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Nope. Not buying it. The parents know darned well that a loan is a loan and will need to be paid back.
Come on. As parents we have 18 years of notice that our kids will one day be going to college. It's not like your kid all of a sudden winds up in college racking up bills. There is the whole long process of educating them for 12 years, visiting colleges or at least going to college fairs, taking the PSAT and often the SAT/ACT, selecting colleges to apply to and then deciding which offer to accept.
What other event in life involves so much premeditated planning? And where did anyone EVER tell these parents and students that the whole thing would be FREE? Actually, the whole business of taking out a LOAN would indicate quite the opposite.
Stop making excuses and playing dumb. Pay for the student loans that you very willingly took out to benefit no one else but yourself. (That message isn't for you Tnff. It's for the folks who are saying that they didn't understand that student loans would need to be paid back).
You'd be surprised how many adults out there don't have a concept of future value of money. It just doesn't exist for them.
For about the last 15 or so years I've been volunteering with STEM education in my area. The students really don't know any better because they've been told for 13 years (K-12) that they can and should go to college without concern about what they will learn or what it will cost. The message is cost doesn't matter because you'll earn so much it will pay for it. The parents are told the same thing by the school system. You have to remember we're not talking financially sophisticated parents here. They inherently trust the school system is looking out for them about college and trust the financial advisor telling them to "sign here and everything will be OK in the future," and they believe them.
Of course, that's not all students or all parents. Most are smart enough and informed enough to know better. But I'm no longer amazed at how many parents and students have blind faith when that advisor says, "sign here."
This argument is weak as reasons why people don’t pay are circumstantial. Plus are you willing to apply that same argument to other debts and remove bankruptcy protections then?
I wonder if they've contacted everyone who signed up on the government student loan forgiveness website before the last election. My daughter and SIL were absolutely convinced that forgiveness would happen once the government put up that site and took names. They were quite shocked when we told them back then that many people didn't agree with that policy.
This argument is weak as reasons why people don’t pay are circumstantial. Plus are you willing to apply that same argument to other debts and remove bankruptcy protections then?
When you don't make your car payment, your car gets repossessed, when you don't make your mortgage payment, the bank forecloses on your home and takes it back from you. When you fail to pay your credit card, the bank cuts off your credit and penalizes you.
Student loan money works differently then the above scenarios. The student takes out a loan to get an education with the promise that they will pay the loan back after they receive the benefits of their education.
Their education can't be repossessed, it can't be foreclosed upon, they rack up debt with the expectation and agreement that they will pay for it later.
But then they decide, nope, they ain't gonna pay. I recently saw a video where a woman in her late 30's said that she has two bachelors degrees, has three kids, is pregnant with a 4th and has opted to be a stay at home mom while her husband works in a job that doesn't pay very much. She collects WIC and takes full advantage of the food banks in her area. One of the items she brought home was a pack of filet mignon, I kid you not.
You want to forgive her loans and pay for their lifestyle? I don't. I'm actually appalled that anyone would think this is o.k.
When you don't make your car payment, your car gets repossessed, when you don't make your mortgage payment, the bank forecloses on your home and takes it back from you. When you fail to pay your credit card, the bank cuts off your credit and penalizes you.
Student loan money works differently then the above scenarios. The student takes out a loan to get an education with the promise that they will pay the loan back after they receive the benefits of their education.
Their education can't be repossessed, it can't be foreclosed upon, they rack up debt with the expectation and agreement that they will pay for it later.
Car money works differently then the above scenarios. The borrower takes out a loan to get a vehicle with the promise that they will pay the loan back after they receive the benefits of their vehicle.
Their education can't be repossessed, it can't be foreclosed upon, they rack up debt with the expectation and agreement that they will pay for it later.
But then they decide, nope, they ain't gonna pay. I recently saw a video where a woman in her late 30's said that she has two bachelors degrees, has three kids, is pregnant with a 4th and has opted to be a stay at home mom while her husband works in a job that doesn't pay very much. She collects WIC and takes full advantage of the food banks in her area. One of the items she brought home was a pack of filet mignon, I kid you not.
You want to forgive her loans and pay for their lifestyle? I don't. I'm actually appalled that anyone would think this is o.k.
