Free College & Loan Forgiveness

Both topics are resonating with a significant number of voters and for good reason. It's expensive for one and ultimately, a large financial burden. It wasn't always like this however. College to a respectable state school use to be affordable and the loans manageable not so long ago.

So what happened? Nobody running for office wants to explain how we got here in the US and there is good reason for that as well; the US Government. Once the Government started backing loans, lenders could not fail. Schools could not fail. No risk involved for them. If there is no risk then they can jack up the prices and even take it a step further. Start creating strictly for profit schools and hand out worthless paper on the wall.

For those that get hoodwinked by this system, free college and loan forgiveness starts making a helluva lotta sense. Dig a little deeper though and taking these measures won't solve the problem. Short term it will. Long term it won't. The problem will get worse.

It will get worse because now nobody is responsible. Not lenders, not schools and certainly not students. Only people who are not off the hook are taxpayers, many of who had nothing to do with creating the problem in the first place and they are now infuriated.

If both these policies go into motion they will lead this country down a dead end with no reverse gear. Total disaster. Lots of people will be wondering why they can't find that 100K plus a year job even more so than today. Those making 100K plus will be enraged when their taxes go up even more. The better solution would be for the Government to STOP BACKING LOANS. Do that and tuition will go down. Worthless for profit schools will go out of business. More degrees will be worth 100K plus a year.

I have done a couple threads on this topic.and yes...it.mirrors the housing crisis in that it gave.colleges a license to print money.

It has caused an entire generation to not have babies or buy houses cuz of debt pushed on fsmilies by the propagsnda that without a degree, any degree, you will be left behind.


But now....it seems that one can get loans discharged via bankruptsy...i will find the link.



a reply to: Stupidsecrets

a reply to: Stupidsecrets
Iowa Dad CONFRONTS Elizabeth Warren Over Student Loan Plan

Working hard and living within your means is so old school.

The whole situation is ludicrous.

Since there were obviously no admittance requirements, such as grades, it was destined to fail, or was it?

The ramifications are far more serious than monetary.

The majority of a generation has now been indoctrinated into liberal socialism/communism.

Paid for by capitalist tax paying middle class.

a reply to: Stupidsecrets

I wouldn't be opposed to a form of college reform.

State funded schools get capped on what they can charge, they can't be so frivolous with their campus if they take tax money. Make college more accessible, though I don't think free is the right way.... Maybe make it to where they don't spend money, but have to intern for public works for x amount of time after. (and they should do community College first to keep costs down).

I think the free four year college at the prices its at, and more so the forgiveness with included debt is silly though. It would cost far too much.

a reply to: Mach2

The majority of a generation has now been indoctrinated into liberal socialism/communism.

I don't think that's necessarily new... And I don't think it's too different from the sixties and seventies.

If you're not a liberal when you're young, you have no heart. And if you're not concervative when you're old you have no brain. I don't think most hit both extremes, it's a saying worth humoring.

The schools in the US seem to be missing out on a really good tax dodge. Think of the top public school in the UK, ETON. That school has got charity status. Think on that and tell me why the richest school in the UK has charity status?

a reply to: CriticalStinker

Although that was true in the "hippie" generation, the number of those in college were far less, and they also had a far more conservative upbringing as a foundation. I don't equate free sex, weed, and "stick it to the man" with socialism. They weren't expecting the government to take care of them. They just wanted government out of their business.

Also, it is those same college educated liberals that are now long tenured professors.

This guy that got in Warren's grill, all I can say is I could not even go to an event like that because I'm 10X's more enraged by it. Here I am, earning the GI Bill and working part-time to pay for school and now all of a sudden the people who laughed at my hard work want the benefits of that work for nothing but a vote.

Think I really wanted to get called up by the National Guard during a storm, look for IED's in Afghanistan, work part-time selling fireworks, work security arresting dangerous people at a dept store. It totally sucked but at least I could hang my hat on no student debt. Can't even do that anymore. Warren and Bernie are basically mocking me. All that work is meaningless to them. I'm the trash bag of society, not the people who incurred large bags of debt because it was beneath them. They scoffed at my efforts like a French king. Well now I'm the French king and they are the peasants and they don't like it.

a reply to: Mach2

I don't equate free sex, weed, and "stick it to the man" with socialism. They weren't expecting the government to take care of them. They just wanted government out of their business.

Many hippies set up temperary communes (like at festivals), and some even set up permenant ones. While I can see what you mean by saying they didn't expect everything from the government, and seemed more inclined to self action... I think the ideology was definitely there.

