I know this is going on in another thread, but I had an idea. If we HAVE to do something about student loans (I know opinions are varied on that). Wouldnt it make more sense to convert them to 0% interest? I think thats a reasonably fair compromise. Taxpayers are less screwed, and the borrows still owe back what they signed up for. It would at least be the lesser of the two evil options.
I’m all for loan modification to a lower rate if it means no forgiveness. Set it at prime or 1 point below. I think the term schedule is already maxed out so not sure if they can or should be extended. But anything to keep them from going into default or a bail out.
Two words: Civil fucking Service Can't pay your federally guaranteed student loans? Here's a bus ticket to the border, get busy laying bricks on that new fence.
NO. unless.... OK if they make it harder to get them and make schools more accountable for selling crap than maybe. Defund big education (see the stealing phrases from their overlords maneuver ). Get the feds out of education altogether. What Warren wants is a blank check written to over paid pieces of crap like her to continue the indoctrination.
How much forgiveness is required. My daughter has two different types of loans. One from our credit union (payments are $50 per month). the other is a federally guaranteed loan. Payments are dependent on income, adjusted each year, current payments on $30k ish are about $20 per month. That will be adjusted as her income increases or decreases. When she goes back to school, the payments are frozen. She can work and pay it off, or, if her income stays low, she can pay the minimal amount and after 20 years, no more payments are required. I would have been fine with those terms.
Why do you feel there needs to be a compromise on this? Just because Warren brings it up doesn't mean it needs to be considered.
A problem caused by the federal government and stupid students/parents. People looking for the government to bail them out of their problems is getting old.
Is it .gov's fault that a text book is several hundred dollars and worth shit on the return? If you want to go to college and are a middle income or middle smart kid, what are your options? fwiw, I'm not for forgiving the debt. I just think it's worth talking about to try and fix the system.
The student loan situation is a disaster. Sure they've made some changes but it's too late for a lot current professionals. They were just giving money away to unassuming and uneducated borrowers (broke 18 year olds). Kinda like when banks were giving away mortgage loans to folks who couldn't afford them. Remember that?
IMO they should give loans out on the students *potential* ability to repay. I mean that's what they do with every other loan right? So you're going to study liberal arts and want 10k a semester to pay for school? SURE HERE YA GO. SEE YA IN 20 YEARS