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Forgiving Student Loan Debt
This keeps popping up on my Twitter Feed:
http://signon.org/sign/want-a-real-economic?source=s.tw&r_by=771470
Basically, it's an online petition to the government to forgive student loan debt as a means of economic stimulation.
Want a Real Economic Stimulus and Jobs Plan? Forgive Student Loan Debt!
By Robert Applebaum (Contact)
To be delivered to: The United States House of Representatives, The United States Senate and President Barack Obama
Therefore, we, the undersigned, strongly encourage Congress and the President to support H. Res 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.
For over 30 years, the rich have gotten richer, the poor have gotten poorer, and the middle class is slowly but surely being squeezed out of existence. Instead of more of the same corporate welfare/"trickle-down" economics that have been an abysmal failure for the middle class, why not try a trickle-up approach to rebuilding our economy by targeting relief at those most likely to actually help grow the economy?
Thoughts?
Re: Forgiving Student Loan Debt
The only people who want student loan forgiveness are irresponsible, selfish bastards.
It's a spit in the face to all of those who worked hard to not/minimally acquire debt or who have worked diligently to pay off the debt.
Ditto clseale.
More importantly, it will never ever ever happen.
Ditto clseale.
As a financially responsible household, it's our (DH's school) debt, we'll pay it. We knew it going in, but it had to be done and we appreciated having it at that time. If it came up to have it go away for free....heck ya, I'd take it. But again, being responsible.....it WOULD help our household, and in turn help us "stimulate the economy." I can see the bulk of people getting the pay off, and then turning around and getting in debt else where.....and begging for that to be paid off.
They're the same in terms of people not having to pay back money they owe. But short sales aren't a blanket statement that everyone who has a mortgage is forgiven of that debt. It's a case by case decision and it's the banks who agree to take that hit (if you don't count govt subsidies and whatnot.) I'm not defending short sales by any means, just saying what I think the difference is.
I think it's absolutely ridiculous to propose that everyone's loans would be forgiven. Everyone above has made good points. Who would give loans in the future? What about those of us who have paid off our loans and have other debt. And I know my DH used his last semester's loans to pay for a trip to Italy, and it would burn me up to think that people spent (some of) that money on frivolous stuff but don't have to be held accountable for it. It's also like punishing the people who lived within their means or worked extra jobs or buckled down to pay back what they borrowed. Even if it did give the economy a small bump, I don't think reinforcing that idea of non-responsibility is at all good for the future of this country. And it is certainly not a trait I want to teach my children.
My Ovulation Chart
I agree with PPs. Also, if you don't want to pay for college there are ways to do that BEFORE you start. Scholarships, Pell Grants, and the like. Prepare ahead of time.
Even though we would be helped if it passed bec of DH's loans, a part of me was like, "..really?!??" when I heard about this. Having just paid mine off after 6 years of paying 3-4x the minimum payment and then 3 weeks later hearing talk of forgiving the debt? I have horrible luck and have accepted the fact that whatever I buy at full price will be half off the following week, but this is a whole new level. lol
But it's getting out of paying a debt you promised... even if you still face some penalities.
I don't think it should happen and I don't think it ever will happen. However if it did, the bolded part brings up an obvious issue. Student loans are often more than what the student actually needed for classes and book, and yes, the extra is often spent on other things. Thta's how one person can have a 4 yr degree and only have $12k in student loans while another has $30k. There would have to be a scale as to how it should work. Ex: You have a 4 yr degree from a public school in FL and during the time frame you attended, credit hours cost x amount of dollars. It should have cost you x amount to earn that degree. That amount and that amount ONLY will be forgiven. Any amount accumulated beyond that is your burden.
It's just stupid. It would never work or be fair in any way shape or form.
They would be a much smarter way to do it. I was often given choices of how much I wanted to borrow. For the last half of my degree I was older and wiser and always chose to not recieve the full loan and only take what I needed to finish paying for classes. However there was always an option such as this: Student loan for fall semester is $3k. Classes & books for fall semester are only $2k. The school takes $2k and sends me a check for $1k no questions asked.
Considering we went to the same school, this is exactly how it was for me too.
Thankfully, my mom was pretty controlling about how much I borrowed. I let her handle most of my financial aid stuff because I was too busy twirling my hair to be bothered.
Same thing happened for me with student loans. With my Master's I only got a loan for the cost of tuition and books, nothing more. As an undergrad I took as much as they were willing to give me and spent part of my financial aid one semester on a trip to Vegas with friends.
We toured Napa, Sonoma, San Fran & Santa Cruz on part of DH's.
LOL. Ahhh...to be young and stupid.
This is EXACTLY why it shouldn't be forgiven. Many of us have admitted to using it frivalously... Lord knows I bought booze with mine & used it for vacation spending money.
We're responsible adults now who are paying for our irresponsibility.
Exactly. I have no issue paying for it since I know that I used it not only for an education but for other purposes.
ITA. That's also why I gave the example above about how if it was forgiven, there would need to be a formula to do so. I kind of feel bad giving the DH example because he's usually (and always has been) extremely financially responsible and we had very little student loan debt to pay off for him. But yeah...I'm sure most of us would make different decisions back then knowing what we know now and we're owning up to our responsibilities by paying back our debt. No one owes us anything. Live and learn!