[Locked due to politics] Student debt cancelation. Seems there are strong opinions against it from some.

[kaibab]

I never took on any college debt.... I've worked construction since 1988.

Right there with you brother, trades men have built this country with skills learned on the job. The needs other than key strokes are much needed. Live frugal and help others when you can .

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[Briebee72]

Right there with you brother, trades men have built this country with skills learned on the job. The needs other than key strokes are much needed. Live frugal and help others when you can .

I was a contractor . I only went to college cause I had injuries that want gonna let me keep going in the field. I agree if not for tradesmen we wouldn't have a country.

 

[Troutwrangler]

Right there with you brother, trades men have built this country with skills learned on the job. The needs other than key strokes are much needed. Live frugal and help others when you can .

Not trying to put down anyone's career choice by saying this, but I started college studying accounting. Right before my second term finals I was sitting in class with about 40 other students. I started thinking that if I followed through with this, I would be stuck in a cubicle for my entire life. I freaked out and never went back to class as I knew that I needed to do some kind of work with my hands. I would have liked to study engineering of some kind, but I'm not good at math with the alphabet mixed in with it (except geometry).
I'm almost 55 years old and really glad that I found work that suits my personality.

 

[Troutwrangler]

I was a contractor . I only went to college cause I had injuries that want gonna let me keep going in the field. I agree if not for tradesmen we wouldn't have a country.

That;s the down side of construction....it beats the hell out of you. I've been fortunate that my business has evolved to where I am doing more management type work and less physical work the past few years.
With that said, there's still a lot of physical work that I do with my job.

 

[1 old racer]

I worked and sacrificed a lot getting to where I am. My parents were not in a position to help at all. But if I wanted what I wanted I had to go down that long hard road and paid everything myself. It too me almost 10 years to finish. But I did owing no one a dime. I did want to do something for my two girls that my parents could not do for me. But I didnt want to give them a blank check. I offered them both to pay four years at any Calirornia State. Any more or any longer they would have to pick up. Daughter one got her B.A. in Graphic arts at Cal Poly and daughter number two got her B.S. in Geology at Cal Poly as well and is going on with her masters at Montana State and paying for it herself. She has been getting scholarships, grants, and any other money to help fund her way thru. What she cant afford she has gotten loans. She works almost full time when she is not in school, (Summer and between semesters), She has acquired almost 30k in loans and decided to take a semester off to pay the loans off. It is taking her a lot longer then most young people would be willing to take but she has committed to having a zero loan balance when they hand her her diploma . So do you really think I would approve any loan forgiveness. Work hard for it, take your time if you want it that bad. Our forefathers gave us the right to pursue not to be given our hearts desire. That would be a slap in the face to all the students that work hard putting themselves thru college.

 

[Louk]

there is already a free college option join the military!

but in all reality is a degree necessary to make a happy living. No not at all.
I chose to get a degree using my gi bill and am happy with my military choices after it.
,But I paid into the fund I took money from as everyone has to do. 100 per month for 12 months then the govt does whatever they do with money and you get 36 months of college from the deal.

colleges are bloated money machines at this point. I don’t think the answer is pay the colleges all the money and loan forgiveness.

not just that but who told these people you have to have to go to an on campus university and all this other blah blah? Online university or go your first two years at community.
Can college be ridiculously expensive yes. Can you also make it affordable and tailor it to your budget, yes.

 

[Torch]

Eh, I dnt think people are wishing hardships on anyone. No one's promised a job by going to college. It does open the door for other opportunities but nothings promised. I think if you say you'll pay something back then you should and thats probably the position others have too.

 

[Troutwrangler]

there is already a free college option join the military!

but in all reality is a degree necessary to make a happy living. No not at all.
I chose to get a degree using my gi bill and am happy with my military choices after it.
,But I paid into the fund I took money from as everyone has to do. 100 per month for 12 months then the govt does whatever they do with money and you get 36 months of college from the deal.

colleges are bloated money machines at this point. I don’t think the answer is pay the colleges all the money and loan forgiveness.

not just that but who told these people you have to have to go to an on campus university and all this other blah blah? Online university or go your first two years at community.
Can college be ridiculously expensive yes. Can you also make it affordable and tailor it to your budget, yes.

Good point.
I know a young guy who went into the military for 6 years I believe. Was an airplane mechanic in the Air Force. He's a commercial airline pilot now, no debt from his schooling/flight time.

 

[BlackandBlue]

Debt forgiveness is the most idiotic idea ever proposed period. People that propose it are just plain ignorant to economics. There is an unlimited demand for free services. Debt forgiveness makes college free. 13-21st grade.

The solution is very simple. Allow education debt to be charged off in bankruptcy. This would instantly reprice the cost of college(reads loans) and put people back into the trades. Bam fixed.

No more 100k marketing degrees but also no more 3-1 administrator to professor ratio so this will never happen.

 

[gixxersixxerman]

I never went to a day of collage in my life, I did go to a trade school UTI for about a month before I dropped out, went back to Ford and moved my way up to becoming a ASE tech. Then playing with RC cars learned to solder and became a electrical tech, then worked with Raytheon. All without a day of collage. Now I run a very small business doing lighting and retrofitting and do ok for myself also work tech support for a automotive key transponder company. my household is in the lower 6 figure a year bracket. My fiancé is going to local collage when she could go to UNLV but is a fraction of the costs, has like 5K in debt if that to become a dental hygienist. Instead of going to UNLV to end up with the same paper that the community collage gives with a fraction of the debt. I see her friends taking loans after loans after loans to party and vacation on and stuff... no my taxes shouldn’t pay that... at all... I get that a lot of jobs require collage degrees, but at the end of the day a majority of jobs could care less if your diploma has the name of a huge collage or a local community collage especially after you’ve been in your field for years and years.