Your pregnant woman is a outlier and doesn't speak for the whole population of student loan borrowers. You also mentioned car loans, mortgages, and credit cards all of which have options to fix your missed payments. Not to mention, forbearance, refinance, and deferment. And yes student loans can offer these.
Federal has far more options then private. Student loans have seen good reform in the past few years, and repayment options (for federal) such as SAVE have come about. There is a reason for this. If you make under a certain amount of a single or family, you don't make any payment at all. Who do you think is paying for that?
Some of the above mentioned loans are secured and have collateral (mortgage, car), credit cards are unsecured. Borrowers have put tuition onto credit cards, and discharged them later. Yet a student loan itself is incredibly complicated to get discharged.
Your pregnant woman is a outlier and doesn't speak for the whole population of student loan borrowers. You also mentioned car loans, mortgages, and credit cards all of which have options to fix your missed payments. Not to mention, forbearance, refinance, and deferment. And yes student loans can offer these.
Federal has far more options then private. Student loans have seen good reform in the past few years, and repayment options (for federal) such as SAVE have come about. There is a reason for this. If you make under a certain amount of a single or family, you don't make any payment at all. Who do you think is paying for that?
Some of the above mentioned loans are secured and have collateral (mortgage, car), credit cards are unsecured. Borrowers have put tuition onto credit cards, and discharged them later. Yet a student loan itself is incredibly complicated to get discharged.
There is a reason there is student loan reform.
That woman was actively encouraging other people to do what she was doing. She was surprised that she qualified to get food from the food bank. But she did. So she got her share.
There is a fair amount of scamming being done. Some of these people are bringing home $300 or $400 worth of groceries twice a month. The rest of us poor saps are spending our after tax paychecks on the inflated and insane price of groceries in the store and probably bringing home less than that lady does.
Yes, food banks are not supposed to work that way but there have always been those who know how to work the system.
Student loan debt should not be discharged in MOST cases.
That woman was actively encouraging other people to do what she was doing. She was surprised that she qualified to get food from the food bank. But she did. So she got her share.
There is a fair amount of scamming being done. Some of these people are bringing home $300 or $400 worth of groceries twice a month. The rest of us poor saps are spending our after tax paychecks on the inflated and insane price of groceries in the store and probably bringing home less than that lady does.
Yes, food banks are not supposed to work that way but there have always been those who know how to work the system.
Student loan debt should not be discharged in MOST cases.
Your argument is incredibly one sided. I also don't know that woman's personal struggles. That woman can encourage all she wants, doesn't mean other people will follow.
So its unfair for those people to scam correct? Would you it agree its unfair for the student loan lenders to scam to?
Student loans have every right to be discharged, it was only changed in the code because it was alleged it was being abused. Absolutely no evidence of that. The real truth is the lenders and the gov't are greedy. Look up Navient lawsuits.
Your argument is incredibly one sided. I also don't know that woman's personal struggles. That woman can encourage all she wants, doesn't mean other people will follow.
So its unfair for those people to scam correct? Would you it agree its unfair for the student loan lenders to scam to?
Student loans have every right to be discharged, it was only changed in the code because it was alleged it was being abused. Absolutely no evidence of that. The real truth is the lenders and the gov't are greedy. Look up Navient lawsuits.
One sided? I'm not the one asking others to pay my debt for me. I'm not the one who went to college and essentially stole an education for free while my peers were working PT and even FT jobs while taking classes or representing their school on scholarship by playing football or some other sport.
That lady got TWO bachelors degrees that she does not use and now she wants the tax payers to give her free food. She's got some nerve.
Society needs to stop enabling this kind of...gluttony.
One sided? I'm not the one asking others to pay my debt for me. I'm not the one who went to college and essentially stole an education for free while my peers were working PT and even FT jobs while taking classes or representing their school on scholarship by playing football or some other sport.
That lady got TWO bachelors degrees that she does not use and now she wants the tax payers to give her free food. She's got some nerve.
Society needs to stop enabling this kind of...gluttony.
Lol you keep bringing up this one lady. It just sounds to me like you want to punish everyone for one persons actions.
The whole working FT or PT while earning an education doesn't hold water in 2023. Have you ran the numbers on working and paying for college without taking out a loan?
By your logic society should stop enabling bankruptcy for any kind of debt.
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