Students who think their loan debt should be canceled are ridiculous

  1. I’ve paid back twice what my student loan was worth already. I’m never going to catch up. At some point they have to admit this is predatory right?

  2. In Finland you pay less interest than the inflation and on top of that, 40% of the student loans that exceed 2500€ will be paid by the state if you graduate on time.

  3. Normally I against anything affectiving student loans but this I can get behind to an extent. This is simply an investment into your citizens. But should be capped, like zero interest on the first 30k, so that it encourages students to still pick an affordable college. So that students don't abuse it to go to overly expensive colleges and also reduces any inflation on tuition due to this policy

  4. Because the government started handing out loans to 18 year olds and also started guaranteeing loans that banks gave out to 18 year olds. Knowing that the government was footing the bill allows college to charge whatever they want. Also same reason why medical bills are so high, the government takes on the bill

  5. Because people pay for it. Like any other business. If people stopped going to college all together bc of prices they would come down.

  6. The dumbest part of the whole “loan forgiveness” thing right now is that it doesn’t fix anything. Some people get debt forgiven and then what?.. 10 years later we have to do it again? It doesn’t solve the issue at all, at its core. It’s just going to happen again. And again. And again. It fixes nothing.

  7. Some people get their debt forgiven then get to live more fulfilling lives with less debt. And then we’ll forgive it again in 10 years. If the issue doesn’t get solved that’s no reason to punish the people hurt by the problem in the first place.

  8. Is anybody even arguing for this though? I thought most people who want loan forgiveness also want college to be free anyway.

  9. Exactly. And If they truly cared they would be addressing this super fucking obvious issue and come up with a solution that ensures we don’t get screwed in the first place. They’re just trying to pander to current voters.

  10. It represents a new sort of disincentive to promote even wilder fiscal irresponsibility. I mean, we all know that magic trick where you turn a student loan into beer, right?

  11. Get the everyone can go to college government out of the student loan business. Not everyone needs, or should, go. Go to the bank, ask for a loan, and let them figure out if you're qualified for one. If you'll study something that will bring in enough money to pay off what you owe.

  12. An issue with the government underwriting loans for all was that it created a higher demand for college and universities jacked up their prices exponentially. From what I remember one study said that a student in the 80’s would have to work 13 hours a week and the summer to afford most state universities.

  13. The issue with that is that there are jobs that need to be filled that aren’t very lucrative and it is very unlikely a rich kid will want todo them. Example of this would be teachers. Teachers in my state make an average of $40k with a starting salary of $35k. We have a big shortage of teachers.

  14. why are student loans so much in America. I've seen people say they're like hundreds of thousands dollars in debt. is that real? what the hell did they need such a huge loan for?

  15. There are multiple factors. First, kids are encouraged to go to university right after highschool. So they go in, not knowing what they want to study. The first couple of years they do their general education stuff, but then are supposed start in their degree program. As they don't really know what they want, they'll pick less marketable degrees or change their degrees multiple times, extending their time in school, which increases the amount the need to borrow. Second they'll over borrow. Let's say the cost of school is $50,000/year (just a number I'm throwing out). They'll borrow say $90,000/year so they don't have to work and have some extra money for food/housing/"play"/etc. Third, the loans they get have ridiculous interest rates (especially the ones from private lenders) that begin immediately and are adding interest while they are still in school.

  16. Try hundreds of thousands in debt… some of my friends that went straight to a 4 year uni will most likely be paying their debt off a few years earlier than their retirement. It depends on where you go to college, which college, which degree, how long a field requires education and training to be, etc.

  17. Rent, food partying just about everything after you pay school costs it can be easy money. But when you have signed up for a shitty degree where you really can't get any kind of a job to start paying off

  18. Because they live off of them. The loans are for tuition and books, sure, but it’s also rent and food and beer and whatever else. They want the “college experience” and take loans out to finance the whole thing.

  19. Me degree, with in state tuition, at a smallish public university is about $20,000 a year. Many loans have interest near or higher than the monthly payment, so the loans gain value over time, unless the person has significant extra payments each month.

  20. I think their point is these banks and large corporations are bailed out over and over and almost never pay the money back. Canceling would help to boost the middle and lower class.

