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30 Of The Dumbest Points People Saw Americans Make Against Canceling Student Debt
There are 45 million Americans who collectively owe $1.71 trillion in student loans. And it’s no secret that the financial burden of it negatively affects the lives of many former students with education finished and unfinished, in profound ways. From mental health to home-buying, student loans are somewhat of an ever-present shadow looming over for many years to come.
But President Biden has recently given hope to many by ordering Education Secretary Miguel Cardona to prepare a report on the president’s legal authority to cancel up to $50,000 in student debt per borrower. The possibility of Biden forgiving student loans has surely ignited a heated debate on this sensitive, and often sour subject matter.
And while for many American borrowers, the prospect is more than just politics, giving a sense of long-awaited salvation, others have expressed arguments against it. They claim that simply wiping clean the debt is not a solution for the economy and equity. Which side are you on? Hit us in the comment section below!
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#1
Ray Martin 3 years ago
I could be wrong, but this really seems like some sardonic irony, and the poster clearly knows that's how any society is meant to function, but that of the U.S doesn't.
#2
WilvanderHeijden 3 years ago
Rich kids also are never unemployed or flipping burgers with a degree in science.
Nearly 45 million Americans now owe a total of $1.7 trillion in federal and private student loans, for educations both finished and unfinished. The scale of the problem is undeniable in terms of the effects it takes on people's mental health, quality of life, and overall wellbeing.
Now that President Biden has officially stated that he supports forgiving $10k of student loan through legislative action, many Democrats think it’s not nearly enough. Some claim the federal debt forgiveness could easily reach $50k per borrower, and some go as far as saying to erase all the amount altogether.
In an interview with Vox, Laura Beamer, lead researcher on higher education finance at the Jain Family Institute, said that it’s abundantly clear that “people with student debt are less likely to own a house, they’re less likely to start a business, they’re delaying normal financial life cycles than previous generations past.”
For many previous generations, starting a family and saving for retirement were natural life decisions, but student loan borrowers don’t feel like they have the luxury of doing so. “We also know that people 50 and above are the fastest-growth student debt loan-accruing debt group, because they’re taking loans out for their kids or their grandkids,” Laura Beamer added.
Another crucial point about student loan borrowers is that not all loans are equal. The economist Steven Deller from the University of Wisconsin Madison argues that “There is a huge difference between someone who assumes a lot of debt and gets an MBA from Harvard or a medical degree from Columbia University, and ... a first-generation student who’s coming from a poor family background and goes into debt and doesn’t complete their degree.”
These two individuals are words apart, and while for one, the student debt doesn’t feel like a big deal with a successful career prospect and stable financial background which comes from the family, the other is likely to carry the same burden throughout life, hoping for a cash windfall one day.
#13
WilvanderHeijden 3 years ago
Or drastically raising the price of something while the quality and quantity diminish.
#14
hail beavis 3 years ago
Please stop censoring words like "crappy". It's not a curse word in any language.
#15
Luther von Wolfen 3 years ago
The geniuses who went to college figured it out: cancel student loan debt.
#18
#20
Jonah Denny-Mayo 3 years ago
How has political strife gotten to the point where we feel it's ok to refer to people as less than human just because they believe in different things than is? Lefties, liberals it just makes no sense how humans have lost all compassion for others.
#26
Helen Haley 3 years ago
We spend untold money on the military. If there are soldiers sleeping in parking lots it is because their superiors want it that way.
#28
John Smith 3 years ago (edited)
"adult children's". I'd bet that person didn't go to a private school, so maybe he should reimburse the taxpayers.
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What do you think ?
FloC 3 years ago
Maybe instead of cancelling the debt, they should cancel the interests and offer loans with 0% interest. Apparently, the rate of the interests is a bigger problem than the loan itself.
