Proposal: instead of forgiving student loans for all, and making tax payers pay for a bunch of debt they likely are not connected, give borrowers relief by eliminating all interest on the loans except for whatever it costs for “processing and maintenance”.
In my opinion, the federal government should not be profiting on borrowers working to enhance their education and enter the workforce in specialized fields. That being said, it is a choice to go to college which means it is the responsibility of the borrower to pay back what they take.
The financial boost for the borrowers would be to only have to pay back what was borrowed plus “processing”. So if the processing of the loan costs 0.5% of the total cost of the loan, then at the end of payment, the borrower should only have to pay back the loan plus 0.5%. These numbers are probably incorrect, but I believe that the amount for processing should not exceed 1.5% of the cost of the loan
I agree. Education is critical but the school systems have taken advantage and increased costs making it nearly impossible to gain both an education and solid salary.
Rather than the Tax Payer fund these DELINQUENT LOANS, Maybe the Education Institutions need forgive the Tuition paid. The Professors need to be more responsible for the type of student they are educating. SOMEBODY pays for those “Free-Rides” given to athletes. Institutions have MULTIPLE means of revenue. Alumni, Sporting Events, Tuition, Concessions, and the Book Store. IF these institutions are proud of the product they are releasing into society, they would step and contribute to the problem. UNLESS - They know very well those who seek these loan repayments are NOT WORTHY of it. IF that is the case, then those same bottom feeders are not worthy of our tax dollars to pay off something THEY PROMISED and COMMITTED to. Surely they had money for Spring Break, But NOT their loans? What ever happened to someone CO-SIGNING these loans? Why are THEY not liable? Seems to me, MANY other avenues could be pursued BEFORE bleeding hearts cover for the delinquents.
I’m in agreement with you. I don’t think any of it should be paid off for anyone. And I agree that full rides should be repaid if the requirements for them were/are not met
What I’m saying is that I think the interest on the loans from the Fed should be reduced so that the loans are in fact manageable to pay back. I have federal loans and full intend on paying them back. But the govt is literally making profit on my loans and that is the part I am against
My understanding is that the Student Loan Forgiveness program benefits only Teachers, government workers, and limited groups of people, even though the Biden/Harris administration have been saying it’s for all. I am quite sure of that because we were hoping there would be partially forgiven but w r not in the target group that benefited.
Here are the problems:
the program is not based by merit nor income bracket. If the bill passed, it should be offered to majority by the income lower middle class who needs most help yet currently no welfare and help programs they qualified.
Low income families and welfare groups are not the major audiences since they should have already qualified for a lot of grants and help programs offered by both governments and private schools if u ever apply for FAFSA u know.
the interest rate for both student plus loans and parents loans should be significantly lower. Shouldn’t be more than 5% from private, and ideally lower from government (compared to most European countries)
We need to look into higher education system and programs and content structure. Why we need 4 years for bachelor and 2 years for master while UK is 3 years and with 1 more year for master.
i think if the government can fund the wars, we can definitely forgive partial student loans. It is the way to relieve some financial burden from groups that consistently paying and not qualifying government helps or welfare programs.
University tuition is crazy expensive these days. College degrees are essential. It’s getting very unaffordable for middle income families.
Institutions of higher learning have marketed useless degrees to ignorant kids, who were then aggressively marketed predatory loans.
I shouldn’t have to pay for those kids’ stupidity. But neither should they.
The institutions that deceptively recruited the students to pursue meaningless degrees where they would never be able to find gainful employment, and the banking institutions that used predatory tactics to sell them loans they’d never be able to repay, are responsible.
Pass legislation allowing students who were sold useless degrees or predatory loans to sue those who deceived them with the remedy being debt forgiveness.
Eliminating student loan interest is a band-aid on a much bigger problem. The real issue is the existence of government-backed loans in the first place. These loans have inflated tuition, encouraged universities to jack up prices, and flooded the market with worthless degrees. Students get saddled with crippling debt, while colleges laugh all the way to the bank.
Here’s the truth: if we eliminate government loans entirely, young people will make smarter, more critical decisions about higher education. Instead of blindly taking on debt, they’ll be forced to consider whether a degree is actually worth the cost. This would immediately put pressure on universities to cut tuition, compete for students, and offer degrees that actually lead to jobs.
Counterarguments are weak. Some say, “Without loans, fewer people will go to college.” Good. Not everyone should go to college, especially when many degrees are worthless in today’s job market. Those who do go will choose fields that pay off—bringing back the real value of a degree.
Others argue, “Students will lose access to education.” Nonsense. In a true free market, universities will adjust. More affordable options will emerge, like vocational training and online learning, which are often more relevant to today’s economy anyway.
The only real solution is to stop using taxpayer money to fund this scam. Cut off federal loans, let the market take over, and watch as universities get leaner, smarter, and more aligned with what the workforce actually needs. That’s how you fix higher education—by letting it fail where it deserves to and thrive where it’s actually useful.
