Any Loan at that. My family got caught by the Hero/Pace scam. You thought student loans where bad, wait till you see the government breaking kneecaps for loan sharks!
Whenever a third party enters to subsidize a transaction they have nothing to do with, two things happen: The buyer cares a lot less about the cost, and the seller cares a lot less about the quality.
Very well said. Auto insurance tried to up their rates and have them included in monthly payments. It works for property taxes...but people were wise to see costs would be jacked up. ( I didn't say that well....but still...Your point was excellent )
generally agree that being said id rather have loan forgiveness than social security, i think we should abolish social security and give loan forgiveness per child for one generation only, we spend 30k per senior in public spending social security is a much bigger issue
@@bradyhack2428 i think education shouldnt be free but there should be loan forgiveness for having more kids, we should not give any loan forgiveness to anyone without kids under any circumstance, i also support the immediate abolition of social security
Next there will be a bill to forgive bad banking decisions primarily caused by unforeseen consequences of certain government banking interference. Oh, wait. 2008.
Bingooooooo lets forgive everyone for making stupid financial decision except if you're an 18 year trying to get an education. Politically connected banksters are allowed to skirt responsibility
Or maybe STFU and go take responsibility for your loans rather than assuming about others. Stop wasting time worrying about others and focus on getting your life together and pay off debt.
We need an overhaul of higher education loans. They shouldn't be one of the few debts that can't be discharged in bankruptcy. Ever since then, higher education costs have skyrocketed.
Naaa, People should pay there debts. Going to school is a privilege that only the few can afford. Graduates are said to be getting better jobs than non graduates, this to me means they can repay their debts.
There are a number of bankruptcies recognized by the IRS @@studiouskid1528 I know only of a couple. I also know that the lenders who don't get paid, turn and raise the rates on the rest of us. A bankruptcy in essence lets one person walk and transfers their debts onto others. In the same way people filing false and exaggerated insurance claims drive up the cost of insurance for others. Medical debt on your credit report is not counted against you when apply for loans. Bankruptcy is off your record in 10 years I believe or less. People can't keep up with medical costs but people can decide on smaller colleges. People are out there making bank, and as a society we want to forgive their student loans? I think it would be a devastating move.
@@Dancing_Alone_wRentals No loan should be immune. See, when you eliminate the risk like that... someone is going to behave recklessly. This case it was the financial institutions, when they where told these loans would be risk free they stopped vetting people. They started giving money away to anyone who asked for it, and then turned to the government and demanded they enforce payment. Why do we protect financial institutions from their own stupidity?
Yes, allow them to be bankrupted just like other debt. Borrows choose between keeping good credit and paying them off or filing bankruptcy and hurting their credit.
this going in circles on this is crazy. college prices aren’t coming down, student loans aren’t being forgiven, so they need to find creative ways for ppl to live with the debt. maybe eliminate the interest? note: i paid out of pocket for my own bachelors, and now about to pay my own grad degree. it is possible to work and go to school without getting into debt
We need to stop guaranteeing studen loans in the first place and allow the loans to be treated like any other loan and be nullified via bankruptcy. Do that and the entire problem form the loans to high college tuition will start to heal itself as removing the marketing forces that limited college tuition in the first place is what let the costs balloon.
The answer is because YOU don't have one. Higher education is free in every other developed country in the world except USA. Wake up!!! We have student loans, we have insurance premiums to pay! Where else do you see this?!!!
Please cite the countries that offer 'free' higher education like the US does. In the US anyone can go to college if they are willing to pay. However, in countries that have 'free' higher education that education is highly regulated by the government. In Germany, the country Bernie Sanders likes to use, at 13 you take a test to see if you qualify for gymnasium, high school basically. If you don't go to gymnasium you won't be going to college. Once you complete gymnasium college is free if there is a seat in college for what you want to study, no seat no college. You may want to look at these 'free' college educationd in other countries.
There are a lot of potential solutions that would be a lot better than the current system. An easy first step would be to reset the interest rates to 0% on all government student loans, by itself that would eliminate much of the problem. Income-share agreements, where the student pays nothing up front but pays 10% of their income for 10 years starting 5 years after graduation would be a great way of incentivizing universities to make sure their students are actually employable & would ensure students "get what they pay for".
The idea of government backed loans was to eliminate the Risk The idea of Interest on Loans is to eliminate the Risk Why is there two mechanisms of Risk Elimination here? Especially seeing one of them is a government guarantee..! I've seen worse though: The Pace/Hero loan Scam had *three* risk-removal mechanisms Company that created them was so corrupt it still went bankrupt. Notice how the financial companies still have their outs? While families like mine are stuck repaying these loans....
I'd like to see good data on tuition inflation. It feels like tuitions have gone up about 500% over the past 30 years. Meanwhile, a lot of people can't afford rent, so it's not a great idea to make repayment so burdensome that it causes people to become homeless.
It’s because of supply and demand. As soon as we made federally insured student loans an entitlement from the state, colleges found a way to increase tuition exponentially to soak up all that free money.
Cool name you have @@myblacklab7 . For the big name schools...yes, either your scholarships are fantastic, or you have financial support from family etc. The community colleges are not like that. They offer classes at reasonable rates. (Define reasonable as scaled to min wage jobs ) There is a system in place, you are correct. But we don't have to participate in that system. Just like eating junk food....you don't have to. For anyone who made bad choices, it is a very uphill climb. TH-cam is full of channels who say college is no longer needed - if anything, they prove that in the States you can make it without college.
@@myblacklab7 the system wasn’t designed that way. The system has been transformed that way due to federal guaranteed student loans as an entitlement. Turn off the free money spigot and costs will come back down.
I was too dumb and immature to take student loans but I still got about $20k worth of student loans on a college that was pure shit. Thanks college admissions people. 13 years later, I just paid off $16k in one shot and didn't get a government bail out. So F all you people, especially all the 'too big to fail' bailout recipients.
I came out of college owing $125k in student loans.....and I payed it all back in 10 years and 8 months through hard work, sacrifice and discipline. It's a loan, you borrow.....you pay it back! Just my 2 cents.
There is no guarantee the remainder will be forgiven after 25 years of continuous monthly payments or 10 years of the same for non-profit employment. If Congress wanted to help, they could have lowered the interest rate to 1% or kept the interest rate at zero. The problem is that when the Dept of Education farmed out the administrative overhead of these loans to for-profit NGOs via government contracts, the Department of Education and, by extension, the president lost all power and authority except in particular situations to forgive loans. The interest is the profit the loan handler makes on the loan. If the Department of Education was both providing the loan and handling the loan, the president could do his blanket forgiveness as the money did not leave his authority. It is the interest and not paying the full accumulated interest plus principle that keeps browsers in debt. Because the Return on Investment (ROI) on degrees and certification is near zero especially when competing with outsourcing and visa workers. Colleges are losing on the ROI and value question in many people's minds. Edited for sentence structure.
