Government shouldn’t be in the loan business
Government shouldn’t be in the loan business
As someone who took out student loans, watched them more than double due to interest rates, and repaid those loans, I disagree. I made an agreement, I kept my word. The Government RETROACTIVELY changed the agreement to charge and compounded my interest while I was still training. They didn’t keep an agreement. I still paid my loans.
Student loan and interest should be TAX DEDUCTIBLE. The government gets its money back every year that a person supports themselves and isn’t on welfare (80+k a year taxpayer cost). That would make it profitable from a government status, and incentivize the education/production. After that, garnish all wages to below welfare status for people who are non-payers. I am fairly certain this would fix it.
As the smoke clears in 2025, I expect some significant downturn where the Department of Education ceases to exist....the gov’t loan program goes into a spiral (probably a limit of $6,000 a year, and colleges go into crisis stage.
If this were about funding science or medical or engineering degrees...I might see a path ahead. The rest of this is BS. For teachers in the 1st to 6th grade....nobody needs a 4-year degree.
The founders worried about debtors becoming a constituency and included a clause (Article I, Section 10) prohibiting states from passing laws "impairing the obligation of contracts". If ever there was a government policy that transferred wealth from the poorer to the wealthier, student loans are it, and forgiveness of student loans is it in spades, doubled and vulnerable.
Those with heavy student loans need to look at it this way...if you fail on a car loan,do you think they would fail to repossess the car?
Professors RVs and summer houses are not going to pay for themselves.
Exactly....The banks did this forever...then suddenly it was the government became a College Loan Bank....except my money will keep it in business if these ........... don’t pay.
There is no limit to the destruction government can cause when “trying to help”.
Government is the absolute worst way to attempt to accomplish anything of a positive nature for the simple fact it is primarily interested in doing what benefits itself.
“Government shouldn’t be in the loan business”
The government exists in its present form because of the “loan business”.
Everyone just wants to loot.
While it hasnt worked this way for a while, money isnt supposed to appear (or loans disappear) just because an individual or group desires it.
The consequences will eventually be felt and enjoyed by everyone.
Theyre about to boycott? The word is default. Hopefully their bad decisions follow them around the rest of their lives.