These are excellent additions Kim
One issue I’m seeing is discussion sprawl - too common w/bog-like threads.
I am having a hard time following the conscientious though.
This would be ideal however nothing is free & free-markets reliably produce better results than government programs.
OT - but debt/finance doesn’t seem 2B taught in school & accountability is key for personal & humanity’s good.
I agree the student loan program is usery - but IMHO the responsible solution is:
1 - establish means for fed to buy back any loan’s balance
2 - those who want to can apply for this program - accountability right?
3 - The fed pays off the load & student pays back the fed at a fixed rate close to a T-Bill (lesson of investment / compounding interest / accountability)
This costs taxpayers very little, greatly increases the student’s capital situation & make good on their word.
Your policy sounds good to me. I thought it was simply a good idea to dissolve the student debt interest. I made a policy for it which I will add below:
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Is it feasible for student loans to be forgiven for those of us who have long paid off what we borrowed, and who are drowning in paying interest?
I’m old enough to remember having to bail out the banks while the people suffered with no help. I’m tired of hearing all the “we shouldn’t have to pay with our tax $s, blah blah blah.” But, let’s buy condoms for this other country. We all now know about the mass amounts of fraud/ corruption being found. Likewise, we should also realize government funded, non government agencies had million$ of reasons to take advantage. Which is exactly what’s happened with these colleges, especially the for- profit ones, imo. Have a little compassion for your fellow American[quote=“Amy, post:14, topic:918, full:true, username:Fair1”]
There should not be any loan forgiveness and it shouldn’t be dischargeable in bankruptcy. If you are smart enough to go to college then you should be smart enough to do the basic math to figure out a loan. What I do think we should do is provide education about the loans and the associated risks/costs (provide general financial literacy in our highschools). We should not allow loans for certain degrees that have not proven to translate into jobs and should consider capping the actual loan at a much lower amount. Tuitions will fall in line if not enough people can afford the school.
Interest on student loans should be capped but instead of forgiveness, people that have taken out student loans should be REFUNDED a portion of interest paid even if they paid that interest 40 years ago. It was wrong to take that money then and it is wrong to keep it now just because they paid it in the past. In some ways it is much worse because that money could have been invested or used to pay other debt. The quality of life, their children and their retirement funds have certainly suffered from having to pay the loans. These people were wronged and it is unjust to just help the current loan holders without undoing the previous harm to the past loan holders. The current loan holders should get the same low interest or a capped interest. We need to be fair about this. Just forgiving a loan while not compensating the others that suffered through and actually paid their loan is not fair because it is a massive windfall for current loan holders and disproportionally punished the hardworking responsible people that paid their loan . You are punishing those people double. They had to pay theirs and now they have to pay for the irresponsible decision of others.
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I’m old enough to remember having to bail out the banks while the people suffered with no help. I’m tired of hearing all the “we shouldn’t have to pay with our tax $s, blah blah blah.” But, let’s buy condoms for that other country. We all now know about the mass amounts of fraud/ corruption being found. Likewise, we should also realize government funded, non government agencies had million$ of reasons to take advantage. Which is exactly what’s happened with these colleges, especially the for- profit ones, imo. Have a little compassion for your fellow American.