Nah, the colleges would still be on the hook. They have massively inflated their grounds and salaries under the premise that the money will always keep flowing, no matter the cost they charge.

As soon as banks say, "No, I am not willing anymore to loan you $150k to get a masters in queer Russian 18th century history," then the colleges are in for an extreme wakeup, especially ones specializing in liberal arts. You would probably see entire departments eliminated at many schools.

OP, I stopped at college is a scam.

If you don't think there is any ROI, don't go.

It's that damned simple. The truth is there is a significant ROI, and people don't want to be held accountable for their decisions/lack of ability to manage money.

Also, the average student loan debt is $35k. What makes you think it should take you 15 years to pay that back when the average person pays a $40k car note off in 6?

The answer is always the same. Get the feds out of the process and make them dischargeable in bankruptcy.

I am ok with student loans being "forgiven"...by the college refunding the money to the lender. Not by me picking up the tab.

If you're not smart enough at 18 to know that you will have to pay that money back, and that half of the degrees are not going to help you pay back a college loan, then you don't have any business going to college. I shouldn't have to help pay off loans for idiots.

Why not? What is another trillion dollars to the deficit.

I paid mine off, so… no.

P.H. Dexippus said:

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I am ok with student loans being "forgiven"...by the college refunding the money to the lender. Not by me picking up the tab.

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Bingo.

The colleges should pay the debt if there is forgiveness.

That would put a stop to these worthless degrees they are peddling.

Forgiving the debt doesn't solve the problem, just the symptoms. Universities have forgotten what their job is.

P.H. Dexippus said:

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I am ok with student loans being "forgiven"...by the college refunding the money to the lender. Not by me picking up the tab.

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Colleges do not hold the note.
The US govt does.

Hell no! Borrowers made the decision to get into debt, now pay the damned loans off.

Unless of-course, the government will be paying me back for my education and the education I provided for my two Aggie kids!!!!!

Logos Stick said:

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P.H. Dexippus said:

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I am ok with student loans being "forgiven"...by the college refunding the money to the lender. Not by me picking up the tab.

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Bingo.

The colleges should pay the debt if there is forgiveness.

That would put a stop to these worthless degrees they are peddling.

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this in spades - the colleges that are equipping their students with the degrees that lead to meaningful earning power and work ethic to pay their loans will be good. The schools that are charging $75k a year for degrees that are meaningless will fold. Win-Win. Student or schools pay but nobody gets a free lunch

The colleges own a portion of this - they have jacked up fees and bloated their administration because of the free money and they have zero skin in the game. Up in NE La, we would have applicants for plant operator jobs that had degrees from a local college - making $10/ hr doing janitorial / small maintenance jobs with that degree that they likely were carrying college debt for

The GOP could buy itself a generation in power if it took up the student loan forgiveness mantle. Combine loan forgiveness with sweeping loan reforms (dischargeable in bankruptcy, capped interest rates to non usurious levels, etc) and you add a huge amount of people to your client class while also eviscerating the leftist replicant factories and sinecures.

Just something to think about.

Let us face it.. If you are for or against student loan forgiveness.. The decision to spend or forgive "public" funds is in the hands of congress and not the president.

RebelE Infantry said:

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The GOP could buy itself a generation in power if it took up the student loan forgiveness mantle. Combine loan forgiveness with sweeping loan reforms (dischargeable in bankruptcy, capped interest rates to non usurious levels, etc) and you add a huge amount of people to your client class while also eviscerating the leftist replicant factories and sinecures.

Just something to think about.

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Congress could pass a student loan payment act.

Loans could be paid off (in whole or partially) with say compulsory supervised community or military (national guard) service. Like downtown clean ups, construction work, mowing government property, etc..
Think of it as a part-time unpaid job.

Those of you, that owe debt, would this be acceptable?

doubledog said:

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Le us face it.. If you are for or against student loan forgiveness.. The decision to spend or forgive "public" funds is in the hands of congress and not the president.

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Exactly!


Student loan forgiveness
PPP
Too big to fail bailouts
All handouts and everyone likes free cash.

Forgiving solves nothing. Making them dischargeable in bankruptcy will. The debtor suffers the consequences of bankruptcy, while lending becomes much more disciplined

It ain't banks without discipline.
Universities like the easy access to govt money flowing through students.
Now your child with DS can attend a state university program and parents can go into student loan debt to make that happen.

I'll echo other thoughts.

I COULD get behind it if it came with reforms.

De-emphasize college. Stop the endless secondary level growth that has led to dramatic upward costs.

Make loans tied to university, major and performance. Making a 2.2 as Woman's studies major at Sterling College and your rate jumps to 10% and you can get approved for a loan the next semester. Maybe pay down the interest if that person elects to enter the work force.

Not easy to implement and I don't appropriately factor in EQUITY, but something has to be done.