Cassie 3 years ago
This. We don't mind paying back my loans, but the interest is high and compounds daily, so our principal now is greater than our originating principal. When we first graduated, we had to use income based repayment to afford the bill, but that just meant that it grew and grew and then when we did have the income to be capable of paying the originating principal, it had ballooned beyond our means. This is a vicious, predatory cycle keeping honest, hard working people who want to do the right thing paying until they die.
Load More Replies...
Foxxy (The Original) 3 years ago (edited)
Student debt doesn't necessarily need to be cancelled. Instead it should be made more affordable. I like our system. You don't start paying your debt until you get employment and earn over a certain threshold. Once you reach that limit the tax department takes a small percentage of your earnings to pay back your education cost. If you never earn over the threshold then you never have to pay. Also there is no interest added.
M O'Connell 3 years ago
Loans related to education should be exceptionally low-interest. You shouldn't be able to get a car loan for 2.5% when the very best you can do on a student loan is 3%. If banks and auto manufacturers can get by on a 2.5% interest rate, then so can student lenders.
Load More Replies...
Anne 3 years ago
Dear US, maybe... look at the EU and adopt that system for a couple things? Like healthcare, education?
Milan 3 years ago
Nooooooooo, never, never ever neveeeeeer. Because, this is communism!!! Whole western Europe, with functioning school systems, universal healtcare, minimum wages, maternity leaves, insurances, free schools...ale this is just a bad bad communism :D :D
Load More Replies...
Emma London 3 years ago
Forgiving student debts would be only a temporary fix that wouldn't solve the problem of blown out education costs. They should do it, but the education should either be free (like in my country), have a fixed upper limit, or government should offer a high quality free education as an option for private sector. Without a military servitude, that is.
Rick 3 years ago
Why does everything have to be polarised and so extreme for? Yes, US college fees are extortionate but no, that debt shouldn’t just be wiped clean. Surely there is some sort of compromise but if anyone suggests something the response is either “WHY DON’T WE ALL JUST STOP PAYING FOR EVERYTHING IN LIFE?” or “OH, SO YOU WANT PEOPLE TO SLEEP IN CARDBOARD BOXES AND ONLY EAT CRUMBS”? It’s ridiculous.
Cassie 3 years ago
A lot of people do call for a middle ground option, but a curated collection like this one is intended to exaggerate and be controversial to get more views, so they're not going to show that reality.
Load More Replies...
Leo Domitrix 3 years ago
Cost of medical school for my godson: $250K. Money he'd end up paying if he took out loans to go: $600K. Tell me again why student loans are fine the way they are? B/c now he can't foresee any way to afford that, and so he won't attend med school, and we just lost a future doctor. Well done, USA. Well done. Now his biochem bachelor's can just about get him a job as a substitute teacher part-time.
DelvianBlue 3 years ago
If they would just lower the interest. I don't mind paying the loan, but after putting in close to 40,000 into my student loans, I've only paid 1000 towards the principle. Everything else went to interest. I calculated that if I pay as much as I possibly can afford, it will still take 181 years to pay it off. I'll never live long enough to pay my loans anyway, so why can't we just change the interest and how we pay them off?
SirPatTheCat 3 years ago
Honestly, I get the people who are salty about having just finished paying off their loans. It has probably been stressing them out, draining their bank accounts, and limiting their opportunities for way too long, and to hear that it's just going to get cancelled for everyone else? Definitely salt in the wound, and it's just human nature to feel jealous. So while it's not mature to complain online about it, if someone does feel that way I don't think they're as much of an unthinkable monster as some of these replies are making them out to be. Again, not that I condone them, just providing what could be a different perspective :)
Lauren Caswell 3 years ago (edited)
The way it's handled in New Zealand is a different approach to the student debt crisis; it's not perfect by any means but it's a start. In the early 2000's the govt stopped the interest on all student loans (they are all done through the govt before that as they were cheaper and better than a bank etc). The interest is only applied if you live more than 6 months of the year out of the country. The minimum repayment threshold is low, and it's zero unless you make above a certain amount of money (so ur loan sits there but doesn't grow). The debt is also not passed on to anyone if you happen to die or whatever, it's erased. NB some places also offer zero fees provided you pass your courses. It's a good step in the right direction, but there's still a lot more that could be done to fix the system
Jetze 3 years ago
The phrase: you made the debt you pay it back, sounds very hollow as it is not applied to companies. Just to mention a few Lehman Brothers defaulted on 613 bln bank debt and 155 bln in bonds (after selling off assets a significant debt was left). Washington mutual defaulted on like 328 bln off obligations, Worldcom 103bln, Chrystler 39bln, etc. etc. Additionally the well connected firms like Goldman Sachs received 700bln in TARP in 2008 to cover losses, not to mention later tax cuts. So defending non cancellation of student debt rings very hollow to me and sounds like instead of spending on a proper education which would benefit the whole country, you prefer to support companies without a viable economic basis in a true capitalistic society.
