T Nation

Student Loan Repayment

I want to see what others thoughts on student loan repayment are. I’m somewhat undecided on the topic myself. I don’t have any student loans myself, but my wife has about 25k worth, so I do in extension. It would likely benefit me. I’m not sure on one of the purported benefits of lowering inequality. It seems we would be giving a benefit to the college educated. It would likely boost the economy, but is it the best way to do so? Should others without loan debt get a payment, perhaps a lower payment?

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I scrimped to pay off about 30k in loans 4 years after graduation (not to mention the time spent hustling for scholarships I may or may not have qualified for). Pisses me right off when people have an attitude of expectation or that they are deserving of student loan forgiveness.

That said, my wife has nearly 6figs in student loans and we would benefit tremendously from forgiveness.

I’d be in favor of making all student loans 0% interest loans, and comping minimum loan payments on student loans during time spent working in the public sector.

One of the things to remember I’d the folks with the highest debt, also tend to be the highest earners. Doctors, lawyers, dentists, etc. Total forgiveness would benefit the rich the most. IDK how true of a talking point that is in regards to actual forgiveness plans put forth though.

But I am also honestly not knowledgeable how various forgiveness plans would work and their immediate and long term economic effects. Right of I bristle at them though (probably unfairly).

Who are pushed to go to college by promises of earning considerably more money than non college educated people. They are told these things in school where there is this college for all agenda. God forbid you tell a kid who hates school that he might want to consider a trade.

The simple solution would be to make a college loan like any other loan, that is, you can discharge it via bankruptcy. You would have fewer people getting loans and/or the amounts would be lower. Would that mean fewer could go to college? Maybe colleges would lower their costs. They could always get rid of all the different admin departments that have nothing to do with educating. Campuses are bloated with all sorts of offices of this or that.

Maybe state schools should be free, or very lost cost, but have higher admission standards which would decrease the size of the student body, making it less costly to tax payers. Get rid of sports which probably cost more money than they bring in.

If you’re poor and smart and work hard, college is free. If you’re poor, lazy and dumb well, Congress is an option. Or live at home until you’re 40.

But college is sold as an experience rather than a place where you further your education because that’s where the money is.

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There are many things that .gov spends money on that piss me off, this is one of them.
While I may not agree with what it costs to get that fancy piece of paper, I do agree if you willingly signed up for a loan, you should be held responsible for repaying it in it’s entirety.

But that isn’t how most loans work. You can always default. Colleges have students by the balls because they need the education and are then approved for loans to get it. And if you look at what the student is really paying for it isn’t just the education. They are paying for a lot of bloat and things that are unnecessary for getting an education.

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You can, but I dont see Biden handing out any mortgage and car loan relief packages

We did bail out Wall St and GM. And military spending is one huge entitlement program.

There has always been a buddy buddy system with the elites and the government. I don’t agree with that either. And I’m not tracking the military reference

Yeah, but there are arguments that they should not have.

But those arguments against them failed. And the argument to forgive loans could be similar but it will fail. Banks are too big to fail but individuals can eat a shit sandwich.

And I’m not saying loans should or shouldn’t be forgiven; just that college costs are not only high, but unnecessarily high. State schools should be close to free.

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I agree with many of your points. I also think you and @Californiagrown make several good suggestions about loans and their structuring.

Maybe it comes down to the amount for repayment? I don’t think 50k is right.

We also need to address the cost. My costs went up about 50 percent over just a few years. I’m afraid of college costs going even higher if the government pays all of it (separate from repayment I know). It’s why I particularly like your idea about making the loans more like any other popular loan.

At my old school, one of the clubs had a woman come to teach a seminar. It was on how to masturbate more effectively. That’s how they spent the money they were given.

Hands on seminar by chance!?

I believe they provided toys.

What if people who didn’t take loans got a smaller payment as well. The loan holders would get more, which I could see as a fair because on average they will pay more in taxes.

I don’t like the idea of 50K loan forgiveness. I’d be okay with 10K forgiveness, or zero interest.

It doesn’t benefit me. I could have went to a way better school and did better in life had I been okay with taking out student loans. So, it doesn’t seem fair to me. Also, it would help out not so smart people who went to fake “schools” who convinced them to take loans with no marketable skills on the other side. Those people are stuck with the loans, but didn’t get jobs. (secretary school, lab tech school, etc.) So it will unfairly benefit certain people.

Having said that, the government on all levels unfairly hands out money to people. That’s what the government does.

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Why is student debt such a societal problem? And what are the negative long term effects of this problem? Maybe i need to understand this better before i can understand the need for student loan forgiveness and form an opinion on how to go about it.

I don’t like that either. If we have all this money to send billions to other countries and to hand out thousands in load forgiveness per person as well as some type of payment for people who don’t have student loans, then they are taking entirely too much money out of my paychecks.

The government should not be your sugar daddy

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What if they got scholarships?