Shut up they gave loans to students that were just out of high school and did not understand everything so they were being shady and you have no right to tell people they don’t deserve loan forgiveness you people are so entitled you’re probably Caucasian
If you gave a 10-year old that sort of decision, is that really fair? I know we're speaking of adults. Very young ones. Even at 18, most have never worked a job. Why must one of their earliest financial decisions be one of tens of thousands of dollars? Why does it have to be a decision of *tens of thousands of dollars* ??? They're given a pen to sign without the knowledge or wisdom to make the best decision. It's a scam unless they have a plan. Thankfully gen Z is learning from millenials and rightfully making smarter decisions, but unfortunately, that may not benefit them long-term either necessarily. Damned if you do, damned if you don't. What if we had GOOD options for once instead of those with very high risk???
Did they ask you if you would subsidize the wars in the Middle East? That money could have paid for engineering degree's or education along with other needs we have today. I'm all for maximizing the brain trust here in America.
There are actually some countries (such as the UK) where there is a student loan program but then repayment is based on your income as opposed to how much you borrowed. I actually think it's a very good system as it still requires students to make some financial investment in their education but also doesn't burden them with a high student loan payment. One difference though is that tuition is capped by the government in the UK whereas it is not in the US. But I believe they also have a similar problem in the UK of universities offering degree programs with little return on investment.
I really dont understand this forgiveness thing especially without dealing with costs. And paying them off can be done with planning and a little sacrsfice. My job requires a license which itself requires amongst other things grad school. I 1st made myself aware of averages wages in my industrynl no illusions about earning potential. Worked as much as i could to reduce costs while in school, school also gave me some money as well. Still had loans when graduated in 2017. Paid extra every month before wife and i had kids. We budget, dont spend exceissively on stuff . When we bought a house we bought a more modest one well below the huge loan the bank offered. And Paid all throughout pandemic despite forebsrance. Ill have em paid off next year. Its a point of pride to me to have done it like i agreed to do. Few in my large extended family have chosen education Most work in agriculture, the rest in construction or other labor. They shouldnt have to pay for what i wanted to do.
That's nonsense. By that logic society should never improve because someone who wasn't in a position to benefit might be upset. If that happened you wouldn't have free high school today, or Medicare and Medicaid, or any of the myriad things we do socially that benefit all of us. Also, you wouldn't have had a choice to enter the military or not. You simply would've been drafted like generations before you.
It's easy to be philosophical about it when you weren't the one who sacrificed. I had to put in some very real years of my life, to earn what others may suddenly get for free.
Some cartoonist had the absolute gall to compare this stance to "I survived cancer treatments. If they invent cure for cancer tomorrow, I'm going to be REAL mad!" Has anyone ever voluntarily get inflicted by a long-term disease, in direct exchange for something? (Use the word "direct" to exclude workplace hazards like asbestos.)
@@daniels.3062 it's not philosophical. You at least had the choice to serve or not. My father got drafted. My grandfather got drafted. My uncles were drafted. They didn't bitch about it when the draft was eliminated. They supported it!
except for people we don't like. If you were to return all the taxes.....The political parties would have nothing to grasp, cling, and tug over.....they would go home. We need Ford vs Chevy otherwise the evening news will be ......well...extinct.
There is a better solution: make education free or almost free or at least affordable by the vast majority (yes, it means "paid by tax payer"), just to give each young citizen a fair shot in life, just like it happens in most civilized countries on this planet.
You obviously don't know how uncivilized those 'civilized' countries are. Those with 'free' higher education are highly regulated by the government. You probably wouldn't like it.
@@dandarley6303 I have lived in Germany and know their 'free' college scheme. At 13 years old students take a test to go to gymnasium, basically high school. Then once completing gymnasium, a student can 'apply' for a seat in the college. If the college doesn't have a seat in the subject your studying say good bye to college. Can you imagine being told you can't go to high school let alone college at 13 years old? Yes, uncivilized compared to U.S. standards.
@@dandarley6303 Why do you find it odd that a government takes things away from people when they are paying for many things. That's why I said this is 'uncivilized' compared to how the US does college.
I have a few solutions. 1. Cap interests rates. 2. Allow them to be discharged in bankruptcy. 3. Stop federal subsidizing of colleges through the Pell Grants etc. Allow private loans for colleges because it will force down costs long term due to greater incentives to get the students to sign the loans.
Yes, students signed the papers for these loans, but it’s not as simple as that. I would argue the loans were predatory at best, you have kids being told by their teachers that college is the only way to be successful. Then, as an 18 year old, you assume you must have this degree and are now faced with two problems that you didn’t cause. The government started backing these loans, which in turn caused the universities to massively raise prices. Do I think all debt should be forgiven, no, but something should be done to curb the costs, aka gov should exit the loan business, and hold the universities accountable for their growing tuitions. I say all of this as a 36 year old that did not go to college but have been successful in the trades. I saw first hand the crap sold to my peers.
Agreed. I’d say there should be a separation of education and state for the federal government. Congress has no enumerated power to enter that market. And when they do, they distort it.
You make a good argument for some relief. Me, I'm against all forgiveness but must remain open to ideas. ( On a related note. You've probably seen how universities function, they are pretty much regulated to no end, unionized, and pay retail for everything. They follow every rule on employment and some....Their costs are rising in every direction. It would be good if insurances were streamlined and after that health care costs.....and then some smarter purchasing practices adopted )
You are correct. The students are getting ripped off, but it's the schools ripping them off not the taxpayers. The schools are the beneficiary of this mess and they should be the ones to make all recent students whole. Not just the students with outstanding debt
Just allow them to be bankruptable, just like other debt. People can hurt their credit and get out of them, or they can muscle through and pay them off.
No they should not be able to be discharged in a bankruptcy. They took the loan from the government that is me. I did not give you my say so for the loan so you cannot get out of it without paying me.
I'm sorry but none of what you said makes any economic sense. institutions need to begin to justify their expenses. like every other institution in the United States. My GF is a professor at FIU in Miami. with her salary she wouldn't be able to attend the university that she teaches at. In addition to the major ivy League universities are also holders of their own investment funds. to make money for the university's board. This is one of the major reasons that tuition is so high and school is so expensive. Make schools learning centers not hedge funds. there is no reason why a degree in Germany for a doctor is the same as a degree in America but yet it's five times the price.
Then you would know how a great deal of students just spend their time partying and wasting time, doing the bare minimum to pass their courses and getting useless degrees. As I write this comment I face GC at FIU as a bunch of our students party in their respective fraternities. Why should I have I have to pay for their degrees? Florida has free higher public education as guaranteed by the Florida Bright Futures that covers the entirety of your tuition and FIU in particular gives the Gold and Blue Merit Scholarship which also covers the entirety of your tuition with very similar qualifications to the Florida Bright Futures. That means if you attend FIU you would get paid your tuition twice at taxpayers expense. Also, faculty at STEM get paid above 80k here and the average FIU tuition is 6.5k so a four-year degree is less than 30k. That means STEM staff can easily pay their student loans as they do. You know who can’t: the philosophy, English, gender studies departments, etc. All the while we pay our football coach a million dollars per year to lose every year. Seriously, get our head out of your ass. The problem is not funding of education, is where the funding is going. It is mostly wasted in non-productive human capital, unqualified people who go to school for 4 years to get zero marketable skills.
