How much student debt was cancelled for you or someone you know?

[GoodLiving]

I don't know anyone personally but I've known folks online, frankly I don't care if that happened or not. As far as the cost being passed onto the taxpayers, there's plenty of stuff I'm paying for that I would rather not pay for too... I helped my adult child pay off their loan and they also did two years Americorp for some forgiveness but it was largely paid off month by month. I have only taken out a $3600 loan that was paid off too. I can't even imagine the stress of folks once they realized how much debt they had. I'd much rather be me at any point in my life.

[crazyliblady]

I don't know anyone personally but I've known folks online, frankly I don't care if that happened or not. As far as the cost being passed onto the taxpayers, there's plenty of stuff I'm paying for that I would rather not pay for too... I helped my adult child pay off their loan and they also did two years Americorp for some forgiveness but it was largely paid off month by month. I have only taken out a $3600 loan that was paid off too. I can't even imagine the stress of folks once they realized how much debt they had. I'd much rather be me at any point in my life.

I have not had any debt forgiven. I had one student loan of $3000, which I paid off in seven years. As far as the answer for the overall problem, I think that students wanting to go to college need to find out the real costs of attending college (tuition, lab fees, textbooks, and other normal expenses, like rent, food, and transportation). They also need to be realistic about what college they want to attend, as attending college anywhere is an expensive venture. They should also apply for every scholarship for which they qualify. Any scholarship students get is money that they don't have to earn or pay back later. I personally don't think that the government should forgive loans unless they meet the requirements of existing loan forgiveness programs, like for healthcare professionals, etc. The reason I think they should not do this is because the borrowers took out loans and agreed to the terms whether they understood them or not.

[LivingAlmostLarge]

I'd rather have saved for college than count on loan forgiveness

[FrostedMoose]

I'd rather have saved for college than count on loan forgiveness

or do both as you are now. pay for your kids college and pay kids college who got their loans transferred to you.

[ua_guy]

I like to look at the full lifecycle of these kinds of programs to make sure I'm not taking a short-sighted view. Makes more sense to me to forgive a bad loan now than increase the likelihood that I'll be supporting economically depressed people because of this specific debt burden. Much like banks did during the mortgage crisis. They saw more value in writing off or writing down loans because they know doing so creates more value later.

Let's say it works out to $2k per taxpayer if every single past student loan is forgiven, which is unlikely, but I'm being generous. Certainly that's nothing to sneeze at but the long term costs are even worse. This is exactly how a business operates and there is no moral obligation with regard to debt. And we want our government to act more like a business, right? Put someone in jail for pot posession, end up paying their rent, meals, and healthcare.. We've GOT to start thinking smarter and more strategically.

[crazyliblady]

I'd rather have saved for college than count on loan forgiveness

Yes, that's what 529s are for, right?

[crazyliblady]

I like to look at the full lifecycle of these kinds of programs to make sure I'm not taking a short-sighted view. Makes more sense to me to forgive a bad loan now than increase the likelihood that I'll be supporting economically depressed people because of this specific debt burden. Much like banks did during the mortgage crisis. They saw more value in writing off or writing down loans because they know doing so creates more value later.

Let's say it works out to $2k per taxpayer if every single past student loan is forgiven, which is unlikely, but I'm being generous. Certainly that's nothing to sneeze at but the long term costs are even worse. This is exactly how a business operates and there is no moral obligation with regard to debt. And we want our government to act more like a business, right? Put someone in jail for pot posession, end up paying their rent, meals, and healthcare.. We've GOT to start thinking smarter and more strategically.

But I have to make three points. 1) They could have made other choices to fund their education: scholarships (thousands of dollars go unclaimed every year), 529 plans, GI bill for those that serve in the military, tuition reimbursement, and the list goes on. 2) They could have gone to a less expensive school, and 3) If we start forgiving student loans, is someone going to forgive my mortgage, credit card, and my student loan I paid off two decades ago?

[Fishindude77]

I like to look at the full lifecycle of these kinds of programs to make sure I'm not taking a short-sighted view. Makes more sense to me to forgive a bad loan now than increase the likelihood that I'll be supporting economically depressed people because of this specific debt burden. Much like banks did during the mortgage crisis. They saw more value in writing off or writing down loans because they know doing so creates more value later.

This makes it sound as if the only options are (A) Get a degree and pay for it, then thrive economically. -or- (B) Borrow for a college education, don't pay off your borrowing, then be a total financial failure.
Lots of kids the same age range buy automobiles and homes on credit fully understanding that they will be in deep doo doo if they fail to make payments. There should be negative consequences for not living up to your obligations / promises.

How about option C?
Get off your rear end, go get a job (or two) at one of the thousands of places that are starving for help, live below your means and start paying off the debt you promised you would repay.

[ua_guy]

But I have to make three points. 1) They could have made other choices to fund their education: scholarships (thousands of dollars go unclaimed every year), 529 plans, GI bill for those that serve in the military, tuition reimbursement, and the list goes on. 2) They could have gone to a less expensive school, and 3) If we start forgiving student loans, is someone going to forgive my mortgage, credit card, and my student loan I paid off two decades ago?

