Reddit Student Loans – Should We Eliminate Student Debt?
Reddit Student Loans – Most Popular?
Topic: Why are people so anti student loan forgiveness/credit?
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Top Posts: My personal opinion aside, I tend to see arguments against fall into 2 main categories: I paid off my loans and so should everyone else. Its unfair for anyone to get relief that I wasnt entitled to myself. Alternatively, they should reimburse the amount I paid back or contribute to my mortgage, car payment, etc. I refuse to subsidize any student loan forgiveness in the form of increased taxes. Ultimately these individuals point to the fact that the forgiveness needs to be accounted for in some way, and that may be an increase to their taxes. I always see the first category augmented with “you took out the loan, you agreed to the terms and conditions, you deal with the consequences”. Meanwhile it’s the only type of common debt that can’t be written off in bankruptcy. No bank in the world would be lending a mortgage to an 18-year old with no income, but 30K for 8 months of study? Sure, sign here! I paid off my loans and so should everyone else. Its unfair for anyone to get relief that I wasnt entitled to myself. Alternatively, they should reimburse the amount I paid back or contribute to my mortgage, car payment, etc. I’m in this camp. I grew up poor, food insecure daily kind of poor. Went to school in hopes it’d help me change my situation. I graduated at a bad time (economic downturn), inured medical debt (hit by drunk driver), left homeless. I took a shitty job to pay off my medical debt as fast as I could first. Even with a shitty job and homeless, I still found a way to pay my loans. But once I did, damm did my life change for the better much faster (cut back my working hours to work on my social skills, got way better paying job, was able to save, get housed, exit). So I’m conflicted by this. Some people I’ve spoken with about this, mostly young kids at my work say, tough luck, but then get mad when i say tough luck if they don’t get loans forgiven. I understand not having the extra payments could help their situation but at the same time I don’t think it’s be fair to those that found a way to pay off their loans. Financial accountability is always a point of a concern which is a good thing. However, We have tax credits for certain cars, mortgages ( first time home buyer) and in my state Maryland gives out between $400-$5000 tax credit for student loans. It’s very popular and last year I got $800. We also have the student loan interest deduction ( that is again VERY popular) we could just extend it. I think a solid argument is the idea of increased Taxes but considering the government doesn’t lose money ( it makes money from the loans every year) taxes shouldn’t be increased I find that argument one typically comes from a feeling of well I suffered, so you have to suffer, too. The worst kind of pay-it-forward. I work in academia and I see the same attitude in departments with graduate students, well I was treated horribly by my advisor, so now its your turn. Ultimately I think its part of the individual-focused, not very look-to-the-future culture the US has right now. There seems to be less willingness to deal with some bad stuff yourself to save others/future people the same bad stuff. There is a third argument that you have glossed over, that is by getting rid of existing debt it is just a bandaid and not a fix to the real problem of increased college costs. If your existing debt is forgiven, what about all those that come after you? I think the average American would be fine to say the federal loan amounts should have 0% interest. But to call off the debt itself would fly in the face of the individuality ethos of America, which is you made your bed not lay in it. It is the same one for the abortion debate, I.e. you had sex, deal with the consequences. My argument is that college graduates are the least of society to need financial help since on average they earn far more than non college graduates. Its regressive. Why not change it from a student debt relief to calling it literally anything else, and offering proctored amounts once per lifetime per citizen? From 18-up,you can claim the US economic jump start kit, worth up to a $75000 (this is just a number, replace it with an appropriate amount) ‘credit’ for those that have paid their loans or don’t go to college. Those not taking it as this credit may use it on loans. Moving forward, public/state universities are free. The credit exists going forward and is an opportunity for any US citizen to afford the financial grounds upon which to start their life however they like. I would add to category 1 that I attempted to minimize my standard of living while I was in graduate school, and could have taken out at least $30k more than I did. Many of my friends were paying for their drinks at the bar with student loan refunds. The idea that the government is forgiving loans for drink I