The reason school is so expensive in the US is because of the loans in the first place. The Federal government started guaranteeing loans and made it so those who take out the loans can't get rid of the debt in bankruptcy. That means every who wants to goto college can easily take out a loan for pretty much any amount and it's pure risk-free profit for those who issue the loans because the student can't get out of the debt through normal bankruptcy means. This in turn means the pool of funds that could be paid specifically for college tuition ment it was easier and easier for colleges to charge more and more, hire on more staff, and start providing various extraneous benefits and services to draw in the new availability of money. The students meanwhile are not refusing the amount being asked because they don't know any better, they didn't earn the money so they have no real idea if the value is worth it or not, and they've been told all their lives they have to goto college. If you forgive the loans you remove the few negative pressures in the current system and instead give it incentive to expand. This will signal colleges to find more unneeded fluff to add into their fees and lenders will happily lend because everyone's making money off it. It's the same kind of grift you see in health care, btw. 50% of every health care dollar is paid by the government, the remaining 50% mostly payed by government mandated and required insurance plans. Thus there's no reason to offer services at a price patients can afford because patients are not the source of the money. When you remove the source of the money from the people getting the service it's much easier to price the service in a way.
What the government needs to do is stop giving student loans. The cost of tuition would drop dramatically Then students could actually work to pay off their school.
Damn right, better for the students to continue paying their debts with huge interests. As for me I'm siding with the banks, oh yeah reason. The government should only spend millions of dollars on the military.
With the student loans are forgiven, tax payers are getting hosed. The recipients of loan forgiveness should forfeit all future credit opportunities as they can not be trusted to repay debts. This means no mortgage for homes, car loans, credit cards or any credit for anything. These people will be the first to experience a cash only society free of taxpayer backing. When they want to change the rules they should expect negative results.
Somehow the Department of Education still offers loan forgiveness in the form of a total and permanent discharge for those who qualify. Should we be forcing the disabled to pay back their student loans while we're at it?
I actually do though I'm not sure you understand what program is offered if you did you would realize what you left was an insult and is clearly not being used as one in this case. The program I mentioned is a Total and Permanent Discharge offered to university students who received certain federal student loans and have a qualifying disability. TLDR - It's a Total and Permanent Discharge and I've handed you a great opportunity for an insult yet you seem to have missed it. @@Furluge
I am not sure if this was changed by Biden admin but last time I checked the forgiven balance under IBR/IDR payment plans is then considered taxable income fyi
I've got to comment on one little thing, I love the picture of Vaclav Havel. He was no libertarian as we would know it, but he was practically an AnCap compared to the communist regime.
They signed up for it with full expectations to pay for it after their primary schools convinced them to go to expensive 4 year colleges. Cult of stupidity.
no because your asking and sometimes forcing kids to go to college.our eyes arent wide open we are just told that its a necessary sacrifice that ends up being worth nothing
There are a lot of kids that take out the max student loan and used the money to buy brand new cars. Now my tax dollars are paying for them to buy brand new cars.
i owe around 3k. To be honest compromise. Around 80% of young people work on or off the books. People are retiring en masse in their 40s and 50s. Maybe we could pay for student loans with a combination of fines and forced labor for the unemployed
obamacare was the bill that was used to take over the student loan industry. They also made it impossible to get out of paying back your student loans...ever...for any reason. The government is collectively responsible for the rise in costs of college tuition because of that. Thus, I think everybody should have all of the interest on their loans zeroed out. If they've payed back the principal, they're done and any extra will be returned in the form of a tax credit. If they still have to pay off the principal, then they need to keep paying as usual till it's gone. That way they are responsible for the money they borrowed and the government's usury level of interest can go bite rocks.
If the US Government requires a degree for a 40k a year job, why shouldn't they be expected to compensate for that degree? OR should only people from rich families be allowed to work for the government?
@@ananon5771 That doesn't make the problem better, it makes it worse. Now you are going to tell the largest employment pool in the USA that 'oh yeah, btw, that degree we required you to get, not only are we not going to cover that we also arent going to hold up our end of the contract and you now don't get paid at all. Good luck bro'
@@ananon5771 great, they will take your job, because they will be over educated, over qualified, have preferred placement, and dumped onto the labor market en masse. Enjoy redundancy.
The government has earns no money to compensate anyone for anything. The schools should compensate the students because the schools are the beneficiary of requiring people to attend, so the schools should charge less. PS - no one should "work" for the government. People should get a job
I get the controversy over it, especially from taxpayers who never went to college and have no loans. My issue is that the Department of Education and public schools, have created this climate that everyone needs to go to college for most jobs. What happens is that most students don't graduate and just end up with unnecessary student loans. I feel like they've been duped into going to college and wracking up debt so the government has some control over their finances. Both the loan recipients and the taxpayer have been duped by the government into this situation. Force the government to make budget cuts to the fat in the budget and use that to forgive these federal loans.
Exactly what I have told people, more people need to bump this: We can not blame the students in this situation, because we advised them! Every time a not yet developed mind turned to an adult for advice it was hammered into their head that they had no other choice but this broken collage system. There was no one else telling these young minds just what negatives would happen, for all the 90's adults where patting themselves on the back for having created such a 'wonderful' system. How where the students meant to know better, when we adults' had our heads up our own ******?
If you are for forgiving these debts, then you admit that people can not be responsible enough to make their own decisions. Further are the ‘forgiven’ debts paid for by the tax payer? It seems very unfair to have some who responsibly decided not to go to school to pay for those who foolishly did.
We should have had a K-12 National Recommended Reading List for decades. We send kids to school and pay to have their time wasted with mostly crappy books. An excellent book by itself is better than a mediocre book and a mediocre teacher. *The Tyranny of Words* (1938) by Stuart Chase George Orwell mentioned Chase in an essay on politics. He published the book A New Deal shortly before FDR's famous speech. He was a member of FDR's brain trust. Tyranny of Words is better than 1984. It is not fiction. 100 books for kindergarten 200 books for 1st grade 300 books for 2nd grade etc. That would come to just over 9000 books for K-12.
@@Dancing_Alone_wRentals Yes, if you want medivial times and the dark ages back, then education should be a privilige for the few and the rich. Most Western civilised and modern counties not only have free health care but also free, or at least very affordable, education, including university level education. It is just the USA who is totally upside down and backwards in these matters.
It would be great if we had taxpayer funded health care @@theskilllessgamer5795 , meanwhile we have very affordable community college. When you factor in what minimum wage is in most states, and the cost of community college then you see it is far easier for someone in the US to afford what is provided. Healthcare won't arrive until the borders are locked down and that isn't what the political parties want. Say what they will, the do not want it.
Absolutely correct. Education should be free. We should force people to work at the schools for nothing so everyone can benefit from an education without going into debt
@@unclestinky6388 Yes, you got me! In every country, where education is free, all teachers are held as slaves, chained in the basements, when not in class. Whatever you paid for your education, you clearly got ripped off.
