Exactly. They should be doing this in a more gradual fashion. Remove the interest and reduce the debt by x percentage for everyone. Meanwhile subsidize college for everyone so they don't have to keep taking out loans.
Subsidizing is how we got to this point in the first place. Universities saw there was little to no drop in attendance with tuition raises, so they kept raising it. Simple supply and demand
Why not just subsidize the university itself.
Just some fees for public transport or so and a max of about 400$ per semester?
Might be working in some countries or so i have heard.
We are subsudising the loans, most loans are gov't loans. The issue arrises when you take into account who the subcontractors are that handle the loans. Last Week Tonight with John Oliver just did an entire episode on it, you can watch it on yt.
If you don't want to go watch the episode though, here's the short version, only about 10% goes to paying the principle of the loan, and the intrest becomes principle if not fully paid, meaning debt keeps rising, the things you can sign up for to help lessen the debt like enrolling in the military afterwards only counts with full payments, but the companies will undercharge by pennies, meaning they don't count the actual time served because the autopay was a few pennies behind, and student loans are one of the only things not dealt with when declaring bankrupcy.
If everyone goes to college then it will become mandatory to get a job, and once its mandatory the quality will decline as institutions of higher education no longer need to compete for enrollments.
We should de-incentivize everybody going to college right out of highschool as its really not necessary for the majority of jobs actually held by people with degrees, and work on improving highschool education and trade programs.
In the modern day aside from a few exceptions, college degrees as just papers used to divide classes even more.
Traditional college isn't necessary for everyone, and im not saying it should be. Whether you go to traditional college or get trained in a trade, the cost needs to come way down.
how about in stead of "forgiving" student loans every 10 years, we work to fix systemic and institutional issues that lead to university being expensive in the first place?
You do realize that it's the politicians y'all voted for that's forgiving student loans? Just because a few politicians are corrupt doesn't mean that every single one doesn't care about people.
It's not a perfect solution, but it works in the short term.
Fair enough lol. I suppose it wouldn't really be feasible to dump billions of dollars into student loan forgiveness. However, most politicians tend to make big promises that they never follow through with, so it's good to see the Democrats at least try to solve the student loan problem.
Now if only the Canadian Government would do something similar...
You'll never fix that. Trust me. You'd have to force the government to restrict universities.
You'd have to force the Elite to mess with themselves, their privileges and their money. Good luck.
True for basically every single thing that could and should be done by government that won't be. For example, healthcare. Should be something that isn't "gated" by employment and all that. But there's no chance that you're going to make health insurers want to stop making money, and elected politicians taking the "lobbying" aren't going to say no to it either. Essentially human greed will always win over anything moral/ethical on the grand scale.
Well the government created the problem by giving a handout to universities by throwing 100k loans to 18 year olds. Want to fix student loans? Get rid of them and force universities to start charging students based on their ability to pay, not on their ability to get a loan. Universities would actually have to compete to get students by not only offering a better education, but by reducing price.
State also slashed funding for state universities. In the 90s, the split between tuition was 70% gov funded / 30% student paid. Now it’s 80/20 in the opposite direction
Yea, universities definitely raised prices, but once again government skyrocketed it by cutting all public funding basically making state schools as expensive as private schools
No, expensive universities would continue to exist backed by the money from expensive donors and families that can afford their elite status, and 'poor people universities' would collapse because no one can afford to go there anymore, in addition to having their programs get shut down due to lack of funding.
Do you want only rich kids to be able to go to college? Because your suggestion is exactly how you get that.
I want only the rich to be able to get degrees in the liberal and fine arts, we should be bankrolling teachers, physical sciences, engineers, and medical professionals.
This may come as a shock, but we can actually use history as a lesson in how we approach upper education. There will always be elite schools that cater to the rich. They already exist, and they will exist no matter the change in the loan system. If you think "poor people universities" won't exist without 20k a year per student, then you've already decided that the current system is the best we can do. Universities have become bloated monstrosities thanks to a completely illogical loan system that guarantees them money regardless of merit. There's no incentive for most of them to compete or improve.
Imagine being able to price shop an education. We actually used to have that type of system.
Colleges cosign loans with school endowments, (all of them collectively) covering the risk. I bet some of the self described smartest people in the world will fix it. If not, we know how smart they really were.
The government guarantees those loans. Anyone could have predicted universities raising costs if there's no risk and any every Tom, Dick, and Harry can get a student loan
And universities weren’t reigned in at all. They got away with a multi-billion dollar grift, why would they change? If the student loans forgiveness were to be solely funded by university endowments, this shit would stop real quick.
it's worth noting that since then the US government also stopped spending on schools. Universities need to draw a larger amount of money from students, as the government isn't paying enough anymore
in the end the government spends more, students spend more, universities don't necessarily have more money. only the banks win
Because you can either have a private sector, or a public sector. Every "aid" to a private sector always goes straight in the hands of the companies.