Niffler_13 3 years ago (edited)
I have 17 more years of paying off my student loans. I have a 5.5% interest rate, which is pretty good, and the reason I don't refinance. But what I pay in loan payments each month, could be a mortgage on a home. At almost 30 I still live in the same room I grew up in, because I cannot afford to move out. I made the choice to go to college, but also didn't qualify for financial aid, because my parents "made too much money". So I had to take out loans. That's the worst part: having your parent's income determine how much financial aid you get, especially when you are the only one paying for the college. The other aspect that sucks is that when the remainder of your loans are forgiven at the end of the repayment period, the IRS counts it as taxable income and then you owe the IRS money. I don't care whether Biden grants forgiveness or not, I just want to be able to afford to have a life beyond paying for my student loans.
troufaki13 3 years ago
Here's a thought. Instead of spending millions of (insert local currency) on the military, especially if the country has no immediate threat (another big topic), they should invest in education, edification and health care of the citizens. Unfortunately there's more profit in the warfare industry so...
Sanne H. 3 years ago
To have some context, how much does a year of studying cost in the US? And can you still live with your parents when in university (thus save housing costs) or are the universities usually too far away?
Lord of Pastries 3 years ago
Public schooling for in-state student tuition cost between 7000 -23000 per year. My personal experience I had three public colleges to chose from in my state. All three's tuition cost 7000 per year (w/o lab fees, textbooks, cost of living(housing, food, utilities), transportation, student fees, healthcare). However all three were too far way from where I am from. The closest one from me was a 4 hr round trip w/o traffic. The other two was 11 hr drive or 4 hr drive, one way. Staying at home wasn't a choice. As well working on min. wage pay to pay the tuition and the cost of living was not a choice. You'll be too burned out and fail at both, I tried that. In addition of nearly failing my classes (STEM degree), I fainted and was sent to the hospital ($10000 bill for 2 day stay).
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my AZlife 3 years ago
If you finish your degree and get a job in your field of study I'd say you are an acting contributing member of society and after 6 years should get your debt excused as long as you are current. If you do not use the degree or do not finish the degree than the cost is on your shoulders deal with it.
Dave 3 years ago (edited)
The Irony of this "Operation Varsity Blues: The College Admissions" documentary is staggering. The whole U.S. education system, especially higher education is criminally insane and the biggest world scam right on par with the Religions, which are the oldest running scams in humanity. People opposing student dept forgiveness are in my eyes the same type of Sadistic Psychopaths who came up with the College Scam in the U.S.
Mike Beck 3 years ago
Nope. Still can't agree. I could agree with extending public education through college covering all non-specialized classed (essentially making the for-profits compete). I could agree with making 0% interest loans available for all educational purposes (because any education will improve society) and moving all existing educational loans over to this program. But I've yet to see a convincing argument for cancelling the loans completely.
