Why does everyone think student loans should be forgiven?

  1. My son went to school and I signed on his college loans. Last year, I made the payments on them and when I got the tax paperwork to file taxes, I found I had paid over $2,000 worth of interest and we owed more on the loan than we did to start with. I ended up putting the balance of it on an interest free credit card, but most ppl can’t do this. My SO’s student loans are as much as our mortgage. We are lucky we can afford to pay for it all, but most ppl can’t afford to buy a home bc they are paying exorbitant student debt. I agree ppl who took out more than they needed shouldn’t have that extra part forgiven. That includes my SO’s. He was dumb and took as much as he could, but he was given bad advice when he took out the loans. When I went to school in the 90’s, my entire tuition bill was $1,300 for an entire semester. That was as a full time student. I took a single master’s class at a small University, and it was $2,500 last semester! Books cost $150 apiece if you’re lucky today. The cost doesn’t amount to a good job, but you can’t even be considered for a regular job anymore without the degree. It’s a scam to say the least.

  2. Damn it. My mother cosigned a loan for my daughter's nursing education. 40k. On news feeds you see the incredible demand. It just isn't true. The health care INDUSTRY is running it's remaining nurses to the point of leaving but puts the extra burden on them rather than hire. My 78 year old Mom is on the hook. She paid off my daughter's car after it was repossessed to save her credit. My kid would not be able to rent somewhere to live. She lives rent and bill free with granny. Thank God. Think about that. A houseless nurse during a pandemic.

  3. Not to mention the insane interest rates. And also, the loan services can sell your loans to another company. But you don’t know the company. No one knows the company and you can’t even get a hold of someone to pay. All the while, accruing fees and interest. Ugh

  4. Part of the problem is that kids are told that with a degree, they can make more money which can be used to pay off their loans. And schools do nothing to prepare kids for entry-level jobs when they graduate, so that fancy executive-level marketing capstone thesis you did actually isn’t relevant to the sales job you’re gonna be working once you graduate. There’s no real education on what jobs are actually available in what fields and how easy it is to get a job in said field. And lastly, jobs aren’t paying college grads nearly enough to pay their loans. Maybe at one point they were, but right now, they aren’t.

  5. Not only that, but an investor could buy securities on student loans and make money from them. They’re called SLABS. Also, the interest you pay ends up being more than what you owe on the loan a lot of times.

  6. I have a $28,000 loan that started out at around $31,000 and I’ve been paying $375 a month on it for 3 years now. Every month about $60.00 goes to the principal and the other $310.00 goes to interest. I needed this degree to do my job and I’m unable to even make a dent in paying it off one day because of interest. That’s why.

  7. Lol I have friends who took full loans for undergrad, couldn’t find a job due to the last recession, went to grad school/professional school instead, and ended up in public service/nonprofits. They make like $70-80k per year and have over $400,000 in debt. There is an entire generation (i.e., millennials, especially ones that graduated college like 2008-2011 or so) that will just NEVER get out from under this.

  8. Can you afford doing more than $375? If you can even do $100 more it will make all the difference. Most of these loans are 30 year loans but you don’t have to pay just the minimum, you’ll pay the most that way. Understandably though not everyone can afford to pay more than the minimum.

  9. Yep. Similar story. I graduated in 2013, going towards PSLF since then, haven't made a dent in the principal loan. It's just money every month going into a void. I think I'd feel differently about cancelling student loan debt if it was interest-free debt. If I was able to feel like my monthly contribution meant anything, I'd feel less despair.

  10. Mortgage loans are set up the same way. All loans are. First you pay interest than the principle. Hang in there. It’s a 10 year loan. It’ll go away in 10 years.

  11. What the fuck? What kind of crazy interest rate does student loans have in the US? I've also never understood the "forgive student debt" thing, but I never even considered that you have to pay any meaningful interest on it since here in Sweden it's 0.5% interest rate or something.