Your home value isn't with anything until you sell. Then you've got to go buy another overpriced property. Meanwhile you get to pay higher property taxes on that inflated value. Don't be delusional.
@@joshcarlson9352 Nope, You sell the high value home and buy in Costa Rica.....try to understand equity a bit better. But you are right Elon Musk isn't rich because most of his wealth is stock valuations....🤣😂😂😂
Hello @@joshcarlson9352 . Your home is always worth the equity that is available. If you put down 30K and over ten years your home's value went up...chances are you have over 130K...of which many people can pull 80% without selling. To add to that, that home equity interest is tax deductible and the 80% you pulled out is not taxed as income.
Student debt should not exist period. A true first wold nation should provide quality free education in all levels to anyone capable and willing to take it. Student debt should be made ilegal and laws should be made so people can default student debt and forgiven so they can start paying for a house instead.
Except that would be absurdly expensive, the best way to lower cost would probably to get less involved, make the colleges actually compete on price so it's not the case that so much aid is needed.
@@ananon5771 a quick Google search on countries with free university drops a list of 20. I am Shure that if Brasil, Malaysia, Argentina, Czech Republic, Kenia and Mexico manage to do it I don't see how the USA does not, especially when a university gets 2 Billion revenue on TV rights a year for college futbol.
@@czhuskyThe US government would just end up paying the same inflated numbers as students times a massive number of students. if the government stepped back, colleges would be forced to lower the cost to something affordable.
Naaa, It is commonly said that younger folks do not want to work, that same attitude would carry over into the universities. Universities need to be places where you pay to stay...otherwise people will be screwing around instead of learning...and worse still disturbing others. Simply attend a community college that is more in line with your budget. The fix is already available now.
@@Dancing_Alone_wRentals I have lived in several parts of the world and it is definitely not the case. Norway being the best example for me, they measure the value of the country not on economic terms but in the quality of people you produce and the conditions in which those people live. The top 10 best cities or counties to live are not in the US or China, those countries have free university or technician levels offered to all their citizens by their education system or military for a seamless integration to the work force and stronger social values. Japanese people is another great example where high quality education translates to a better society.
This is as easily solved as it was 80-90 years ago or so. Make all education free. You used to have to pay to go to high school. Past generations said, "hey, you know what, this is stupid. Let's make it free for everyone to go and help lift all boats" Do the same thing now, take the whole concept of paying for education, which is gatekeeping in and of itself and insanely stupid, a complete relic of the past, and all of this complexity "miraculously" melts away. Done and dusted.
Nothing created by human beings is ever “free“. Humans create goods and services with their time and effort. Professors and other staff at universities spend their time and effort producing a service. If that service is provided free of immediate cost to students, those professors and staff still need to be paid (unless they’re enslaved).
K -12 is available at no extra cost. Community colleges are relatively inexpensive. Community college needs to charge tuition so to eliminate the people who will be disruptive as they were in high school. I would much rather have taxes pay for universal health care.
I do not understand how this is an issue. Back when a lot of us went to college, we knew that we will have to payback the loans. They were not free money; it was borrowed money and it had to be paid back.
@@victormn47 Back then, minimum wage was $4.25 an hour. Before Fannie Mae and Freddie Mac. Banks and colleges were on the hook if people could not pay their tuition. Now people can get loans for whatever degree they want, and the student cannot get rid of the loans through bankruptcy. Why wouldn't colleges skyrocket their tuition/fees? The colleges are no longer on the hook for the loss. Government win for the compound interest payments and college win for charging whatever they want, for whatever bulls@%t degree(s) they want to dream up...
Allegedly, there are people who loaned, for hypothetical example, 50k dollars and have paid back 100k already - but it was all INTEREST payments so they still owe 50k. I can see why people in this kind of situation would justifiably feel their loan should be forgiven. Problem is blanket forgiveness for everyone. One solution (I think Reason actually highlighted it once) is that they student loan is issued by the school and (I don't remember exact details) contracted to be only paid from earnings after graduation - this means school has an actual incentive to produce students who are employable to high-paying jobs.
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The big problem no one talks about is that the government shouldn't be guaranteeing student loans to begin with.
That, and the Federal Reserve should not be printing money backed by thin air.
We absolutely have to fix that.
Yea education should be free especially publicly funded universities and colleges.
@@th0rn3gaming It would certainly be almost free if government weren't involved
Any Loan at that.
My family got caught by the Hero/Pace scam.
You thought student loans where bad, wait till you see the government breaking kneecaps for loan sharks!
Whenever a third party enters to subsidize a transaction they have nothing to do with, two things happen: The buyer cares a lot less about the cost, and the seller cares a lot less about the quality.
Very well said.
Auto insurance tried to up their rates and have them included in monthly payments. It works for property taxes...but people were wise to see costs would be jacked up. ( I didn't say that well....but still...Your point was excellent )
The title should be "Why you shouldn't get in debt for education"
generally agree that being said id rather have loan forgiveness than social security, i think we should abolish social security and give loan forgiveness per child for one generation only, we spend 30k per senior in public spending social security is a much bigger issue
Elaborate …. Are you saying education should be free or are you a hater too and don’t think people should get any forgiveness at all?
@@bradyhack2428 i think education shouldnt be free but there should be loan forgiveness for having more kids, we should not give any loan forgiveness to anyone without kids under any circumstance, i also support the immediate abolition of social security
Next there will be a bill to forgive bad banking decisions primarily caused by unforeseen consequences of certain government banking interference. Oh, wait. 2008.
Bingooooooo lets forgive everyone for making stupid financial decision except if you're an 18 year trying to get an education. Politically connected banksters are allowed to skirt responsibility
Tell me Emma's parents paid her student loan without telling me.
lol you can tell she didn’t pay shit
Or maybe STFU and go take responsibility for your loans rather than assuming about others. Stop wasting time worrying about others and focus on getting your life together and pay off debt.
We need an overhaul of higher education loans. They shouldn't be one of the few debts that can't be discharged in bankruptcy. Ever since then, higher education costs have skyrocketed.
We have then-senator Biden to thank for the 2005 Bankruptcy Reform Act - that's what took student debt off the table during bankruptcy.
Naaa, People should pay there debts. Going to school is a privilege that only the few can afford. Graduates are said to be getting better jobs than non graduates, this to me means they can repay their debts.
There are a number of bankruptcies recognized by the IRS @@studiouskid1528 I know only of a couple.
I also know that the lenders who don't get paid, turn and raise the rates on the rest of us.
A bankruptcy in essence lets one person walk and transfers their debts onto others.
In the same way people filing false and exaggerated insurance claims drive up the cost of insurance for others.
Medical debt on your credit report is not counted against you when apply for loans. Bankruptcy is off your record in 10 years I believe or less.
People can't keep up with medical costs but people can decide on smaller colleges.
People are out there making bank, and as a society we want to forgive their student loans? I think it would be a devastating move.
