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STUDENT LOAN FORGIVENESS? NO WAY!
JimBrownUSA.com ^ | July 11, 2022 | Jim Brown

Posted on 07/11/2022 12:36:19 PM PDT by Ebenezer

Forgive all outstanding student loans? Sure, why not. What this means is that all other taxpayers, that’s you and me, will pick up the cost and pay more taxes. And the price is really not all that much, is it? There are over forty-three million U.S. borrowers who owe nearly $1.6 trillion altogether in federal student loans. That’s 1,700,000,000,000 dollars.

The average amount of debt by students who graduate is less than $20,000. About six percent owe $100,000 or more. So why is the government even involved in lending and guaranteeing student debt? According to the Council on Foreign Relations, “the U.S. government invests in higher education for its people—through need-based tuition grants, student loan programs, veterans’ benefits, and research grants—because an educated and highly skilled workforce promotes national prosperity. Highly educated workers provide greater tax revenues, are generally more productive and civically engaged, and are less reliant on social programs.”

Nothing wrong with this reasoning. Except that many students and their families bite off much more than they can chew. Sure, we would all like to attend a private university where tuition costs alone can exceed $50,000 a year. But just like buying a home or buying a car, decisions must be made as to how much the borrower can afford. Some drive a Ford or Chevy, and others who can afford it drive a Cadillac.

I personally know something about paying back a student loan. When I was attending Tulane University in New Orleans in the early 1960s, I could not afford the tuition. And it was not for lack of trying. I worked summer jobs all through high school and college. During my time at Tulane, I held numerous part-time jobs, including playing my banjo on Bourbon St., being the night manager at a fleabag hotel on St. Charles Avenue, coaching little league basketball, and even dressing up like Yogi bear to advertise his latest movie. But that income still wasn’t enough to cover my tuition. So I applied for and received a federally guaranteed student loan.

When I graduated from law school, it was time to pay the piper. I started paying back my loan in 1966, and it took me 10 years to return the borrowed amount of $75,000 plus interest. A lot of money that in today’s dollars would be more than twice that amount. I was on my second term as a state senator when I finally paid off all that I borrowed. Louisiana Governor John bel Edwards did the same thing. He was several years into his term as governor before his student loans were paid off. But he paid back every penny along with interest. We were both glad to have the chance to borrow the money, and we never thought twice about asking that our loans be forgiven.

So did millions of other Americans who stood by the premise that a deal is a deal, and they had an obligation to pay their loan back. What about those students who chose to go to a trade school where student loans are in most cases unavailable? And of course there are millions of people who did not attend college at all. They will be stuck with paying additional taxes to cover the debt of those who borrowed more that they could afford, and are now asking the federal government to forgive what they borrowed.

Remember that students are not the only people who owe a debt to the government. Do we now forgive loans of individuals who borrowed for disaster assistance, farm programs, Covid loans, and a whole host of other government leading programs? Won’t these folks, for good reason, feel cheated?

The only exception that might make sense is to allow students a choice of either repaying their loan or participating in significant community service. Not just a few hours a week, but committed service in organizations like the Louisiana National Guard, AmeriCorps, Teach for America, Peace Corps, National Health Service Corps, or numerous other local and state service organizations.

For many years, American families struggled to save and send their kids to college. Thousands of students have often worked several jobs to help cover their college expenses. To forgive the debt of current borrowers reeks of a political payoff. Simply put, students who owe loans to the government should pay their debt and keep their self-respect.

Peace and Justice

Jim Brown


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KEYWORDS: bloggers; jimbrown; louisiana; studengloans
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1 posted on 07/11/2022 12:36:19 PM PDT by Ebenezer
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To: lsucat; Roux; Pikachu_Dad; WFTR; chemicalman; abb; Liberty911; CajunConservative; LSUfan; ...

Pelican State ping


2 posted on 07/11/2022 12:37:02 PM PDT by Ebenezer ("Be strong and of good courage.")
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To: Ebenezer

once you start forgiving, how can you stop?...every year there is a new crop...


