Some notes on student debt:
According to the US Department of Education, 42.9 million Americans held outstanding student loan debt at the end of 2020, or about 17% of the US adult population. 75% of students with school-loan debt went to 2- or 4-year colleges, and the remaining 25% also borrowed for graduate school. About 6% of people with school loan debt owe more than $100,000–this group accounts for about a third of all outstanding student loan debt and usually encompasses both college as well as graduate school expenses. Approximately 40% leave college with between $20,000 and $100,000 in outstanding student loans
work in a profession that will allow them to pay for it. If you can't cashflow college, or be prepared to pay as you go through a college fund that you have been contributed to, then you need to continue to live at home with your parents and attend a local university or community college to get started. The problem is, there are a bunch of idiots that took out the maximum student loan they could get and used it to pay for college, living expenses, cell phones, eating out daily, partying with their buddies, etc... I don't see how anyone can justify the government using taxpayer money to bail them out. Aside from that, colleges are out of control on tuition costs... if anything should change, it should be the gov't forcing public universities to reduce the cost of tuition instead of the universities increasing the tuition costs allowing them to build newer facilities every year.
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1) The hard worker who was smart enough not to go to college? Nope. Fuck 'em.
2) Smart people who got degrees to get a job, and who pay their debts? Nope. Fuck 'em.
3) Dumb people who think that college is a place to spend $350,000 to study something of interest for 4 years, whithout a thought of how they will pay that debt? Democrat voters.
I joined the military to have low debt. I got degrees in majors that were in demand by employers, and which paid salaries high enough to pay off my loans. I paid off all of my personal debt. So did my wife.
When we had kids, we saved a huge chunk of our earnings every paycheck for each kid. The moment each kid was born, I saved every paycheck for their education.
I could have just not saved anything at all. I could have spent that money on travel and cars and bigger houses. I didn't. And, nothing will piss me off more than if I have to pay for their debt too, in addition to my family's debts. They didn't have to incur that debt. They foolishly chose to incur that debt, and provided no benefit to society at all for that foolish choice. Fuck 'em.
And if whataboutism is really what it comes down to for you, then fuck the bankers and automakers too...get the money back from them. I'm sick of this BS. We should not be saving the irresponsible and punishing the responsible.
Give me back all the tuition I paid for all my kids and for myself and my wife.
Now if you gave everyone $50K, unrestricted, inflation on luxury items would skyrocket and almost no college loans would be paid back.
I guess the point I'm making is that the people whose loans you pay off will likely just take on more debt in some other way, ya know cause now they can 'afford' that new car payment.
But, at least that would be fair, and you and I wouldn't be penalized for being responsible members of society.
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The notion that wealth was either inherited or ill gotten, and that someone else that can afford it should pay it off.
(1) Those who didn't overextend themselves with debt, got degrees that could get them jobs, and (2) those who didn't go to college, will pay for those who went to college and got useless degrees, or got good degrees at universities that were too expensive.
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Any more dumb questions?
Seriously
Interest rate was higher on our student loans so we (wife and I) paid them off first.
I feel fortunate I've had opportunities that allowed me to pay off debt, but at the same time, I only bought vehicles I could pay cash for while doing it. I think of friends who bought nicer houses and cars on credit who complain about their student loan debt. Not sure they should get rewarded, it's a bad investment.
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Why not healthcare debt? Why not mortgage debt?
No personal responsibility. Always the nanny state mentality. And then there is inflation.
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A collapse of major players in either sector would be a problem for virtually every taxpayer.
The majority of taxpayers do not, on the other hand, have student loans. Citizens who don't have them due to having already paid them off, not having attended college, or not having attended a more expensive liberal arts college don't want to be on the hook to pay for others.
(Edit: And canceling the student debt does nothing to address the cause of the growing balance, which is ballooning, unchecked spend on the part of colleges).
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