  12. The issue is tuition rates have exploded because the government is willing to issue the loans. If you’re a for profit University why wouldn’t you inflate the costs if you knew a bunch of gullible 18 years olds would buy your non refundable service.

  13. They need to, at the very least, put a cap on how much they are willing to loan per credit hour and force the schools to lower their tuitions.

  14. I went to a small Midwestern university and tuition when I was there in the early 2000s started at about $23k per year and the vast majority of my aid came from federal loans. My parents could literally do nothing to contribute, were absolutely terrible with money and never talked to me about the ramifications of taking out sizeable loans. I also worked full time all through school.

  15. It’s this and they are taken out by people at a young age who aren’t given much financial education on loans either. I certainly didn’t understand the process completely when I started college. I was semi-financially literate though and went to more affordable schools, etc so my debt if minimal compared to others in the same situation.

  16. I think a lot of people a missing the fact that while we were taught this is the thing to do. After getting a degree most jobs still do not even pay a living wage. How do you expect people to repay loans when the job market pays so poorly.

  17. I agree that it’s a problem that tuition rates have gone up exponentially. I don’t see how forgiving student loans addresses that though. It’s a bandaid. I could understand an argument for eliminating or drastically reducing interest rates

  18. That's exactly what happened. And if the government forgave the current loans the Universities would know they could increase tuition even more because the new students are going to assume/hope that the next President forgives their loans. This problem needs to be solved at it's core, not by a "temporary feel-good" solution that makes the situation even worse.

  19. I’ll give you the context of a banker... the student loans are predatory. Regulation has made it easy to give out these loans which has led to universities artificially inflating prices to excessive levels since they know the loans will cover it.

  20. Additionally, student loans are one of the few things that don’t get written off in bankruptcy because they assume you can make more money since you have a degree. That’s not always accurate though. So you’re stuck with those predatory loans for the rest of your life.

  21. Its not just inflating prices because that can (not that they dont). But another huge issue is universities used to have far more funding from the government- which has been pulled way back- so part of the tuition hikes were due to decreased funding and having to put more of the burden on the students.

  22. Ok, even if you're right, no one is advocating free college forever. They're just saying forgiveness of existing loans.

  23. Glad to see someone tie the rapidly increasing tuition rates to the availability of basically unlimited student loans. The government guaranteeing student loans made by private lenders has allowed universities to keep raising tuition because they know they can get it. It’s guaranteed money for universities.

  24. Couldn't an argument be made that forgiving the current outstanding loans doesn't exactly fix the issue? It helps the millennials, but what about the Zoomers that are in college now or the Alphas that will start heading to college at the end of the decade? Won't we just be pushing the problem down to the next generation like what was done to us?

  25. They will quickly give an 18 year old a $100,000 student loan but will not grant that same person a $10,000 business loan… interpret that how you will but it’s suspicious.

  26. This. Most people would be further ahead if they could get a mortgage at 18 then a student loan because that would lower their cost of housing which gives them a lot of flexibility. But you won’t find a bank anywhere that will give an 18 year old a mortgage.

  27. Part of it is because you can discharge the $10k loan in bankruptcy. If you remove the bankruptcy block—as lots of people want—you pretty much have to also deal with the reality that lenders will need to refuse to give loans to certain individuals.

  28. Unintended consequences. Problem: less financially well-off students have a herd time qualifying for loans. Solution: governement loans and laws stating you cannot dischage them in bankruptcy! More poorer students can now secure loans!

  29. Like 3 days before I signed my loans I still had to raise my hand to go to the bathroom. Even doing all the financial literacy crap they force you to do didn’t tell me that 8 years later I would have paid off the original amount but still owe MORE because of the interest. I didn’t understand any of it, and both my parents grew up poor, I grew up poor, I was the first kid in my family to go to a 4 year university and graduate. And I graduated in 3 years instead of 4 to lessen the burden on my family. Nobody should be preyed on like that.

  30. It took until my 3rd year of college to realize that the 8% interest on my $120k student loan wasn't going to be ~$10k but instead it was going to be upwards of $180k in interest over 25 years.