@@Dancing_Alone_wRentals
No loan should be immune.
See, when you eliminate the risk like that... someone is going to behave recklessly. This case it was the financial institutions, when they where told these loans would be risk free they stopped vetting people. They started giving money away to anyone who asked for it, and then turned to the government and demanded they enforce payment.
Why do we protect financial institutions from their own stupidity?
Yes, allow them to be bankrupted just like other debt. Borrows choose between keeping good credit and paying them off or filing bankruptcy and hurting their credit.
this going in circles on this is crazy. college prices aren’t coming down, student loans aren’t being forgiven, so they need to find creative ways for ppl to live with the debt. maybe eliminate the interest? note: i paid out of pocket for my own bachelors, and now about to pay my own grad degree. it is possible to work and go to school without getting into debt
We need to stop guaranteeing studen loans in the first place and allow the loans to be treated like any other loan and be nullified via bankruptcy. Do that and the entire problem form the loans to high college tuition will start to heal itself as removing the marketing forces that limited college tuition in the first place is what let the costs balloon.
Remove government support from all loans!
It just encourages the Confidence Artists to do their thing....
It is truly amazing how utterly generous you can be with other peoples money, if you can get away with it.
The answer is because YOU don't have one. Higher education is free in every other developed country in the world except USA. Wake up!!! We have student loans, we have insurance premiums to pay! Where else do you see this?!!!
That's why I want to move to the US. Fuck high taxes!!!
Please cite the countries that offer 'free' higher education like the US does. In the US anyone can go to college if they are willing to pay. However, in countries that have 'free' higher education that education is highly regulated by the government. In Germany, the country Bernie Sanders likes to use, at 13 you take a test to see if you qualify for gymnasium, high school basically. If you don't go to gymnasium you won't be going to college. Once you complete gymnasium college is free if there is a seat in college for what you want to study, no seat no college. You may want to look at these 'free' college educationd in other countries.
There are a lot of potential solutions that would be a lot better than the current system. An easy first step would be to reset the interest rates to 0% on all government student loans, by itself that would eliminate much of the problem. Income-share agreements, where the student pays nothing up front but pays 10% of their income for 10 years starting 5 years after graduation would be a great way of incentivizing universities to make sure their students are actually employable & would ensure students "get what they pay for".
The idea of government backed loans was to eliminate the Risk
The idea of Interest on Loans is to eliminate the Risk
Why is there two mechanisms of Risk Elimination here?
Especially seeing one of them is a government guarantee..!
I've seen worse though:
The Pace/Hero loan Scam had *three* risk-removal mechanisms
Company that created them was so corrupt it still went bankrupt.
Notice how the financial companies still have their outs?
While families like mine are stuck repaying these loans....
Just allow them to be bankruptable
You can tell the student loan thing is a "Crisis" because they keep giving the loans out.
I'd like to see good data on tuition inflation.
It feels like tuitions have gone up about 500% over the past 30 years.
Meanwhile, a lot of people can't afford rent, so it's not a great idea to make repayment so burdensome that it causes people to become homeless.
It’s because of supply and demand. As soon as we made federally insured student loans an entitlement from the state, colleges found a way to increase tuition exponentially to soak up all that free money.
I don't understand why people would agree to pay off student loans and in doing so crush the moral of people who never attended university.
Because the system is designed so that no one can go to college, unless they borrow heavily, or have family who will pay their tuition.
Cool name you have @@myblacklab7 . For the big name schools...yes, either your scholarships are fantastic, or you have financial support from family etc.
The community colleges are not like that. They offer classes at reasonable rates. (Define reasonable as scaled to min wage jobs )
There is a system in place, you are correct. But we don't have to participate in that system. Just like eating junk food....you don't have to.
For anyone who made bad choices, it is a very uphill climb. TH-cam is full of channels who say college is no longer needed - if anything, they prove that in the States you can make it without college.
@@myblacklab7 the system wasn’t designed that way. The system has been transformed that way due to federal guaranteed student loans as an entitlement.
Turn off the free money spigot and costs will come back down.
I was too dumb and immature to take student loans but I still got about $20k worth of student loans on a college that was pure shit. Thanks college admissions people. 13 years later, I just paid off $16k in one shot and didn't get a government bail out. So F all you people, especially all the 'too big to fail' bailout recipients.
Who cares , if the govt is going to give handouts may as well benefit the average person
Exactly these white people are living in white privilege. They don’t understand that if people people out here that are actually struggling.
I came out of college owing $125k in student loans.....and I payed it all back in 10 years and 8 months through hard work, sacrifice and discipline. It's a loan, you borrow.....you pay it back! Just my 2 cents.
There is no guarantee the remainder will be forgiven after 25 years of continuous monthly payments or 10 years of the same for non-profit employment. If Congress wanted to help, they could have lowered the interest rate to 1% or kept the interest rate at zero. The problem is that when the Dept of Education farmed out the administrative overhead of these loans to for-profit NGOs via government contracts, the Department of Education and, by extension, the president lost all power and authority except in particular situations to forgive loans. The interest is the profit the loan handler makes on the loan. If the Department of Education was both providing the loan and handling the loan, the president could do his blanket forgiveness as the money did not leave his authority.
It is the interest and not paying the full accumulated interest plus principle that keeps browsers in debt. Because the Return on Investment (ROI) on degrees and certification is near zero especially when competing with outsourcing and visa workers. Colleges are losing on the ROI and value question in many people's minds. Edited for sentence structure.
The ONLY reason they shouldn't be forgiven is they accepted the loans and the responsibility.
Just allow them to go through bankruptcy if they really cannot pay.
Shut up they gave loans to students that were just out of high school and did not understand everything so they were being shady and you have no right to tell people they don’t deserve loan forgiveness you people are so entitled you’re probably Caucasian
And your name is disrespectful super Jesus and you got Jesus Christ on the cross playing games keep on mocking God and see what happens
If you gave a 10-year old that sort of decision, is that really fair? I know we're speaking of adults. Very young ones.
Even at 18, most have never worked a job. Why must one of their earliest financial decisions be one of tens of thousands of dollars? Why does it have to be a decision of *tens of thousands of dollars* ??? They're given a pen to sign without the knowledge or wisdom to make the best decision. It's a scam unless they have a plan.
Thankfully gen Z is learning from millenials and rightfully making smarter decisions, but unfortunately, that may not benefit them long-term either necessarily.
Damned if you do, damned if you don't. What if we had GOOD options for once instead of those with very high risk???
Did they ask you if you would subsidize the wars in the Middle East? That money could have paid for engineering degree's or education along with other needs we have today. I'm all for maximizing the brain trust here in America.
I would end the student loan program so that colleges and universities are subject to the same market forces as everything else.
If student loan forgiveness shouldn't be allowed neither should bankruptcy of any form.
There are actually some countries (such as the UK) where there is a student loan program but then repayment is based on your income as opposed to how much you borrowed. I actually think it's a very good system as it still requires students to make some financial investment in their education but also doesn't burden them with a high student loan payment. One difference though is that tuition is capped by the government in the UK whereas it is not in the US. But I believe they also have a similar problem in the UK of universities offering degree programs with little return on investment.
