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Only because they were going to lose that lawsuit.
Now let's see if they can get it together on PSLF.
I don't want my student loan forgiven. I will pay the money I borrowed.
But I don't understand how this stuff keeps happening. First it was mortgages, now it's a student loan bubble. Wreckless lending to people that don't understand what it might mean for them later who also mistakenly believe they have to have a degree to make good money.
That is just so not true.
It's not a simple "wreckless lending" or lack of regulation issue for student loans.
Education spending is markedly down across the board (public schools from kindergarten through college). If education is not supported, then yes, the costs go up. So lending is necessary for school.
In addition, during the recession, a lot of people couldn't find jobs or weren't "qualified enough" so many of us went to grad school (or undergrad) to try to better prospects. It became a bit of a vicious cycle with a lot of moving parts.
In the sciences it got really rough, because yes - I actually do need an advanced education for what I do (or did, rather), but research and basic sciences jobs are pretty low paid, making repayment difficult.
I would love to see loan forgiveness for people. I will probably pay mine off before anything like that happens, but I would still like to see it for others who could benefit.
And yes, I think there needs to be a better solution, unfortunately, I'm neither a policy maker nor someone who sees a good answer to the problem.
Student loans originally began as a way to keep us competitive with Russia. We allowed people to borrow money who wanted to study mathematics and some of the sciences like physics.
Now it's ballooned to every subject under the sun and some disciplines are just absurd. If you are going to to go school, study something that you really need to go to school for.
I'm talking specifically about allowing people to just stay in school borrowing with no end in sight. There are "professional students" out there. When you have people 100k-300k+ in debt getting in PhD in Quantum Sorcery or Philosophy, you are just tossing money into a fan you aren't getting that back. Very expensive courses to just sit around and debate David Hume and his ideas on human understanding. I guess those philosophers will be able to at least think deeply about being in debt and unemployed.
When I was in school doing my thing there I borrowed a little, not much. I ended up paying cash for about every other class or so I took. Ended up not using school at all in my employment, so it was well I paid so much in cash and it's lingering fingerprint on my profile isn't too imposing.