  31. This should be higher, my understanding is that these are not the kind of loans we think of, like car and house loans. Where you make reasonable payments and the principle goes DOWN. It sounds like many of these are structured such that it's nearly impossible to pay the principle down faster than the interest goes up.

  32. I grew up in an upper-middle class town, and went to public high school. We had hours upon hours of mandatory assembilies and meetings on how to select your college, apply to it, and prepare to take standardized tests for our applications. Writing the standard application essay was a mandatory assignment regardless of the students plans...all because the % of kids going to higher education was publically reported and made the town and school look good.

  33. I had a coworker who picked a private university that cost around $30,000 a year. She wants to be a teacher. Someone who will start out making $50,000 a year should not take out loans to go to a school that will put them in $120,000 worth of debt. No one tells you how to be realistic, they all just hype you up like college is the best choice for everyone.

  34. This is still happening to kids. My son is in high school and he and his friends are being told, repeatedly, that they need to jump through hoops and get into the best college that will take them and then go to that college, because if they just go to a "good" college, their lives will be set. When that's been transparently proven to be untrue.

  35. This and almost every aspect of finance was omitted at my high school. The only thing we had was an Auto class and over the course of 9 months all we learned was to balance tires and change oil

  36. This is a big part of the problem that no one talks about. From middle school to high school it is ingrained into every student that we are expected to make good grades to get into college. We did that part.

  37. 👆exactly this. And also collage and university is a business, they want to Make money. So of course they are going to push for everyone to attend.

  38. I had a similar experience but I graduated high school nearly 15 years ago and outrageous student loans was nothing new. My sister graduated high school over 20 years ago and I remember her discussing student loans and how they ruin people. This feels like an old topic and yet even today college kids and their families are paying stupid rates.

  39. Millennial from ny here I remember when I was applying to school and I was horribly offended that my family didn’t support my decision to go to a $50,000 semester school rather than a ~$3,500 semester public school. It took a while for them to drill into me that the debt would last forever (middle class fam). That was 8 years ago and I cannot fathom how fucked I’d be had I gone to that private institution using loans. Education rly led me to believe that hundreds of thousands in school debt was to be expected and manageable. V grateful for my dad who helped me dodge that bullet even tho at the time I felt bad about not being rich enough to go wherever I wanted. Love u dad lollllll

  40. Had a very similar high school experience. One thing our school made us do was to sit down and have a meeting with a guidance counselor, to talk about what your plans are after high school.

  41. This is the beginning of it. The rest of it is recommended payback schedules that you're made to believe is the correct way to pay it back, but involves paying 2x the principal of the loan in interest during which time your principal increases. It's predatory, and a scam.

  42. $70,000 loan…. Lmao I went to college for free but am now saddled with a $250k law school debt. They entice you with the free college for a certain field and they get you in the long run

  43. So then the question is this: why would we be pushing student loan forgiveness, but not trying to end the student loan program? Are we trying to give the currently-indebted generation a benefit while letting the coming generation incur the same debt?

  44. So, I agree with this, but as someone who also grew up in an upper middle class town, my parents were involved in EVERY step of the college process. Loans weren't being issued directly to 18 year olds, they were marketed towards their adult parents, who are supposed to have some knowledge about finances and loans.

  45. Some people took public sector jobs (teachers, social workers) that require advanced degrees and have low pay because we were told if we did and paid our loans for ten years they would be forgiven and the the dept of Ed didn’t make good on those promises.

  46. The program still exists, I’m praying that it exists by the time I’m done with it because that is one of my main reasons for taking said type of position.

  47. Just to let OP know, there is a program in place for public sector jobs, the PSLF, (Public Sector Loan Forgiveness) program. You get your loans forgiven after 10 years of payments regardless of the balance (other details omitted). I’m 30 months away from having 5-digit debt forgiven and I took a public sector/non-profit job for this incentive. Whether or not it’s a “fair” incentive is up for debate, but it isn’t like the public sector folks are strung out to dry on their loans.