  21. It’s predatory. Plain and simple. Period. It takes advantage of people with little real world financial experience at high fucking rates to make a profit. Plus, imagine being so selfish that you pull the child card, “well, that’s not fair to me!” How about we consider the benefits of pumping all of that money into the economy instead of mega banks and the fed.

  22. High school students need a lesson in compounding interest before signing up for student loans. Our culture is also to blame for normalizing this kind of practice.

  23. The problem with student loan debt is that a lot of it is based on false advertising by the colleges. Its a very similar to reverse mortgage schemes that prey on the elderly.

  24. If you’re cancelling student debt, I’d like a full tuition refund then. Only logical, some took a loan for their degree and I worked nights to pay for mine. Equality IMO. Free school for all or for none.

  25. Do you feel the same about scholarships that target only a certain group? I got a scholarship simply because I’m Hispanic. Had absolutely nothing todo with my GPA. I’m not asking to start a fight I’m just curious.

  26. There’s two types of people in this world. Those who think “I suffered so therefore everyone else should suffer as well” and those who think “I never want someone else to suffer like I did”

  27. And those who expect people to pay for their own shit. We aren’t just magically wiping all house mortgages car payments and credit card debt. Individual responsibility is a thing. It’s not societies responsibility to pay for your fuck ups.

  28. Student loan suffering is based on a personal choice that was made when deciding whether or not school was a good option or not and then what school makes the most sense. Which in my situation was determined based on finances, so I graduated debt free. Which is very possible for many people to do, or at the least to take a small loan. Obviously there will be people with astronomical debt, but hopefully those people will also be getting paid a ridiculous amount of money by making that big of a financial investment

  29. This is a terrible comparison since a lot of people are much better off with their student loans and resulting college degree than had they never gone to college. So they're actually are suffering less in life with student loans. This is why any non need based broad forgiveness is largely a handout to the upper middle class.

  30. This is a great post! And it's probably genuinely unpopular too considering all of the people bitching at Biden about not canceling the debts. I mean, the man was stupid to make that ridiculous promise in the first place. Just promise to try and reduce tuition costs that's all.

  31. If student loans were dischargeable by bankruptcy, EVERY student graduating with debt would declare bankruptcy immediately after graduation before going to work and start their career debt free. Then no one would loan students money.

  32. I had a friend that took out a $5k student loan every year simply to party. His parents paid his tuition, but he was too lazy to get a job so he just took out loans to buy beer... I paid my way with hard work, and a little help from family. Should his loans be forgiven?

  33. Curious as to your thoughts on the government forgiving the covid loans and bailing out banks, car companies, farmers and airlines (repeatedly).

  34. Interesting when someone points this out because people are usually consistent in saying they shouldn't be bailed out either. Also not that great of an example since those companies paid back the bailouts with interest.

  35. The reason people go to college is because they believe it will lead to a higher paying job. If you can’t pay the loan, then the reasoning is wrong and you shouldn’t sign up for the loan. Period. Figure out the career and income potential before borrowing tons of cash.

  36. I think an issue is who owes the debt. I think one statistic is that. 1/3 of student debt is owed by he top 20 percent of household incomes, while only 8 percent is owed by the bottom 20 percent of household incomes. I think any plan would have to take in account current income.

  37. They will vote for a trash candidate, as long as they mention student loan forgiveness. After getting into office, they will laugh about the idea.

  38. I used my GI Bill and had numerous scholarships and it still took me 20 years to pay off. There shouldn’t be interest on student loans. It’s absolutely predatory lending

  39. I didn’t get a degree because I couldn’t afford one. Why should I be taxed to pay for someone that had the privilege to go to college?

  40. Jobs pay. We just have a history of telling people depending in minimum wage jobs is ok. I don’t even have a college degree and make close to 100 grand a year. Not to mention we tell upping adults to avoid the trades and college is the only way.

  41. I think the whole “Well it’s the principle! You signed up to be scammed by predatory loaning to pay for your government funded education (from an institution that your taxes contribute to), so you should stick to your word!” is ridiculous.

  42. At this point I think it's just an effective way for the government to stimulate our economy. You know what gets an economy going? A working class with spending cash. Can't really have that when most discretionary funds are getting funneled to loan servicers. If we can bail the banks out for supposedly the same reason, we can bail our citizens out.