Jetze 3 years ago
The phrase: you made the debt you pay it back, sounds very hollow as it is not applied to companies. Just to mention a few Lehman Brothers defaulted on 613 bln bank debt and 155 bln in bonds (after selling off assets a significant debt was left). Washington mutual defaulted on like 328 bln off obligations, Worldcom 103bln, Chrystler 39bln, etc. etc. Additionally the well connected firms like Goldman Sachs received 700bln in TARP in 2008 to cover losses, not to mention later tax cuts. So defending non cancellation of student debt sound like instead of spending on a proper education which would benefit the whole country, you prefer to support companies without a viable economic basis in a true capitalistic society.
Stannous Flouride 3 years ago
The money for the loans is provided by the US Treasury which sets the interest rate at which the loaning institutions pay it back (it has recently been below 1%) but not the rate at which they charge their borrowers. Because they know that the government will reimburse them for any unpaid loans they are willing to hand it out to just about anyone without any consideration as to the legitimacy of the educational institutions (think Trump University). Because they know the students will get loans for any amount there is no impetus for universities and colleges to keep tuition costs low. Instead of being places that provide education for the future they have become businesses that care more about making a profit.
Kelzbelz79 3 years ago
I've just read this from the UK and I honestly don't know what my opinion is/should be on this matter, I'm basically sat on the fence agreeing with both sides of the debate.
Scyth 3 years ago
College education is a privilige, not a right. The interest rate should be made better, but making everyone who made more practical decisions to pay for your degree is unethical.
Vera1 3 years ago
Education is considered a human right according to the United Nations. It is article 26 of the universal declaration of human rights and it specifically mentions technical and professional education. "Technical and professional education shall be made generally available and higher education shall be equally accessible to all on the basis of merit". It also mentions this: "Education shall be free, at least in the elementary and fundamental stages". "One can argue that university is a fundamental stage, since it is required for many jobs. https://www.un.org/en/about-us/universal-declaration-of-human-rights#:~:text=Article%2026&text=Everyone%20has%20the%20right%20to%20education.,on%20the%20basis%20of%20merit.
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sofacushionfort 3 years ago
RE: "why should their debt be forgiven when mine wasn't?" Mine was a whopping $117 per semester at a good state college in 1980. Obviously the taxpayers were footing my bill too. And I'd be glad to foot all but $397.33 ($117 in 2021 inflation).
v 3 years ago
If they pass something that's cancels student debt I will have one main regret. I will be long dead when some other massive social safety net that these same people will have to pay for comes into existence and I will miss seeing their outrage at having to, after all their hard work, foot the bill for so many undeserving people.
jknbt jknbt 3 years ago
here's another reason NOT to cancel student debt... The Federal Reserve just doubled the money supply. Silver went from $12/ounce to $26/ounce. Didn't you notice? Biden's stimulus & infrastructure improvements just doubled the supply again. Yes, that means silver will eventually be $50/ounce.... GUESS WHAT THAT ALSO MEANS? It means that the value of your long term debt just divided again... If you had a loan from the obama or trump era, then your debt effectively reduced itself to only 25% of what you borrowed. Too bad that's not enough for you whiners, you want a 100% reduction. Nobody but a master's level finance major understands what I just said. That is the magic of fractional reserve money system combined with endless inflation. Guess what the eventual outcome is? Exactly what happened to Weimar Germany after WWI.... It took a wheelbarrow of money to buy a loaf of bread. The wheelbarrow carrying the money to the bakery was worth more than the money it was carrying.
jknbt jknbt 3 years ago
hello student loan whiners: you people need to figure out that the only real money is gold and silver. A fed reserve note is not money. It is just a debt instrument. It is a promise that the fed will someday pay you for the face value. This worked until FDR took us off the gold standard and LBJ took us off the silver standard. The constitution says that the money of the land will be gold & silver. It doesn't say anything about baseless cotton paper with green ink on it. WAKE UP!..if you don't understand what I just said about fractional reserves and endless inflation, take a look at this: https://www.zerohedge.com/markets/mainstream-wrong-about-rising-bond-yields-and-gold
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Aliquid A 3 years ago
All the jabs against those that already paid off "oh, what was your tuition, $2.36?" is totally dismissive against people who just finished paying off their debt. There are people who just this year finished 15+ years of debt payments. It was a long hard struggle for them, and sacrifices were made. Dismissing that with an attitude of "stop your whining" is incredibly selfish. -- How about dialing down costs for tuition to what it was 40 years ago (plus inflation), and putting interest rates at zero. That way you can pay the same as the people you are mocking.