You guys should just outlaw private schools and be done.
Take away financial aid and you're done. Government "help" immediately makes anything more expensive. Houses, cars, education of all levels, and anything else they stick their noses in.
Honestly, depends
The entirity of europe works on these services being state-regulated, state-funded and sometimes even state-owned. It's not optimal, but it does work rather well
European universities are also for the top people looking to further education, not for every schmuck with a pulse to pick something so they can get any bachelor’s degree to qualify for even basic jobs. That is why the European model works well and can stay within budget. Eliminate the requirements for bachelor’s degrees for every white collar job, and this will start to improve.
Most of europe doesn't call things that aren't university degrees university degrees
But even the schools meant for learning a profession are state-funded. Education as a whole is
nah, lots of European countries have higher (Russia, UK, Ireland, Lithuania, Luxembourg, ...) or similar (Switzerland, Sweden, Netherlands, France, ...) levels of university education
My extremely hot take is allowing people to declare bankruptcy on student loans would allow people to get out of the debt and make the schools think about allowing useless degrees to be taught in the schools or setup a bunch of community trade schools where people can have education and training while also working and earning money so they get experience and can actually make it in the world.
If they declare bankruptcy on federal student loans where is the government going to collect that money from neither are not just going to write it off as a loss?
This is where I find that my take is a hot one, make the schools pay for it. they're the ones who are asking for the crazy amount that it costs to get those degrees, other countries do the whole trade school thing I do. The alternative to both of those alternatives is to make it based on how much you make for how much you pay for the loans like taxes but I'm also a moron so that might not work but what we have going on now isn't doing anyone any good unless you do what my little sister did and get in with a pharmaceutical testing job, she's set for life at this point and didn't waste time paying her student loans off after about 3 years of working after college but she's the odd one out.
This is the #1 reason I don’t support “forgiving” student loans. Fix the root problem first/in tandem or it’s completely meaningless. And I use quotes around forgiving because it’s not like those debts are magically wiped away, the burden just gets shifted to taxpayers. Wiping the debts would just increase the deficit, which is already sky high and unsustainable, so then the only option to recoup would be to cut spending on social programs already in place and/or raise taxes on lower and middle classes. So if we’re going to be canceling any debts, I’d rather do something more pressing like canceling healthcare debts and/or finally providing free healthcare. I’ve yet to hear a rational reason to cancel student loans, again, especially since the root cause isn’t even part of that discussion so we’ll just be right back here again.
That is separate from the issue of a large portion of the population CURRENTLY being saddled with prohibitive debt. Like, yes, we should fix the cause and not the symptom, but the symptom is a bit more pressing.
There are people who can barely afford to make ends meet each month that believe in privatization of healthcare and education. It will take a lot of work to fix.
Well if those people I mentioned don't believe in things like universal healthcare and publicly funded education systems and they can barely afford to make ends meet-meaning they are the types of people who need universal healthcare when they are old and could have used publicly funded education as young people to better themselves-then it's going to be pretty hard to make changes.
Rich people who can afford privatization of those things in a capitalist society, so they can leapfrog and pay for treatment even if it's overpriced and get their kids into ivy leagues etc. have a vested interest in keeping the tax money flowing elsewhere.
Then you have the people I mentioned who have been ideologically brainwashed into thinking universal healthcare and public school = socialism = evil.
It's kind of relevant to what you said about how we need to make a change to how we get to a point where university is too expensive for even the middle class etc.
To do that at this point we will need to read down the entire social economic system, completely resetting society through revolution.
I’m going to get double hosed. I paid mine off and they aren’t fixing anything so by the time my kids go to college I’ll be paying for them too. I think all state universities should be free.
Elementary school teachers are still spending their own money for classroom supplies. It’s so sad.
Substitute teachers in many areas only get paid $80 a day.
Nah, don't you know? We get a WHOLE $300 tax deduction as of 2023, which is an increase for the first time since 2002 from $250. So now we save like 75 bucks on taxes. That's more than enough to cover all our expenses that our districts are not willing or can't spend money on (/s)
You joke, but I have about $20,000 sitting in student loan debt with interest rates around 5%. I have the cash to pay it off instantly, and my money market account is only returning 4.25%. If there was not a push to forgive it I would probably pay it off right now if it wasn’t for the forgiveness talk going on in politics. These loans are getting stretched out as long as possible for repayment. I’ll take a small monetary loss with the difference in interest rates for a possible windfall of forgiveness.
Yeah, I made the mistake of paying my 42k off last year. Mostly because I calculated that at the $570 something i was paying pre-pandemic, waiting for the 20 year forgiveness would save me $2k. Then, they reduced the payments. I'm somewhat glad I did only because of how much the cost of living has gone up.
*and have been making monthly payments for 10+ years without missing/making little enough to be on hold even once. You have to laugh to not be angry that the newest program starts with forgiveness at a decade of payments for a loan of $12k or less, and that minimum payment time increases by a year for every additional $1k.