  43. Okay. But which citizens? Why pay off student loans instead of credit card debt, or mortgage payments? Why not just give everybody $5,000 and let them spend the economy back into gear?

  44. Agreed. If we want to reduce interest rates, I'm in, but these whiny fucking babies who apparently never spent a dime of that loan money on a basic math class get 0 sympathy from me.

  45. Loan agencies come in and sell their bullshit to kids that can’t even drink alcohol legally for 3-4 more years. What kind of foresight do you expect a kid to have that you’ve been selling college to from the time they were 14 years old?

  46. You know what's ridiculous? Throwing a kid out into the wild as soon as they're done with high school and convincing them to take on ridiculous amounts of debt in the hopes of being able to get a decent job that allows you to avoid even more debt.

  47. Yeah. I was 18 and realized I couldn't afford college. So I joined the military. Kind of pissed that I did that if people just gonna get their loans cancelled. I aslo went to community college first and then transferred over to university after I received my associates.

  48. I have better things to do than discuss the US standing on college education specially because I'm nto american but I do have something to add.

  49. This whole thread just shows me again how shitty and selfish Americans are. We’re fucked. There’s no fixing this place. There’s zero solidarity. Most Americans wouldn’t piss on each other if they were on fire.

  50. Solidarity shouldn't have to include subsidizing someone's shitty life choices, nor the system that employs more administrators than educators.

  51. We here in Germany don't pay any student loans because we lack such stupid system meant to exploit the financially weak and those who want higher education

  52. Thank you. I’d like my mortgage canceled and taxes. I guess I’m old . People today seem to want to reap benefits without understanding how things works like the economy. Maybe the school wants it’s debts canceled? Those instructors don’t need to be paid anyway! These are the same folks generally whining about inflation vs wages. 🧐

  53. I spent many years paying it back in full and would not be insulted at all if other people didn’t have to go through that shit.

  54. Take my upvote... may it help to cancel out the inevitable flood of downvotes you're going to get for saying this.

  55. I had $75k in student loans. Have been paying $450/month for 11 years. I am now over $80k in debt for student loans. THAT is the problem. Most people don’t want the loans completely forgiven. But when you are paying hundreds a month for your principal to only go up, people get pissed. There is absolutely no reason for interest rates to be so high, and the debt to be compounding like it is. It is ridiculous.

  56. Tell them you want college to be affordable/free but current debt shouldn't be cancelled and watch how quickly these people show you how it really is just about them wanting free money.

  57. I disagree. I’ve suffered through tons of stuff in my life that I would be more than happy for others not to. I, in no way, would be offended by someone else NOT experiencing my troubles. I’m fact, I would actively advocate for them to have a better experience than me.

  58. Okay, so? That doesn’t change the fact that student loans are a gigantic waste of fucking money that detract from our ROI unfairly compared to previous generations. I don’t want it.

  59. Imagine thinking you're entitled to someone else's time, money, and services because you refuse to be held accountable for your decisions.

  60. Upvoted because this is the reason why you'll never see a "based" future where young people raise families and stop doing degenerate stuff.

  61. Bro honestly at this point I would take a voided diploma if I didn’t have debt. About 95% of college degrees are completely pointless to get unless you plan on getting a masters or more. The only fields worth going to college for, and using that degree to get a job, are STEM fields (obviously IMO).

  62. Nobody wants you to be in debt, aren't you the one that signed the papers? If you were so gullible and immature, maybe you shouldn't have been signing loans and going to college?

  63. And one thing people don't like to talk about is the people who tend to have the most student debt are the people who are well off already. Like the people who gain from canceled student debt are doctors and lawyers and other people who will be part of the upper class

  64. That’s so very wrong. Doctors and lawyers are a small percentage of the population as is. The VAST MAJORITY of graduated people with college degrees are undergrads and Masters at best. NOT making enough from their investment in an education to make student loans even ethical business.

  65. What about the $600+ billion that were forgiven in PPP loans? You mad about that too or do they get a pass because they're "jOb cReAtOrS"? How about all the times the govt bailed out banks, wall street and the car industry? The outrageous interest rates are the real issue. People have long paid off their principal and yet their balance owed is still almost the same.

