(02-06-2021, 09:12 PM)StroudCrowd1 Wrote:

(02-06-2021, 09:00 PM)mikesez Wrote: I don't think any of them should be forgiven, not completely.  Everyone should pay what they can for at least 7 and preferably 10 years.  Maybe forgive after that.

The other problem is no one is talking about what this might do to tuition prices going forward.

So what is the biggest problem? Is it the loan itself or the payment amount? Why not discuss refinancing at a longer term with VERY low interest rates? Anyone can afford a couple hundred dollars a month.

Because the lowest rate you can get on a 30 year consolidation is almost 7%. People are using the income based payment plans and after decades of paying they owe more than they started out with. I could get behind a zero percent interest loan faster than I could a complete forgiveness, but something has to change. The government should not be making money off of kids trying to get an education. The life these kids were promised going in to college is not the life they get coming out, and now we're dealing with credential inflation that makes even entry level jobs in some fields require a 4 year degree. My own story is like that, I hit the ceiling in my field at 28. In order to move up I had to go to grad school even though the person I was tabbed to replace didn't hold but a Bachelor's. So $35k and 3 years later I had an MBA to get a promotion that earned me all of $4k more per year. We've allowed these kids to be snookered into decades of debt slavery by the institutions and the guidance counselors and that has to stop. Especially when that "couple hundred dollars a month" is preventing home ownership and the creation of stable families.

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