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

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Briebee72

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Spoken from someone who would be a prime target for a predatory lender. Someone who would pay 29 percent for a car loan. Right is right , and wrong is wrong. No we as a country will never agree on everything or anything but to shove your head in the sand and say it is what it is not the answer either. Anybody talking about a solution besides taking up the kiester. What's the solution? I'm waiting to hear that.
My personal solution would be. one get rid of all these online fly by night BS colleges and get back to traditional 4 year schools and if peopel need online then it needs to be handled by traditional established schools. if you do online college then it needs to be prices accordingly not at damn near full price of in person classes when you are basically teaching yourself.

Second have third party independent financial advisors and planers who go over every step and can advise you on a financial future not a finance department run by the college designed to get you in the door.

Third allow recourse. Right now it doesn't matter if your college taught you with magnetic refrigerator magnets and over charged and signed the paper work in crayon. you have zero recourse for a bad education or predatory schools who lied about your future prospects in the area.

Allow bankruptcy charge offs of student loans with a stipulation that if you charge off a student loan you are ineligible for any more. so its a choice you have to make.

I mean something anything. not that my ideas are best but damn when the rest of the world has a better education system and zero debt doing so. something is broken here.
 

17Magnetic5.0

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I know plenty of people that worked their way through college and finished with no student loan because of it. Then again I was in state and I know out of state people paid a lot more. So I see why some people would be paying crazy amounts. People should still have the option to go to any college they want though. I’m against the loan forgiveness because I got scholarships due to my grades and I never had to pay a cent for my education. Likewise there’s plenty of options for people to go to college and get assistance. For example, some companies help pay for your education McDonalds comes to mind as one of those. The military will also help pay for college. I also know plenty of people that worked up and saved for college and didn’t just start in college after high school so that they wouldn’t have to take loans out. So there’s plenty of options.

While I’m against loan forgiveness though I do agree that higher level education should be easily accessible for all. Therefore the government should stop giving out loans and if people want government assistance for their education then they should do something for the government. It would be an exchange of goods rather than a handout. The government could use free labor for building roads and other public works. This would also help people gain actual life skills that would be useful later on in life.
 

Jimmy Dean

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This is a what came first the chicken or the egg thing. They take on the debt cause they are told they can get a job. You don't know you can't get a job till you have the degree cause you can't apply with out the education. You go get the education then are told there is no jobs.
my 4 year degree costs me about 45k all told. I paid for 36k of it with GI bill, had 1500 in grants one year, and took 10k out on loans. All this knowing that the avg starting salary for my career was 60k nationally.

I do not agree with people, and I know some, going to these 20-30k /year private universities to get a degree in things that are not essentially guaranteed good enough paychecks. I also see no reason to pay off other people's poor decisions.

And part of the reason that college prices are so damn high is because of government tuition assistance programs. the free money that the universities want to get their hands on.
 

MR YUK

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Spoken from someone who would be a prime target for a predatory lender. Someone who would pay 29 percent for a car loan. Right is right , and wrong is wrong. No we as a country will never agree on everything or anything but to shove your head in the sand and say it is what it is not the answer either. Anybody talking about a solution besides taking up the kiester. What's the solution? I'm waiting to hear that.
Not quit a prime target. You see part of the personal responsibility is knowing right from wrong. The topic starter wasn't asking people about solutions. They were calling people who didn't agree with them a-holes.

The solution is pay your debts. If it's too expensive don't buy it.

Now I know that you won't agree with me and that's fine. But I would like to know what your solution to the problem is.
 

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I know plenty of people that worked their way through college and finished with no student loan because of it. Then again I was in state and I know out of state people paid a lot more. So I see why some people would be paying crazy amounts. People should still have the option to go to any college they want though. I’m against the loan forgiveness because I got scholarships due to my grades and I never had to pay a cent for my education. Likewise there’s plenty of options for people to go to college and get assistance. For example, some companies help pay for your education McDonalds comes to mind as one of those. The military will also help pay for college. I also know plenty of people that worked up and saved for college and didn’t just start in college after high school so that they wouldn’t have to take loans out. So there’s plenty of options.

While I’m against loan forgiveness though I do agree that higher level education should be easily accessible for all. Therefore the government should stop giving out loans and if people want government assistance for their education then they should do something for the government. It would be an exchange of goods rather than a handout. The government could use free labor for building roads and other public works. This would also help people gain actual life skills that would be useful later on in life.
I believe they have tried the free labor in Egypt, the Southern States of America and in Germany to varinying degrees of success. Still doesn't address why it costs so much.
 

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my 4 year degree costs me about 45k all told. I paid for 36k of it with GI bill, had 1500 in grants one year, and took 10k out on loans. All this knowing that the avg starting salary for my career was 60k nationally.

I do not agree with people, and I know some, going to these 20-30k /year private universities to get a degree in things that are not essentially guaranteed good enough paychecks. I also see no reason to pay off other people's poor decisions.

And part of the reason that college prices are so damn high is because of government tuition assistance programs. the free money that the universities want to get their hands on.
Please don't look at all the free money the University gets for sports from Television. Funny it was okay to play football, but not have students on campus. People need to wake up.
 