Aahzmandus Pervect 3 years ago
If you are for cancelling student debt, are you also for returning the money to all the people who repaid their loans?
EM J 3 years ago
There are grants, scholarships, and financial aid. I don't have kids yet pay taxes for the public schools in my town and other services, when is enough enough? I work hard, live within my means, went to school online while working and have never complained about it because I wanted to secure my future because NO ONE else will. We can't be the security net for everyone, we just can't, you have to work and yes struggle a bit to appreciate what you have and can accomplish. I hate the saying "Give til it hurts." No, I won't!
Leo Domitrix 3 years ago
OK. Then don't take. There. Problem solved. Now, promise to never use any service ever b/c after all, you took care of your future! .... Thta counts unemployment, social security (no, it does NOT work like a 401(k)), military protection, cops, firemen, roads, subsidized power/food/water.........
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Melodious Functavious 3 years ago
If you have your degree in business or engineering, medicine or education...something that benefits society as a whole, then perhaps something should be done. Perhaps not cancellation, but a reduction + 0% interest. However, if your degree in in ancient sanskrit....sorry, you dug your own hole with that.
Shelby Rinck 3 years ago
I've got a terrific idea! At the bottom of the loan papers there's a place where someone signed them, have that person pay off the loan!
Ovidiu Buleandra 3 years ago
the problem lies also in the hordes of students who skipped going to college because the prospects of getting in debt were too grim. should they be allowed to attend a college for free now if they plan to cancel the debts?
FloC 3 years ago
Maybe instead of cancelling the debt, they should cancel the interests and offer loans with 0% interest. Apparently, the rate of the interests is a bigger problem than the loan itself.
Cassie 3 years ago
This. We don't mind paying back my loans, but the interest is high and compounds daily, so our principal now is greater than our originating principal. When we first graduated, we had to use income based repayment to afford the bill, but that just meant that it grew and grew and then when we did have the income to be capable of paying the originating principal, it had ballooned beyond our means. This is a vicious, predatory cycle keeping honest, hard working people who want to do the right thing paying until they die.
Load More Replies... Foxxy (The Original) 3 years ago (edited)
Student debt doesn't necessarily need to be cancelled. Instead it should be made more affordable. I like our system. You don't start paying your debt until you get employment and earn over a certain threshold. Once you reach that limit the tax department takes a small percentage of your earnings to pay back your education cost. If you never earn over the threshold then you never have to pay. Also there is no interest added.
M O'Connell 3 years ago
Loans related to education should be exceptionally low-interest. You shouldn't be able to get a car loan for 2.5% when the very best you can do on a student loan is 3%. If banks and auto manufacturers can get by on a 2.5% interest rate, then so can student lenders.
Load More Replies... Anne 3 years ago
Dear US, maybe... look at the EU and adopt that system for a couple things? Like healthcare, education?
Milan 3 years ago
Nooooooooo, never, never ever neveeeeeer. Because, this is communism!!! Whole western Europe, with functioning school systems, universal healtcare, minimum wages, maternity leaves, insurances, free schools...ale this is just a bad bad communism :D :D
Load More Replies... Emma London 3 years ago
Forgiving student debts would be only a temporary fix that wouldn't solve the problem of blown out education costs. They should do it, but the education should either be free (like in my country), have a fixed upper limit, or government should offer a high quality free education as an option for private sector. Without a military servitude, that is.
Rick 3 years ago
Why does everything have to be polarised and so extreme for? Yes, US college fees are extortionate but no, that debt shouldn’t just be wiped clean. Surely there is some sort of compromise but if anyone suggests something the response is either “WHY DON’T WE ALL JUST STOP PAYING FOR EVERYTHING IN LIFE?” or “OH, SO YOU WANT PEOPLE TO SLEEP IN CARDBOARD BOXES AND ONLY EAT CRUMBS”? It’s ridiculous.
