Posted on 04/25/2019 12:25:21 PM PDT by SeekAndFind
Democratic presidential candidate Elizabeth Warren has proposed a college debt payoff that she claims out-socialists Bernie Sanders. She may be right. Her proposal calls for not only universal “free” college, but also totally wiping out the college debt of 95 percent of borrowers, with some benefits available for people up with incomes reaching all the way up to $250,000.
The plan is being sold as a boon to cash-strapped millennials and Gen-Zers, but the real recipients of largesse will be the institutions that offer those magical degrees: the universities. The biggest losers will be middle-class Americans.
Americans’ collective $1.5 trillion in student loan debt, mostly in government-backed loans, is likely to be the next looming financial crisis. Instead of underwriting loans that hand out money to “subprime” borrowers who couldn’t afford their mansions, the government now loans money to 17-year-olds to major in basket weaving, and taxpayers depend on debt-staggered students to pay it back despite unrealized income promises. The only happy partners in this equation are the universities, which continue to turn ever-higher tuition, millions in direct federal grants, and tax-free endowments into sprawling diversity departments staffed by administrators with six-figure salaries.
Regressive Democrat proposals for “free” college, like Warren’s and Sanders’, will ensure that the gravy train for universities continues at the expense of the average family making $60,000 a year and the two-thirds of Americans who do not have a college degree. College debt is—paradoxically though it may seem—largely a problem of the upper classes, with the top income quarter of households holding close to half the debt, and the bottom quarter just 10 percent.
(Excerpt) Read more at thefederalist.com ...
It should be covered through liquidating universities and the personal assets of those who profited from these loan schemes - professors, administrators, bankers, etc.
It is also stupid to throw money into something which is dropping in value big time.
Excellent idea.sell off the universities and all their assets.a four year program that takes most lazy butts 6 years to complete is a waste.
What about those who don’t have any outstanding loans because they paid them or they paid as they went or their parents paid for them? Do those folks get a break or is it just the less than responsible people who get a break?
What ever happened to working your way through college? It may take a little longer, but I mean-what’s the crying need to complete your education in 4 years?
The government took over the student loan business.
Colleges should be the borrowers, not the students.
Future alumni could repay the loans of their college by say paying two percent of their income per year of attendance via the IRS for twenty-five years, or as otherwise agreed.
This ensures that both colleges and students have skin in the game.
We don’t want to pay for four-years of party time.
They decided to incur that debt for their indoctrination.
Let them pay it or get their money back from the indoctrination centers.
“what’s the crying need to complete your education in 4 years?”
Timely completion helps demonstrate the ability of a graduate to do lots of work in a fixed timeframe.
I just finished paying to get my 2 kids through college. No loans. I didn’t want them to start out underwater. There was a lot of pain and doing without in order to manage it.
Of course there will be no government payback for me.
I work with college kids and also grad students. There’s nothing wrong with most of them that real world ‘work’ wouldn’t help, greatly.
They are over grown and very immature children ... even at the graduate level
I’m aware of that. The tab is already held by taxpayers, the only question is when we acknowledge it won’t be fully repaid and by how much.
Many of our “elites” do not want to pop the education-industrial complex bubble.
Its a massive welfare-scam, from which a large and important leftist ideological and voting bloc benefits.
After Fed.gov has enslaved an entire generation with debt, the next step will simply be to formalize it with outright government takeover and spending.
Most pols damn or at least damn the people who have the audacity to draw Social Security with the argument being that it isn’t fair for one such as me (whose 1st withholding was in 1954 through 2007+ when, at 68 I decided to draw) to take MY social security because todays taxpayers are paying ME...guess we can’t mention all the years the Government ‘stole’ my money to pay others.
Now if todays students are getting a ‘free education’ I guess they will complain in 20 years that they are paying for someone elses....
Like PJ O’Rourke (??) had said, you will never know how much health care costs till the government offers it free. (or words to that effect)
I wonder if taxpayers could file a class action suit against these colleges and unis to get the money back from their endowments...
That ‘stupid and immoral’ routine doesnt work with murdering your own baby inside your body so why shouldnt everyone be paying my way through life?
- Stupid
- Immoral
- Will Happen
The Trifecta
Just another of the Obozo’s ( a Soros lackey) contributions to financially break and destroy this country
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