I really dont understand this forgiveness thing especially without dealing with costs. And paying them off can be done with planning and a little sacrsfice. My job requires a license which itself requires amongst other things grad school. I 1st made myself aware of averages wages in my industrynl no illusions about earning potential. Worked as much as i could to reduce costs while in school, school also gave me some money as well. Still had loans when graduated in 2017. Paid extra every month before wife and i had kids. We budget, dont spend exceissively on stuff . When we bought a house we bought a more modest one well below the huge loan the bank offered. And Paid all throughout pandemic despite forebsrance. Ill have em paid off next year. Its a point of pride to me to have done it like i agreed to do. Few in my large extended family have chosen education
Most work in agriculture, the rest in construction or other labor. They shouldnt have to pay for what i wanted to do.
Is a student loan indentured servitude?
It’s not an unintended consequence since it will direct students to low quality degrees which create democratic voters.
I did six years in the military to pay for college. If everyone gets their student loans forgiven, then my sacrifice was for nothing.
That's nonsense. By that logic society should never improve because someone who wasn't in a position to benefit might be upset.
If that happened you wouldn't have free high school today, or Medicare and Medicaid, or any of the myriad things we do socially that benefit all of us.
Also, you wouldn't have had a choice to enter the military or not. You simply would've been drafted like generations before you.
I see what you did there.
It's easy to be philosophical about it when you weren't the one who sacrificed. I had to put in some very real years of my life, to earn what others may suddenly get for free.
Some cartoonist had the absolute gall to compare this stance to "I survived cancer treatments. If they invent cure for cancer tomorrow, I'm going to be REAL mad!"
Has anyone ever voluntarily get inflicted by a long-term disease, in direct exchange for something? (Use the word "direct" to exclude workplace hazards like asbestos.)
@@daniels.3062 it's not philosophical. You at least had the choice to serve or not.
My father got drafted. My grandfather got drafted. My uncles were drafted.
They didn't bitch about it when the draft was eliminated. They supported it!
I support forgiving and refunding all income tax
except for people we don't like. If you were to return all the taxes.....The political parties would have nothing to grasp, cling, and tug over.....they would go home. We need Ford vs Chevy otherwise the evening news will be ......well...extinct.
There is a better solution: make education free or almost free or at least affordable by the vast majority (yes, it means "paid by tax payer"), just to give each young citizen a fair shot in life, just like it happens in most civilized countries on this planet.
You obviously don't know how uncivilized those 'civilized' countries are. Those with 'free' higher education are highly regulated by the government. You probably wouldn't like it.
@@GoodCitizen-g6f Yeah sure, countries such as Finland, Norway, Denmark, or Germany are "uncivilized" ahahahahha :D #facepalm
@@dandarley6303
I have lived in Germany and know their 'free' college scheme. At 13 years old students take a test to go to gymnasium, basically high school. Then once completing gymnasium, a student can 'apply' for a seat in the college. If the college doesn't have a seat in the subject your studying say good bye to college.
Can you imagine being told you can't go to high school let alone college at 13 years old? Yes, uncivilized compared to U.S. standards.
@@GoodCitizen-g6f Are you out of your mind? German 14-year-old unable to go to high school? #facepalm !!!
@@dandarley6303
Why do you find it odd that a government takes things away from people when they are paying for many things. That's why I said this is 'uncivilized' compared to how the US does college.
I have a few solutions. 1. Cap interests rates. 2. Allow them to be discharged in bankruptcy. 3. Stop federal subsidizing of colleges through the Pell Grants etc. Allow private loans for colleges because it will force down costs long term due to greater incentives to get the students to sign the loans.
You have it backwards. The number one priority is to stop government loans. Then, and only then, work on the other two.
We shouldnt be paying social security taxes either since its going bankrupt then,
Very good point.
Yes, students signed the papers for these loans, but it’s not as simple as that. I would argue the loans were predatory at best, you have kids being told by their teachers that college is the only way to be successful. Then, as an 18 year old, you assume you must have this degree and are now faced with two problems that you didn’t cause. The government started backing these loans, which in turn caused the universities to massively raise prices. Do I think all debt should be forgiven, no, but something should be done to curb the costs, aka gov should exit the loan business, and hold the universities accountable for their growing tuitions. I say all of this as a 36 year old that did not go to college but have been successful in the trades. I saw first hand the crap sold to my peers.
Agreed. I’d say there should be a separation of education and state for the federal government. Congress has no enumerated power to enter that market. And when they do, they distort it.
You make a good argument for some relief. Me, I'm against all forgiveness but must remain open to ideas.
( On a related note. You've probably seen how universities function, they are pretty much regulated to no end, unionized, and pay retail for everything. They follow every rule on employment and some....Their costs are rising in every direction. It would be good if insurances were streamlined and after that health care costs.....and then some smarter purchasing practices adopted )
You are correct. The students are getting ripped off, but it's the schools ripping them off not the taxpayers. The schools are the beneficiary of this mess and they should be the ones to make all recent students whole. Not just the students with outstanding debt
Great, more coffee slingers with advanced degrees in Asexual Art Theory.
Just allow them to be bankruptable, just like other debt. People can hurt their credit and get out of them, or they can muscle through and pay them off.
No they should not be able to be discharged in a bankruptcy. They took the loan from the government that is me. I did not give you my say so for the loan so you cannot get out of it without paying me.
I'm sorry but none of what you said makes any economic sense. institutions need to begin to justify their expenses. like every other institution in the United States. My GF is a professor at FIU in Miami. with her salary she wouldn't be able to attend the university that she teaches at. In addition to the major ivy League universities are also holders of their own investment funds. to make money for the university's board. This is one of the major reasons that tuition is so high and school is so expensive. Make schools learning centers not hedge funds. there is no reason why a degree in Germany for a doctor is the same as a degree in America but yet it's five times the price.
They're libertarian, of course it doesn't make any economic sense
Then you would know how a great deal of students just spend their time partying and wasting time, doing the bare minimum to pass their courses and getting useless degrees. As I write this comment I face GC at FIU as a bunch of our students party in their respective fraternities. Why should I have I have to pay for their degrees? Florida has free higher public education as guaranteed by the Florida Bright Futures that covers the entirety of your tuition and FIU in particular gives the Gold and Blue Merit Scholarship which also covers the entirety of your tuition with very similar qualifications to the Florida Bright Futures. That means if you attend FIU you would get paid your tuition twice at taxpayers expense. Also, faculty at STEM get paid above 80k here and the average FIU tuition is 6.5k so a four-year degree is less than 30k. That means STEM staff can easily pay their student loans as they do. You know who can’t: the philosophy, English, gender studies departments, etc. All the while we pay our football coach a million dollars per year to lose every year. Seriously, get our head out of your ass. The problem is not funding of education, is where the funding is going. It is mostly wasted in non-productive human capital, unqualified people who go to school for 4 years to get zero marketable skills.
