No. For several reasons.
The Fed owns 92% of those loans and they just don't *poof* go away if forgiven. It's goes directly to the red side of the ledger. I should have to pay for your dumb mistakes.

Bankruptcy isn't an option else it'd encourage people to go deep into debt with the goal of going bankrupt and then waiting out the 7 year clock. It'd encourage worse behavior.

25% of the fed loans are held by people with advanced degrees. These are not "children" they are graduates who had better have known what they were doing. Zero relief.

The majority of 75% could only borrow up to "The government limits federal borrowing by undergrads to $31,000 (for dependent students) and $57,500 (for those no longer dependent on their parentstypically those over age 24)."

So that's max, debt loads.



Let's break this down. You should not be eligible to pull a federal loan for a for-profit school. They are 100% predators.

You should not be eligible for a public loan for a private school.

Soulutions: fix the 2 items above and overhaul the accreditation process for .edu's.

Drop the interest rate to 1%, the fed shouldn't also be a predator.

No relief for advanced degrees.

Encourage people to work in the public sector for 10 years for debt forgiveness. 15 if your debt is the result of graduate school.

Require debt and degree counclining so students fully grasp what degree they're going for and it's ability to pay off the debt it requires.

Reduce the cost of tuition and audit schools for what they're spending their finances on. Some of the new dorms at A&M are ridiculous. You do not need 5* accommodations at 18.

All debt isn't the same and it shouldn't be treated equally. Only 6% of borrowers owe more than $100k and they buried themselves via graduate school.



https://www.brookings.edu/articles/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/

Bexar Ag said:

---

A lot of people against student loan forgiveness, are fine with increased military spending

---

One is a public good and one is an individual benefit

Bexar Ag said:

---

A lot of people against student loan forgiveness, are fine with increased military spending

---

A lot of people moved out of their parents' house

Yes sir! Gimme that 20k !

Loving me some Bidenomics!

Bexar Ag said:

---

A lot of people against student loan forgiveness, are fine with increased military spending

---

WTH does one have to do with the other?

RockTXAggie said:

---

one safe place said:

---

No. If you borrow the money, pay it back. If you chose a stupid major, chalk it up to a life lesson learned. Just another liberal democrat vote buying scheme.

---

It would be one thing if you had to provide something to prove future earnings potential and/or the ability to pay the loan back like you do with practically every other loan.

These CHILDREN aren't being counseled on anything though.

Again, these are CHILDREN with no life experience or knowledge of money being allowed to take on tens of thousands of dollars in unforgivable debt before they've ever left their parents homes.

Can you not see how this is different than an adult taking on a debt when they have to prove something before being lent anything?

---

They are not children. They are young, likely young and uninformed, but counseling is available, either by parents, at schools, or searching on the internet. If they have the desire to find out, there are plenty of ways to do so.

There is all sorts of information out there on job trends, expected pay for various career choices, and all that goes along with your future ability to repay what you borrow.

There should be no loans available for certain majors, and caps on loan amounts for some majors.

In the end, it is called personal responsibility. They should get some if they don't have any.

Big Money Aggie said:

---

Heck no! You incur a debt, then it is on you. That's how responsible adults act.

---

That may be the primary faulty assumption for debt holders.

The issue is rarely "I got a so-called crappy degree." Believe it or not, even people without engineering degrees can go into the workforce and make decent money if they have some semblance of snap and the ability to show up. I know a lot of them.

The issue is often "I took out a bunch of loans and never finished" or "I stayed in school for eight years avoiding the real world."

Those are the people with big debt and no real way of paying it off.

My kids and I worked together to pay off their college loans. It wasn't easy but we did it. Voiding existing student debt would be a slap in the face to them -- and the millions of other people who worked hard and sacrificed to meet their end of the deal.

RockTXAggie said:

---

one safe place said:

---

No. If you borrow the money, pay it back. If you chose a stupid major, chalk it up to a life lesson learned. Just another liberal democrat vote buying scheme.

---

It would be one thing if you had to provide something to prove future earnings potential and/or the ability to pay the loan back like you do with practically every other loan.

These CHILDREN aren't being counseled on anything though.

Again, these are CHILDREN with no life experience or knowledge of money being allowed to take on tens of thousands of dollars in unforgivable debt before they've ever left their parents homes.

Can you not see how this is different than an adult taking on a debt when they have to prove something before being lent anything?

---

These "children" have typically been given whatever they want with no cost / contingency and expect that to be the way their life will continually unfold. Callosal parental failures; their parents SHOULD have given them the knowledge, let them (parents) pay for their own mistake.

I would argue an educated population does more for our society than government contracts

Not sure what this means or why you're telling me

I think my mortgage should be forgiven.

Bexar Ag said:

---

I would argue an educated population does more for our society than government contracts

---

Having a population that can read and write and perform moderate arithmetic is beneficial. Having a populace with $150,000 liberal arts degrees from private colleges is not.

And those government contracts, especially defense contracts, provide more to the average american working there than a junk college degree paid for by you and I would.

Forgive the loans? Sure. But you forfeit your college credits and degree(s).

This is an extreme view in terms of college being a complete scam. If you are degreed in a discipline of expertise, but often don't own your own company....larger corporations look to degrees to hire entry level employees.

For example, an entry level engineering role at Valero will go to a degreed engineer from a college. They wouldn't entertain interviewing a high school diploma. This entry level engineering role is probably paying $70K.
Same could be said for a Finanace degree, a biomed degree, a architecture degree, etc.

While I might agree some degrees are plain useless and, in those cases, college might be a waste of money....I might agree people get degreed in fields they don't end up using, etc..I'm having a hard time believing college is a scam until large corporations change their view of "prime candidates" for entry level positions. It's not high school diplomas I can tell you that.

