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re: What would the economic impact be if all student loans were forgiven?
Posted on 11/13/20 at 1:40 pm to GentleJackJones
Posted on 11/13/20 at 1:40 pm to GentleJackJones
quote:
The government bailed out the banks in '08, why won't it bail out its citizens?
They shouldn’t have bailed out the banks in 2008 either. It meant their irresponsible lending habits had little in the way of consequences.
Kind of the same type of deal we are looking at with the government guaranteeing irresponsible student loans.
0
Posted on 11/13/20 at 1:45 pm to TravisTigerTravis
quote:
Massive inflation
Probably not as much as you are lead to believe.
My issue with forgiveness of debt is the value and signal to society where it is ok to waste money/resources on unemployable/low employable careers.
Forgiveness of debt will do nothing for most. They will still complain there are no jobs in their fields and they are correct. People need to buck-up and get to work in any field. The rest of their career will work itself out. College teaches knowledge, not how to work hard. Forgiveness of debt won’t teach people how to work hard or be persistent.
Posted on 11/13/20 at 1:54 pm to Alltheway Tigers!
It will vary depending on the methodology of 'forgiveness', the speed of that process, and how government restrains lenders in the future.
If government got entirely out of the business, it would ---almost- be worth doing.
Still, any time you encourage fiscal irresponsibility, its a net negative no matter how you do it.
If government got entirely out of the business, it would ---almost- be worth doing.
Still, any time you encourage fiscal irresponsibility, its a net negative no matter how you do it.
Posted on 11/13/20 at 1:59 pm to Tiger Prawn
quote:
But its still terrible policy that's going to have to be paid for with tax increases on those of us who had jobs in college and paid for our expenses instead of partying all the time and using student loans as a means to live off of for 4+ years.
While I won't disagree with the notion that we need to address the root cause of the debt to begin with, this shite right here is also absurd.
Especially if you're not just going to a CC and flush with scholarship money for a cheap state school.
Posted on 11/23/20 at 11:14 am to LoneStar23
Simple solution: Make student loan debt dischargeable in bankruptcy.
If lenders had to face real-world consequence of a debtor going bankrupt and walking, they'd tighten up the lending process in a New York minute.
If lenders had to face real-world consequence of a debtor going bankrupt and walking, they'd tighten up the lending process in a New York minute.
Posted on 11/23/20 at 11:15 am to LoneStar23
Paying mine and wife's off next month. My luck.
Posted on 11/23/20 at 11:17 am to LoneStar23
quote:Would colleges be forced to take a haircut?
Would colleges go bankrupt overnight?
Their crazy unfettered Tuition inflation is part of the reason we are at this point today.
Posted on 11/23/20 at 11:23 am to soccerfüt
quote:
Their crazy unfettered Tuition inflation is part of the reason we are at this point today.
They are just profiting off the same grift the banks are profiting off of. Risk-free student loans thanks to Uncle Sam picking up the tab upon any defaults.
Colleges would absolutely be forced to take a haircut if we get the government to stop propping up these loans, but it’s a haircut they have long needed. The humanities are just expensive degree printing entities that don’t actually impart any useful skills upon the students.
Posted on 11/23/20 at 11:23 am to LoneStar23
To me? fricking awesome!
Posted on 11/23/20 at 11:28 am to REG861
quote:
Starting with predatory interest rates.
Come on man....We’re paying on my wife’s loans and the only reason we don’t just pay it off is because the interest is 3%; less than our mortgage.
Posted on 11/23/20 at 11:29 am to LoneStar23
I would get an 1800$ Per month raise, don’t care just make it happen, unfortunately I only have about 2 more years so this would have been nice if they were serious about 8-10 years ago.
This post was edited on 11/23/20 at 6:05 pm
Posted on 11/23/20 at 11:30 am to Demshoes
Where does it stop?
Barbara Sue a single mom with no degree working part time takes out a loan for a car “to go get her baby some food.” Is the next quest to pay off Barbara Sue’s loan because life sucks? Don’t laugh because at the heart of it the story is not that much different.
Barbara Sue a single mom with no degree working part time takes out a loan for a car “to go get her baby some food.” Is the next quest to pay off Barbara Sue’s loan because life sucks? Don’t laugh because at the heart of it the story is not that much different.
This post was edited on 11/23/20 at 11:31 am
Posted on 11/23/20 at 11:33 am to HempHead
Would any of the people crying about your student loan debt be willing to pay an extra 15% of their income for the rest of their lives to have free college tuition. Because that is what occurs in the Euro countries that they want to copy. Oh and they only cover tution.
Posted on 11/23/20 at 11:35 am to ELLSSUU
quote:
Where does it stop?
Agreed, I can’t think of a logical argument to absolve someone of a debt that they decided to take out.
Posted on 11/23/20 at 11:41 am to Lsupimp
quote:
For instance, why did I save $300 dollars a month and squirrel it away for two decades for my kid's education and drive an old beater car and skip vacations and make sacrifices if the government was just going to swoop in and pay for everything?
This. I contributed to my Son's from birth.
Free shite is popular. Just look at Bernie's popularity.
Posted on 11/23/20 at 11:52 am to Lsupimp
quote:
One "unintentional" consequence of this would be a complete undermining of the idea of personal fiscal responsibility. Which is why Leftists/Democrats/Statists/Socialists favor it.
For instance, why did I save $300 dollars a month and squirrel it away for two decades for my kid's education and drive an old beater car and skip vacations and make sacrifices if the government was just going to swoop in and pay for everything?
Thank you!
My wife and I scrimped and saved for 20 years to save for our kids education. I drove old beater cars, took leftovers for lunch. We took lesser vacations. All while watching others live much better than us.
Our kids also worked hard to earn scholarships and chose a more affordable in-state public school. All of this so they will not have any loans when they leave college.
This was not an accident. It was planning, sacrifice and hard work.
I know there are some that have much higher amounts owed. But the average student loan about is about $35,000. That is basically a car loan.
This post was edited on 11/23/20 at 11:57 am
Posted on 11/23/20 at 11:55 am to LoneStar23
The impact would be that I’d get stuck with the tab. “Forgiveness” doesn’t mean the debt disappears. It means taxpayers pay it.
Posted on 11/23/20 at 11:57 am to LoneStar23
quote:
Would colleges go bankrupt overnight?
The colleges already got their money. It is the lenders that get caught holding the bag, which I'm sure the govt will make them whole.
Posted on 11/23/20 at 12:01 pm to LoneStar23
Can I sue the government to get back mine and the wife's? We paid for years on them, did without a boat, trip to Europe, or condo, bla, bla, bla. We would like to get that money back, too. I would sign paperwork agreeing to quickly pump it back into the economy.
Posted on 11/23/20 at 12:13 pm to LSUKTR
quote:
Come on man....We’re paying on my wife’s loans and the only reason we don’t just pay it off is because the interest is 3%; less than our mortgage.
thats pretty lucky. theres a lot of people that use up all the 3% loans and have 7%...doctors dentists phds masters etc...
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