  48. There are things we need that aren't profit centers. In a company you need electricity and you can't make profit selling the light in your office to others, you just suck it up as an expense.

  49. Sitting at my job as a social worker reading this. I missed a few payments (nor more than 4) on my huge loan, and as I understand the public service loan forgiveness program to operate I am no no longer eligible for forgiveness.

  50. My wife took one of these public school teacher jobs. After 16 years she did get the remaining federal loans paid off, totalling about 45k. What a huge relief because in those 16 years not alot of the loan was shrinking, the interest rate was high, almost double the interest on her car loan. You have to apply for the loan forgiveness program and you can't have any late or missing payments for the last ten years. The loan got forgiven about a year ago and didn't even find out until about a month ago when they sent back the payments she has made since the forgiveness. Of course she still has student loans from private banks but still a huge win we were not expecting.

  51. Speaking of FAFSA, some of the highschools near me are making it a requirement of graduation to fill one out regardless of you're intent to go to college.

  52. I think part of it is because the loans are taken out by 17- or 18-year olds who really just don’t have any idea how difficult they will be to pay back.

  53. Yeah. I went to a state school and ended up with $65k, I thought I was doing great. Especially because everyone I knew had more loans that me.

  54. Mostly because of insanely high interest rates. If you ask someone today who got a student loan in the last 30 years, chances are they still owe the same amount as when they started and have payed much more than the original borrowed amount with accumulated interest.

  55. also, what choice do you really have? it doesn't feel like there is one. go study and pursue something more meaningful (after taking out 60k in loans) or... unload boxes from a 50' trailer at UPS, five days a week for the rest of my life until I retire. Maybe I'll drive a brown truck around and deliver those packages at some point. Those were the possibilities I saw. And truly, I would rather fucking die than work at UPS my entire life.

  56. For those of us who are older millennials we started college when the economy was good. Had that continued most of us would have been able to pay our loans back. The recession that hit in 2009 happened right as most people my age were graduating college, many people my age are just finding jobs in their field now. So we owe loans that were on deferment or forbearance for all those years and can’t pay them back now because of the interest.

  57. Parents tend to cosign education loans don't they? Wouldn't the parents have some idea of what they were getting their kids in to?

  58. This same argument could apply to anything though - if an 18 year old takes out a car or mortgage loan, why can’t that be forgiven? It’s really our medical debt that should be wiped first, but we should be offering free college options and loan forgiveness programs to combat this issue.

  59. The loans were predatory and dumb. Who thought that giving 100,000 dollar loans to kids with no jobs and no collateral was a good idea? As a result of this dumb move, the economy has slowed way down because a large percentage of the population is spending all their money paying off interest, instead of buying stuff and supporting businesses. This has created a blockage in our countries engine and if it doesnt get cleared the problem will just continue to get worse.

  60. Would erasing accrued interest and converting existing loans to interest-free suffice? That was Obama's proposal that got shot down by Congress. I think it's fair.

  61. Yes you hit on something a lot of other comments didn’t - this has crippled an entire generation (millennials) and is going to cripple another. It’s beyond “what’s fair?” and fully “what’s good for the American people and our GDP”

  62. My parents were able to put themselves through school while working part time jobs in the summer. Their tuition was around 3k a semester.

  63. It sounds like your interest rate on that loan is super high compared to the car. If you do want to tackle it quickly, like the car, you should refinance it and increase the monthly payment. There are a ton of websites which can help you calculate how quickly you could pay it off

  64. Serious question: if you were able to pay off 14k for the car that quickly, what's the difference to paying off the 10k for the semester? Wouldn't you be able to do it in a similar time?

  65. They also take/took out loans assuming that their income after graduation would be higher than it is. Sucks but the situation isn’t going to fix itself by everyone saying they need to “pull up their bootstraps”

  66. they'll bailout the companies before they'll bail out the workers. it's the only way to guarantee a labor force that will keep the economy going.

