The Return of Student Loans

[LDAHL]

I see the the suspension of federal student loan payments will expire in February. A couple of Squad troopers have, of course, bristled at the unfairness of asking people to repay money they borrowed. AOC complained about her $17K debt, and how she didn’t go to grad school because she feared she’d need to borrow more, which some fascist might make her repay. Rep Pressley referred to the requirement to honor one’s debts as “policy violence”.

Personally, I think that if someone freely undertakes an obligation, they should have the integrity to follow through. But I suppose in this era of victim politics it should surprise no one that some will view the deadbeat position as the moral high ground.

[Yppej]

Judging from past comments on these forums many think a person should be able to take a job paying above average wages and as long as it is in the public sector they should only have to pay pennies on the dollar of what they borrowed. So this mindset has been out there for a while. It's just getting a little more extreme now.

[Tradd]

They will complain about their student loans, yet did they do anything to try to lower the cost of college? Community college their first two years, and then a less expensive university for the remainder? The people I know in real life complaining about having to pay back their loans went to expensive schools they felt they HAD to attend.

[rosarugosa]

I don't have any quarrel with people making use of the current forgiveness programs. It seems no more reprehensible that deducting mortgage interest and property taxes from one's federal tax return, although these deductions favor those affluent enough to buy homes. However, I don't buy the idea of a blanket discharge of student loans. I did as Tradd described, went to CC for one year and then completed the remainder of my BS at a state university. It was very affordable and I paid for it working part-time while living in my parents' home.

[Yppej]

I lived at home and worked up to 7 part-time jobs at once and also earned scholarships. Now since then tuition has risen, not everyone has parents to live with, or a car to commute to school if there is no mass transit, or the ability to juggle that many things especially if they have been out of school for a while and are not used to academic rigor. So I get that the experience of others might involve the need for some loans.

That being said someone saying I kept going for degree after degree, thus being used to the academic groove, but even though the schools I attended weren't that rigorous I never worked part-time to help cover my costs because I was too busy chasing tail, so you and other taxpayers should pick up a big chunk of my bill while I jet around the world - is reprehensible.

[catherine]

I don't have any quarrel with people making use of the current forgiveness programs. It seems no more reprehensible that deducting mortgage interest and property taxes from one's federal tax return, although these deductions favor those affluent enough to buy homes.

Completely agree. Some institutions offer forgiveness programs as a perk for low-paying jobs and the benefit to the institution is a better talent pool and low turnover.

I also agree with LDAHL that if you sign a promissory note, that means you are supposed to pay it back. Nobody puts a gun to your head to choose the college you choose. Two of my kids did what rosa did: 2 years of community college and transfer to 4-year state school. If I had had my wits about me, I would have "encouraged" my daughter to do the same.

I have always believed, however, that college tuition should be 100% tax deductible.

ETA, student loan terms are extoritionary, however, so I also believe in an overhaul of Sallie Mae.

[iris lilies]

College tuition costs have gone up, that’s for sure, I won’t argue that, BUT:

Some years ago here the poster redfox kept moaning about her loans (taken out late in life) for her graduate degree. It was a masters degree.

To compare her situation, I figured the CURRENT costs of my own masters degree. I figured out how much it would cost to get that degree TODAY and—it was about $25,000. I’m pretty sure that included room and board at the state University, but did not include any incidental costs or car maintenance because that’s how I went to graduate school —was in a dorm in a stripped down life with no car. I sold plasma for beer and cigarette money.

The seems like a reasonable cost to me for a degree that propelled me into the professional world.

I was lucky because my parents paid for that degree. I had paid for some of my undergraduate degree. But because I was so debt adverse, if I had taken out a loan, I know I would’ve been able to pay it off in five years. Some months I saved half my salary.

[happystuff]

I also agree with the above posts, but also feel that if the opportunity arose for my mortgage, car loan, cc debt, or the like to be wiped clean, I would jump on it! So I can't blame anyone with a student loan not doing the same thing should the opportunity arise.

I see how my children are struggling/have struggled. The sad part is when all the money is spent on a college education and the resulting well-paying job/career does not materialize - for whatever reasons.

There are definitely many sides to this issues.

[iris lilies]

I also agree with the above posts, but also feel that if the opportunity arose for my mortgage, car loan, cc debt, or the like to be wiped clean, I would jump on it! So I can't blame anyone with a student loan not doing the same thing should the opportunity arise.

I see how my children are struggling/have struggled. The sad part is when all the money is spent on a college education and the resulting well-paying job/career does not materialize - for whatever reasons.

There are definitely many sides to this issues.

I’m not going to blame anyone for taking advantage of whatever government loophole is provided to us. That would include rich people who set up their income to dodge taxation perfectly legally. Whatever programs the government creates are the programs it creates, and they are morally neutral.

[LDAHL]

ETA, student loan terms are extoritionary, however, so I also believe in an overhaul of Sallie Mae.

How “extortionate”? I wasn’t aware the rates are all that high, and you can deduct the interest above the line.