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re: Elizabeth Warren's Answer For Student Loan Debt - Tax Rich People
Posted on 8/25/14 at 6:54 am to NC_Tigah
Posted on 8/25/14 at 6:54 am to NC_Tigah
quote:
NC_Tigah
You're one of the smarter financial guys on this board, I'm interested in what you would do to fix the problem.
Also, off topic, but I wish Benny And the InkJets would visit this board more often.
Posted on 8/25/14 at 7:37 am to Vols&Shaft83
quote:Well there are a couple of issues. Those that are retrospective, and those that are prospective.
You're one of the smarter financial guys on this board, I'm interested in what you would do to fix the problem.
Retrospective:
The loans that are out there are what they are. Not much to do but tweak a bad thing, i.e., Tax deduction for interest. In instances of hardship, reduced interest and extended payment periods to cover some of the government guarantees.
Prospective:
* Hold schools responsible for their product, either by disclosure, monetary penalty or both.
* Allocate loan guarantee amounts by degree/profession. * Banks could lend all they wanted to a kid studying art history at Tulane, but the government would only guarantee a fraction of the loan. On the other hand, degrees with more reliable job prospects (e.g., accounting, engineering, nursing, etc) would see substantially higher guarantees.
* I would also predicate guarantees based on in-state public college tuition/room-board/COL rates. Any thing beyond that would entail only a partial guarantee.
* Tuition would be tax deductible at least for most families. Tax deductibility of Tuition would encourage families to share a larger burden.
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