  67. I'm seeing a lot of good stuff here, but I have yet to see anyone mention that Sallie Mae placed agents 'undercover' in university call centers, pretending to be employees of the universities, and steering students toward expensive loans through Sallie Mae.

  68. You can file for bankruptcy on a car loan if you can’t afford to pay it back. You can’t file for bankruptcy on a student loan. It’s actually the only type of loan you can’t file for bankruptcy on. So no matter what you do, it’s stuck with you for life. Interest always adding to the principal. It can reach a point where there is no way you will ever be able to pay it back and you essentially become an indentured servant. I have student loans, and as much as I would like to see them forgiven, I’m not really pro forgiveness. What I am for is making them able to be something you can file for bankruptcy on. If every other loan/debt can be wiped clean with a bankruptcy, why not student loans? The borrower will suffer everything that comes along with a bankruptcy, so it’s not like they are getting off easy.

  69. I agree. If student loans were dischargeable in bankruptcy, the lenders would do appropriate due diligence in their lending decisions. Less money would be loaned, tuition would drop, and the market would adjust like every other sector: real estate, consumer goods, etc. But, because student loans are not dischargeable, the market is out of whack; it encourages predatory lending and crippling debt.

  70. The strongest economies in the world with the highest standard of living provide free education so that they can get the absolute best from their people and in turn make the most in taxes from them. It is an economic win win. People earn twice as much, pay double in taxes and are, by in large, happier and healthier. Free education is how some countries invest in their future. Not everyone is doing it but the results are clear where they do. Especially since the barrier to being a doctor, lawyer or anything else is largely purely financial.

  71. Scotland resident here. Our higher education is fully funded for a first degree. If you want to do a second degree, you have to pay tuition costs but they are only around £2,500 per year.

  72. Everyone else in need got a break. Big business and wall street have been bailed out over and over. But no relief for the future generations who have nene victimized by skyrocketing prices due to shitty regulations

  73. If your definition of "knowingly" is "they took out a loan knowing they'd have to pay it back some day" then yes, they did.

  74. I think the problem is a lot of people are in the same boat as me. I went to college because I was told it’s what I should do. When I got there I was asked to sign a bunch of paperwork and by the time I was a sophomore I realized I was basically saying I’m paying back my debt. I’m fine with that but the problems come from the rates, the fact that you can’t declare bankruptcy to get out from under them and my degree is for something I was told would make me more money but I’m sitting at around 40k a year. So basically the best I can hope for is either go back to get another degree, more debt and possibly find a way to pay it back or keep just paying off the interest. It’s a terrible system and it basically just places people who didn’t understand at the time that they will never be able to pay it back depending on the job they can land after school.

  75. Let me put a comment in this as well. The problem is that with the current student loans you cannot declare yourself bankrupt if you cannot pay it back. Therefore causing more problems. In any other loan situation you can make yourself bankrupt, except for student loans.

  76. You can declare bankruptcy all day long. It's just that the student loans are not dischargeable unless you can show that there is no chance that you'll ever be able to pay them back. Discharge in BK has happened -- I've heard of two cases, one where a guy lost his legs or something. But yeah -- it's a joke.

  77. The kids who “knowingly” took out the loans had to raise their hands and ask if they could go to the bathroom maybe a couple months before they signed for those loans.

  78. No one takes the time to explain to prospective students the paperwork for signing up for student loans. It’s a bunch of legalese, which is difficult for most people to understand let alone (typically) a teenager or young adult. Some parents fill out the paperwork for them so the students never even see it. Additionally, it can be hard to conceptualize how much something is really going to cost you if not made simple. Especially for young people who haven’t really learned how money works. The online version of the fafsa shows an example of payment plans and interest, and requires you to indicate that you understand. If it had been explained to me that after paying consistently for years that I would still owe $1000s more than I’d borrowed, I would’ve had pause. I have friends whose parents were still paying off their own loans by the time their kids were ready to go to college. And it’s not as simple as you can just not pay. After some time of no payment, the govt will garnish your wages and intercept any tax refunds you would’ve gotten.