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Personally I have a lot of student loan debt. I had a very low income family growing up. Family of 5 with total income less than 15k a year. I was the only one that finished high school. I wanted to do something more with my life and go to college. I went to a tech school and learned the degree I received was just a money grab from a shitty institution. Well there is 40k I will never get back. I still wanted to do more with my life, so I went to a community college (for free as I was low income) and than transferred to a public university after finishing my associate degree. The public university added another 20k for my 3 years there. I did finish magna cum laude with an engineering degree and was top of my class. The education system growing up made me feel like going to college and getting a degree was a must regardless of the cost. I remember them saying, "just go and find yourself" or "figure out what you want to do there". The student debt crisis was/is more than a personal issue for those that take out loans. Its a societal issue that hits lower income groups the hardest. And for me, my loans on average were 6.5% federal loans. I had never had a loan at the time and got to pay for a costly mistake for many years. Longer than some murderers pay for killing another person. For me the loans and degree was worth it as I am now a software engineer at Microsoft and can easily pay it off. It however is not like that for everyone.

There are two huge solutions I think are fair. At least with all other types of loans, even a mortgage, you can claim it in a bankruptcy. Student loan borrowers should be able to do the same. And rates should be much, much lower. 6+% for new high school graduates that have likely never had a loan before and experienced the consequences is just predatory. Period.
 

GP2017GT

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Not quit a prime target. You see part of the personal responsibility is knowing right from wrong. The topic starter wasn't asking people about solutions. They were calling people who didn't agree with them a-holes.

The solution is pay your debts. If it's too expensive don't buy it.

Now I know that you won't agree with me and that's fine. But I would like to know what your solution to the problem is.
I wish I had one. I don't. College ain't getting any cheaper. That I know. Where will it stop? You can't mortgage your entire future just to go to College. Every one seems to be okay with that.
 

GP2017GT

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Personally I have a lot of student loan debt. I had a very low income family growing up. Family of 5 with total income less than 15k a year. I was the only one that finished high school. I wanted to do something more with my life and go to college. I went to a tech school and learned the degree I received was just a money grab from a shitty institution. Well there is 40k I will never get back. I still wanted to do more with my life, so I went to a community college (for free as I was low income) and than transferred to a public university after finishing my associate degree. The public university added another 20k for my 3 years there. I did finish magna cum laude with an engineering degree and was top of my class. The education system growing up made me feel like going to college and getting a degree was a must regardless of the cost. I remember them saying, "just go and find yourself" or "figure out what you want to do there". The student debt crisis was/is more than a personal issue for those that take out loans. Its a societal issue that hits lower income groups the hardest. And for me, my loans on average were 6.5% federal loans. I had never had a loan at the time and got to pay for a costly mistake for many years. Longer than some murderers pay for killing another person. For me the loans and degree was worth it as I am now a software engineer at Microsoft and can easily pay it off. It however is not like that for everyone.

There are two huge solutions I think are fair. At least with all other types of loans, even a mortgage, you can claim it in a bankruptcy. Student loan borrowers should be able to do the same. And rates should be much, much lower. 6+% for new high school graduates that have likely never had a loan before and experienced the consequences is just predatory. Period.
Well said and congratulations to you.
 

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IMO, the root of the problem is the ridiculously high cost of college. When I went in the late 70s/early 80s, it was possible to fund a decent chunk of the cost at a public university with low paying summer jobs and savings from working in high school. But by the time my kids went between 2008 and 2015 the cost even at public universities was so high there was no way they could pay for it themselves without significant debt. Fortunately, I saw it coming and started putting away money for college when they were in elementary school. They didn't go into debt because we helped them pay for their school. I didn't buy a fun car until they were done with school and on their own. :) If we hadn't had the money I would never have advised my kids to use mostly debt to fund the costs. I would have borrowed against our house or 401k before allowing my kids to borrow that kind of money. Other options would have been on the table, too. Trade school, the military, work while living at home to save money, etc.

I think 100% forgiveness is unfair to those who made sacrifices to avoid or minimize student loan debt. Some sort of partial forgiveness seems reasonable. For example, take the typical tuition and room and board cost in 1980 for the specific school attended, and adjust for the general inflation rate since then. Students would still be on the hook for that amount, whatever it is, but any excess over that is forgiven.
 

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my 4 year degree costs me about 45k all told. I paid for 36k of it with GI bill, had 1500 in grants one year, and took 10k out on loans. All this knowing that the avg starting salary for my career was 60k nationally.

I do not agree with people, and I know some, going to these 20-30k /year private universities to get a degree in things that are not essentially guaranteed good enough paychecks. I also see no reason to pay off other people's poor decisions.

And part of the reason that college prices are so damn high is because of government tuition assistance programs. the free money that the universities want to get their hands on.
Not sure when your degree is from, but costs have gone up - a lot. My oldest is in 10th grade so we have started talking colleges. Even an in state public college is ~$30k/yr. all in. (~$120k+ for a 4 year degree). Private universities can be much higher. (~$75k+/yr. - https://admissions.rpi.edu/aid/cost).
 
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Not sure when your degree is from, but costs have gone up - a lot. My oldest is in 10th grade so we have started talking colleges. Even an in state public college is ~$30k/yr. all in. (~$120k+ for a 4 year degree). Private universities can be much higher. (~$75k+/yr. - https://admissions.rpi.edu/aid/cost).
This part of it, some of the people saying I did it so can anyone and they need to pay their own debt off I don't think understand how high the costs have gotten. when they were in school yeah it was manageable , hard but manageable. Now I know people who got entire 8 year degrees for less then My text books cost. I don't think people understand the scope of the problem.
 

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Not sure when your degree is from, but costs have gone up - a lot. My oldest is in 10th grade so we have started talking colleges. Even an in state public college is ~$30k/yr. all in. (~$120k+ for a 4 year degree). Private universities can be much higher. (~$75k+/yr. - https://admissions.rpi.edu/aid/cost).
I just went to my Alma Maters site, everything, on campus housing, meal plan, all fees/tuitions, it would run about 20k/yr, little less. and that is the best engineering school and one of the top nursing schools in the state. my degree is from 10 years ago.
 

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