re: At least half of students defaulted or failed to pay down debt within 7 years

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loan forgiveness program

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College essentially becomes free when you do this. That wont work at all.

It's kind of ridiculous to take out massive loans for undergrad in the first place. If the parents can't afford the school and you can't get scholarships, then go to a cheaper school or go to a community college for two years before transferring. Graduate school or professional school is a different story because scholarships are hard to come by plus hopefully you're setting yourself up to make a good income with which to pay off those loans.

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That being said cost of college is outrageous and it's growing rapidly. Something needs to be done and quickly.

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Government backed/easy-to-get loans are the problem. There is literally zero incentive to keep costs down or to even limit enrollment. The school gets their money no matter what with no consequences if a student drops out or can't pay his/her $100k loan for a history degree.

How do you go 7 years without paying and having anything happen to you?

These art pansies better have the govt taking money out of their checks for this.

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Offer a dumb 18-22 year old a government backed loan he doesn't have to start paying until after he graduates and tell the school that they can charge whatever they want because there is no limit to the loan amount and you end up with some serious issues.

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This is exactly why I'm paying my nephews tuition. He barely got his citizenship before he was getting letters in the mail daily for loans and credit cards.

We got him a credit card in his name and I pay it in full.

They prey on the youth to get into debt and own your soul forever. It's absolutely abhorrent. When citizens do it it's loan sharking but when a bank does it everyone recommends it.

And to emphasize how fricked this practice is the OTers at the Houston get together can attest to how poor his English is

Cut at least half the Universities in the US and allow only the cream of the to attend while also getting rid of useless degree programs like gender studies and liberal arts. Then build up trade and technical schools to build a better workforce. Next ensure that Student Loans are not government backed. Doing this will stop the madness of allowing 18 year olds to mortgage their future for a degree program that will not be worth it in the long run and it will also force kids to think about how much student loans they will take. The US needs to approach education differently and not sell the "college experience."

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need a student loan forgiveness program. It is long overdue.

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It's called death or permanent disability.

Get that shite out of here

Student loans are set up for failure. Here let's lend money to someone with no credit history, no work history and no idea what they will end up doing if they actually graduate.

Then the loan is set up without having to make payments for years, but its accruing interest daily.

Why not make someone actually qualify and repay the debt immediately. I can't buy a car, house or get a credit card without expecting to start paying it back.

Let's face it, college isn't for everyone. And as grandpa used to say... world needs ditch diggers too.

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We need a student loan forgiveness program. It is long overdue.

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Would love it, but it's simply not realistic and sets a bad precedent for future programs of similar type.

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College essentially becomes free when you do this. That wont work at all.

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If we were an enlightened country, we'd have free college and vocational education. Not everyone needs a college education.

I was lucky and was able to pay all my expenses without any assistance. But, I know I'm one of the lucky ones. Most people cannot afford college at this point. And, with universal free college, tuition at private schools would go down.