A lot of this isn't new though. The health care debate gods back to Teddy Roosevelt. While I personally haven't seen anyone make an arguement on how America in its vastness of population can make it work without tanking the effectiveness of our health care and the economy along with it.... I also don't see people who humor it as socialists. The rise in calling things socialist is usually hyperbolic and a trope. True socialism is all industry is state owned.

I was always under the impression student loans were not subject to bankruptcy....boy was I wrong. If word gets out....betcha lots of peeps will do this. Hell its only.7 years of bad credit anyway....if.you are young and living at home....why not.

www.forbes.com...

a reply to: stosh64

People need to pay them back. At the same time, the government became principle lender which made it worse. Why is the government charging interest?!

If the government is making wise investments with their loans, then they'rye making tax revenue off us, right?

They shouldn't get both interest and tax dollars. I think the closest we should get to debt forgiveness is to say if the government paid for you, then we calculate how much interest you've paid and back apply that to your principle, then you pay off the rest of the principle.

If you got a good degree that allowed to be responsibly employed, then you should have little trouble. If all your fit for is working at McD's and lecturing the patriarchy. Sucks to be you, but you'll an easier time of it.

A college education today is a useless thing.

Going to college was the worst financial mistake of my life.

I got a degree I will never use. If I did, I'd make less money. But, it is expected. I want my kid to get higher education. Who doesn't?

But damn...what a waste.

a reply to: Admitted

It depends on what profession you're looking at. Husband is in a STEM field, so his degrees were necessary. Mine was arguable although it has opened doors, but mine is paid off too.

Devos is fighting real hard for the people, aka the for profit sharks....

The argument will be to be 'outrage' and pretend the slush fund had anything to do with respectable institutions.

That dad got a straight answer. Not one he liked, he just fell victim of the times. What about the decent hardworking dads who needed loans for their kids and then the schools just 'closed' down.

This society forced people to believe a college degree was the key to success instead of hard work, now in the aftermath everyone is looking for an 'out' or someone else to blame... It's the American politics way.

I wonder how other 1st world countries manage... All those evil 1st world socialist countries which are thriving... Let use Venezuela as an example instead is usually the tactic....

It's a problem we all helped create, and no the answer isn't my side is better than yours ; that's the retarded mindset that keeps getting this country into a eeper hole.

a reply to: ketsuko

People need to pay them back. At the same time, the government became principle lender which made it worse. Why is the government charging interest?!

Agreed, if you take a loan you need to pay it back. I'm not a fan of big banks, but 08' is a grim reminder of what happens when bubbles inflate too much on loans.

a reply to: odzeandennz

Colleges are now a government loop though.

Most are state schools, meaning heavily government funded and needing government permission to raise their rates which they almost always get. On the other hand, government makes school "affordable" for everyone via loans.

Government charges itself and pays itself through the loan mechanism. Kids get hosed. And if we let them off the hook, taxpayers are hosed.

This is exclusively a government issue now because private lending was cut out. I was one of the last generations to be allowed to have private lending involved. I note that my loans are paid while my husband's (government made) loans are not. Do you know why? My private lender was far, far easier to work with in paying things back and we were always making some level of payment that involved some type of principle in it.

But sure, let's blame it all on how we have private institutions involved which isn't actually the case here.

a reply to: Stupidsecrets

Here's the thing. We put labels on food so you know if you're eating garbage. Even right now, today, and 18 year old can go into debt without knowing what their payment will be. So iety tells them it doesn't matter because it will all be worth it, because back in the day it was. Schools prey on that. The large "respectable" universities are just as bad, if not worse, than the for-profit ones. People complain about corporate bailouts, yet when it comes to a vulnerable population being sucked dry by institutions who have boomer loyalty, then all the sudden it's a bunch of corporate apologists crying. Granted, a bailout won't do anyone any good if there's no push for actual reform.... hut it doesn't seem like any side is particularly interested in that.

I should have let my daughter go into debt instead of dropping the 100k on her tuition. It would all get forgiven anyway and I would have an extra 100k to piss away.

The only way to reign in the cost of college is to reduce the availability of student loans. We also have to accept that not everyone needs to go to college.

Government should not be involved in offering or backing student loans of any kind.

The problem with student loans now is that there is no credit underwriting. This means anyone can get a loan for any amount regardless of their ability to pay the money back. This is how you get people with $200k in student loans to study lesbian art theory.

The colleges and universities are in on the scam because they have no incentive to not raise costs because they know the students will get financing from the government.

I've always felt colleges / universities need to be required to be on the hook for a portion of the student's loans. This way to school has an incentive to make sure their students are not only graduating but actually employable. So if a student has $100k in loans, the university should be guaranteeing at least $20k. So if the student defaults, the university is responsible for paying back that $20k.