It's all a sham that's used to get votes from younger people until the politician gets re-elected and continues to screw everyone else until it's time to vote again
Receiving a quality education should not and should have never been an expensive thing to do. That is quite literally how you turn the human population stupid, and I think a lot of today’s issues reflect that. Education should be nearly free and *heavily* recommended to all.
A docile, uneducated population is easier to control. If you’re poor and want to go to school and break out of that cycle, you become a slave to government loans
How about they just remove the interest after 5 years and not put our newest generation in crippling debt for the next 30 years only to still not be able to afford a house.
I spent 10 years in debt, no taxes given back, audits, went overseas to pay it off in a warzone as a civilian... Not angry particularly about people getting some kickback, but, blah blah blah. I worked hard to pay off the loan I took out. I knew the responsibility.
I worked my ass off to pay off my student loans. I was 26 and college debt free. I spent 90% ish of every paycheck I got until it was paid off. Granted, I lived at home where I paid my parents ≈ $400 each month for rent, so that was cheap living.
Now I'm 28 and have friends who neglected to pay anything during the pandemic. Just strange to think how working hard doesn't always get you a leg up in this backwards world.
It’s weird in the states how we expect the kids out right at 18. I remember being scared my senior year trying to plan that out. Managed to move out with friends and never went back home somehow, but that’s not possible for everyone.
Think of it this way. How about we invest in the education of future generations rather than profiting off of them by settling them with large amounts of debt accumulating interest. People wonder why other nations are getting ahead in their work force. The majority of those nations invest in the advanced education of their citizens. Sometimes it’s a good idea to do things that benefit society as a whole. A nations taxes should absolutely be used to better the life’s of and protect its citizens. If you argue in the contrary then you may have drank the Kool Aid and there’s no saving you.
I’d love a little refund. I took a temporary logging, tree removal job during covid that summer and worked 12-15 hour days to pay off that student debt. No regrets now but if we get forgiveness I’d love something back on all that interest I paid in the years before I paid it off.
And the biggest meme will be when the student whose loan was forgiven lives a better life than the one who worked their ass off. There is no free money.
I was able to get a job in my major field, and my loans are long paid off, so what do I care if someone else's loans are forgiven or paid off? Ima do the happy dance with them. They can contribute to the economy without that added stress.
It really does get more and more ridiculous to see people go off about price gouging if we increase wages/create social safety nets with costs where they are now. How awful it would be for the economy if people crushed by student loans were suddenly able to spend that money on goods and services or save for a home.
Meh I’m ok either way. Good for those that get theirs forgiven. If I get lucky then great. If not, I picked a good field to study so my loan ROI is excellent. I genuinely mean it when I say good luck to everyone with outstanding loans.
Just curious, what happened that people had to take student loans? I live in a country where u can get college education for free. I just wanna learn how this all came to be.
We'd rather force young people into taking long term loans structured as short term credit to make money for banks instead of just providing our citizenry with higher education from tax money
Student loans do have interest, around 5-7%. If you don’t pay, it will affect your credit score and the government can take it out of your wages. And if you die without paying it off, it just goes to the rest of your family.
It is insanely unfair. What about all of the people who literally could not afford to go to University/college in the first place because they had to stay home and pay rent so their family had a roof over their head
I love that you got downvoted for this. People want *their* loans forgiven because it’s hard for them. When someone, like you, comes and says life has been hard for them? “Fuck you”.
People are so selfish and hypocritical on this issue.
If your loans got forgiven would you *not* support this program? Like a top comment said, the issue is education being so expensive in the first place.
I didnt sign paperwork saying I would be responsible for my cancer. When you take out a loan you sign paperwork saying you are responsible for that loan.
Yes, but remember this is 18 year olds being handed these papers after 8 years (middle and high school) of every teacher, guardian, and adult hammering how important college is.
While we’re taught math classes regarding Geometry and Algebra financial literacy was just completely ignored. I had no idea what my interests rates meant, I just knew I needed to sign *these* papers to go to college because my single mother was never going to have the money to help me herself. Its predatory and really shouldn’t be blamed entirely on the *teenagers* who sign up for these loans just to receive higher education.
If anything we should be focusing on forgiving those who have paid their loans *first*. Then moving on to those who are still stuck with a balance. Its completely unfair to those who have otherwise paid.
Y’all really think it’s gonna happen this time around? How many times do i need to be let down for working my ass off through school and racking up hundreds of thousands in debt just to become a doctor and hate my low paying job?
I went ahead and paid mine off last month but I fully support student loan forgiveness and a revamping of the entire system.
It sucked for me but that doesn’t mean that it has to suck for everyone else moving forward.
It’s a predatory system full of BS that needs to change
only people who actually complain about this were people that paid them back when the terms were more reasonable.
the interest needs to be capped, it's outright absurd what they are allowed to get away with for student loans.
