How many billions and billions more debt does this country think it can afford?
“And eventually they could have their federal loans forgiven altogether.”
Mark my words, the complete forgiveness of federal student loans will never happen. The Democrats will use the plight of these debt-slaves for political advantage over and over again, most likely through absurd debt-reduction proposals that they know Republicans will reject, making for primo ad-copy.
If the loans are completely forgiven these young people might be able to save their own money, start families, buy property and next thing you know they’ll be voting to preserve the wealth they’ve earned as opposed to voting to have wealth seized from others.
Cochran buying votes for $15 each in Mississippi is cheap by comparison. Those folk in MS should have held out for $15,000 to $20,000 for their votes.
Why not? People run up VISA and MasterCard to the limit with vacations, restaurants and luxury goods. Then they get to declare bankruptcy and start all over again. The suckers appear to be those who actually pay down their credit card bills.
Cochran buying votes for $15 each in Mississippi is cheap by comparison. Those folk in MS should have held out for $15,000 to $20,000 for their votes.
What's not to like?
That’s why former students are not paying their loan off. Obama keeps dangling the offer of forgiveness. Self fulfilling prophesy.
So a whole swath of freeloading people end up with (a) a college education, (b) paid for by the poor schlubs who had to work (taxpayers) who could not “afford” (they thought) to attend college, and (c) a new wave of resentment develops.
Annnnnnnd what about those that paid their obligation off without issue? S.O.L. huh?
My reward for paying off my student loans early....
The ability to discharge ones debts in bankruptcy is what got us away from the debtors prisons and permanent ruin not so long ago.
Allowing, after a reasonable period of time, a person to seek bankruptcy protection, which is itself a discharge of debt, is not wrong it is in fact a good idea.
The fiscal problem is “how much can we afford”. That question is a good one. The question is why are we guarenteeing personal debt to lenders as a nation in the first place. And furthermore why are we doing so on degree’s that will have no ability to earn enough $$ to pay them back in the first place.
Nothing will halt the rise in education costs as fast as putting the brakes on lending. The schools will raise prices as high as the kids can borrow, and the rub is you do need a good education to succeed. So the kids are like lambs to the slaughter.
Stop insuring debt as a nation.
Stop preventing the same bankruptcy protections as the rest of debt is afforded.
Student loans forgiven.
Stupid me. I avoided student loans. I took jobs. I sought out scholarships.
When I graduated (3 degrees two BS one MS ) I owed nobody nada.
Except my first boss who I promised to work with for 3 years.
Little did I know if I was a slacker the tax payer would bail me out.
Why does CNBC have two idiots displaying their idiocy by talking like that about taxpayer-subsidized student loans?
A 6%, unsecured student loan seems crazy compared to a 4%, real estate-backed mortgage that requires good credit, equity, and a proven source of income?
Top university courses in the future:
Introduction to Roadkill Cuisine.
Windshield Washing Bums for the 21st Century.
Mandarin Language Studies for American Serfs.
Dumpster Diving for Fun and Profit.
Hooking up your Daughter with a Rich Foreigner 101.
When do we get TAXPAYER forgiveness?
I’ve said on here for years that when the millennials get uneasy over grandma’s early demise at the hands of the Death Panels, the regime will start issuing Groupons for student loan relief.
Now it’s happening.
Just go to the Endowment Funds for reimbursement when the class-action suits are filed.