Cassie 3 years ago
A lot of people do call for a middle ground option, but a curated collection like this one is intended to exaggerate and be controversial to get more views, so they're not going to show that reality.
Load More Replies... Leo Domitrix 3 years ago
Cost of medical school for my godson: $250K. Money he'd end up paying if he took out loans to go: $600K. Tell me again why student loans are fine the way they are? B/c now he can't foresee any way to afford that, and so he won't attend med school, and we just lost a future doctor. Well done, USA. Well done. Now his biochem bachelor's can just about get him a job as a substitute teacher part-time.
DelvianBlue 3 years ago
If they would just lower the interest. I don't mind paying the loan, but after putting in close to 40,000 into my student loans, I've only paid 1000 towards the principle. Everything else went to interest. I calculated that if I pay as much as I possibly can afford, it will still take 181 years to pay it off. I'll never live long enough to pay my loans anyway, so why can't we just change the interest and how we pay them off?
SirPatTheCat 3 years ago
Honestly, I get the people who are salty about having just finished paying off their loans. It has probably been stressing them out, draining their bank accounts, and limiting their opportunities for way too long, and to hear that it's just going to get cancelled for everyone else? Definitely salt in the wound, and it's just human nature to feel jealous. So while it's not mature to complain online about it, if someone does feel that way I don't think they're as much of an unthinkable monster as some of these replies are making them out to be. Again, not that I condone them, just providing what could be a different perspective :)
Lauren Caswell 3 years ago (edited)
The way it's handled in New Zealand is a different approach to the student debt crisis; it's not perfect by any means but it's a start. In the early 2000's the govt stopped the interest on all student loans (they are all done through the govt before that as they were cheaper and better than a bank etc). The interest is only applied if you live more than 6 months of the year out of the country. The minimum repayment threshold is low, and it's zero unless you make above a certain amount of money (so ur loan sits there but doesn't grow). The debt is also not passed on to anyone if you happen to die or whatever, it's erased. NB some places also offer zero fees provided you pass your courses. It's a good step in the right direction, but there's still a lot more that could be done to fix the system
Jetze 3 years ago
The phrase: you made the debt you pay it back, sounds very hollow as it is not applied to companies. Just to mention a few Lehman Brothers defaulted on 613 bln bank debt and 155 bln in bonds (after selling off assets a significant debt was left). Washington mutual defaulted on like 328 bln off obligations, Worldcom 103bln, Chrystler 39bln, etc. etc. Additionally the well connected firms like Goldman Sachs received 700bln in TARP in 2008 to cover losses, not to mention later tax cuts. So defending non cancellation of student debt rings very hollow to me and sounds like instead of spending on a proper education which would benefit the whole country, you prefer to support companies without a viable economic basis in a true capitalistic society.
Niffler_13 3 years ago (edited)
I have 17 more years of paying off my student loans. I have a 5.5% interest rate, which is pretty good, and the reason I don't refinance. But what I pay in loan payments each month, could be a mortgage on a home. At almost 30 I still live in the same room I grew up in, because I cannot afford to move out. I made the choice to go to college, but also didn't qualify for financial aid, because my parents "made too much money". So I had to take out loans. That's the worst part: having your parent's income determine how much financial aid you get, especially when you are the only one paying for the college. The other aspect that sucks is that when the remainder of your loans are forgiven at the end of the repayment period, the IRS counts it as taxable income and then you owe the IRS money. I don't care whether Biden grants forgiveness or not, I just want to be able to afford to have a life beyond paying for my student loans.
troufaki13 3 years ago
Here's a thought. Instead of spending millions of (insert local currency) on the military, especially if the country has no immediate threat (another big topic), they should invest in education, edification and health care of the citizens. Unfortunately there's more profit in the warfare industry so...