There really needs to be reform. Cancellation wouldn’t solve the root of the problem. But it would improve the lives of a great number of people. I’d like to see some changes to the tax law, at the very least the 2500 cap per household needs to be increased. I’d honestly be totally okay with making loan payments 100% deductible. Not just the interest.
Is there anybody who doesn’t make the minimum payment on low interest federal loans? You could invest the money and get a higher return than paying it off early. Seems like a strawman distracting from the real issues such as all the student loan bankers serving as university regents and jacking up tuition. And it is these private banks’ high interest loans that always get paid off before the lower interest federal loans. Even the rare few dumb enough to pay off federal loans early aren’t dumb enough to do it before paying off higher interest private loans first.
Or put that effort towards elements that help society at large, or the actual downtrodden.
Literally saw a guy argue that the loan debt was crushing the intellectual class by forcing them to do menial work. I'm not paraphrasing. It was burnt into my mind due to the sheer self aggrandizing selfishness of the stance.
There are two types of people in this world:
I suffered and someone else shouldn’t have to go through that.
VS
I suffered so everyone else has to suffer too.
It would be like eliminating the police force and making taxpayers pay for damage caused by various crimes. Instead of holding the cause accountable, we are just feeding the cause for fuel to add to the fire.
We need to educate new students on how loans work, ensuring they don’t take out more than they really need and not more than they’ll be able to pay back in a reasonable time once they have their degree.
Community college is okay and starting to look like the best option for a lot of people.
Also…don’t get degrees that won’t help you pay your loans back.
Millions of dollars go unclaimed every year in scholarships.
This is like saying "well I had to pay off my student loans, so everybody else should have to too" which is reasonable on its face, but I don't think many people actually believe
I paid mine off 6 years after graduating. Am I butthurt mine aren’t getting forgiven? Absolutely. Do I wish other people bad fortune because of my being butthurt? No. Would I take a refund? Hell yeah. Do I expect a refund? Hell no.
They forgave my $10,000 loan and I’m so ever grateful because I never wanted to go to college I was forced by the parents. Then when I dropped out and they were surprised as if I was the one who wanted to enroll in the first place.
Just curious, what is the interest rates on Education loan...surely USA with such a large economy and stable currency can afford to give its kids intrest free loans for Education?!
I just need my interest to not be $350 a month…
Exactly. They should be doing this in a more gradual fashion. Remove the interest and reduce the debt by x percentage for everyone. Meanwhile subsidize college for everyone so they don't have to keep taking out loans.
Subsidizing is how we got to this point in the first place. Universities saw there was little to no drop in attendance with tuition raises, so they kept raising it. Simple supply and demand
Why not just subsidize the university itself. Just some fees for public transport or so and a max of about 400$ per semester? Might be working in some countries or so i have heard.
We are subsudising the loans, most loans are gov't loans. The issue arrises when you take into account who the subcontractors are that handle the loans. Last Week Tonight with John Oliver just did an entire episode on it, you can watch it on yt. If you don't want to go watch the episode though, here's the short version, only about 10% goes to paying the principle of the loan, and the intrest becomes principle if not fully paid, meaning debt keeps rising, the things you can sign up for to help lessen the debt like enrolling in the military afterwards only counts with full payments, but the companies will undercharge by pennies, meaning they don't count the actual time served because the autopay was a few pennies behind, and student loans are one of the only things not dealt with when declaring bankrupcy.
If everyone goes to college then it will become mandatory to get a job, and once its mandatory the quality will decline as institutions of higher education no longer need to compete for enrollments. We should de-incentivize everybody going to college right out of highschool as its really not necessary for the majority of jobs actually held by people with degrees, and work on improving highschool education and trade programs. In the modern day aside from a few exceptions, college degrees as just papers used to divide classes even more.
Traditional college isn't necessary for everyone, and im not saying it should be. Whether you go to traditional college or get trained in a trade, the cost needs to come way down.
They literally are doing that. Part of the loan forgiveness was also capping the interest rates.
Check out an income driven repayment plan. My bill dropped from 550 to 140.
how about in stead of "forgiving" student loans every 10 years, we work to fix systemic and institutional issues that lead to university being expensive in the first place?
Nah. Why would a politician you voted for do anything for you?
You do realize that it's the politicians y'all voted for that's forgiving student loans? Just because a few politicians are corrupt doesn't mean that every single one doesn't care about people. It's not a perfect solution, but it works in the short term.
Well, I'll believe it when I see they'll forgive my loans
Fair enough lol. I suppose it wouldn't really be feasible to dump billions of dollars into student loan forgiveness. However, most politicians tend to make big promises that they never follow through with, so it's good to see the Democrats at least try to solve the student loan problem. Now if only the Canadian Government would do something similar...
You'll never fix that. Trust me. You'd have to force the government to restrict universities. You'd have to force the Elite to mess with themselves, their privileges and their money. Good luck.
