I don't have much student loan debt right now (5k, never missed a payment), but college is very expensive and I keep seeing Democrats and young people screeching about 10% of income payment plans and loan forgiveness. I was wondering if anyone would think it a good bet to just suck it up and go back to school, take out more loans than I would have otherwise, and hope that at least some of it gets forgiven. Now, me personally, would not vote for a politician who promises such things, but I could see it happening, and I would really like to finish college. What do people think is an acceptable amount of debt to incur while in a state-college?
There are two different issues here. First, will the government forgive student loans, and to that I say I would be very surprised to see that happen. It seems the government is always looking for more ways to take money from the citizens, not give it back. The second question here is how much debt is acceptable to end up with for your education. This is a question that only you can answer, but I would recommend that you take a good look at how long it will take to pay back whatever you borrow and use that as a criteria to decide how much to borrow. The other part of this that you need to look at is are you just going to college to finish, or is there something specific that you will get in return for the money you intend to borrow to pay for an education. A lot of graduates are coming out of college and ending up with jobs they could have easily gotten without a college education, so unless you are aiming for a specific career that pays enough to make the loans worthwhile, then you may want to think again before spending the money.
In this kind of economy, I think it would be disastrous for the government to just forgive and forget student loan without having something to fall back on. The government itself is deep in foreign debt, so how could it forgive debt when it owes too much money to foreign countries?
I think we need the German system in the U.S. Free college education. Can it be done? Hillary Clinton thinks it's possible. But I don't think this should be politicized. It's the only way "the scales" so to say, can be balanced. But to answer @OPs questions, while , yeah, I think student loans should be written off, I doubt that the government will do it because [they need the money].
Completely agree. With the enormous amount of debt that we are currently in, we should not be doing something like this.
I think they give you pardons after 20 years and you do minimum payments but your credit score will be shit. I think any politician who promises to forgive student loans isn't thinking logically first, they have to lower the price of going to college-- now that would be more practical. I think any politician who offers government scholarships should get voted too.
That wouldn't really be fair to those who worked hard to either pay back student loans or didn't take one out in the first place. Why reward bad behavior?
We cannot afford to give everyone "free college". And those who borrow money need to find a way to pay it back.
I think that the US needs to consider giving some college degrees out for free so that many more people have the opportunity to get the education they need and not have to be overwhelmed with student loan debt. I can understand still charging for law schools and doctors and things like this, but common degrees should be free. I went to college and do not understand why I had to pay tuition for core classes that are just enhanced versions of what we got in free public high school.
The problem is that the loans they're giving are huge and without restrictions. If, for example, the school you want to go to costs 30k, the gov will hand you the 30k almost immediately and expects you to pay them fully with some interests. The schools realize that they can ask for as much as they want since the gov will cover everything and the student will be the one paying for everything. So yes, I believe they should be forgiven, or at least reduced.
