I think it was what was the median American wage. The avg Ivy league student thought it was $430,000. The median American wage was $73,000. More proof that the really smart people in this country have absolutely no idea about reality.
Should Student Loans Be Forgiven or Enforced?
- Thread starter College#19
- Start date
It’s so outrageously unfair and economically stupid that it could only come from the left. It’s hard to maintain faith in this country right now but if this happens it will be hard to think of reasons to support the system. The nail in the coffin. You won’t find one person, anywhere, that will bother to operate or bargain in good faith. After all, what’s the point of being lawful and playing by the rules?
We are headed to a disastrous boiling point.
We are headed to a disastrous boiling point.
This sorry spectacle is nothing more than a means by Biden Pelosi et al to motivate what’s left of their shriveling base of support to get to the polls in November.
The guy picks up my trash every Monday morning shouldn’t have to pay for grossly overpriced art and history degrees. If the loans are to be forgiven, take it out of the schools budget.
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It would be better to attack the root of the problem....predatory lending.
Great examples of the predatory nature of these loans. Soon as kids enter highschool (maybe now before) they are conditioned that it's college or flipping burgers. That any price is justified. Colleges now admit anyone and the tuition keeps skyrocketing. Loans are easy and no one asks questions.
It was an awful, coordinated scheme and it landed loads of people in crippling debt they can neither repay nor bankrupt.
There should definitely be massive investigations into exactly how all this was coordinated and perpetrated. It was a political scheme to enslave a large chunk of youth to benefit mostly the state run institutions
The colleges are in cahoots with the financial institutions…..
It is predatory College Admission. I seriously doubt anyone ever said... hey that loan program is so attractive that I might just do the college thing just to get one. 100% of the debt blame resides in the borrowers lap. 100% of the price of tuition resides in the lap of the institution. There needs to be a program in place that denies the university future lended money based on its prior students history of repayment. Like graduation rates affecting scholarships. If you give out expensive BS degrees that cannot, based on history, be repaid....the University cannot enroll on a student loan.
This is another landmine blowing up in Biden's old feeble face. He has to do something but doing so makes it worse. The latest half measure being... 10K forgiven but not if you have a professional degree. That class of people should be able to pay their own loans I suppose. The rest are victims. I suppose the squad is playing class warfare even with this. AOC's mixology degree qualifies. You can bet worthless journalism degrees will get a bailout. As will worthless gender and arts and dance and the rest... because those just qualify you for Starbucks barista jobs.
The people of this country (nonWoke) hate this discussion. The dems of all stripes will pay the price in Nov.
The people of this country (nonWoke) hate this discussion. The dems of all stripes will pay the price in Nov.
I agree. That's why I keep talking about removing bankruptcy protection. It would achieve those goals and end the problem moving forward as well
So, you are for the taxpayers paying off student loans. Same result, different mechanism and you did not address the real problem.
It isn't the same result. On those loans, noone is getting repaid anyway. That's a one time loss.
Moving forward, it corrects everything. Now the loans are exposed to the same risk, so they would now go through underwriting like every other loan. Underwriting would take into account the likelihood of repayment based on things like credit score and class curriculum as it relates to current/projected earning opportunity; which means giant loans won't be granted for nonsense degrees or kids that intend on failing because they don't go to class.
It solves everything
First, the loans clear bankruptcy and, assuming the people get right otherwise, they again begin repaying the federal government.
Second, I think you would need to re-write Title IV to have these loans underwritten, because they will no longer be guaranteed.
1) if it's chapter 13 it's handled in a payment plan more or less. If it's 7 it's liquidated and discharged.
2) can look to the sba process for guidance. Those go through private underwriting and have some criteria for federal guarantee such as the type of business, the business plan, etc. So they don't just hand out money to people with little chance of success. That's exactly what should happen in these student loan situations
They are following Title IV and the regs set forth by the Dept of Ed. There is no doubt that the guaranteed student loan is the root of the problem (letting schools, banks and students take advantage of the process), but making these loans dischargeable does not eliminate the government’s guarantee. The statute needs to be addressed in more ways than the bankruptcy aspect. The reason we have not seen that is because colleges are addicted and have priced themselves to the point that if this was a traditional loan, few lenders would bite.
So Biden thinks someone making $125k/year can’t pay their student loan off? I guess they’re too busy leasing their BMer.
What’s next? Paying off folks car loans and mortgages??!!
AOC owns a Tesla and has a French Bull Dog....yet she wants the plumber or trash collector or grocery store cashier to pay her student loan. Typical Democrat.
A lot of liberals claiming that 18 year Olds just don't understand enough about money to be held responsible for their decisions have no problem saying a 3 year old can decide which gender it is. If you get your free money, where's mine? It wouldn't be "fair" If just you got some. You wanna be "fair", right? It's all you clamor about. It's not fair that white people go to work on time! It's not fair the men work longer than women and hence make more money. It is fair for a guy to tuck his junk away, call himself a girl, and proceed to beat the crap outta real girls. Liberals are amazing.
