Matter of Opinion - Student Loan Forgiveness under Biden

[Snicks]

I am a moderate conservative and oppose student loan forgiveness. With that said, there’s nothing wrong with accepting the forgiveness if it becomes available.

If I were you, I’d plan to pay back the loans, keep making payments, and if student loans become forgiven then it’s a nice windfall.

If you have a strong opposition to it, you can donate the money. We received a small stimulus check the first go round because it was based on 2019 tax returns and my husband benefitted from a lot of his 2019 income being non-taxable. I felt very strongly that the stimulus money should be given to those that needed it and sent the money to a high risk friend who had lost her job due to the pandemic. There’s nothing stopping you from sharing the wealth if you want to pay it forward.

Oh i am getting tired of the "if you don't like it you can donate the money". Um the MONEY to pay for all this is coming from the taxpayers. I paid for my own college, pay for yours/

[Snicks]

There is also "nothing stopping you" from not taking out extreme debt in the first place. To work and go to a community college. To join the military and on and on. Nothing stopping you at ALL from being fiscally responsible other than not wanting too and hoping the rest of us foot the bill.

[LivingAlmostLarge]

I agree, but I'd also point out that the goal of loan forgiveness in this instance is as a response to the coronavirus impact. So it's a stimulus and this is one of the ways in which they can pump money into the economy. I'd much rather see the system get fixed, but I'm not opposed to stimulus measures. So I see them as different issues.

this is an interesting point and perspective. Correct it is being floated as a stimulus measure. Would it be a one time thing? I'm not sure how I feel about it then...but I think that we need to raise the question of reform.

[jenn_jenn]

Oh i am getting tired of the "if you don't like it you can donate the money". Um the MONEY to pay for all this is coming from the taxpayers. I paid for my own college, pay for yours/

I oppose student loan forgiveness. If it were up for vote, I’d vote against it. I don’t understand the disagreement with IF it were to become available there’s nothing stopping anyone from donating it. It’s not a justification. It’s a resolution if you receiving funding and have personal objection to it.

I agree with your other statement. There’s nothing stopping anyone from being fiscally responsible and not getting into student loan debt which is why I oppose the forgiveness in the first place. This is coming from a household that has no student loan debt because I worked my way through two local UC degrees and my husband went to the Naval Academy and served 10 years in the military.

[rennigade]

I remember how excited I was when I send the last check for my student loans. It was a great feeling of accomplishment knowing that I finally paid them off in a short amount of time.

That feeling of pride no longer exists today. People want everything handed to them. I dont really know when that started or why it started, but its a new way of thinking that needs to be squashed.

Are colleges too expensive, of course. People are waking up though. I work at a university. Head count is way down. Not just here either. Other campuses are taking hits too with fewer students enrolling. People are getting tired of it. Unfortunately, college expense has nothing to do with agreeing to borrow money and pay it back. If you sign a contract, you need to hold up your end of the deal. Lenders gave you money, now its time to pay it back.

[disneysteve]

Are colleges too expensive, of course. People are waking up though. I work at a university. Head count is way down. Not just here either. Other campuses are taking hits too with fewer students enrolling.

It's very true that enrollment is down a lot but that's due to COVID. Many students have opted to take a gap year until things are pretty much back to normal. They didn't want to do their education virtually on Zoom. For schools that are having in-person classes, many people didn't feel comfortable attending. Plus, they didn't want to miss out on everything college has to offer. Even the schools that are open aren't having all of their normal activities, sports, theater, social events, etc.

We'll have to wait and see if enrollment returns to normal once COVID is behind us.

[LivingAlmostLarge]

I remember how excited I was when I send the last check for my student loans. It was a great feeling of accomplishment knowing that I finally paid them off in a short amount of time.

That feeling of pride no longer exists today. People want everything handed to them. I dont really know when that started or why it started, but its a new way of thinking that needs to be squashed.

Are colleges too expensive, of course. People are waking up though. I work at a university. Head count is way down. Not just here either. Other campuses are taking hits too with fewer students enrolling. People are getting tired of it. Unfortunately, college expense has nothing to do with agreeing to borrow money and pay it back. If you sign a contract, you need to hold up your end of the deal. Lenders gave you money, now its time to pay it back.

Why are people who take out student loan penalized but if you borrow too much for a house, car, or charge on CC, you are allowed to declare bankruptcy and walk away? I'm not justifying either situations but I think that it doesn't seem fair that decisions you make at 18 impact the rest of your life more than being completely irresponsible at 30 and buying too much house. Then deciding to let it fall into foreclosure and living here for 18 months without paying a penny then walking away and buying another home. It's HAPPENED to many times. There are even people who did it in the last recession and said it's the way to go. Let your house go then save everything then buy again. Then make your fortune doing it.

