RMF5630 said:
quash said:
RMF5630 said:
quash said:
Harrison Bergeron said:
quash said:
Oldbear83 said:
I would say loans should not be forgiven, but recommend the following changes:
1. No government loans - this is not a valid function of government, and it only made things worse
2. No bank can be punished for declining to offer a loan
3. Student loans can be included in bankruptcies if those bankruptcies are filed at least 3 years after leaving college
4. Public Universities are not allowed to charge tuition beyond an amount paid in full by at least 60% by a combination of payment not supported by loan - e.g. direct cash payment, scholarships, or grants
5. Universities may not charge interest on unpaid tuition/fees, regardless of age
Agree on all but #4. I think the market works that one out.
Agreed. Government-backed student loans has been little more than a corrupt ponzi scheme designed to enrich universities. These universities have billion dollar endowments - let them lower tuition to affordable rates or make their own loans against those endowments. Much like public sector unions, it is all a corrupt scam in order to fund an indoctrination arm of the Democrat Party.
A couple of notes:
- If student loans can be discharged in bankruptcy, require the forfeiture of the degree; a student can dispose of the debt but must relinquish the credential
- Colleges should charge different tuition rates for different majors - charge engineering majors more than education majors - based on long-term earnings potential
Oo, treat student debt as collateralized. That is interesting. Degrees are certainly marketed as a product. A degree from A has more value than one from B. Abner McCall would disagree but still.
Pay back principal and cap interest at a certain number. Everyone should pay back what they borrow and the lender should make a profit. But, to keep people paying interest for years is BS. Not everyone is a savy or even competent financial manager. I do not believe education, especially in areas that add to society, should be treated the same as credit debt or poor personal skills. I agree in principle that everyone is responsible for their own decisions, but on education it starts becoming counterproductive. Education is a good thing, not a punishment. No free ride, everyone pays back principal and some interest...
Housing is a good thing. Transportation is a good thing.
If you borrow to obtain either then you pay it back
I think education and training are going to be needed more as we go on. If it is priced out of reach, it hurts the Nation as much as homelessness or other issues. Lend people money for training, have them pay it back. No question. Interest is what gets me. Taking a 10 year loan and making it a 30 year with interest to teach skills I am not in favor.
This is another example of solving the wrong problem. I agree about the importance of education and training. The problem is not the loans, the problem is the costs; and the costs are artificially inflated by the loans.
Take away student loans and force higher education to normalize its pricing and stop growing at a faster rate than anything but inflation. The excess costs in higher education is not driving by important education. It is largely driven by:
- Student luxuries and amenities
- Bloated administration
- DEI and other worthless cultural programs that have nothing to do with education
- Worthless degrees like grievance studies, etc.
Cut the loans. Force the schools to right their finance to respond to the actual market. They will cut the fat themselves.
Currently, the student loan program is effectively enabling the federal government to fund Democrat activists and agenda. The federal government subsidizes loans for students who major in grievance studies and spend four years agitating and promoting Democrat causes, and a few will take their degrees into professional agitation, but most will end up flipping coffee at a locally sustainable, fair trade coffee company.