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Instead of forgiving college debt...
Posted on 6/17/19 at 12:40 pm
Posted on 6/17/19 at 12:40 pm
Why not give companies a tax credit for paying off all or part of a student loans?
In other words, if a newly graduated engineering student has $100K in student loans, a company could hire that student as a full-time employee and agree to make the loan payments or pay off all or part of the loan as part of the deal.
That would give students and incentive to get a degree that is in demand AND alleviate some of the student debt pain on college graduates.
In addition, a company could lure an employee away from another company by agreeing to pay of old student loans. This would give employees with older loans leverage to have their current employees pay them off, as well.
Of course, employers would be able to request that the employee commit to working for them for an agreed upon period of time, just like the military does.
We could also have federal, state, and local governments do this, as well. I know some already do this, but we could expand those programs.
In other words, if a newly graduated engineering student has $100K in student loans, a company could hire that student as a full-time employee and agree to make the loan payments or pay off all or part of the loan as part of the deal.
That would give students and incentive to get a degree that is in demand AND alleviate some of the student debt pain on college graduates.
In addition, a company could lure an employee away from another company by agreeing to pay of old student loans. This would give employees with older loans leverage to have their current employees pay them off, as well.
Of course, employers would be able to request that the employee commit to working for them for an agreed upon period of time, just like the military does.
We could also have federal, state, and local governments do this, as well. I know some already do this, but we could expand those programs.
This post was edited on 6/17/19 at 3:19 pm
17
Posted on 6/17/19 at 12:41 pm to Jax-Tiger
What do we give people that choose not to go to college?
Posted on 6/17/19 at 12:42 pm to Jax-Tiger
Or neither
You borrow money, YOU pay it back, not me
You borrow money, YOU pay it back, not me
Posted on 6/17/19 at 12:42 pm to Jax-Tiger
Even if it is forgiven they have to deal with the IRS. 100K in student debt becomes 30k due to them and they are much more aggressive when it comes to collecting.
Posted on 6/17/19 at 12:42 pm to BamaScoop
quote:
What do we give people that choose not to go to college?
My food order
Posted on 6/17/19 at 12:43 pm to Jax-Tiger
Just make the schools responsible 50% of the loan debt. That'll clean things up overnight.
Posted on 6/17/19 at 12:44 pm to Jax-Tiger
Make student loans dischargable by bankruptcy
Do nothing else.
Do nothing else.
Posted on 6/17/19 at 12:45 pm to upgrayedd
quote:
Just make the schools responsible 50% of the loan debt. That'll clean things up overnight.
100%
the problem with any sort of reform will be based in racial equity, however. that's the poison pill with any regulatory act on colleges/loans
Posted on 6/17/19 at 12:45 pm to BamaScoop
quote:
What do we give people that choose not to go to college?
You MUST be a lib!
Posted on 6/17/19 at 12:53 pm to BamaScoop
quote:
What do we give people that choose not to go to college?
We could make the offer to folks who go to trade school or complete certified programs to gain marketable skills, too.
Posted on 6/17/19 at 12:56 pm to RogerTheShrubber
quote:
Make student loans dischargable by bankruptcy
I thought you were a Libertarian ?
These loans are backed by taxpayer money.
Why should I have to pay for someone's education ?
Posted on 6/17/19 at 12:59 pm to 93and99
quote:
Why should I have to pay for someone's education when they don't belong in college and drop out after 2 semesters?
Posted on 6/17/19 at 1:00 pm to Jax-Tiger
Engineering majors don’t need help.
Posted on 6/17/19 at 1:02 pm to 93and99
quote:
I thought you were a Libertarian ?
These loans are backed by taxpayer money.
Exactly. That would be another economic crash (though maybe not as big as 2008).
The first step is to get the government out of the student loan business. The reason college is so expensive is because schools know any bozo can get a loan to pay for whatever the school wants to charge.
The second step is to make loans merit based just like a small business loan. Loaning $50k per year to someone who wants to pursue a gender studies degree at an expensive Northeast private school is a horrible investment. Yet, that loan is treated virtually no different than a loan to a kid who wants to major in accounting.
You can't fix current issue by not tanking the economy (to some degree). But you damn sure can stop the progression of the disease
Posted on 6/17/19 at 1:02 pm to Jax-Tiger
instead of forgiving the debt because they got a useless degree, lets hand them shovels and get some ditches dug.
Posted on 6/17/19 at 1:04 pm to Wtodd
quote:
You borrow money, YOU pay it back, not me
I am surprised more people dont like this...
You would rather give money to the govt than have it paid to the person it is owed?
Less taxes are a good thing for everyone.
Posted on 6/17/19 at 1:12 pm to Alt26
quote:
The second step is to make loans merit based just like a small business loan. Loaning $50k per year to someone who wants to pursue a gender studies degree at an expensive Northeast private school is a horrible investment. Yet, that loan is treated virtually no different than a loan to a kid who wants to major in accounting.
Contrary to popular belief, a huge % of student loan debt is actually from graduate degrees (almost half) and non-useless bachelors degrees. Of my friends saddled with debt, those that went to PT school are actually is the worst financial shape post-graduation.
I'm not defending their decisions. I'm just pointing out that it's a myth that student loans are mostly from liberal arts degrees from private schools. We'd have serious issues regardless.
This post was edited on 6/17/19 at 1:15 pm
Posted on 6/17/19 at 1:18 pm to Jax-Tiger
quote:Maybe because public colleges don't pay federal or state corporate income taxes...
Why not give colleges a tax credit
This post was edited on 6/17/19 at 1:20 pm
Posted on 6/17/19 at 1:19 pm to Esquire
quote:
My food order
This is dumb. Tons well off folks skipped college. That bubble you live in...
Posted on 6/17/19 at 1:21 pm to Jax-Tiger
quote:
Why not give colleges a tax credit for paying off all or part of a student loans?
In other words, if a newly graduated engineering student has $100K in student loans, a company could hire that student as a full-time employee and agree to make the loan payments or pay off all or part of the loan as part of the deal
This doesn't follow. Did you mean to say, "Why not give companies a tax credit for paying off all or part of a student loan?"
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