  79. In short because they’re a scam. Also it’s just not feasible for everyone to get full scholarships or partial so they can pay the rest. So the only way for many people to attend would be to go into this massive debt.

  80. Yep. We have a doctors and nurses shortage because in part because college is so freaking expensive. No one can afford to go to school for a decade.

  81. Part of the problem, among the other issues listed here already, is that the interest is so high that you can be making payments for forever but the total amount you owe never goes down.

  82. I’ve been paying since 2008 and while most of them have (very, very slightly) gone down I have one loan that’s actually gone up. I pay $470/mo and about $10 of that goes to the principle. Once the interest gets added in it practically negates any payment I’ve made.

  83. I’m glad someone mentioned interest rates. I have two separate loans (I don’t even know why tbh, since I was a kid when these were set up and I never asked). One of them includes 6% interest. Doesn’t sound like much, until you factor in the 20k it’s being added to. Now I’ve got an additional ~80 dollars per monthly payment. I’ve been paying off my loans for ten years and I feel like I’ve barely moved the needle. Interest on student loans is fucking criminal.

  84. Isn’t community college an option? Insanely cheap for the first two years, then transfer to a local state school that will provide a bachelor’s degree.

  85. The loans are predatory and you cannot escape them. Plus the interest rates are so high so they take much longer to pay off. The way student loans are set up makes it very difficult for people to get out of poverty which is ironic because people go to college to avoid poverty and increase their chance of financial success in their adulthood.

  86. I did a study abroad. I met several Americans who did their entire degree abroad. Turns out, it is cheaper for an American to live in Europe for 4 years to attend university than it is to go to a public school in the states.

  87. And most of us get our college tuition fees paid and a monthly stipend through SUSI to assist us. I, for one, grew up very mid class. Never struggled for a meal, but never had huge luxuries. And I got my €3k fees paid every year. And got ~€430 a month ( not a lot, I worked to pay rent but this helped a lot with groceries)

  88. Yes holy shit, i pay on time every month, and last i checked by the time i pay them off, i will have paid 2x what i borrowed because of interest. I was stupid, I took the loans, but damn are they predatory.

  89. Maybe the middle ground is make student loans 0% interest and if you already payed off the money that you borrow then your debt is erased? A bunch of European countries have 0% interest loans for students, eventually the government gets their money back from taxes since higher education leads to higher salary, then higher taxes.

  90. My husband pays on time every month and has been for twelve years. He now owes more than he did when he graduated because his payment can’t touch the principal because of the interest.

  91. I'm of the opinion that loans should be paid back, not forgiven. But I've seen some ridiculous shit on student loans, eg someone borrowed 35k, has paid back 20k, yet is still 50k in the hole? How's that even possible???

  92. As a graduate student with 34k in loans, I knew what I was getting into. I worked two jobs while being a full time student so I wouldn’t owe so much once I graduated. I had the unfortunate experience of graduating in May 2020 where the job market essentially didn’t exist. The problem isn’t paying them off, the problem is not getting paid anything or not even having the opportunity to find a job in the field you went to college for. I have college friends who are stocking shelves at Home Depot making $20/hr while I’m making minimum wage for a job that requires my bachelor’s degree. If we actually had the opportunities for a job that pays us better in a field we spent 4+ years studying paying them off wouldn’t be a problem.

  93. It boils down to this. The way america does student loans is FUCKED, people in other parts of the world are baffled that it's so normalized to fuck over your own citizens in America. It's literally financial predation by the government to put people into unpayable amounts of debt.

  94. I signed at 18 what I thought was a loan for one semester for $1500 to cover books. I had a scholarship for the rest. Second semester I go to see if I needed to take out any more loans and was told that "no, it's taken care of." I assumed and was led to believe that a scholarship had kicked in or I had a remaining balance.

  95. Because student loans are predatory and instead of enabling access to education and opportunity, they put people in indentured servitude for life.