Sanne H. 3 years ago
To have some context, how much does a year of studying cost in the US? And can you still live with your parents when in university (thus save housing costs) or are the universities usually too far away?
Lord of Pastries 3 years ago
Public schooling for in-state student tuition cost between 7000 -23000 per year. My personal experience I had three public colleges to chose from in my state. All three's tuition cost 7000 per year (w/o lab fees, textbooks, cost of living(housing, food, utilities), transportation, student fees, healthcare). However all three were too far way from where I am from. The closest one from me was a 4 hr round trip w/o traffic. The other two was 11 hr drive or 4 hr drive, one way. Staying at home wasn't a choice. As well working on min. wage pay to pay the tuition and the cost of living was not a choice. You'll be too burned out and fail at both, I tried that. In addition of nearly failing my classes (STEM degree), I fainted and was sent to the hospital ($10000 bill for 2 day stay).
Load More Replies... my AZlife 3 years ago
If you finish your degree and get a job in your field of study I'd say you are an acting contributing member of society and after 6 years should get your debt excused as long as you are current. If you do not use the degree or do not finish the degree than the cost is on your shoulders deal with it.
Dave 3 years ago (edited)
The Irony of this "Operation Varsity Blues: The College Admissions" documentary is staggering. The whole U.S. education system, especially higher education is criminally insane and the biggest world scam right on par with the Religions, which are the oldest running scams in humanity. People opposing student dept forgiveness are in my eyes the same type of Sadistic Psychopaths who came up with the College Scam in the U.S.
Mike Beck 3 years ago
Nope. Still can't agree. I could agree with extending public education through college covering all non-specialized classed (essentially making the for-profits compete). I could agree with making 0% interest loans available for all educational purposes (because any education will improve society) and moving all existing educational loans over to this program. But I've yet to see a convincing argument for cancelling the loans completely.
Jetze 3 years ago
The phrase: you made the debt you pay it back, sounds very hollow as it is not applied to companies. Just to mention a few Lehman Brothers defaulted on 613 bln bank debt and 155 bln in bonds (after selling off assets a significant debt was left). Washington mutual defaulted on like 328 bln off obligations, Worldcom 103bln, Chrystler 39bln, etc. etc. Additionally the well connected firms like Goldman Sachs received 700bln in TARP in 2008 to cover losses, not to mention later tax cuts. So defending non cancellation of student debt sound like instead of spending on a proper education which would benefit the whole country, you prefer to support companies without a viable economic basis in a true capitalistic society.
Stannous Flouride 3 years ago
The money for the loans is provided by the US Treasury which sets the interest rate at which the loaning institutions pay it back (it has recently been below 1%) but not the rate at which they charge their borrowers. Because they know that the government will reimburse them for any unpaid loans they are willing to hand it out to just about anyone without any consideration as to the legitimacy of the educational institutions (think Trump University). Because they know the students will get loans for any amount there is no impetus for universities and colleges to keep tuition costs low. Instead of being places that provide education for the future they have become businesses that care more about making a profit.
Kelzbelz79 3 years ago
I've just read this from the UK and I honestly don't know what my opinion is/should be on this matter, I'm basically sat on the fence agreeing with both sides of the debate.
Scyth 3 years ago
College education is a privilige, not a right. The interest rate should be made better, but making everyone who made more practical decisions to pay for your degree is unethical.
Vera1 3 years ago
Education is considered a human right according to the United Nations. It is article 26 of the universal declaration of human rights and it specifically mentions technical and professional education. "Technical and professional education shall be made generally available and higher education shall be equally accessible to all on the basis of merit". It also mentions this: "Education shall be free, at least in the elementary and fundamental stages". "One can argue that university is a fundamental stage, since it is required for many jobs. https://www.un.org/en/about-us/universal-declaration-of-human-rights#:~:text=Article%2026&text=Everyone%20has%20the%20right%20to%20education.,on%20the%20basis%20of%20merit.
