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Student Loan Debt Forgiveness?

Abacinator said:
WHy shOUlD I PaY foR SoMEONe ElSe'S stUDenT LOaN?!?!

A rising tide lifts all boats. Seriously. Is our country not a community? Should we not be helping each other out? I'm so tired of the "fuck you, I've got mine" mentality. As Kevin said earlier, forgive the predatory loans and all those folks will have more room to be productive and innovative and take risks, and potentially provide greater benefit to the country as a whole.

It costs more to have a country full of uneducated, unproductive window-lickers.
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That last sentence is pretty harsh and inaccurate. If that’s how an “educated” person thinks about less educated people, that’s a shame.

If everyone’s loans are paid off, the people without student loans should get a payment of whatever the average student loan paid off is.

I also don’t see why people with debt can’t do their job and be productive. That is laughable.

I’m tired of people with debt that make good money asking for bailouts.
 
I'm not a fan of screwing over families that don't make a ton of $$$ but were still able to save accordingly to send their child to college debt free.
All of these "what about this group of ppl" gets complicated and messy...just have a "going forward" policy to have free or nearly free public university for incoming students at some point in time.
 
gnahc79 said:
I'm not a fan of screwing over families that don't make a ton of $$$ but were still able to save accordingly to send their child to college debt free.
All of these "what about this group of ppl" gets complicated and messy...just have a "going forward" policy to have free or nearly free public university for incoming students at some point in time.
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Making college free starting today is the same as loan forgiveness. At most the only difference is time. Someone draws a line in the sand that says college is free. Some people fall in the side where it's free. Some people fall on the side where it cost $$.

No one is getting "screwed over" by being on the worse side of the line. They aren't being punished - they just aren't receiving a reward.
 
I bought a new Kawasaki 750 with my student loan. Wasn’t the best use of it but I needed transportation.

Surely going to college/university can be made cheaper than the current growing costs. The country could do with a little, or a lot, more socialism.
 
lefty said:
Why should I have to pay off someone else's debt? I paid mine off (myself) 30 years ago.

Many people could not afford / did not go to college, but we must foot the bill for those that chose to go?

I used my Amex Card quite a bit last year, will someone pay off my CC debt?

I agree that college costs are insane, and should be (mostly) free to low income folks, but retroactively paying off debt for EVERYONE, is nuts.

What do you think?
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Because education is the singularly best investment this country can make in it's own future, and because predatory lending in education spaces has been destroying that investments to the detriment of our country's leadership in the world.
 
TylerW said:
Because education is the singularly best investment this country can make in it's own future, and because predatory lending in education spaces has been destroying that investments to the detriment of our country's leadership in the world.
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:thumbup

I blame the complete failure of public education for most the shit we are in now.
 
mikev said:
there are a ridiculous number of outside influences that have caused it.
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No question, a great many. That whole system needs to be restructured and prioritized, but there will be a lot fo pain in slashing most the pork out of it.
 
TylerW said:
Because education is the singularly best investment this country can make in it's own future, and because predatory lending in education spaces has been destroying that investments to the detriment of our country's leadership in the world.
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Yup.

The entire country benefits when people are able to pursue as much education as they are capable of.

The entire country benefits when young people are able to start their lives; buying homes, getting married, buying cars, whatever, earlier on in their lives. Student loans, especially when those loans are as much as mortgages or car loans, hold people back.
 
Student loans in this country are a system of PRIVATE (for profit) loans, guaranteed by the PUBLIC (all the no default provisions), used largely to attend PUBLIC universities.

It's stupid, and we are the only developed country that does this. We should be providing scholarships and direct subsidies for education. Part of that should be establishing paths through our system that direct people to university and trade school options. It should also include allowances for continuous education

Bt hey, this is America, where corporations convince people their profits are really about personal responsibility and freedom LOL
 
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This stirs up a lot of feelings for me. As a mortgage lender I have seen many good people carrying huge student loans which materially impact their ability to buy a home. Specifically I'm thinking of a young couple having difficulty qualifying for a loan... they both work in the public school system, actively giving back to humanity, and are saddled by large monthly payments. We were able to restructure that debt into a materially lower monthly payment which enabled them to purchase a wonderful first home... but there were many moving parts and I was saddened to see what "we" (society) had burdened them with.

All of this notwithstanding I would prefer any dollars allocated to student debt forgiveness or social programs be directed to improving the lives of our veterans.
 