I believe only 15% of Americans that go to college get a liberal arts degree. So this idea that everybody and their mother has a "gender studies with minor in lesbian dance theory" is a right wing dog whistle.

I'm not really for it, but I don't really give a **** either way. I've had the money to pay mine off for over a year. At this point that's all I care about. If it helps some folks out "good for them I guess.

Then those 15% should rethink things.

I'm against loan forgiveness.

But even if I was for it, it's not something the president can do.

Bexar Ag said:

---

I believe only 15% of Americans that go to college get a liberal arts degree. So this idea that everybody and their mother has a "gender studies with minor in lesbian dance theory" is a right wing dog whistle.

---

But they are usually the ones that can't pay. The others make real money.

Get the government out of the business.

Make them dischargeable in bankruptcy and privatized.

If ur old and mature enough to sign ur life away and knowinglt risk deatg to join the military ur old and mature enough to live up to a monetary contract.

No Pitt.

Zero for those students who were foolish enough to believe a lesbian dance theory degree and living it up like u were at an all inclusive resort for 5 years would lead to a 6 fig job after graduation.

Do ur homework before you go a quarter mill in debt.

Bexar Ag said:

---

I would argue an educated population does more for our society than government contracts

---

Educated in wokism and brainwashed by socialist professors does not make for a better society. That is all colleges have been for about 15-20 years now.

4 years at A&M, not a single professor brought their political agenda up. Hell not even durin the 16 election in my poli sci class did the professor bring up politics. You really think every single professor just says **** the lesson and let's start spouting leftist talking points.

I have come around on student loan forgiveness, but as a matter of one step in a larger policy reform geared to frack the left's coalition.

In exchange for loan forgiveness I want:

1) A sweeping of university endowments to cover 50% of the cost of forgiveness

2) Return lending to banks and make the loans dischargable in bankruptcy.

3) Universities take on a 25% first loss position on loan defaults.

4) Capping tuition and fee increases to the rate of inflation

5) Removing all college requirements for government positions lower than GS-13 with a few exceptions for things requiring substantial STEM training.

It's likely the left will never agree to my conditions, so you run a campaign targeting student loan holders with the offered deal to show them the left doesn't actually give two beans about them.

I've never met any of these dance theory types, but I have seen somewhat useful majors on the business and financial side have a hard time paying off loans. No one wants to pay them for interning or anything of the sort. Add that to the implied belief that they'll go for their MBA to make any headway, and it's even more.

Quote:

---

18 year olds are adults.

When you borrow money and agree to pay it back you should do it.

---

banks are run by adults

they should determine risk prior to giving out loans

Nope.

If they're too immature to understand the contract and realize they're not getting free money, but it will have to be paid back with interest and shouldn't be taking it out. If they proceed to take it out, it is on them not on me and not on other people who paid student loans or those that never had them.

It's really not that hard.

The music has to stop. People have to pay off their loans. We have to cut the size of government. We don't need to take on more debt. 65% of our population (not including the 20 million illegals we just absorbed the past 2.5 years because of Biden) didn't attend college at all. You throw in all of those (like me) who have paid their loans the percentage of people with loans is small. A lot of debt is also because of graduate and professional school loans. Why in the heck do these people get a free chuck of change? No one brings up a lot of student loan debt is skewed to white people because it's white liberals in the government pushing this.

We need to reform education loans - the schools and banks have to be on the hook. Not the taxpayer.

Yep, I know tons of people that got finance/econ majors that were having a hard time getting a decent paying job so they just want to get an MBA instead

You really expect a 17 year old to know how contracts and interest work? What world do you live in

Bexar Ag said:

---

Yep, I know tons of people that got finance/econ majors that were having a hard time getting a decent paying job so they just want to get an MBA instead

---

It seems like you whine a lot about how hard everything in life is. I'm actually curious about what those close to you told you life would be like when you became an adult.

Then I think trades need to be better promoted. Because young people feel pushed to go to school by their elders and obtain a degree of any kind that was supposed to sustain a living. Now a BA is the bare minimum and requires some postgraduate bolstering, with law probably the best option, but even it is risky. A BS will do much better, though.

Bexar Ag said:

---

You really expect a 17 year old to know how contracts and interest work? What world do you live in

---

I expect a 17 year old to know that if you borrow money, you have to repay it. I also expect parents to help instill those principles in their kids. It's not that difficult. But again, I've found this to be a generational difference. My wife and I graduated with six figures in debt. We lived very modestly the first several years of our marriage (one bedroom apartment, used cars, no big vacations, limited splurge purchases, etc.) and aggressively worked to pay down our loans so we could move to the next phase of our lives in having kids, buying a house, etc. It never, ever once crossed our minds that repaying our loans was anything but our responsibility.

I don't want to speak for all Gen X people, but I can say all of our friends the same age had the exact same mindset. This changed around the time of the Great Recession.

The government take over of the Pell grant process back in the Obama days was a direct money laundering scheme for the Democrats. Universities raise tuitions/fees/salaries because a large percentage of students are getting $ from Uncle Sam - free money/'loan' with no collateral. University faculty/admin types pay donations to Democrats to keep the scam going. Kinda like the public sector union gimmick. The taxpayers get soaked again. Universities have NO incentive to change this. Voters have to.

Agreed that too many kids are going to college just to avoid entering the workforce. Universities create places 'worthless majors' for them to hang out while paying for it with taxypayer money that will likely never be returned/repaid in full. You want to borrow money to go to college? Take out a real loan from a real bank AND meet the requirements/responsibilities that go with it.

Take away the money laundering scheme and the problem fixes itself. BUT, there are lot of folks making serious money in 'servicing' a large college town. They like the gravy train, too. Texas A&M is just as guilty as any other large university.