The federal student loan program sends all the wrong signals. Students have an incentive to take out loans they can't repay in order to capture the federal subsidy. This incentive increases when students anticipate a federal bailout when they default on the loan. The highest default rate is for students who take out loans but never finish a degree. Many of these students are from low-income families, attending community colleges and private or for-profit institutions. But most of the loans in the federal student loan program are extended to students from more affluent families. The cost of these loans, both in the form of federal subsidies and loan default, is borne by all taxpayers. Colleges have captured much of the benefit from the federal student loan program by boosting tuition more rapidly than the rate of inflation.
"As such, progressives are now pressuring Joe Biden to forgive student debt entirely. The losses in the student loan crisis increase the federal deficit, imposing heavier tax burdens on current as well as future generations. Citizens need to understand why the federal student loan program failed, and what impact this failure has on our society."Man, they are gaslighting the BernBros on this. You'd create a righteous army of people who paid off their loans. I did, and I take great pride in that.
You are legally an adult when you take out this loan. You can buy a home, get married, raise kids, drive a car, etc.
YOU picked the college or university
YOU picked the degree and field of study
YOU are responsible for completing your degree
YOU are responsible for determining whether this investment is a wise investment career-wise, or a foolish one.
If YOU chose to attend a college and pursue a degree in French Literature, Interpretive Dance, Female Studies and in doing so, incur a debt of hundreds of thousands of dollars; you have the God given right to be a moron.
If you picked a STEM field, it is hard work; but the payoff is very likely there. If you picked a Victim-hood field, or a non-marketable career field, the odds are poor that this was a wise decision.
Your right to be a MORON does not include the RIGHT to put a gun to my head, and demand that I pay for your foolish decision, or inability to complete the task YOU chose.
I call this the “big education” cycle:
1) make unlimited loans available to students
2) schools raise prices to absorb the available money
3) schools pay outrageous salaries to professors and assistants
4) professors donate to Democrats
and repeat