  66. Amen. If you don’t want the debt, don’t take out the loan. It took me ten years to pay off mine - why am I now responsible to pay off the loans of others? Work through school, don’t go to college, go to college for a degree that you can get a job in (maybe women studies is interesting but what are you going to do?). The issue is definitely the institutions and rising costs. It’s insane. But no one is demanding that change. Let’s change the problem not just bail people out of a debt they took on willingly and with full knowledge.

  67. The problem that I see is that school is too expensive which results in loans being too high. I went to both college and I'm currently in university (in Canada) and while I took out loans for college... I started paying tuition for myself halfway through college (which I paid off) and currently paying all of the tuition in uni and it feels liberating.

  68. I will say, the public education system in the United States makes it seem like you HAVE to go to college, when in actuality it’s a poor option for a lot of students. Thus I blame the government for their crap college promotion

  69. I mean is it more important than to get super anal and butthurt about the concept of personal responsibility or to reorganize society in a way that actually is functional and sustainable?

  70. It’s even more insane to me that so many students complaining about the payments also take multiple vacations a year. In all honesty though it’s pre college education failing to teach them financial responsibility. At home and in school. It shouldn’t be that hard to understand how a loan works. And it shouldn’t be that hard to understand if you go to school for a garbage degree you won’t pay it off for a long time.

  71. My wife has several friends who basically milked an art degree for like 6 or 7 years because living on campus was fun and the loans covered it. Now that we're all in our 30s only the ones who married a good earning spouse have made progress on those. Some of them are still over $100k deep 10 years later because when you make $40k in a single earning household all you can really afford to do is pay the interest.

  72. I paid my student loans off relatively recently, and I am not insulted by the prospect of forgiving student loans for those earning less than 100K per year or so.

  73. At least you see how much your country want you to be educated. Education shouldn't be paid by students. sure, if you want some extra, pay for it. Point is, it shouldn't be behind the paywall. Specially when you have to take a loan for it. You may still not find work in industry you learned for. Sh#t happens, its nice to have plans, but many times things will turn out differently. thanks to the internet you can learn anything you want on your own. there are few professions that require a diploma. Experience is overall more valuable.

  74. There is no benifits from gatekeeping education. Forgive the loans AND change the system for the future at the same time. These loans are predatory, the cost is a scam and shouldn't have ever gotten this is control. 18 years old can't drink a beer but they can sign thier life away to a scam company like Naveint? A company known for purposely misleading students into debt by lying about long term payment plants?

  75. I took out 20k in student loans between 2007 and 2010. I was paying them while a student. During my junior year college sold my student loans to 3 different companies despite my timely payments. Not that they split it into three loans, they sold the same set of loans to 3 companies.

  76. Ur an idiot. My parents paid for my college, I couldn’t even imagine having to take our student loans and being crippled with the ridiculous interest. It’s all a scam, why is it that an 18 year old can’t go to a bank and get a ten thousand dollar loan but they can take out hundreds of thousands of dollars for school? SOUNDS PREDATORY TO ME

  77. Here in Australia we are pretty lucky with our university loans as we get a “HECS debt” where it is like a loan but we pay no interest on it and don’t have to pay it until we make over a certain amount unless you elect to do so otherwise. For me this works as a small sum comes out of my salary every pay cycle but I do agree that for some degrees the cost should be lowered.

  78. I think everyone should have to pay back the principal of their student loans, and if the government wants to tack on a little interest to make a little money, that’s fine… but no one should be spending years paying back their loans and every penny goes to crazy interest rates and the principal remains the same after several years. That’s a broken, exploitative system, and let’s not pretend the American school system teaches anything about interest payments and the difference between subsidized and unsubsidized loans. So you have a bunch of 18 year olds with no clue taking out loans and not realizing the interest is accruing while they’re in school and that interest is added to their principal so when school is finally over, you’ll find a ton more money they need to pay back and the payments only barely scrape through to the principal.

  79. America is a scam. Most people can’t afford to have basic stability and dumb assholes on the internet want to blame these people for a corrupt system that funnels money to the top.

  80. Remove loan interest when it is for university and make a good plan for it to be paid yearly. If they want people to get higher education and become scientists they should help them this way so not only wealthy people can go to higher education.

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