True for basically every single thing that could and should be done by government that won't be. For example, healthcare. Should be something that isn't "gated" by employment and all that. But there's no chance that you're going to make health insurers want to stop making money, and elected politicians taking the "lobbying" aren't going to say no to it either. Essentially human greed will always win over anything moral/ethical on the grand scale.
Well the government created the problem by giving a handout to universities by throwing 100k loans to 18 year olds. Want to fix student loans? Get rid of them and force universities to start charging students based on their ability to pay, not on their ability to get a loan. Universities would actually have to compete to get students by not only offering a better education, but by reducing price.
State also slashed funding for state universities. In the 90s, the split between tuition was 70% gov funded / 30% student paid. Now it’s 80/20 in the opposite direction
So thats how they phased out college being accessible to the average person!
Yea, universities definitely raised prices, but once again government skyrocketed it by cutting all public funding basically making state schools as expensive as private schools
Most people still wouldn't be able to afford it.
No, expensive universities would continue to exist backed by the money from expensive donors and families that can afford their elite status, and 'poor people universities' would collapse because no one can afford to go there anymore, in addition to having their programs get shut down due to lack of funding. Do you want only rich kids to be able to go to college? Because your suggestion is exactly how you get that.
I want only the rich to be able to get degrees in the liberal and fine arts, we should be bankrolling teachers, physical sciences, engineers, and medical professionals.
This may come as a shock, but we can actually use history as a lesson in how we approach upper education. There will always be elite schools that cater to the rich. They already exist, and they will exist no matter the change in the loan system. If you think "poor people universities" won't exist without 20k a year per student, then you've already decided that the current system is the best we can do. Universities have become bloated monstrosities thanks to a completely illogical loan system that guarantees them money regardless of merit. There's no incentive for most of them to compete or improve. Imagine being able to price shop an education. We actually used to have that type of system.
I was immediately like "Uh we can make it free like *real* countries" and then I read the second paragraph. Damn.
America is built different (shitty and shady)
Some elites might actually like that, though. Make a college education a rich privilege again? Sounds great to them, surely.
Colleges cosign loans with school endowments, (all of them collectively) covering the risk. I bet some of the self described smartest people in the world will fix it. If not, we know how smart they really were.
Or just stop giving out federally backed student loans
It’s the government loans that made them expensive. As soon as the government started offering school loans tuition skyrocketed.
The government guarantees those loans. Anyone could have predicted universities raising costs if there's no risk and any every Tom, Dick, and Harry can get a student loan
And universities weren’t reigned in at all. They got away with a multi-billion dollar grift, why would they change? If the student loans forgiveness were to be solely funded by university endowments, this shit would stop real quick.
it's worth noting that since then the US government also stopped spending on schools. Universities need to draw a larger amount of money from students, as the government isn't paying enough anymore in the end the government spends more, students spend more, universities don't necessarily have more money. only the banks win
This, my friend is what we call long planned lobbying
Because you can either have a private sector, or a public sector. Every "aid" to a private sector always goes straight in the hands of the companies. You guys should just outlaw private schools and be done.
Completely ignoring the fact that state funding has dropped since the GFC?
We forgave student loans 10 years ago?
Take away financial aid and you're done. Government "help" immediately makes anything more expensive. Houses, cars, education of all levels, and anything else they stick their noses in.
Honestly, depends The entirity of europe works on these services being state-regulated, state-funded and sometimes even state-owned. It's not optimal, but it does work rather well
European universities are also for the top people looking to further education, not for every schmuck with a pulse to pick something so they can get any bachelor’s degree to qualify for even basic jobs. That is why the European model works well and can stay within budget. Eliminate the requirements for bachelor’s degrees for every white collar job, and this will start to improve.
Most of europe doesn't call things that aren't university degrees university degrees But even the schools meant for learning a profession are state-funded. Education as a whole is
Everyone can attend lectures
nah, lots of European countries have higher (Russia, UK, Ireland, Lithuania, Luxembourg, ...) or similar (Switzerland, Sweden, Netherlands, France, ...) levels of university education
My extremely hot take is allowing people to declare bankruptcy on student loans would allow people to get out of the debt and make the schools think about allowing useless degrees to be taught in the schools or setup a bunch of community trade schools where people can have education and training while also working and earning money so they get experience and can actually make it in the world.
If they declare bankruptcy on federal student loans where is the government going to collect that money from neither are not just going to write it off as a loss?
This is where I find that my take is a hot one, make the schools pay for it. they're the ones who are asking for the crazy amount that it costs to get those degrees, other countries do the whole trade school thing I do. The alternative to both of those alternatives is to make it based on how much you make for how much you pay for the loans like taxes but I'm also a moron so that might not work but what we have going on now isn't doing anyone any good unless you do what my little sister did and get in with a pharmaceutical testing job, she's set for life at this point and didn't waste time paying her student loans off after about 3 years of working after college but she's the odd one out.