  96. Eh, plenty are groomed by the public education system and their parents that they MUST get into advanced ed to be successful.

  97. You're also expecting a 16-18 year old to make this decision and let's be honest a large majority of adults don't even understand loans and they've actually worked with them.

  98. Back when my parents (boomer gen) were college age, you could easily afford college on a minimum wage job.

  99. A lot of good points concerning predatory lending and lack of financial education. Something else to consider: it doesn’t really matter how so many people came to have so much debt. It’s going to be an issue for the economy if everyone just defaults. It needs to be addressed and debating personal responsibility ignores the bigger issue.

  100. It’s less about freeing each individual person from their loan, and more about giving a massive portion of the country a chance to stop treading water and get on top of their finances, which in turn helps the entire economy.

  101. It's not just being brainwashed. It is a circular problem when the majority of businesses have placed such a large emphasis on having a four year degree in order to apply for even entry level positions. Or deny promotion to upper level positions due to the lack of one.

  102. I have a friend who took computer science in the 90s. His degree cost him 10k in a student loan. It's been 30 years of him paying his loan. He owes 25k now. He has paid well over the 10k since. And on top of that, he couldn't even get a job with his degree and ended up not being able to use it.

  103. Yeah, in this situation, you’re either lying or it’s your friend who is at fault. 10k loan with a CS job should easily be paid back even with the most predatory interest rates.

  104. It’s a combination of bad interest rates, high prices of school, and getting a degree that isn’t worth the paper it’s printed on! Plus let’s get the squared away, you work trained you, if employers want highly educated shouldn’t they pay for it? Why are we straddling kids with no financial stability with massive debts just to be a pencil pusher? Add in the cost of living, rent, food, etc and you see why younger generations are living with roommates into their 40’s, aren’t going to have kids, and end up depressed. More importantly if other less wealthy countries can offer it, shouldn’t the best country in the world do the same? It’s not like it’s impossible

  105. Not sure exactly how it works, but for starters the government gives six-figure loans to students who aren't even old enough to drink and be considered legal adults. On top of that, I see horror stories of interest rates where even after months or even years of consistent payment, the overall balance is even higher than the original loan amount.

  106. Because if an 18 year old can’t drink legally why are we approving them for tens of thousands of dollars in loans. I just trusted my parents that I HAD to get this money to go to college. Now I’m on the hook for a decision I made when I was barely even an adult by societal standards? That’s predatory as fuck.

  107. Because they were told "take this loan, put yourself hundreds of thousands of dollars in debt, and we'll sure you get paid and live a good life!"

  108. I honestly don't think there's a good answer to this question. Yes, tuition rates are out of control. Yes, student loans are more predatory than business or personal loans. Those are the issues everyone is talking about. Forgiving student loan debt really doesn't address those issues, much less solve them. This is why I don't really understand why student loan forgiveness has become such a hot button.

  109. Because it’s an enormous drain on the economy for tens of millions of new degree holders to be so much in debt that they can’t afford to buy anything. Duh.

  110. Imagine how much better this country would be if more people were able to afford education and opportunity and not just have that be a privilege. And, if debt is reduced dramatically, the economy would better from it because people would be able to invest more, buy more!!

  111. We were convinced to take these loans with the promise/threat that we could only get good grades with a college degree. That never happened.

  112. For a generation, we have promoted the notion that college was necessary at all costs. The student loan industry is far from transparent, and many people end up making payments and having their balance only increase. And these are the PRIME lenders. Sub-prime are even worse. Often, interest rates aren't even disclosed at the time of signing. Students are presented with paperwork, they're told that without the student loans, they can't have college without it, and they're pressured to sign on the dotted line. They discover upon graduation that they are deeply in debt and they will be paying their loands off for decades. It's a racket.

