Historic Student Loan Relief

[KUTradition]

another npr hit piece lol

https://www.npr.org/2022/10/12/11282074 ... l-business

[Deleted User 863]

I dont think there should be any loan forgiveness. Why should people who didn't take out loans have to pay for it? You chose to take out a loan. Nobody forced you to. Figure out a way to pay it back
What we could do that actually makes sense moving forward is get education costs down. College prices has inflated more than anything over the past few decades

Can't say I disagree in principle. But the problem is, we bail out banks and people who knew they were not going to pay back their ppp loans. The other major issue is that college is backed by government loans. Take that away and the price will come back to normal.

The typical portions that are "forgivable" had to be used for a specific things, primarily (the intent, at least) paychecks for the employees. Which was a way to help reduce the number of people going on unemployment, since that was obviously sky high at that time. So either way, a lot of that money was going to get "handed out" by the government, one way or another.

The application approval process for PPP loans was not exactly easy imo.

https://home.treasury.gov/system/files/ ... et-508.pdf

[Mjl]

I dont think there should be any loan forgiveness. Why should people who didn't take out loans have to pay for it? You chose to take out a loan. Nobody forced you to. Figure out a way to pay it back
What we could do that actually makes sense moving forward is get education costs down. College prices has inflated more than anything over the past few decades

Can't say I disagree in principle. But the problem is, we bail out banks and people who knew they were not going to pay back their ppp loans. The other major issue is that college is backed by government loans. Take that away and the price will come back to normal.

The banks paid back their loans

[StayCurious]

Did they return the money back to those who lose their retirement due to the MBS bonds?

[Mjl]

I mean... Yes? That was the point of bailing out the banks. Stop the downward spiral. And the markets recovered. If someone had their entire retirement in mortgage backed securities that close to retirement age, that's on them. And that's why we have social security - helps provide for people even if they make stupid decisions.

[Mjl]

I can't tell psych from Ous. Horseshoe theory strikes again.

[StayCurious]

I think Ous and I have a lot of similar things that bother us about society. Our solutions are likely very different though.

[Deleted User 863]

I can't tell psych from Ous. Horseshoe theory strikes again.

[KUTradition]

today’s the day, right?

[Mjl]

It's gone

[KUTradition]

It's gone

at least for the time being

i’m curious to see what the actual response from the administration is…not just their prepared statements

[Sparko]

Seems like a good investment in human capital to waive this. Tuition has gone up for all non legacy Ivy Leaguers.

[KUTradition]

here’s an idea: how about relief for those who’ve already paid off their principal?

[TDub]

here’s an idea: how about relief for those who’ve already paid off their principal?

thats more reasonable










can I do that too with my loans? haha

[pdub]

I don’t think kcrim ( well Randy and Mich obvi ) would agree with my opinions on the latest couple Supreme Court rulings.

[KUTradition]

i guess i see both sides here

i fully understand, and appreciate even, people needing to take responsibility for their decisions and agreements

that said, from both personal experience and watching friends/colleagues, i’m definitely of the opinion that getting loans was silly easy (at least in these anecdotal situations)…to the point where i do think they could be considered predatory

regardless of potential relief, the system needs to change

[pdub]

Absolutely the system needs change.

[ousdahl]

Absolutely the system needs change.

Settle down, Qusdahl.

[Mjl]

The free market should take care of this. College education is no longer worth the price for many jobs. Employers who stop requiring college degrees will do better because they get a wider selection of candidates. Colleges will need to become more affordable or die out.

Paying the debts of those who knowingly took loans isn't the answer. It's a gamble to take a loan to go to college. I don't want to pay the debt of those who lost on that gamble.

[pdub]

Federal student loans interest for current and future loans need to be set at the absolute bare minimum on a conservative ( or non conservative depending on your definition ) guesstimate ( ie a greater chance that the government would slightly loose money on the loans than make it ) to keep up with inflation. Any current loan a student has that has a higher rate than that should have the opt in to get to that lower rate and you could fix into that rate. So we are talking ballpark 2 percent loans.

I agree that students made these decisions so they should have to pay the loans back but the predatory part of the loans, the interest, should be minimized/eliminated.