Related Posts
Anyone else into Bank Bonus churning?
Is retail quant trading on a massive rise?
How bout that Robinhood update
More Posts
Happy Thursday 🐠
Calm down! :))
Conversation Starter
Additional Posts in Student Loans
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
I’m not completely in favor of it, but I’m also not gonna not accept it if it happens.
I think forgiveness with systematic changes to make college more affordable,cut the administrative bloat, and how loans are given out, would be pointless, because it will just have to happen again when we reach crisis point again.
Fully agree with this. I have a boat load of student loans and forgiveness would dramatically improve my life, but I do not believe it would fix the systemic issues with student loans. That being said, I’d be a fool to not accept forgiveness if it was offered. And that’s not inconsistent with the belief that forgiveness across the board is bad and lazy policy.
Forgiveness doesn’t solve much so yeah I’m opposed to it.
The schools need to be incentives to keep the loans to a minimum by expanding seats to potentially decrease prices, loans directly affecting the balance sheet of a school or reducing administration sizes.
If we get forgiveness the younger Gen Z cohort will be back in the same spot I’m in.
I had debt, and I’m against forgiveness because it does not exist. There is no such thing as debt forgiveness. Such action simply shifts your debt to someone else who either didn’t go to school at all, or did attend school and either already paid off or is still paying off their own loans. There is zero reason why someone else should assume my debt to which I agreed via a contract.
Also, the Feds wiped my remaining debt in September. I’m not happy about it at all. But my Dad always told me: When the Feds want to buy your vote—I mean, give you money—you take it, because you will always, always end up paying it back—or your kids and grandkids will.
Kindly send me a dm
As others have said, just a bandaid on a bleed out issue. College is a for profit business that the government is funding. Gotta change that before you help out people that were eaten by the machine.
It always comes back to basic economics... If the supply or demand of something gets out of wack - the consequences are dire. Too much demand right now. Gotta change that somehow.
I don’t really care either way.
I’m most in favor of canceling and crediting back any interest paid so far, and then setting rates to 0%. I signed on for the loans and intend to pay them back, even if it takes me decades. However, the interest rates on mine push 8% and it feels really predatory and is a losing game. But that doesn’t seem to be on the table.
I’d be hellllllaaaaa mad if I paid them off prior to forgiveness, which is something I’ve saved up for and am considering payoff in a lump sum. But then again it’s hard to put a price on the mental financial freedom of being done and moving on with my life. Is unburdening that mental and financial load worth more than the amount of forgiveness I’d miss out on? Probably. And my loans are almost at a 6 figure total balance.
I’m waiting to see what happens with the election. That’ll probably be my deciding factor to wait out forgiveness or pay it off. The way the current IDR forgiveness is structured it’ll be a wash once I hit the 25 year mark.
I am neither in favor of or opposed to it. If it happens great, if not, well then I continue to live life as a poor college graduate and pay them until I’m dead. In other words business as usual.
I do feel that whether we understood what we were signing or not that’s still our signature on the loan documents and we are responsible for that until discharged by some other means. I will not let someone else take responsibility for something I did and benefited from. But if the government is willing to pardon even some of the loan I won’t say no. It was my decision to go to college; no one forced me. Just like it was my decision to buy a house and a car and take loans for those things. I could have survived by not going to college and not having these things but I chose not to and that is on me.
I think what I am more angry about is years after I graduated I saw a financial breakdown of where my tuition was being spent and the majority of it went to sports and the brand new football stadium we just HAD to have. Millions of dollars spend on a losing football team yet the people who are actually doing the educating get peanuts? That was aggravating. I went to one football game yet I never missed class. I agree with the statement that we as a culture need to reassess and have oversight on where our tuition dollars are applied.
I’m not in favor of loan forgiveness but I do think the interest should not be added to the principal (or should be capped). You take the loan out, you need to pay it. I was $60k in debt and basically paid it off (letting the 3% balance loans coast due to savings rate and investment returns).
That said, I also feel certain fields should be subsidized. For example, in the case of medical doctors’ educations. Medical doctors are needed for the well being of our country. I’d be fine knowing a piece of my taxes was set aside to pay to educate people who are both willing to go that path and work a certain number of years in underserved communities before being allowed to start their own practice. Many folks forego medical school due to the financial burden (along with time commitment).
Are you against it for everyone? You don’t think people who work in public service, law enforcement, education or nonprofits deserve a break for working in lower paying positions sometimes with adverse working conditions?
By the way, presidents that expanded the program, which stemmed from paving easier access for veterans have literally said that ideally you would pay it back by some public service after a fixed number of years. So I wouldn't bother asking the uninitiated. Most folks don't know the history of student loans they just revel in others'misery with the insurmountable debt while institutions took advantage of unsuspecting children.
I support it 100%… I paid mine off last year 🍾 when I saw that it was actually never going to happen.
Rising Star
I don't entirely support it.
I'm all for doing away with interest. Or capping the interest somehow.
But if someone maxed out their loans so they could live it up in college, I don't think taxpayers should cover it.
I think the idea of interest forgiveness is a middle ground.