So is that any different than borrowing from student loans and having it forgiven?

[Like2Plan]

It's very true that enrollment is down a lot but that's due to COVID. Many students have opted to take a gap year until things are pretty much back to normal. They didn't want to do their education virtually on Zoom. For schools that are having in-person classes, many people didn't feel comfortable attending. Plus, they didn't want to miss out on everything college has to offer. Even the schools that are open aren't having all of their normal activities, sports, theater, social events, etc.

We'll have to wait and see if enrollment returns to normal once COVID is behind us.

I have a niece who earned a 2yr associates degree from a community college while she was in high school. She was scheduled to go to college in the fall of 2019, but she was a little short on the funding after the scholarships were applied. She didn't want to take on any college loan debt so she decided to take a year off, get a job and save up to go in the fall of 2020.... So, COVID happened and she didn't go in the fall of 2020, either. My hope is that everything will line up for the fall of 2021.

[Snicks]

I think people have a moral responsibility to pay their debts.

[kork13]

Why are people who take out student loan penalized but if you borrow too much for a house, car, or charge on CC, you are allowed to declare bankruptcy and walk away? I'm not justifying either situations but I think that it doesn't seem fair that decisions you make at 18 impact the rest of your life more than being completely irresponsible at 30 and buying too much house. Then deciding to let it fall into foreclosure and living here for 18 months without paying a penny then walking away and buying another home. It's HAPPENED to many times. There are even people who did it in the last recession and said it's the way to go. Let your house go then save everything then buy again. Then make your fortune doing it.

So is that any different than borrowing from student loans and having it forgiven?

"Banking industry lobbyists" & "higher ed lobbyists" is my bet. Really no reason otherwise.

[disneysteve]

I have a niece who earned a 2yr associates degree from a community college while she was in high school. She was scheduled to go to college in the fall of 2019, but she was a little short on the funding after the scholarships were applied. She didn't want to take on any college loan debt so she decided to take a year off, get a job and save up to go in the fall of 2020.... So, COVID happened and she didn't go in the fall of 2020, either. My hope is that everything will line up for the fall of 2021.

I certainly wouldn't have wanted to go to college, or send my kid to college, in 2020. I would have had them wait a year for sure. Of course, that means demand will be higher than ever this fall (hopefully) and next year as they play catch up.

[LivingAlmostLarge]

I think people have a moral responsibility to pay their debts.

Sure I do too. But we already allow them to walk away from cars, homes, and credit cards? Are student loans any different?

I have never settled a debt or walked away and it's easy to get on the high road but I see it as if people are allowed to declare bankruptcy and wipe the slate clean why isn't student loans included?

[cypher1]

I certainly wouldn't have wanted to go to college, or send my kid to college, in 2020. I would have had them wait a year for sure. Of course, that means demand will be higher than ever this fall (hopefully) and next year as they play catch up.

I'd argue the opposite for 2020 and college students taking time off. If those students are not taking classes or not working during a pandemic, what else are they supposed do besides be set back another year on their education or major? Yes, I realize they're missing out on the whole college experience, but online education isn't going anywhere.

Maybe it's different since I'm working full-time while juggling classes, but I actually loaded up on courses for Summer and Fall semesters since there was nothing else to do or go that year. I'm just saying if I was a full-time student given the current events, I'd be trying to stay busy and get ahead academically while others are taking that time off.

[myrdale]

If the lender themselves, in this case the US government, decides to change the terms of the agreement, that doesn't make the borrower a thief.

There are many examples of amnesty programs where government agencies decide to waive taxes, penalties, and fees. Does that make everyone who takes advantage of those programs thieves?

If your mortgage company called you today and said they were going to lower your balance by 10K, no strings attached, would you refuse the deal and insist on still paying them the full amount?

This isn't an apples to apples comparison. The bank is a private business. The government is not. The bank is choosing to operate with "their" money. The government is operating with "our" money.

Are you OK with forcing a black man who works for hard labor at minimum wage to pay for the college education of a white girl who went to an out of state school to get a degree in gender studies and now sells coffee? If you're paying her debt with his taxes, you're OK with it.

[disneysteve]

This isn't an apples to apples comparison. The bank is a private business. The government is not. The bank is choosing to operate with "their" money. The government is operating with "our" money.

Are you OK with forcing a black man who works for hard labor at minimum wage to pay for the college education of a white girl who went to an out of state school to get a degree in gender studies and now sells coffee? If you're paying her debt with his taxes, you're OK with it.

Okay, forget the mortgage example. You ignored my amnesty example. That's all government agencies.

An individual (regardless of race) only earning minimum wage is paying little to nothing in taxes so this isn't going to impact that person either way.