Thoughts on people wanting student loans cancelled

It’s been one of the big topics for a Democratic candidate to cancel student loans. I know Bernie had he won the election he wanted to cancel it all and make college free.

Now this week there are heavy talks about cancelling up to 50k on a persons student loans. I just wanna know what everyone here thinks on this subject. We’ve all had to struggle in our lives with not having documentation and then barely scrapping by with DACA. I’ve never taken out a student loan, went to a community college and paid everything out of my own pocket.

Not trying to sound negative but if you take out a loan you should expect to pay all that money back with interest. Nothing is free.

Yeah, there are no free lunches! Now we are going to be stuck paying for people with liberal arts, music degree who work at Starbucks!
No, just no!

There needs to be a middle ground. Maybe blanket forgiveness is not the best approach, but additional aid for future students and conditional full or partial forgiveness for existing debt depending on certain qualifications (major, final GPA, currently employed or not, etc.) may be better.

agreed.

https://www.youtube.com/watch?v=NXHwelwmQPA this depicts the situation very clearly.

Blanket forgiveness is not economically viable and will have very bad precedent.

Okay, we forgive those today, what about 5 years from now? I think we have to solve the root cause which is most college degrees are "useless" and going to private schools for a degree that doesn't necessarily pay for itself is just bad education.

I think $10,000 forgiveness is fine. $50,000 is too much.

This is very sound.

Or maybe add requirements for community service etc. for the free money.

I hope free money doesn't pass.

Perhaps forgiving the interests and just have them pay what they borrowed?

I don't take out loans because I don't want to owe. I'm paying for my schooling out of pocket. Knowing people who borrowed 100k for their education for it to be forgiven is not right. It's not my fault that people decided to borrow money knowing they cannot pay for it. My professor has a PhD and owes about 150k. She gets paid really well and has multiple jobs. She is asking for student forgiveness because she does not want to pay for it. Please....you chose that degree, now you are earning money, therefore pay for it. What about mortgage forgiveness? Would they agree to that?

they should just offer no interest rate, forgivable loans like they did for corporate bailouts last year. That way the public is duped and doesn't think it's "free college". Might even pass w/overwhelming GOP support like the bailouts did too.

I'm not a fan of complete forgiveness. Take away the interest rate so they can pay it off one bite at a time. Even make the interest they've paid so far go towards paying off the loan, but forgiveness would not be fair to those who have paid theirs off.

Anecdotally, while in school, I worked crazy hours. During summers it was easily 60-80 hours while taking summer school and even in winters it was 50-60 hours. I had to take care of family, spend $3 for lunch (Wendy's used to have 99c double cheesburgers), use old edition of books, etc. to make every dollar count and even then by the end of it, I had like $5000 of credit card debt.

Meanwhile, I had a friend who had $80,000 in loans. She'd go out every weekend, get the fancy $10 blue drinks, sushi bars, live on campus, drive the new car, etc. and would thumb her nose for those who wouldn't get a loan because in her view "If you get a loan you'll graduate faster and have a better grade and get a better job so it's dumb to not do it" so I'm still a little bitter about that but that seemed to be the attitude of a lot of people. The money didn't seem real to them while they were in school.

I think this is good middle ground. Better than giving out more aids because colleges will just jack up their tuition cost.