This was announced on June 1, 2022.

Education Department Approves $5.8 Billion Group Discharge to Cancel all Remaining Loans for 560,000 Borrowers who Attended Corinthian
https://www.ed.gov/news/press-relea...00-borrowers-who-attended-corinthian-colleges

Today, the U.S. Department of Education (Department) announced it will discharge all remaining federal student loans borrowed to attend any campus owned or operated by Corinthian Colleges Inc. (Corinthian) from its founding in 1995 through its closure in April 2015. This will result in 560,000 borrowers receiving $5.8 billion in full loan discharges. This includes borrowers who have not yet applied for a borrower defense discharge, who will have their Corinthian loans discharged without any additional action on their part. The action is the largest single loan discharge the Department has made in history. Providing this targeted relief is part of the Biden-Harris Administration's continued commitment to helping borrowers who are struggling the most by ensuring discharge programs provide borrowers the complete relief to which they are entitled. Today's action brings the total loan relief the Biden-Harris Administration has approved for borrowers to $25 billion since January 2021.

And then...

Biden administration cancels $3.9 billion in student debt for 208,000 borrowers defrauded by ITT Tech
https://www.cnbc.com/2022/08/16/edu...t9-billion-in-student-loans-for-itt-tech.html

The U.S. Department of Education announced Tuesday that it will cancel all remaining federal student debt taken on by borrowers who were defrauded by ITT Technical Institute since 2005, delivering $3.9 billion in relief to some 208,000 people.

ITT Educational Services was at one point one of the largest operators of for-profit technical schools in the U.S., and shut down in 2016. Borrowers shouldn’t have to apply for the relief, the Education Department said.

The Education Department found that ITT Tech engaged in widespread and pervasive misrepresentations, including lying about students’ ability to get a job or transfer credits.h
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For-profit schools should have never been allowed to access Federal Student loan programs.
Yet....

https://www.bestcolleges.com/news/2022/03/22/for-profit-colleges-90-10-loophole-closed/
The 90/10 rule prohibits for-profit schools from earning over 90% of revenue from federal financial aid.
A loophole allowed the schools to apply federal military benefits to the remaining 10%.

Inside the scandal-ridden for-profit education industry, which churns out quick degrees and loads student-loan borrowers up with debt
https://www.businessinsider.com/inside-for-profit-education-student-debt-quick-degrees-fraud-2022-5


For-Profit College Student Loan Forgiveness List
https://thecollegeinvestor.com/40244/for-profit-college-student-loan-forgiveness-list/
 
I would have made a lot different choices had I known debt cancelation was on the table. I would have gone to Stanford or Berkeley full time for an MBA rather than doing Cal State Hayward at night while working. :dunno

What little student loan debt I had from undergrad was paid for long ago. I knew it was predatory 20 years ago and only took the bare minimum to get by.
 
chrisweir.com said:
This stirs up a lot of feelings for me. As a mortgage lender I have seen many good people carrying huge student loans which materially impact their ability to buy a home. Specifically I'm thinking of a young couple having difficulty qualifying for a loan... they both work in the public school system, actively giving back to humanity, and are saddled by large monthly payments. We were able to restructure that debt into a materially lower monthly payment which enabled them to purchase a wonderful first home... but there were many moving parts and I was saddened to see what "we" (society) had burdened them with.
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Perfect example of the stupidity from a public policy standpoint. Why on earth would anyone pursue a low paying education degree when they have to go into debt they will barely be able to pay? Especially in CA where it requires a credential.
 
My school shut it's doors (unexpectedly) the week after i finished my last class. No time to get a transcript, diploma or anything.

Took me 2 years of writing certified letters to the state requesting my transcripts, as the loan company wouldn't forgive it without one. By the time i got it, it contained classes i never took and not all of them. And because i had to extend my school stay due to one time where they didn't have a teacher for my class, the gov'ment said you don't get a forgiven loan.

So there i was, no diploma, heavy student loans and a transcript full of shit classes i never took. Even though i should have had a diploma (with student loan debt)

I'm also not sure how the ITT one goes, but if I was approved for the loan forgiveness, all my class credits would be gone, like i never went to class at all.
 
Make bankruptcy cover student loans again.
If a citizen of the USA can borrow money for a car and house and be legally able to walk away from that debt because reasons, then a loan for education should fall under the same guidelines.
 
Surprised BR does not cover student loans. Tangled web for sure.
 
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