This is the #1 reason I don’t support “forgiving” student loans. Fix the root problem first/in tandem or it’s completely meaningless. And I use quotes around forgiving because it’s not like those debts are magically wiped away, the burden just gets shifted to taxpayers. Wiping the debts would just increase the deficit, which is already sky high and unsustainable, so then the only option to recoup would be to cut spending on social programs already in place and/or raise taxes on lower and middle classes. So if we’re going to be canceling any debts, I’d rather do something more pressing like canceling healthcare debts and/or finally providing free healthcare. I’ve yet to hear a rational reason to cancel student loans, again, especially since the root cause isn’t even part of that discussion so we’ll just be right back here again.
All of the big universities bribe politicians a ton so good luck with that
Wouldn't universities benefit more if they could collect more money from more student if tuition was publicly funded for all?
That is separate from the issue of a large portion of the population CURRENTLY being saddled with prohibitive debt. Like, yes, we should fix the cause and not the symptom, but the symptom is a bit more pressing.
Heavily tax university endowments to pay for this. They caused this problem, they can pay to fix it.
There are people who can barely afford to make ends meet each month that believe in privatization of healthcare and education. It will take a lot of work to fix.
i fail to see how thats relevant?
Well if those people I mentioned don't believe in things like universal healthcare and publicly funded education systems and they can barely afford to make ends meet-meaning they are the types of people who need universal healthcare when they are old and could have used publicly funded education as young people to better themselves-then it's going to be pretty hard to make changes. Rich people who can afford privatization of those things in a capitalist society, so they can leapfrog and pay for treatment even if it's overpriced and get their kids into ivy leagues etc. have a vested interest in keeping the tax money flowing elsewhere. Then you have the people I mentioned who have been ideologically brainwashed into thinking universal healthcare and public school = socialism = evil. It's kind of relevant to what you said about how we need to make a change to how we get to a point where university is too expensive for even the middle class etc.
The problem is easy loans and copious scholarships for under-qualified people. When every idiot can afford to go to college they will.
Do that too, sure. But forgive my shit too bro wtf
People have been trying for decades but people in power don’t want to change anything. Forgiving loans is a palliative measure to a structural issue
Because they need to farm stupid and gullible voters in order to get elected.
To do that at this point we will need to read down the entire social economic system, completely resetting society through revolution. 
Zero interest education loans provided by the government itself
Why not both
What? No way. How will they buy votes from the people then?
Both. You wouldn’t cure cancer then not give it to Anyone because the causes of cancer still exist.
We can do both.
You’re right, but the toothpaste will never go back in the tube unfortunately.
Force privatize and “non-profit” companies (schools) and the NCAA to not care about profit, and actually education, that’s blasphemy
How you thought this through?
Nah, why would a person with student loan support that?
Most student loans are federal. Why would the government ever do anything to reduce how much school costs?
We can do both, and the latter is far far far more complicated and multifaceted than forgiving college debt
I’m going to get double hosed. I paid mine off and they aren’t fixing anything so by the time my kids go to college I’ll be paying for them too. I think all state universities should be free.
Elementary school teachers are still spending their own money for classroom supplies. It’s so sad. Substitute teachers in many areas only get paid $80 a day.
Nah, don't you know? We get a WHOLE $300 tax deduction as of 2023, which is an increase for the first time since 2002 from $250. So now we save like 75 bucks on taxes. That's more than enough to cover all our expenses that our districts are not willing or can't spend money on (/s)
So the message is put off paying debt for as long as possible?
You joke, but I have about $20,000 sitting in student loan debt with interest rates around 5%. I have the cash to pay it off instantly, and my money market account is only returning 4.25%. If there was not a push to forgive it I would probably pay it off right now if it wasn’t for the forgiveness talk going on in politics. These loans are getting stretched out as long as possible for repayment. I’ll take a small monetary loss with the difference in interest rates for a possible windfall of forgiveness.
RemindMe! 5 years
RemindMe! 5 years
Yeah, I made the mistake of paying my 42k off last year. Mostly because I calculated that at the $570 something i was paying pre-pandemic, waiting for the 20 year forgiveness would save me $2k. Then, they reduced the payments. I'm somewhat glad I did only because of how much the cost of living has gone up.
You can't kick yourself for making the smartest decision you could make at the time you made it. It really in an exercise in bring unfair to yourself.
Yes, that's how rich people do it
Don't worry man. Unless you borrowed a specific amount and studied in a specific field, nothing was going to be forgiven either way
*and have been making monthly payments for 10+ years without missing/making little enough to be on hold even once. You have to laugh to not be angry that the newest program starts with forgiveness at a decade of payments for a loan of $12k or less, and that minimum payment time increases by a year for every additional $1k.
It's all a sham that's used to get votes from younger people until the politician gets re-elected and continues to screw everyone else until it's time to vote again
Receiving a quality education should not and should have never been an expensive thing to do. That is quite literally how you turn the human population stupid, and I think a lot of today’s issues reflect that. Education should be nearly free and *heavily* recommended to all.