A country that has endless TRILLIONS of $$ to feed its corrupt war machine (also a money laundering scheme: Ukraine) can easily afford to educate its youth as done in Germany & most developing nations. Stop saddling our youth with enormous debt just to get educated, which is a human right! Without a healthy educated populace, USA will speed its decline into the abyss, as already being witnessed by its heavily medicated obese sick population now dying off as the captured 3-letter agencies pushed US created bioweapon injection (Covid jab) to reduce US population to only 90 million! Forcing youth to join the military to get an education MUST BE STOPPED!
Any kind of student loan relief would only be a temporary measure so long as student loans remained in practice. So, the relief would need to come with the complete elimination of both student loans being issued and government subsidies going to colleges, both of which have historically been shown to do little more than increase tuition fees. College is so expensive because the subsidies insulate them from market forces while student loans increase the amount of money colleges can ask of their customers.
I say this as someone who both went to college and had it paid for without loans. The amount of money that was spent on my degree sickens me when I think about how Ronald Reagan paid for his tuition through a part-time job as a dish washer. Could’ve put half of that money in the stock market and been a millionaire by now.
What if it were possible to make the marxist colleges and universities pay a fair amount of debt of the students they indoctrinated. Colleges and universities are given billions by our government. We could call the bill, Time To Pay Act.
Or we could simply end the subsidies and leave colleges fully at the mercy of market forces. Seems like an easier solution than setting up offices and officials to figure out how much debt each college’s students have and therefore how much subsidy money the college needs to give them.
If colleges had to compete, TRULY compete, they wouldn’t be so outlandishly expensive. Friend of mine paid for 2 years of trade school by taking a full-time job over the preceding summer. I don’t believe trade schools accept student loans or receive government subsidies.
I agree with much of what you said, but we are 34 trillion is debt already. So no, we cannot afford to pay for everyone’s indoctrination…um…college education.
Going to college is not a human right, it’s a choice. If someone makes the decision to go to college, they are choosing that over other alternatives, like getting a job (oh the Horror). That being said, predatory lenders and predatory institutions should be prohibited from targeting youths with useless degrees and usurious loans.
Agreed. If I take the loan, then I need to repay the loan. The predatory rates are another story. The system needs to be overhauled for efficiency so the processing costs for the loans are significantly lower. To your point, the government should not profit off of its citizens bettering themselves for the sake of continued societal growth and improvement.
Student loans were affordable and interest rates were low until the government took over them. Now interest rates are up to 12% on some! Also college tuition quadrupled during Obama presidency since their cash cow became the government! Cap interest rates on student loans ( set by congress) and cap college tuition. Govt is making hand over fist on SL (money they print) interest. It’s disgusting
All student loans have a maximum repayment period of 20-25 years already. That is part of the loan agreement. These loans should be able to be discharged in bankruptcy. It’s perfectly okay for corporations to file chapter 11 and discharge all their debt. Private citizens can declare bankruptcy, not pay any of their debt, and still keep their homes with chapter 13. So now explain why it is that everyone else can write off debt except people with student debt. I’m sure there are plenty of blue-collar no-college people out there who have declared bankruptcy in the past yet still feel perfectly fine insisting that every person on earth needs to pay every penny of every student loan. They’re all hypocrites. It should be treated like other types of debt. It’s an unfair system and few people understand how it works when they get into it. Also, they are constantly changing the rules of the game. There should be a class action suit over it. They switch services, obfuscate the process, change payment plans, place people in forbearances, change the terms of programs. Any private company that did this would be sued into oblivion.
I completely agree with this sentiment, but I don’t see it ever happening because the federal government makes a lot of money off student loans, and that’s unfortunate. One in five jobs used to be in factories. Factory work was tough—I worked in them—but they paid well. I remember Hillary Clinton saying we don’t want our children growing up to work in factories. Now, our children either work in retail or take out very expensive loans to go to trade school or college. Yes, trade school is expensive too. The federal government makes a significant amount of money off those student loans. It almost seems like they knew that factories were the bridge from the working poor to the middle class, so they intentionally dismantled it and created a whole new revenue stream.
Student loan interest should be next to nothing, maybe 0.5%, and should not be rolled into the principal as it is today. I do agree to have the free market take over and the government should not be involved in these loans but I am not sure that is feasible for the poorest of the country. But that could cause the cost of college to decrease significantly. At this point college is unaffordable and will continue to be if this continues.
I think the loans should be able to be discharged in bankruptcy. There should also be some forgiveness on the ballooning interest that has happened to people under the current process.
I also agree that the requirements for a degree need to be looked at because a student should not need 2 years of general classes in order to get to the last 2 years of classes actually pertaining to the degree. Highschool covers the general education so it is a waste of money and time to repeat those classes in college.