About those student loans

Forgiving student loans is popular, but necessary❓Fair❓Without any relevant criteria❓

Student loan payments are not unaffordable when you look at the total picture of spending. The largest loans are held by people with significant upward mobility prospects, professionals and such.

What may make sense is significantly lowering interest rates on a scale based on income, but that is not enough for the far left.

Let’s think this through. If we cancel student loans today, what about student loans tomorrow?

The average monthly student loan payment is $393. It takes student borrowers an average of 20 years, or 240 monthly payments, to repay their student loan debt. At a 6% interest rate over 20 years, the average student loan accrues $26,000 in interest alone, or 67.1% of the total cost of repayment.

educationdata.org › average-student…

14 comments

  1. It is passed time to allow student loan debt to be included in bankruptcy filings. It should of never been exempted from bankruptcy, as it is not backed by an asset like a car or home loan. Another thing that the government could do to help people with student loan debt, is allow them to deduct the loan interest on their taxes, even if they take the standard deduction. The government does not have unlimited money and should not forgive student loan debt, or what is next. I purchased a house and borrowed $25,000 to purchase appliances and house full of furniture and cannot make the payments. Only 22% are behind on their student loans, so why are politicians wanting to help 78% of borrowers that are making their payments, CRAZY!

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  2. The unanimity of the conservative response to proposals of student loan forgiveness betrays a surprising lack of Christian charity. Should the older brother of the Prodigal Son have urged the father to cast him out?

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    1. Charity is to help others who cannot help themselves through no fault of their own such as a medical bill.
      Student loans are a personal, pre-planned, self inflicted choice and their personal responsibility.
      Feel free to payoff anybody’s student loan that you wish, but don’t volunteer my tax dollars for someone else’s poor choice. How about if this Christian charity used to payoff peoples mortgages, car loans, boats loans, vacation, credit debt, etc. What’s the difference?

      Liked by 1 person

      1. There’s no relevant difference, in my opinion. When people are in financial distress, the New Testament teaching, as I understand it, is to help them. Whether they sinned in the past. or whose fault it is, is not a relevant consideration. The younger son was not accepted back because he DESERVED it.

        I do not claim ro accept this moral, personally, or even to be a Christian. But I’m surprised to see that noone here seems to know about it.

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      2. WHEN PEOPLE ARE IN FINANCIAL DISTRESS is the key. That is not the case with the majority of loan holders who can manage their loan payments. The political pandering and generalizations about an issue is the problem.

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      3. I think I see. Your concern is not helping the undeserving, but rather helping too many people. We wouldn’t want THAT.

        You used the term “pandering” for politicians who accede to the wishes of their constituents. Presumably, that’s because you disapprove of the policy in question. Trying to make a point by the use of derogatory terms is a bad habit of conservatjves.

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      4. It appears you are close to being afflicted with the most serious of liberal illnesses; naivety. It’s not a matter of all or nothing. It’s a matter of focusing the distribution of societies resources on those in need. Generalizations about seniors, minimum wage workers, student loans, even Americans struggling financially are not helpful and not generally true either. Politicians are saying what they say, proposing what they propose with little exploration of the consequences because they want the ill informed to keep them in power.

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      5. An article online today (3-1-21) at Dear MarketWatch:
        I am a 58-year-old male with a student loan debt of $593,000. Seriously. I have 4 degrees — B.A., J.D., M.Ed., M.A. — and I’m working on my last Ed.D. I am currently employed as an educator. ………….can I get a mortgage to buy a house….

        Am I supposed to allow the government or private bank to lose out on over a half million dollars because you want to give people student loan forgiveness to people like this? He is a lawyer and working on becoming a doctor of education. At 58, I would imagine he will died before ever paying that back. If there were any co-signers on those loans, I feel sorry for them.

        Meanwhile, there are people who where too middle class and yet too poor to pay for college, so they did the responsible thing like not take on crushing debt. A mortgage company will not give you a loan for a physical asset like a house if you can’t pay back a half million dollars so why is the government allowing people to take on this much debt that we the taxpayers will end up paying the bill?

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  3. Elizabeth Warren is one of the culprits responsible for this huge college loans. $400,000 per year to teach 2 classes per semester before she began living from the public trough. And her husband is still one of over compensated college professors

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  4. I think interest free payback is a good compromise. Loan forgiveness is unfair to those who payed theirs off already. Plus it sends the wrong message to our youth, that they aren’t responsible for the decisions they make.

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  5. First, I think that the colleges should be required to pay back all those student loans. It is obvious that they failed to educate them in basic finance. Second, the federal government cause the problem with their guarantees. Student loans should be capped by degree, by community and state school pricing. Third, they need to change the name from student loans to student mortgages. Then maybe people will realize that you pay back more than you barrowed and it will take forever.

    And no, I do not want to pay back anybody’s loans thru my taxes. I was responsible and back back every loan I ever took.

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    1. If someone decides to major in a discipline that won’t pay for their loan, that’s on them. There is no good reason to take money from taxpayers who couldn’t afford to go to college to pay for those that decided to go.

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