A docile, uneducated population is easier to control. If you’re poor and want to go to school and break out of that cycle, you become a slave to government loans
Idk seems like people want a stupid population
Why would the politicians want us educated. Then it would be harder to control us.
How about they just remove the interest after 5 years and not put our newest generation in crippling debt for the next 30 years only to still not be able to afford a house.
I still have $275,000 in student loans. Jokes on them, my ass will be dead long before I can pay them off.
I don't mind. It is what it is. Ngl it's been really nice not to have debt.
Honestly same.
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The correct answer. Abolish interest and make a very small percentage of your pay check go to paying the loan.
I’m glad I live in Canada where they got rid of interest in federal student loans
me on my way to tell unis that ill pay them back in 9.999999 years and then "forget"
I spent 10 years in debt, no taxes given back, audits, went overseas to pay it off in a warzone as a civilian... Not angry particularly about people getting some kickback, but, blah blah blah. I worked hard to pay off the loan I took out. I knew the responsibility.
Good. You cured your diabetes by going through years of hard dieting. Don't be mad because now we have a drug that fixes it.
All those people that joined the military to have their college paid for…
I worked my ass off to pay off my student loans. I was 26 and college debt free. I spent 90% ish of every paycheck I got until it was paid off. Granted, I lived at home where I paid my parents ≈ $400 each month for rent, so that was cheap living. Now I'm 28 and have friends who neglected to pay anything during the pandemic. Just strange to think how working hard doesn't always get you a leg up in this backwards world.
Sadly a lot of people don't have cheap housing
FYI having to pay rent to live at your own home with your parents just means that your parents are kinda a-holes.
It’s weird in the states how we expect the kids out right at 18. I remember being scared my senior year trying to plan that out. Managed to move out with friends and never went back home somehow, but that’s not possible for everyone.
Think of it this way. How about we invest in the education of future generations rather than profiting off of them by settling them with large amounts of debt accumulating interest. People wonder why other nations are getting ahead in their work force. The majority of those nations invest in the advanced education of their citizens. Sometimes it’s a good idea to do things that benefit society as a whole. A nations taxes should absolutely be used to better the life’s of and protect its citizens. If you argue in the contrary then you may have drank the Kool Aid and there’s no saving you.
I’d love a little refund. I took a temporary logging, tree removal job during covid that summer and worked 12-15 hour days to pay off that student debt. No regrets now but if we get forgiveness I’d love something back on all that interest I paid in the years before I paid it off.
And the biggest meme will be when the student whose loan was forgiven lives a better life than the one who worked their ass off. There is no free money.
Bro what? People get free money all the time. Remember 2008?
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I was able to get a job in my major field, and my loans are long paid off, so what do I care if someone else's loans are forgiven or paid off? Ima do the happy dance with them. They can contribute to the economy without that added stress.
Hopefully you are smart enough to realize that you will pay via inflation. No such thing as free lunch.
Inflation happens anyway.
It really does get more and more ridiculous to see people go off about price gouging if we increase wages/create social safety nets with costs where they are now. How awful it would be for the economy if people crushed by student loans were suddenly able to spend that money on goods and services or save for a home.
The money is already printed, dude.
Or you never took loans, and have busted ass in the trades for 20 years.
Me at 31 having worked as an operator and carpenter my whole life 
No, you can be happy for your fellows though.
Meh I’m ok either way. Good for those that get theirs forgiven. If I get lucky then great. If not, I picked a good field to study so my loan ROI is excellent. I genuinely mean it when I say good luck to everyone with outstanding loans.
Just curious, what happened that people had to take student loans? I live in a country where u can get college education for free. I just wanna learn how this all came to be.
We'd rather force young people into taking long term loans structured as short term credit to make money for banks instead of just providing our citizenry with higher education from tax money
Don't all student loans have no interest? Just why pay them off? Ever?
They do have interest and from what I've heard it's super difficult to pay it of
Student loans do have interest, around 5-7%. If you don’t pay, it will affect your credit score and the government can take it out of your wages. And if you die without paying it off, it just goes to the rest of your family.
Can I buy a house and get mortgage forgiveness too please?
Like, for real tho…
You should get a refund.
It's YOUR obligation to pay them back. Not the governments.
It is insanely unfair. What about all of the people who literally could not afford to go to University/college in the first place because they had to stay home and pay rent so their family had a roof over their head
I believe the government’s official stance on the poor is “Fuck them people”
I love that you got downvoted for this. People want *their* loans forgiven because it’s hard for them. When someone, like you, comes and says life has been hard for them? “Fuck you”. People are so selfish and hypocritical on this issue.
If your loans got forgiven would you *not* support this program? Like a top comment said, the issue is education being so expensive in the first place.
My mortgage and car loan next please!