The reason school is so expensive in the US is because of the loans in the first place. The Federal government started guaranteeing loans and made it so those who take out the loans can't get rid of the debt in bankruptcy. That means every who wants to goto college can easily take out a loan for pretty much any amount and it's pure risk-free profit for those who issue the loans because the student can't get out of the debt through normal bankruptcy means.
This in turn means the pool of funds that could be paid specifically for college tuition ment it was easier and easier for colleges to charge more and more, hire on more staff, and start providing various extraneous benefits and services to draw in the new availability of money. The students meanwhile are not refusing the amount being asked because they don't know any better, they didn't earn the money so they have no real idea if the value is worth it or not, and they've been told all their lives they have to goto college.
If you forgive the loans you remove the few negative pressures in the current system and instead give it incentive to expand. This will signal colleges to find more unneeded fluff to add into their fees and lenders will happily lend because everyone's making money off it.
It's the same kind of grift you see in health care, btw. 50% of every health care dollar is paid by the government, the remaining 50% mostly payed by government mandated and required insurance plans. Thus there's no reason to offer services at a price patients can afford because patients are not the source of the money. When you remove the source of the money from the people getting the service it's much easier to price the service in a way.
Biden doesn't have billions and billions. Young people are so gullable.
What the government needs to do is stop giving student loans.
The cost of tuition would drop dramatically
Then students could actually work to pay off their school.
Sit across a table with tax payers when your student loans are forgiven lmao 😂
Damn right, better for the students to continue paying their debts with huge interests. As for me I'm siding with the banks, oh yeah reason. The government should only spend millions of dollars on the military.
The Democrats want to spend BILLIONS on the military, not millions. Brandon is pitching a fit that certain Republicans won't approve it
With the student loans are forgiven, tax payers are getting hosed. The recipients of loan forgiveness should forfeit all future credit opportunities as they can not be trusted to repay debts. This means no mortgage for homes, car loans, credit cards or any credit for anything. These people will be the first to experience a cash only society free of taxpayer backing. When they want to change the rules they should expect negative results.
Somehow the Department of Education still offers loan forgiveness in the form of a total and permanent discharge for those who qualify. Should we be forcing the disabled to pay back their student loans while we're at it?
"For those who qualify"
Protip: You don't qualify.
I actually do though I'm not sure you understand what program is offered if you did you would realize what you left was an insult and is clearly not being used as one in this case.
The program I mentioned is a Total and Permanent Discharge offered to university students who received certain federal student loans and have a qualifying disability.
TLDR - It's a Total and Permanent Discharge and I've handed you a great opportunity for an insult yet you seem to have missed it. @@Furluge
Certain disabled yes, others no.
First question, were they disabled when they got the loan?
If you flake on a debt you will forever bear the burden and shame.
I am not sure if this was changed by Biden admin but last time I checked the forgiven balance under IBR/IDR payment plans is then considered taxable income fyi
Why should people who never went to college or went to college but stopped be responsible for paying for others who did?
I've got to comment on one little thing, I love the picture of Vaclav Havel. He was no libertarian as we would know it, but he was practically an AnCap compared to the communist regime.
Now I feel stupid for using the GI Bill
Well yeah you should.
They signed up for it with full expectations to pay for it after their primary schools convinced them to go to expensive 4 year colleges. Cult of stupidity.
Why would any loan be forgiven? You borrowed with your eyes wide open. Worst life lesson. What next mortgage forgiveness.
no because your asking and sometimes forcing kids to go to college.our eyes arent wide open we are just told that its a necessary sacrifice that ends up being worth nothing
if they have unlimited funds to go to war, i think they have the ability to forgive student loan, make it a reward for exceptional students
There are a lot of kids that take out the max student loan and used the money to buy brand new cars. Now my tax dollars are paying for them to buy brand new cars.
I disagree so Germany and Sweden and Israel and all these countries have free college and free healthcare but not the greatest nation in the world?
i owe around 3k. To be honest compromise. Around 80% of young people work on or off the books. People are retiring en masse in their 40s and 50s. Maybe we could pay for student loans with a combination of fines and forced labor for the unemployed
Forced labor=slavery
Yeah, listen to these people! Never accept improvements to your lives! Pay forever!
At the cost of other's money? Hell no
obamacare was the bill that was used to take over the student loan industry. They also made it impossible to get out of paying back your student loans...ever...for any reason. The government is collectively responsible for the rise in costs of college tuition because of that.
Thus, I think everybody should have all of the interest on their loans zeroed out. If they've payed back the principal, they're done and any extra will be returned in the form of a tax credit. If they still have to pay off the principal, then they need to keep paying as usual till it's gone. That way they are responsible for the money they borrowed and the government's usury level of interest can go bite rocks.
First, though, get rid of the student loan program.
If the US Government requires a degree for a 40k a year job, why shouldn't they be expected to compensate for that degree? OR should only people from rich families be allowed to work for the government?
Most libertarians would much rather just get rid of most of those departments.
@@ananon5771 That doesn't make the problem better, it makes it worse. Now you are going to tell the largest employment pool in the USA that 'oh yeah, btw, that degree we required you to get, not only are we not going to cover that we also arent going to hold up our end of the contract and you now don't get paid at all. Good luck bro'
@@fortusvictus8297 Libertarians believe they should get a real job that does not rely on stealing.
@@ananon5771 great, they will take your job, because they will be over educated, over qualified, have preferred placement, and dumped onto the labor market en masse. Enjoy redundancy.
The government has earns no money to compensate anyone for anything. The schools should compensate the students because the schools are the beneficiary of requiring people to attend, so the schools should charge less. PS - no one should "work" for the government. People should get a job
4 years in the military, that will pay off your student loans!
So become a slave to the military industrial complex, got it
Dropping a dislike...I'll show myself out
Wait....They ordered pizza.....stay at least for some pizza.
Why.... because people should pay their sht when spend.. and tax payers will end up paying for them. Common SENSE
Inflation will allow easy repayment eventually, like any loan soon, I bet.
lets guarantee corporation and bank bailouts every few years though... makes sense
Any bailout by the government is wrong. Wether corporate or private.
Because you took out the loan. Case closed.
I get the controversy over it, especially from taxpayers who never went to college and have no loans. My issue is that the Department of Education and public schools, have created this climate that everyone needs to go to college for most jobs. What happens is that most students don't graduate and just end up with unnecessary student loans. I feel like they've been duped into going to college and wracking up debt so the government has some control over their finances. Both the loan recipients and the taxpayer have been duped by the government into this situation. Force the government to make budget cuts to the fat in the budget and use that to forgive these federal loans.
Exactly what I have told people, more people need to bump this:
We can not blame the students in this situation, because we advised them!
Every time a not yet developed mind turned to an adult for advice it was hammered into their head that they had no other choice but this broken collage system. There was no one else telling these young minds just what negatives would happen, for all the 90's adults where patting themselves on the back for having created such a 'wonderful' system. How where the students meant to know better, when we adults' had our heads up our own ******?
Turn off the free loans program before we give any forgiveness to anyone.