  113. You’re right for the most part but we weren’t taught how this would work before making these decisions. I’d imagine my situation is like most. Accepted into the university, signed some document that said they would loan me money to pay for school, the check amounts they gave me each semester were always all over the place and I usually had money left over after class and book payments. As a 18-22 year old what did we do with the overage of payments? Not like you can send it back. So we used for rent, booze, and food. Then Graduate college, and see 9 different loans through the gov each with its own payment. I had $70k in loans when I graduated in 2010, ive luckily had a good job and I’ve been paying $500-$600 monthly for 12 years. Guess how much I still owe? $60k. Interest is incredible and the payments are exhausting. I’ll still be paying mine when my 3 year old daughter is 20. It’s a hole that is impossible to climb out of without putting huge chunks of your money into them. So again, you’re right. It was our decision to take a loan. But none of us knew what we were getting ourselves into.

  114. We shouldn't reward people for making bad decisions. There are more important things like the homeless and veterans we need to take care of. It's a lot easier for a certain political party to gain votes if they forgive student loan though. That is the only reason it's discussed. If you think they actually care about you than I'm not surprised you were stupid enough to take out a loan.

  115. When the government intervenes, there are winners and losers. The banks get government backed loans and institutions of higher learning can continue to raise tuition without any connection to competition or the free-market. The people get screwed.

  116. Bc they are stupid entitled children. Student loans used to be interest free but people weren’t paying them back so they started putting interest on them. If you borrow money you have to give it back or don’t borrow it. Public universities are super cheap for residents compared with private colleges so there’s no excuse. So sick of bratty socialist gen zers whining and complaining. There’s real issues out there, this isn’t one of them.

  117. atp its not even abt forgiveness… the interest rate thing just needs to stop completely. Its education that benefits society; there shouldnt be a profit made by the govt to educate the citizens

  118. It’s not the action of taking out a loan that’s problematic, it’s the obscene lack of regulation which leads to people paying much much more than the original loan and with fees inflating tremendously every month some people will NEVER make enough to pay them off because the fees are always going higher and higher

  119. Notice how a lot of these people don't take accountability for the debt they took on. It is their parents fault, or their high school's fault, or they were "young" and didn't know, or anybody's fault but their own. The people that are asking for this "relief" have disassociated themselves from all responsibility for their situation and want someone else to take responsibility.

  120. Personal experience: When I took out my loans at 18, when I had no bills/ expenses or real experience with money, I don't think I fully understood how much $20,000 for a year of college really was. I was really unprepared to be thrown into something like that, and now that I'm at the point of having to start paying stuff back I wish I had known a lot more. I was always told college was the only way, and since I didn't qualify for any scholarships or anything else to help loans were my only option. I always just assumed I'd make it out of college and get a great job right away and not have to worry, which I know now was very naïve.

  121. I agree. By all means, we should do something to make college affordable, but taking out a huge loan and getting it refunded is ridiculous. I worked a full time job all through college. I went to a local school, not an “expensive” one. I lived at home rather than doubling the cost of school with dorm fees… because that’s what it took to do it.

  122. I don't think you're an asshole. I made stupid decisions and took loans out when I didn't have the ability to pay them off. 5 years went by of paying minimum payments when I said enough was enough. I worked my ass off working 12 hours a day and 14 hours on weekends doing my normal job and delivering pizzas on nights and weekends. I got my loans paid off after several years and burnt myself out doing so.

  123. The basic issue comes down to if you believe education should be free - I do. I think healthcare and education are a fundamental responsibility of a civilized government.

  124. People who support loan forgiveness just don't understand personal accountability. "Oh, I was only 18...how was I supposed to know that borrowing $200,000 for school was a bad idea when all I wanted to do was smoke weed and be a barista?" Pretty sure you were happy to drive, vote, smoke, drink, maybe buy a gun, get a credit card, or the countless other things that you can do once you come of age. Pretty sure you'd still want an 18 year-old driver to pay for damages if they smashed your car. Freedoms entail responsibility. Actions have consequences. Deal with it.

  125. I feel like a lot of people who want student loan forgiveness are people who mad bad choices or selfish choices and now want others to bail them out.

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