Student Loan Forgiveness

Yes, you are making sense.

My opinion is no. You (generic sense, not pointing at anyone specific) opted for the high dollar degree, you figure out how to pay for it.

 

Even "useful" degrees can be useless. I got a bachelor's in mechanical engineering in 2009. I couldn't find work in my field, and I got the impression that many of my classmates couldn't either, given the number of them that decided to stay on for the MS program. Mechanical engineering is supposed to be one of those degrees that pays for itself. I ended up as a research assistant for a year and used that experience to get into grad school doing something completely different. I'm also working in an internship during the school year in the finance industry, which is wholly unrelated to my degree.

The economy is shit right now. People with "useful" degrees can't find work. Given that experienced workers are available for cheap, things are especially difficult for new grads.

Also, I think that the "you made your bed, now sleep in it" position is missing the point. This isn't about scoring personal responsibility points, it's about putting more money into the economy in a useful way. Congrats on paying for your schooling. I bet it was satisfying. I expect to be able to pay for mine someday too. However, the economy doesn't run on personal satisfaction, it runs on money.

 

I did my math, and I'm fully prepared to pay my loans back (not sure if you were talking about the general "you" or me, specifically).
These "like value of service" programs are exactly what I was talking about, as is Baraka's strategic forgiveness.
With the government jobs and loan repayment jobs, part of your salary they would pay you is going directly to your loans.
You have a contract with them, too. You're an investment and if you leave before the specified time,
many places will make you pay them back or the amount goes right back onto your loan principal.
I didn't have the money up-front to pay for my college, but I'm damn willing to do it after I graduate.
People who choose to go to school need to be realistic.
Personal responsibility is my biggest issue with loan forgiveness across the board.

 

Maybe it's time for us in the USA to create a new group of law makers and political leaders who are, in fact, into real, pure "Socialism". (For Gawd's sake tho- Just don't call it "Socialism!)
It works well in several countries like Denmark, for example. If you live there, you get free education for as long as you need it.

AND free day care, elder care and medical & dental care for your entire life. However the Danes pay VERY HIGH Taxes to live this well.

Most Americans can't - or won't- be able to handle the higher taxes that would be needed to make it all "work". And I'll be damned if I pay higher taxes when the richest 10% pays a lot less than I do. *Yep, I'm a secretary at a medical facility!

 

Hah, of course not. You'll be given nothing because your kids didn't pay for their own education. What kind of parent are you? Enabling your kids by paying for their schooling. That's not the American way. That's how we got into this problem in the first place, amirite? You're part of the "free lunch" parenting culture! It's clear that they should have pounded some sand in a foreign land to earn their schooling instead of taking daddy's handouts.

My parents were both life-long gummint slaves. They saved up a huge nest egg--more than enough to put me through college. When I graduated from high school, however, all I got was a pat on the back and an offer to drive me over to whatever recruiter I wanted to talk to before I set out to earn my keep. If we're going to get all old school in here, saying you don't believe in handouts after giving a family-based handout is a little confusing.

/got his college education on a free ride government program: MGIB Chapter 30/33

A what? Oooh, a "IGotMineSoFuckYoutarian."

 

Given the state of the US economy, I would agree with loan forgiveness. In principle.

From an economic perspective, it's just one of the many ways to increase money supply and encourage consumer spending, which can be helpful for GDP growth (nominal GDP would likely be affected little, but who cares?).

Your economy needs to get going again, people have to spend money and it has to circulate throughout the economic mechanism.

How exactly consumer spending is encouraged is not very relevant. It probably just sounds better politically "to financially help out all those poor college students and graduates with massive loans on their backs".

Whether students, who knowingly accepted the burden of those student loans, deserve to receive loan forgiveness; is another issue.

 

BG, not following you on this one. Could you elaborate?

 

Just pointing out that a variety of this already exists through the Military College Loan Repayment Program up to $65, 000. But then you'd have to join the military, and who wants to do that?

 

Ok...let me get this straight.
Its not the taxpayers paying for this its the government policymakers using federal funds that are supplied by the taxpayers that are paying for it.
Did I get it right?

 

Make the little bastards pay through the nose. Give the money to the parents.

I know exactly how to spend it. I have the experience.

 

And what is this obsession with stimulus all about?
Used to be that a recession was therapeutic for the economy. Capital got re-deployed effectively. Bad ideas failed and the losers went under.
Now why should we think we are going to return to the Greenspan bubble era economy in this country? And why would that be good if we did?
Isn't there something more important at work than us just endlessly goosing GDP numbers so we can marvel at the statistics we have conjured up?

 

Sounds like somebody has his and to hell with everyone else. Nice. To hell with all the people who can't find jobs. To hell with the middle class. The invisible hand has a plan.

 

Yes to I have mine and no to the to hell with everyone else. More like I'm trying to hold onto mine and the more people looking to the government to bail them out, the less likely any of us will have anything.
Instead of griping about your situation, you might be better off concentrating your efforts into doing what needs to be done to get through this financial mess instead of looking to the government to prop you up. You'll be better off in the long run for it.
Or better yet, get mad at excessive corporate/banking influence in government and their associated tax loopholes/lax regulation that created this mess in the first place.

 

I haven't complained about my situation once in this thread and though it might be unclear, my previous comment was in response to ffowley and no one else.

 

I got my mech engr degree in 1993. The only jobs I could have gotten, as an engineer, payed less than the temp jobs I was working in the IT field. Never worked in engineering. Good luck. Fortunately, for me, college was much less expensive back then, and I was able to pay off my loans in a few short years. These days I would consider not going, at the present cost. The rise in tuition at state colleges is idiotic.

 

Are we under the impression that no one gets 'bailed out' in this country?
What exactly is the true nature of personal responsibility? Paying your bills, is that all?
People with advanced degrees serve this country. They make this country better. In fact, they might be the only saving grace this country has.
I would gladly pay higher taxes to see that there are more people with advanced degrees.
Just like I would pay higher taxes for better access to healthcare and better primary/secondary education.
I am a taxpayer, too, and these things are important to me.

 

From what I've seen from being overseas, this is how it works in some other countries. America just always wants to have it both ways. We want everything, but you can go to hell if you suggest we pay for it.