If you are for forgiving these debts, then you admit that people can not be responsible enough to make their own decisions.
Further are the ‘forgiven’ debts paid for by the tax payer? It seems very unfair to have some who responsibly decided not to go to school to pay for those who foolishly did.
We should have had a K-12 National Recommended Reading List for decades. We send kids to school and pay to have their time wasted with mostly crappy books. An excellent book by itself is better than a mediocre book and a mediocre teacher.
*The Tyranny of Words* (1938) by Stuart Chase
George Orwell mentioned Chase in an essay on politics. He published the book A New Deal shortly before FDR's famous speech. He was a member of FDR's brain trust.
Tyranny of Words is better than 1984. It is not fiction.
100 books for kindergarten
200 books for 1st grade
300 books for 2nd grade
etc.
That would come to just over 9000 books for K-12.
The whole system is rotten. Education shouild be free.
It is up through 12th. After that education becomes a privilege, which I believe should be paid for by the person attending.
@@Dancing_Alone_wRentals Yes, if you want medivial times and the dark ages back, then education should be a privilige for the few and the rich.
Most Western civilised and modern counties not only have free health care but also free, or at least very affordable, education, including university level education.
It is just the USA who is totally upside down and backwards in these matters.
It would be great if we had taxpayer funded health care @@theskilllessgamer5795 , meanwhile we have very affordable community college.
When you factor in what minimum wage is in most states, and the cost of community college then you see it is far easier for someone in the US to afford what is provided.
Healthcare won't arrive until the borders are locked down and that isn't what the political parties want. Say what they will, the do not want it.
Absolutely correct. Education should be free. We should force people to work at the schools for nothing so everyone can benefit from an education without going into debt
@@unclestinky6388 Yes, you got me! In every country, where education is free, all teachers are held as slaves, chained in the basements, when not in class.
Whatever you paid for your education, you clearly got ripped off.
I need to know if she's single though 🤔
Gag a maggot! 🤢🤮
Forgive them so home prices go up the same amount....the folks that dont own assets(25% of American adults) , well you all are screwed 🤣🤣🤣👍
Your home value isn't with anything until you sell. Then you've got to go buy another overpriced property. Meanwhile you get to pay higher property taxes on that inflated value. Don't be delusional.
@@joshcarlson9352 Nope, You sell the high value home and buy in Costa Rica.....try to understand equity a bit better. But you are right Elon Musk isn't rich because most of his wealth is stock valuations....🤣😂😂😂
Hello @@joshcarlson9352 . Your home is always worth the equity that is available. If you put down 30K and over ten years your home's value went up...chances are you have over 130K...of which many people can pull 80% without selling.
To add to that, that home equity interest is tax deductible and the 80% you pulled out is not taxed as income.
Why were PPP loans forgiven, but student loans? Ppp loans git passed under trump and none of y'all said a beep!
11 hours ago
Cringe
Student debt should not exist period. A true first wold nation should provide quality free education in all levels to anyone capable and willing to take it.
Student debt should be made ilegal and laws should be made so people can default student debt and forgiven so they can start paying for a house instead.
Except that would be absurdly expensive, the best way to lower cost would probably to get less involved, make the colleges actually compete on price so it's not the case that so much aid is needed.
@@ananon5771 a quick Google search on countries with free university drops a list of 20. I am Shure that if Brasil, Malaysia, Argentina, Czech Republic, Kenia and Mexico manage to do it I don't see how the USA does not, especially when a university gets 2 Billion revenue on TV rights a year for college futbol.
@@czhuskyThe US government would just end up paying the same inflated numbers as students times a massive number of students.
if the government stepped back, colleges would be forced to lower the cost to something affordable.
Naaa, It is commonly said that younger folks do not want to work, that same attitude would carry over into the universities. Universities need to be places where you pay to stay...otherwise people will be screwing around instead of learning...and worse still disturbing others.
Simply attend a community college that is more in line with your budget. The fix is already available now.
@@Dancing_Alone_wRentals I have lived in several parts of the world and it is definitely not the case. Norway being the best example for me, they measure the value of the country not on economic terms but in the quality of people you produce and the conditions in which those people live.
The top 10 best cities or counties to live are not in the US or China, those countries have free university or technician levels offered to all their citizens by their education system or military for a seamless integration to the work force and stronger social values.
Japanese people is another great example where high quality education translates to a better society.
And with that, I unsubscribe, don't even need to watch the video, the title alone tells me how entitled your entire company/team is
how entitled do *you* have to be to take out loans then not pay them back?
Yeah! How can a company be so entitled to think that someone who knowingly and willingly borrowed money should have to pay it back. How dare they.
Bye bye, you are part of the problem.
Don't unsubscribe, you'll miss out on the entertainment and how shilling/astroturfing works.
ReEEeEE?
This is as easily solved as it was 80-90 years ago or so. Make all education free. You used to have to pay to go to high school. Past generations said, "hey, you know what, this is stupid. Let's make it free for everyone to go and help lift all boats"
Do the same thing now, take the whole concept of paying for education, which is gatekeeping in and of itself and insanely stupid, a complete relic of the past, and all of this complexity "miraculously" melts away.
Done and dusted.
Nothing created by human beings is ever “free“. Humans create goods and services with their time and effort.
Professors and other staff at universities spend their time and effort producing a service. If that service is provided free of immediate cost to students, those professors and staff still need to be paid (unless they’re enslaved).
@@VeniVidiVid we have universal free education through high school. Stop it
K -12 is available at no extra cost. Community colleges are relatively inexpensive. Community college needs to charge tuition so to eliminate the people who will be disruptive as they were in high school. I would much rather have taxes pay for universal health care.
@@Dancing_Alone_wRentals so you would deprive the vast majority because of a few. Dear lord......
How are you going to offer free education? Enslave the teachers?
I do not understand how this is an issue. Back when a lot of us went to college, we knew that we will have to payback the loans. They were not free money; it was borrowed money and it had to be paid back.
Back then, tuition fees were much lower in real terms.
@@victormn47 Back then, minimum wage was $4.25 an hour. Before Fannie Mae and Freddie Mac. Banks and colleges were on the hook if people could not pay their tuition. Now people can get loans for whatever degree they want, and the student cannot get rid of the loans through bankruptcy. Why wouldn't colleges skyrocket their tuition/fees? The colleges are no longer on the hook for the loss. Government win for the compound interest payments and college win for charging whatever they want, for whatever bulls@%t degree(s) they want to dream up...
Allegedly, there are people who loaned, for hypothetical example, 50k dollars and have paid back 100k already - but it was all INTEREST payments so they still owe 50k. I can see why people in this kind of situation would justifiably feel their loan should be forgiven. Problem is blanket forgiveness for everyone.
One solution (I think Reason actually highlighted it once) is that they student loan is issued by the school and (I don't remember exact details) contracted to be only paid from earnings after graduation - this means school has an actual incentive to produce students who are employable to high-paying jobs.
As Lee Iaccoco called it "We borrowed money the old-fashioned way, we paid it back."
Boomer