1 and 2) And a tornado could have taken a different path, too. Can't change the past.

3) No. This isn't a slippery slope scenario where we go "whatabout" everything. Literally none of that has been discussed as part of this relief.

[ua_guy]

This makes it sound as if the only options are (A) Get a degree and pay for it, then thrive economically. -or- (B) Borrow for a college education, don't pay off your borrowing, then be a total financial failure.
Lots of kids the same age range buy automobiles and homes on credit fully understanding that they will be in deep doo doo if they fail to make payments. There should be negative consequences for not living up to your obligations / promises.

How about option C?
Get off your rear end, go get a job (or two) at one of the thousands of places that are starving for help, live below your means and start paying off the debt you promised you would repay.

C) Those jobs don't deserve employees in an economy where labor participation is at its normal healthy levels and unemployment is 3.1%. It's supply and demand, and those jobs can't afford workers in our economy. Too bad.And the folks who took out those loans are likely already working and have made earnest effort to pay off their debts. It's a fallacy to jump to the conclusion that people who have student debt don't work. Check yourself.

[Fishindude77]

C) Those jobs don't deserve employees in an economy where labor participation is at its normal healthy levels and unemployment is 3.1%. It's supply and demand, and those jobs can't afford workers in our economy. Too bad.And the folks who took out those loans are likely already working and have made earnest effort to pay off their debts. It's a fallacy to jump to the conclusion that people who have student debt don't work. Check yourself.

It's also a fallacy to assume that individuals with student debt can't come up with a way to pay it off without forgiveness.

The biggest roadblock to them paying it off is the fact that politicians keep promising forgiveness every time they want to hustle up votes. If they'd just be honest and there was a consistent message saying "you borrowed it, you pay for it" many would knuckle down and do what it takes to clear the debt. It would also force others entering secondary education to more seriously consider their choices before borrowing or possibly choose a different career path.

[ua_guy]

It's also a fallacy to assume that individuals with student debt can't come up with a way to pay it off without forgiveness.

The biggest roadblock to them paying it off is the fact that politicians keep promising forgiveness every time they want to hustle up votes. If they'd just be honest and there was a consistent message saying "you borrowed it, you pay for it" many would knuckle down and do what it takes to clear the debt. It would also force others entering secondary education to more seriously consider their choices before borrowing or possibly choose a different career path.

Nobody is assuming they can't pay it off. The forgiveness program was designed to be a one-time act of grace to forgive a bunch of arguably bad loans, increase economic security for those individuals, and provide greater value for the economy ahead.

And again, it's not like the forgiveness program is changing a lot of votes in a group of people who already vote, so I question what real value that has there. don't you?

[Fishindude77]

Nobody is assuming they can't pay it off. The forgiveness program was designed to be a one-time act of grace to forgive a bunch of arguably bad loans, increase economic security for those individuals, and provide greater value for the economy ahead.
And again, it's not like the forgiveness program is changing a lot of votes in a group of people who already vote, so I question what real value that has there. don't you?

I would have liked a one time act of grace forgive my bad and stupid loan for a brand new Camaro at 18 years old too. It would have improved my economic security, and if a lot of these were done it would have been great for the automobile industry / economy.
These promises most definitely do impact the way many vote as well as getting many otherwise non voters to the polls.

We are dealing with adults here, not kids.
If you feel strongly about student loan forgiveness, find a couple folks with this debt and pay it off with your own $$. You might change some lives.

[ua_guy]

I would have liked a one time act of grace forgive my bad and stupid loan for a brand new Camaro at 18 years old too. It would have improved my economic security, and if a lot of these were done it would have been great for the automobile industry / economy.
These promises most definitely do impact the way many vote as well as getting many otherwise non voters to the polls.

We are dealing with adults here, not kids.
If you feel strongly about student loan forgiveness, find a couple folks with this debt and pay it off with your own $$. You might change some lives.

Our family pays for the education of our own children. It's a point of pride--and privilege. We're also supportive of broad initiatives to forgive bad loans. And then there's me without kids, and I end up also paying for my sister's kids to go K-12 to the tune of $6k per year on my property taxes, the kids down the street, etc. Doesn't really bother me. And what's a little extra to boost post-secondary education?

I'm sure this encourages voters for and against to go to the polls and the net sway is almost zero. Some administrations want to give money to corporations which already have tons of money. Some administrations want to give money directly to people who can really use it. Seems logical to me to do it that way.

A bunch of loan forgiveness has already happened under various programs. I guess folks can choose to be mad about something that happened in the past. Why let it live rent-free in your head?

[LivingAlmostLarge]

Simplify it by allowing student loans to be discharged by bankruptcy and whammo we'll either have less crazy lending or people will get to wipe it out. I think it would be a way to free market the loans. Banks won't just loan out money irresponsibly when they can't get a guarantee to pay it back!

Let's try that. Unsecured loans that can be discharged like CC hmm...