Just tax the **** out of hedge funds and Wall Street to cover it. Those scumbags make trillions a year risk free by shorting companies to the dirt and out of business. They bring very little to the American economy other than lining the pockets of already wealthy hedge fund managers and investors. I understand our politicians are beholden to them, but if they weren’t, that’s the right play. They should be taxed significantly for their ability to game and manipulate the stock market to extreme profits.
You borrow it, pay it back. I had to pay my student loans. Can I get my mortgage paid off for me? These students obtain useless degrees (Gender Studies, Sociology, etc.) then can’t find a job and want the rest of us to foot the bill for them? Piss off!
Or the borrowers could just honor their debts instead of wanting the rest of us to pay it for them. What a freaking novel idea!
One side of this argument says...
1) that 18 year olds weren’t/aren’t smart enough/experienced enough to know what they were getting into on these loans.
2) that we should reduce the voting age to 16. (Because while #1 is true...16 year olds are obviously smarter and much more capable of making adult decisions than those ignorant 18 year olds I suppose)
3) that people who didn’t go to college or were smart about selecting an affordable path towards a worthwhile college degree should have to help foot the bill.
4) that math is racist.
Pretty much makes perfect sense why we are in the current situation.
1) that 18 year olds weren’t/aren’t smart enough/experienced enough to know what they were getting into on these loans.
2) that we should reduce the voting age to 16. (Because while #1 is true...16 year olds are obviously smarter and much more capable of making adult decisions than those ignorant 18 year olds I suppose)
3) that people who didn’t go to college or were smart about selecting an affordable path towards a worthwhile college degree should have to help foot the bill.
4) that math is racist.
Pretty much makes perfect sense why we are in the current situation.
make them eligible for bankruptcy, like any other debt. Also, for fun, allow tender of degree back to the university provide for refund of full tuition. (not room, not board, not other loans).
Paid my own way through college then saved for years to pay for three kids to go through college.
Now it sounds like I'll get the privilege of paying more taxes (or more for everything through higher inflation) to pay for everyone else's college as well.
If they do forgive the debt, I hope they at least force everyone getting the government handout to sign a document saying "I freely admit I am too stupid to understand what a contract is, and, or too immoral to live up to my word."
Now it sounds like I'll get the privilege of paying more taxes (or more for everything through higher inflation) to pay for everyone else's college as well.
If they do forgive the debt, I hope they at least force everyone getting the government handout to sign a document saying "I freely admit I am too stupid to understand what a contract is, and, or too immoral to live up to my word."
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How about we take defaults out of the endowment funds of the University that said student went to? Keeps tax payers off the hook and makes schools be more honest in their accept rate and degrees offered.
Had mine automatically forgiven back in January. Would have never been able to pay them back. I'm disabled.
Forgiven, wiped out, made to go away. LOL
At the risk of stating the obvious, SOMEBODY is going to pay those loans back. It seems to me, and I'm just spitballing here, that the person that derived the benefit of those loans should be the one to pay them back.
Crazy, right?
At the risk of stating the obvious, SOMEBODY is going to pay those loans back. It seems to me, and I'm just spitballing here, that the person that derived the benefit of those loans should be the one to pay them back.
Crazy, right?
If college-aged kids cannot understand money and lending to take a loan, we also must believe that colleges have no desire to teach them. One day of class on the subject should suffice for most people. So, can we conclude colleges are motivated to keep student borrowers ignorant?
Meanwhile, some like-incomed parents lived month to month and saved nothing for their kids’ tuition. This rewards that behavior.
Yes, I agree, but on top of that, many students have to earn and pay all their tuition. Why are all people following the issue of parents when studies are about students? I have been on my way for 15 years. I started working to pay my tuition, which developed my responsibility. I found https://edusson.com/write-my-college-essay to help me with my academic homework because I had less free time. To write my college essays just got a lot easier due to professionals' help. Therefore, I believe that students need to go through hardships to become more prepared for life's challenges.
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It not a left or right or middle issue. It’s a being or not being a deadbeat issue. If you borrow to go to college and major in some subjects that pays less than cooking fries at McDonalds that’s your fault. Why should anyone think that’s the responsible thing to do. Amazing
Once loans became easy to get guess what, that’s when colleges started sucking at the Government trough. Until the 70s unless you were in a professional school you could actually work and go to school and graduate debt free. And to those that think colleges overseas are free they forget to tell you it’s competitive from day one and the test you take in 8th grade allows you to go to high school. Then from HS you must take real entrance exams not SAT or ACT but real subject driven test. If you don’t score well in math and science you won’t be in a engineering school. 1000 kids for 100 spots. That’s life
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Yep, you want free college? Why don't you learn German, pass their entrance exams, and go do it? They'll happily pay for you, but you aren't getting no worthless "_______ studies" degree while you learn how to do keg stands from your comparatively 5 star American university dorms.
That's just it. If we used a system like this in America the equity lawsuits would start flying within seconds of its implementation.