educational system.

Then give tax breaks if they supplement the system though grants scholarships tuition reimbursements when hiring. Eliminate the system of low paying or non paying internships, sub contractor employees.

Let the very ones driving the need for college degree to pay. Also should not be a blanket coverage. Benefits only going to high demand well paying fields.

This and other factors could lead to the liberal arts degree becoming a status symbol, as only the rich can afford to get them!

Donquixote99, already only the rich can afford a degree.

But many others take out big loans to get degrees they cannot afford, because they can, and feel they have to. But I was commenting on the effect of proposed changes that would end funding for 'hearts and flowers' degrees.

Feel for the small business owner or Plumber type of tradesman buying equipment who went in debt to getting started.

Where is their relief?

Boiled down would that be simply looked at as what's the return on the investment. Invest in only that which would give you a return. I.E. do you really want to go into debt for a degree that won't get you a job?

The profits or earnings from their work?

Very true. Still can see the argument though. If you pick a field of study, go in debt willingly. How is it the rest of our fault you pick one with low pay?


A blanket forgiveness of loans I still feel was a bad move.

I propose that student college loans be structured like mortgages where the terms are longer, can be prepaid and the loan should take into account the earning power of someone who gets a degree in a specific field.

It is quite conceivable that ones earnings can be predicted upon completion of a college degree. Here is where the true problem may lie, not every student is college material, I am guessing in the 20% range in professional fields.

So dropouts will have loans but nothing to show for it.

Unfortunately, college tuition loans are geared for banks to make money with little or no risk, not to promote college education. Med students often rake up few hundred thousand of debt before they are licensed to practise.

IMO that is the crux of the problem. Once the moneychangers figured they could game the system greed took over.
IMO the goal of student loans should be to promote a college education not to make obscene profits. The moneylenders already have enough ways to make buckets of money.

At least they can go bankrupt if necessary and shed that type of debt. The no-qualification no-bankruptcy features of student loans seem designed to rope the largest possible number into life-long compound interest.

A significant portion of what is given out returns.

Maybe why some colleges have such high tuitions.

https://scontent-iad3-2.xx.fbcdn.net...Rw&oe=6311BF85

Maybe it's because I never went to college that I really don't have a beef with the Prez forgiving a paltry ten grand these folks incurred in their quest to enter or stay in the middle class?

The wife incurred a pile attending a compuker class at a local diploma mill that was paid off when we refried our home loan down to 3%. Their promised job placement program was a sad joke.

No offense to you piled high and deeper folks. ;)

While in agreement this was in the spirit of helping those in need of relief. A short term solution to the problem. The guy making the last payment a few months back or the kids looking to further education soon.

How about something for them too?

Everybody is hustling.
The "real " universities love the government assisted loan programs...students' easy access to loans makes it much easier to raise fees.

Yep!!!

Yep. The $10K giveaway will help some people but does nothing to solve the problem (it may indeed make it worse for the reason you state). The federal government should come up with a program whereby it prohibits federal funding to public universities (nearly all get federal $$$) unless they limit tuition and tuition growth to a fixed economic index.

This problem largely came about when state governors (mostly Republican, in the beginning anyway), in a effort to cut taxes to enhance their reelection prospects, reduced subsidies to state universities in favor of passing costs directly to students. Gov. McDonnell did it in Virginia, Gov. Ehrlich did it in Maryland and Schwarzenegger did it in California.

Here is an interesting news item in today WaPo titled,

The most-regretted (and lowest-paying) college majors

I am unable to copy the chart to post it here, but engineering is the least regretted. For myself, I chose Chemical Engineering solely based on the fact that this was the highest paying engineering field and perhaps still is.

https://www.washingtonpost.com/busin...major-regrets/

I chose civil engineering because I wanted to work outdoors (at least partially) and travel. It took me to Europe for 8 years, dozens of countries and all 50 states. Never the slightest regret. Both sons did the same thing for similar reasons. My daughter is a biomedical engineer as is her husband. If one can handle calculus, engineering is a great major.

When I went to college being already married and out and about. Still fearing the draft to a degree.
Different time....

Took the electronics quick communications degree. Worked throughout, at times two jobs and was top in my class. Had my pick of positions on graduation.

Sure was surprised at how little the school actually did for it's students after all the promises made to get you to sign on.....

Tutored way to many who one would wonder how they ever made it to graduation in HS!


Found after getting my first JOB after school on my own with a headhunter! When getting repeated calls from the school who promised and touted their placement successes.....

They expected me, the one who found it own my own to do their job too....