3 posted on 07/11/2022 12:39:25 PM PDT by stylin19a (this space for rent)
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To: Ebenezer

FALLOUT from all those PARTICIPATION TROPHIES————


4 posted on 07/11/2022 12:40:38 PM PDT by ridesthemiles
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To: Ebenezer

Pay for it by raising gas engine car and truck fees. Helping to save the planet. 🤬


5 posted on 07/11/2022 12:42:29 PM PDT by frank ballenger (You have summoned up a thundercloud. You're gonna hear from me. Anthem by Leonard Cohen)
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Do it for exchange of volunteer work cleaning highways or other city things that improve the safety and cleanliness of neighborhoods and schools


6 posted on 07/11/2022 12:43:16 PM PDT by dsrtsage ( Complexity is just simple lacking imagination)
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To: Ebenezer

Any student loan forgiveness should be accompanied by a refund from the institute of higher learning that profited from the student loan.


7 posted on 07/11/2022 12:44:11 PM PDT by Yo-Yo (Is the /Sarc tag really necessary? Pray for President Biden: Psalm 109:8)
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To: stylin19a
once you start forgiving, how can you stop?...every year there is a new crop...

And what about all those who dutifully paid off their student loans? Are they now due a refund?

8 posted on 07/11/2022 12:44:29 PM PDT by SamAdams76 (3,475,599 active users on Truth Social)
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To: Ebenezer

So why is the government even involved in lending and guaranteeing student debt?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Another of the Kenyanesian Usurper’s evil deeds.


9 posted on 07/11/2022 12:46:53 PM PDT by Lurkinanloomin ( (Natural born citizens are born here of citizen parents)(Know Islam, No Peace-No Islam, Know Peace)
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To: SamAdams76

how about it !...there is no upside except to those whose loans are forgiven,


10 posted on 07/11/2022 12:47:01 PM PDT by stylin19a (this space for rent)
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To: Ebenezer

$1.6 trillion that does not exist. Stupid ‘studies’ majors that are economically illiterate don’t realize they will be paying for that debt forgiveness for the rest of their live. They don’t realize inflation will continue. They don’t realize that they won’t be employed in a highly skilled profession at McDonald’s. Unemployment is going to sky rocket this autumn. The first to be laid off should be Democrats. The last to be rehired should be Democrats. They’re not changing so at least we can enjoy them whine in misery.


11 posted on 07/11/2022 12:47:10 PM PDT by ConservativeInPA (Scratch a leftist and you'll find a fascist )
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To: Ebenezer

what about the ones about to go to college? they get screwed?


12 posted on 07/11/2022 12:48:03 PM PDT by TexasFreeper2009
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To: TexasFreeper2009

Turn it over to collection agencies. Next, give the program back to the banks.


13 posted on 07/11/2022 12:49:44 PM PDT by DIRTYSECRET
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To: Ebenezer

This is so ridiculous and so wrong. Just a blatant example of buying votes by stealing from productive citizens.

If these welchers won’t pay their debts, I say put them in a chain gang and make them work off their debt by digging ditches or whatever else is at hand. That will drive the right behaviors in the future, which is the exact opposite of what you get with the mass theft of debt “forgiveness.”


14 posted on 07/11/2022 12:50:35 PM PDT by EnderWiggin1970
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To: Ebenezer

As usual, when the government gets involved, the cost skyrockets. This time, student loan guarantees.


15 posted on 07/11/2022 1:02:26 PM PDT by 1956tbyrd
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To: stylin19a

Ive got NO PROBLEM “forgiving” these loans if the borrowers respective Universities had to pay it back instead.


16 posted on 07/11/2022 1:03:43 PM PDT by Tea Party Terrorist (Eat the Rich)
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To: Ebenezer

I was accepted to an Ivy League graduate school program. I choose, instead, to attend a state university.

Choices, choices.....They make a difference.


17 posted on 07/11/2022 1:14:38 PM PDT by wintertime ( Behind every government school teacher stand armed police.( Real bullets in those guns on the hip!))
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To: stylin19a

If they forgive SL debt today then those following will borrow more knowing they don’t have to pay it off.


18 posted on 07/11/2022 1:16:27 PM PDT by wgmalabama (We will find out if the Vac or virus risk was the correct choice - put the truth above narrative )
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To: wgmalabama

I bet you always always find the bright side of everything, dont cha ?


19 posted on 07/11/2022 1:23:46 PM PDT by stylin19a (this space for rent)
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To: Ebenezer

The Feds took over the student loans and charged way above market rate interest to finance their endless overseas war(s). Payback the principal, but eat the interest. Or, better yet, get the interest from benefactors of the wars, corrupt congress critters and the defense (sic) industry.


20 posted on 07/11/2022 1:24:12 PM PDT by Mr_Peter (The FBI is a criminal organization)
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