Also this generation seems to not want to do work. A really close friend picked up a Ferrari this past weekend it’s “only a 360“ as he says but he is just an electrician.. he works hard the friend that took him to Florida to pick up his Ferrari is a ”plumber” without the turd hurdin, he actual does design but 300k easy a year. Today this generation sees most like that as “beneath them” and think work means sitting in a office chair with their frappymochachino

 

[ford20]

One of the issues with debt forgiveness is that it doesn't address the symptom that causes the problem. Another issue is that it overwhelmingly favors the Upper-Middle Class and above at the expense of the poor who never finished their degrees or who never had the opportunity to go to college. It is no secret that college graduates will outearn their high school degree-holding counterparts by the tune of over 7 figures over the course of their lifetime. According to the Urban Institute, the top quarter of income earners have 3 times as much student debt as the bottom quarter of income earners in The United States and the Brookings Institute (a center-left think tank) released a study noting that the increase in annual income pays for the increases in debt incurred. In addition to this, over 1/4 of the increases in student debt since 1989 have come from the pursuit of post-graduate degrees according to the Survey of Consumer Finances. Once again, those who go on to pursue post-graduate degrees in the form of Masters and doctorates further outearn their Bachelor degree-holding counterparts and vastly outearn their high school degree-holding counterparts. For instance, with Sen. Warren's student loan forgiveness plan would give 2/3 of the benefits to the top 40% of income earners in the United States at the expense of the bottom 60% of earners.

For those non-wealthy debt owners who may be struggling with student loan debt, we have a myriad of debt forgiveness and debt management options to help those struggling with their student loan debt. The amount of student loan debt while increasing hasn't resulted in higher payments as noted by the Survey of Consumer Finances. The payment amount in relation to the borrowers annual income has been steady at around 5%, but the payment length has been increasing similar to car loans where you would see 60-month financing options now being pushed out to 84 months as a way to lower payments, but still meet the debt obligations. By the time borrowers are in the 30-45 age bracket, they are paying roughly 1.5% of their annual income according to the American Enterprise Institute which is higher than it was roughly a decade ago. To reiterate though, with more people pursuing post-graduate degrees, they take on extreme amounts of student loan debt to attain those degrees and these debts are taken at longer repayment terms.

The real question is why is a 24 or 25 year old college graduate with their MBA earning $40,000 a year more deserving of taxpayer benefit than a 40 year old parent of two who never graduated college when the young college grad has far more earning potential? Also, there are better options than just blanket student loan forgiveness. It isn't a good policy for a multitude of other reasons that those more intelligent than myself would be able to explain with further nuance than I could ever muster.

 

[wingnutt]

Why do people wish hardships on others?

there’s your problem, nobody says that. most of us just see is as the freebie-for-votes that it is...nothing more nothing less.

The solution is very simple. Allow education debt to be charged off in bankruptcy.

BOOM...this is when it went off the rails, period. Can you imagine what would happen to the price of cars, if auto loans could never be discharged?

You dont need credit cards to make it in life. An education...yeah.

wrong...it is completely possible to “make it“ without a fancy degree, but good luck ever buying a house without a solid credit score of which many gain by using credit cards.

And again don't make this political.

and that, good sir is absolutely impossible...ask yourself, how did school loans become non-dischargeable

 

[BlackandBlue]

BOOM...this is when it went off the rails, period. Can you imagine what would happen to the price of cars, if auto loans could never be discharged?

When the govement gets involved in anything the cost goes up. It doesn’t really matter though. The Fed is going to double QE and monetize nearly 100% of treasury bond issuance next year. MMT is here. Might as well send it to the people I guess.

And don’t for a second think the Fed won’t back car loans one day.

 

[XS]

Just my experience here. I paid half my college with debt and half by working 30 hours a week through college. When I graduated I had half the debt of most of my peers. I paid down that debt in 7 years after college making about $35k a year by making smart financial decisions. I never loathed that debt nor cursed the school I chose to attend. I felt honored and grateful for the experience that debt paid for me to receive. I never assume others could easily do what I did nor am I saying it was easy for me to work while schooling (it wasn't). This is just my experience and how I feel about it. Now, I also am in the position to share what I have seen of most of my friend's experiences, too. Only a few others even attempted to work during college and they too have all since paid off their loans. All the others paid their entire schooling down with debt. After school some of them made poor financial decisions too, such as buying brand new cars, or taking trips to Europe. Most of my friends are still in debt and most want debt forgiveness. A good portion of them hated that they went to college in the first place. Of course I do not wish hardship on them and I want to see them succeed. I am of opinion that the path I took, while grueling for several years, wasn't an unwise one and even allowed me to appreciate college. I understand this is an opinion and others may find what I did to be unacceptable, for any number of reasons and I respect that.

 

[BLUE DEVIL]

Selfish A-holes?? It sounds as if some feel entitled to something that no-one before has been afforded, college paid for by people that have no interest in your success or failure. I worked hard and did without to be able to put my daughter through college. She had friends in school whose parents did the same, but the kids still took out student loans to pay for spring break trips, winter break trips, apartments, cars, entertainment, luxuries!!!! Again, Why should student loans be forgiven, exactly? You choose to sign on that loan you better be full expecting to pay it back! I wanna own a million dollar home, you wanna pay it off for me.....SNOWFLAKE? Life is tough, sink or swim, but whichever, Accept your choice and responsibility for the consequences!! You sound like my 2nd kid, a 20 YO son, who blew 3 semesters of my money because he couldn't control his leisure time.........gaming and internet. He won't or can't hold a job and is now of the belief that he deserves socialism. He has one foot out my door with only the clothes on his back and my foot in his........

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