Student loan forgiveness insanity

Thank you Clark for speaking the truth on how insane student loan forgiveness would be. Forgiveness for long term public service is tolerable, forgiveness just for breathing is insanity. Colleges must not be bailed out for making terrible fiscal decisions.

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Haven’t listened to that episode yet, but…

As the amount available for loans has risen, so have tuition and fees…it’s this neverending circle of, tge loan amount isn’t enough, so it is raised, and then tuition and fees have risen yet again. Meanwhile the amenities available have gone from adequate to top tier. In the kast 30 years, tuition has gone up 1000%. That is insane!

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My maximum debt during my college years was $360 for 90 days. My junior college was free. I paid for the rest of undergrad with the GI bill money and working part time. I paid for my Masters by going to school part time and working full time. I wish young people today had the same access to an education that I did.

I am 100% in favor of forgiving 100% of student loans.

Should we forgive 100% of all farmers loans as well?

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I think they should make student loans dischargeable in Chapter 7 / 13 personal bankruptcies. That’s not “forgiveness” that’s a whole lot of pain. But it would let the borrower to move on with their lives after their credit report heals in seven years

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That opens the door to abuse. Rich folks like me can still get student loans for my kids then just never pay and wait for a debt jubilee.

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Yes, I think we should forgive farmers as well

Or maybe make college affordable so people don’t need loans.

100% agree that college should be more affordable, but colleges are not willing to do the cost cutting things that they need to do in order to reduce costs. Why would they when the government is just going to bail them out.

Ok, well you want to forgive all college, and farmers loans, what’s next, home loan forgiveness? We can keep printing money, or hold people accountable for the loans that they chose to take out. Hope you are prepared for hyperinflation….

Also colleges are in an “arms race” with each other for bigger, better, flashier dorms, labs, sport stadiums. If a college declares “enough!” and tries to do the right thing and cut costs, it will cost-cut itself right of of business. It’s like auto makers can’t make money making cheap little cars, they perceive no one will buy them they make money making $75,000 trucks. Or home builders building to the high end.

It’s called Community College. I went back in 2020 at age 58 for a series of refresher courses for professional development, and was very pleased with value for the money. My employer was too, now I’m the expert in that technical area for our firm.

If farmers’ debt are just forgiven no one will want to make farm loans. Food supply would be endangered! Everything done on loans in farming, no one sits in piles of cash.

If they give back decades of farm subsidies, maybe.

Not all farmers take subsidies or loans. This is the problem, you are punishing the people who were responsible, and lived within the means that they had, or worked hard to pay off loans. Equal opportunity does not mean those who were responsible, or worked hard should be punished.

Forgiveness is rewarding people for poor choices. Anyone can go to community college for two years and then transfer to an in-state public school for the next two years. They can hold down a part time job, work full-time in the summers and take out a small amount of loans. They can also live at home if possible.

The benefits of obtaining a college or advanced degree have been grossly oversold and over hyped for years in the US. That fact has resulted in people committing themselves to a lot of debt buying a product that was of little real use to them. With the exception of skilled professions like MDs etc, four to six years of post-high school education, especially with no work experience is often a big waste of time and money. The problem is exacerbated because employers are too lazy to vet applicants and instead choose to rely on an applicant’s academic credentials instead of more reliable methods of selecting new hires.

Much of the mission of academia in our country is dedicated to the perpetuation of class distinction through educational certification via elite institutions of higher learning. A framed sheepskin from a Harvard, MIT or Yale automatically places the recipient of it toward the top of the socio-economic food chain. And anyone with a room temperature IQ can easily point to a dozen exceptions to prove the folly of that premise. ie: The perpetrators of the last global financial crises were not high-schools dropouts.

Was Junior College free to all students? Or why did you qualify for free Junior College? Was that college free just because you wanted to go there?
Why did you qualify for the GI Bill benefits?
It is good to learn you worked while going to school.