Posted on 07/08/2019 6:28:46 AM PDT by reaganaut1
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According to the Department of Education, only 45 percent of student loans are used to attend public colleges and universities, presumably because tuition at those schools is already lower than in the private sector.
The department also reports that 40 percent of loans are taken out to attend graduate or professional school — for example, master’s and Ph.D. programs, law school, business school and medical school. This number is large because graduate school is expensive and, in contrast with loans for undergraduates, there is no hard cap on how much money students can borrow from the federal government for graduate school. People can borrow the full cost of tuition, books, supplies and living expenses to attend any accredited graduate or professional program. This is why hundreds of graduate programs produce average loan balances of $100,000 or more.
Combine the two statistics, and it’s clear that the majority of all student loans are taken out to attend private colleges or graduate school.
This means that the day after Senator Sanders “hits the reset button,” as he put it in the news conference, the national student debt odometer would begin rapidly spinning again.
Will those later debts be forgiven, too? If not, the plan would create a generation of student loan lottery winners, with losers on either side. People who had already paid back their loans would get nothing. People with future loans would get nothing. People with debt on the day the legislation was enacted would be rewarded.
If, on the other hand, the legislation creates an implicit promise that all kinds of future student debt will also be forgiven, it could have unintended consequences.
(Excerpt) Read more at nytimes.com ...
Many European countries have “free” or taxpayer funded college - but it isn’t for everyone. If you aren’t smart enough, you aren’t going. That’s why they don’t have a bunch of people with B IQs and social justice degrees complaining they can’t find jobs. They are also not wasting nearly as much money on useless degree programs.
Expect a lot of mortgages to identify as student loans.
Realistically, we’ll see a lot of people running up student loans for trips, making car payments and paying off credit cards.
Oh, and 1/4 of college students bought BITCOIN with our tax-payer subsidized loans that they now want to have forgiven ... and they get to keep the assets.
College students are investing in bitcoin with financial aid money
https://www.cnbc.com/2018/03/23/college-students-use-financial-aid-money-to-invest-in-bitcoin.html
“Put an immediate stop to these loans for the children’s sake.”
Many favor having colleges co-sign the loans.
It is unfair for people like us who paid off our student loans to be hit again to pay for those who didn’t.
Buying votes with $20 liquor store gift cards would be cheaper.
Loans must be repaid, as Biden says period, period period.
I'm all favor of support for college for qualified students. But there ought to be some quid pro quo.
Maybe those institutions which granted the degrees should be required to revoke them if the debt is forgiven.
The biggest problem with student loan debt? The ‘students’ using it for buying electronic toys, alcohol, trips(both mental and physical) dining out, etc. In other words blowing most of the cash on everything but their education and then whining when the bill comes due and their BS degrees in social justice can only get them a job at Starf*cks.
I don't get that.
Institutions get paid when the student registers for each semester. Colleges don't care where the money comes from, as long as they get paid.
So, if colleges have already been paid for credits taken, how are the colleges going to forgive anything?
Is someone proposing that institutions refund all or part of their tuition income to the US Treasury?
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