Load More Replies... sofacushionfort 3 years ago
RE: "why should their debt be forgiven when mine wasn't?" Mine was a whopping $117 per semester at a good state college in 1980. Obviously the taxpayers were footing my bill too. And I'd be glad to foot all but $397.33 ($117 in 2021 inflation).
v 3 years ago
If they pass something that's cancels student debt I will have one main regret. I will be long dead when some other massive social safety net that these same people will have to pay for comes into existence and I will miss seeing their outrage at having to, after all their hard work, foot the bill for so many undeserving people.
jknbt jknbt 3 years ago
here's another reason NOT to cancel student debt... The Federal Reserve just doubled the money supply. Silver went from $12/ounce to $26/ounce. Didn't you notice? Biden's stimulus & infrastructure improvements just doubled the supply again. Yes, that means silver will eventually be $50/ounce.... GUESS WHAT THAT ALSO MEANS? It means that the value of your long term debt just divided again... If you had a loan from the obama or trump era, then your debt effectively reduced itself to only 25% of what you borrowed. Too bad that's not enough for you whiners, you want a 100% reduction. Nobody but a master's level finance major understands what I just said. That is the magic of fractional reserve money system combined with endless inflation. Guess what the eventual outcome is? Exactly what happened to Weimar Germany after WWI.... It took a wheelbarrow of money to buy a loaf of bread. The wheelbarrow carrying the money to the bakery was worth more than the money it was carrying.
jknbt jknbt 3 years ago
hello student loan whiners: you people need to figure out that the only real money is gold and silver. A fed reserve note is not money. It is just a debt instrument. It is a promise that the fed will someday pay you for the face value. This worked until FDR took us off the gold standard and LBJ took us off the silver standard. The constitution says that the money of the land will be gold & silver. It doesn't say anything about baseless cotton paper with green ink on it. WAKE UP!..if you don't understand what I just said about fractional reserves and endless inflation, take a look at this: https://www.zerohedge.com/markets/mainstream-wrong-about-rising-bond-yields-and-gold
Load More Replies... Aliquid A 3 years ago
All the jabs against those that already paid off "oh, what was your tuition, $2.36?" is totally dismissive against people who just finished paying off their debt. There are people who just this year finished 15+ years of debt payments. It was a long hard struggle for them, and sacrifices were made. Dismissing that with an attitude of "stop your whining" is incredibly selfish. -- How about dialing down costs for tuition to what it was 40 years ago (plus inflation), and putting interest rates at zero. That way you can pay the same as the people you are mocking.
Aahzmandus Pervect 3 years ago
If you are for cancelling student debt, are you also for returning the money to all the people who repaid their loans?
EM J 3 years ago
There are grants, scholarships, and financial aid. I don't have kids yet pay taxes for the public schools in my town and other services, when is enough enough? I work hard, live within my means, went to school online while working and have never complained about it because I wanted to secure my future because NO ONE else will. We can't be the security net for everyone, we just can't, you have to work and yes struggle a bit to appreciate what you have and can accomplish. I hate the saying "Give til it hurts." No, I won't!
Leo Domitrix 3 years ago
OK. Then don't take. There. Problem solved. Now, promise to never use any service ever b/c after all, you took care of your future! .... Thta counts unemployment, social security (no, it does NOT work like a 401(k)), military protection, cops, firemen, roads, subsidized power/food/water.........
Load More Replies... Melodious Functavious 3 years ago
If you have your degree in business or engineering, medicine or education...something that benefits society as a whole, then perhaps something should be done. Perhaps not cancellation, but a reduction + 0% interest. However, if your degree in in ancient sanskrit....sorry, you dug your own hole with that.
Shelby Rinck 3 years ago
I've got a terrific idea! At the bottom of the loan papers there's a place where someone signed them, have that person pay off the loan!
Ovidiu Buleandra 3 years ago
the problem lies also in the hordes of students who skipped going to college because the prospects of getting in debt were too grim. should they be allowed to attend a college for free now if they plan to cancel the debts?
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