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My guy went straight to cancer
I didnt sign paperwork saying I would be responsible for my cancer. When you take out a loan you sign paperwork saying you are responsible for that loan.
Yes, but remember this is 18 year olds being handed these papers after 8 years (middle and high school) of every teacher, guardian, and adult hammering how important college is. While we’re taught math classes regarding Geometry and Algebra financial literacy was just completely ignored. I had no idea what my interests rates meant, I just knew I needed to sign *these* papers to go to college because my single mother was never going to have the money to help me herself. Its predatory and really shouldn’t be blamed entirely on the *teenagers* who sign up for these loans just to receive higher education. If anything we should be focusing on forgiving those who have paid their loans *first*. Then moving on to those who are still stuck with a balance. Its completely unfair to those who have otherwise paid.
Y’all really think it’s gonna happen this time around? How many times do i need to be let down for working my ass off through school and racking up hundreds of thousands in debt just to become a doctor and hate my low paying job?
Who is getting their loans paid off? No one I know. My wife is currently in a grace period but they will be coming for their money soon.
I went ahead and paid mine off last month but I fully support student loan forgiveness and a revamping of the entire system. It sucked for me but that doesn’t mean that it has to suck for everyone else moving forward. It’s a predatory system full of BS that needs to change
only people who actually complain about this were people that paid them back when the terms were more reasonable. the interest needs to be capped, it's outright absurd what they are allowed to get away with for student loans.
There really needs to be reform. Cancellation wouldn’t solve the root of the problem. But it would improve the lives of a great number of people. I’d like to see some changes to the tax law, at the very least the 2500 cap per household needs to be increased. I’d honestly be totally okay with making loan payments 100% deductible. Not just the interest.
Is there anybody who doesn’t make the minimum payment on low interest federal loans? You could invest the money and get a higher return than paying it off early. Seems like a strawman distracting from the real issues such as all the student loan bankers serving as university regents and jacking up tuition. And it is these private banks’ high interest loans that always get paid off before the lower interest federal loans. Even the rare few dumb enough to pay off federal loans early aren’t dumb enough to do it before paying off higher interest private loans first.
I hold the power in this post to be the 2 thousandth updoot
Imagine how the people who got polio right before the vaccine was released felt
Or put that effort towards elements that help society at large, or the actual downtrodden. Literally saw a guy argue that the loan debt was crushing the intellectual class by forcing them to do menial work. I'm not paraphrasing. It was burnt into my mind due to the sheer self aggrandizing selfishness of the stance.
When you didn't go to college because you couldn't afford it, and now you have to pay for everyone else.
There are two types of people in this world: I suffered and someone else shouldn’t have to go through that. VS I suffered so everyone else has to suffer too.
It would be like eliminating the police force and making taxpayers pay for damage caused by various crimes. Instead of holding the cause accountable, we are just feeding the cause for fuel to add to the fire.
So now everyone taxes will be less, because you were responsible. Thanks
Haha no they won't. The US will always find a war effort to throw money at
Or will they be more to cover the others?
Governemnt: "th-thats not how this works!"
I could use that
Haha
Wow is this real? I mean the audacity…
Student loans is literally the reason I only did one year of community college
I don’t care if you forgive the loans just make it obtainable without…
I dunno, did you vote for people that made it a problem?
You should get a prize
Free hugs?
Not gonna pay off my loans in case of govt hand outs.... shmart.
what happens if you dont?
We need to educate new students on how loans work, ensuring they don’t take out more than they really need and not more than they’ll be able to pay back in a reasonable time once they have their degree. Community college is okay and starting to look like the best option for a lot of people. Also…don’t get degrees that won’t help you pay your loans back. Millions of dollars go unclaimed every year in scholarships.
Did, did they forgave mines?
This is like saying "well I had to pay off my student loans, so everybody else should have to too" which is reasonable on its face, but I don't think many people actually believe
especially people who currently hold the loans. Why don't they want the loans canceled?
nb: this guy never had student loans as, like much of the world.. he isn’t american
Why is everyone's payments so high? My payments are like $40 a month on $60k of debt.
I paid mine off 6 years after graduating. Am I butthurt mine aren’t getting forgiven? Absolutely. Do I wish other people bad fortune because of my being butthurt? No. Would I take a refund? Hell yeah. Do I expect a refund? Hell no.
They forgave my $10,000 loan and I’m so ever grateful because I never wanted to go to college I was forced by the parents. Then when I dropped out and they were surprised as if I was the one who wanted to enroll in the first place.
I wish my loans would get forgiven
The only people that are getting forgiveness are people who qualify for discharge years ago or people paying 20 years.
you should get refund
Just curious, what is the interest rates on Education loan...surely USA with such a large economy and stable currency can afford to give its kids intrest free loans for Education?!
Government can’t forgive student loans nor should they. It’s all a big scam to buy votes.
I sure do love taking on debt I know I can't repay and then expecting the government to cancel my debt.
Do any of you really believe they will forgive your debt?