So if you partied for 3 years at college, got drunk every night, went on spring breaks, pulled a low GPA, and didn’t graduate, but racked up $50k in debt, I need to pay for it?
Add to it....you didn’t exactly go and get yourself a degree that holds value (like electrical engineer, or chemist).
The general problem with Joe’s thought process and his handlers...a lot of people went and did the stupid route (having $80k in debt) and then worked their butt off to pay it off in ten years. So they are sitting there now...age 45, and pretty hostile over their effort to do the right thing, and bunch of losers standing there with jobs that can’t possibly end this economic mess for at least 25 years.
Joe might have been able to write some tax credit here....where the stupid-idiots could claim for each year they paid off part of their loan, they got $2k in tax credit. It wouldn’t amount to much but at least it didn’t aggravate the non-degree crowd like they are now.
I don’t see any of this ending in a positive manner at this point. Too many deep debt folks.....too many idiots with degrees of marginal value....too many regular working-class folks without degrees....and a political mess without any solution.
Ask your CPA to explain the difference between COMPOUND interest & Amortized interest.
Obama made those student loans COMPOUND interest.