Re: Student Loan Forgivenes
s Act of 2012
07-25-2012 09:50 AM
I owe a ton in student loans, but I'm not for legislation wiping out my student loand debt or anybody else's. We borrowed it, we should pay it.
In ten years, most people have paid so much in interest that they have actually paid back more than what they originally borrowed. (I know I have)
Yeah, interest tends to cause people to pay back more than they borrowed. Interest is part of the game. It's not like anybody here signed up for a loan without having access to information about the interest rate. A lot of people have made very poor choices about borrowing money to finance educations that did not support salaries that would allow for repayment of thier loans. Would I rather see Washington bail out individuals struggling with student loan debt than banks? Yes. But, I'm not clamoring for a bailout of student loan borrowers because the government frankly can't afford it and it's more of a burden for everybody else that either didn't borrow or did, but paid back their loans as they agreed to.
This does't cost the government money. One can easily make the argument that it helps the government - inasmuch as a better economy helps the government.
Many, if not most, people feel they have no choice but to take out student loans. Our society has made an undergraduate degree imperative in most areas for even an entry-level position. Undergraduate degrees, even from state schools, are unaffordable without incurring debt for most people. In most places, to get "good" jobs without spending years and years and years working one's way up the ladder (if that's even a possibility... it's not always), one now needs a post-grad degree. What does that mean? More debt.
The government, private sector companies, and universities have created this predicament, but it's the individual that is bearing the cost. That doesn't sound quite right to me.
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