Well, I've been thinking about this a lot lately, especially as my lifelong responsible savings will be impacted. What affect do you think President Biden's student loan forgiveness will have on your IRA or mutual fund or savings and investments in general? My intent isn't that this be a "Biden sucks" thread. To me, that is a given. I want people's input on the affects you think it will have and what, if any, steps are you are taking to protect your retirement savings?

Be mindful that the student loan forgiveness won't just be waiving a magic wand and the debt will be gone. That would make the Great Depression look like an economic boom. It will be we taxpayers paying back those lending institutions, universities and the government.

We’re living in a bubble anyway. I don’t think it’s going to do squat.

Not having seen or heard any news today,did he sign an EO about it?
I know Schumer was hawking 50k in debt forgivness.
But I don't know if Joe caved.

It will make your hard earned dollars worth less because all those deadbeats will have a bunch of extra cash to go out and compete with your hard earned money for goods(smaller amounts thanks to shutdowns). More money plus fewer goods equals higher prices.

Perhaps some of the deadbeats will invest in the market so perhaps they will head even higher?

Im laughing at all the losers that owe 50K and can't even get a job .

Hope they let me use all that $$ out of the 2 kids 529 plan if it’s going to be free now.
All this country does is reward poor decisions and punish hard work and smart choices. I’m tired of the BS.

yep

Not yet from what I’ve heard but I believe that the left will keep part of their promise to alleviate some of that debt.

It'll make all those busboys with Liberal Arts degrees think they made a good educational choice.

The value of the dollar will shrink, again and the economy will shrink so we won't know which of Biden"s decisions led to the the latest recession.

A liberal solution to a liberal caused problem. How college students can't see the racket that liberal politicians and liberal college administrators are running on them, at their very expense, baffles my mind. It really wasn't that long ago that in state tuition was very reasonable.

Unfortunately those loans were predatory from the get go as is the education system. Lots of kids got loans and were going to school just enough to live on the loans. Bad idea. Stupid.

The idea to laugh ar these young f0lks not having a usable degree or any experiance isnt something to take glee in either. Its a tragedy and we allowed this to happen.

I dont know what this may do to retirement funds but it probably wont be positive for most folks.

At best this education system is an criminal enterprise as is the loaning of college costs and the insane rising costs. Its not funny because young people were duped into the game as is normalnfolks saving for retirement and the social structure at large. Its a sad tale, but continuing down the same path will only make it worse.

One of my biggest complainst Trump ( i voted for him twice) is that he blew the opportunity to captivate these young people and engage with them a workable solution to this crisis. His arrogance didnt allow him to visit schools and students and put their voices and concerns before congress and also the interests of jilders of this debt. He had an opporrunity to reach out to young folks and put this mess in a spotlight instead of spend time in Mar a Lago. He had the opportunity to do something for a whole block of young voters but did nothing. This burns me, and now we have a demented lackluster idiot in the house calling the shots yet he cant point to the door that leads out of the room.

Are you kidding me. How da f u c k could he win in a rigged election? Do you think Berkeley or some other liberal chit hole university would let him speak. Trump used social media to reach the younger generation no one has before.

If the argument is that 18 year olds aren't sophisticated enough to realize what student debt means, and 18 year olds aren't mature enough to buy a handgun, then why are they still allowed to vote? Once upon a time it was because they were being drafted, which was a good argument, but that's been gone for years.

To answer the original question: It will increase the already bloated federal debt. That's not a good thing.

There's only one solution to this problem and that's to quit handing out so many damn student loans.

This is a danged good post.

I doubt this will be covered with taxes. If they do it, it will be an exercise in 1.6 trillion more of monetary easing.

After another 2 trillion in "Covid relief", mostly to pay off blue state and blue city debt, this additional 1.6 trillion will push the total debt to 32 Trillion by year end.

I'd be fine if they either allowed them to default on their student loans or limit the interest rate to a quarter percent over the rate of inflation but to completely forgive them is theft from everyone who wasn't an idiot.

I graduated in 2015 with a bachelors of science Metallurgical engineering degree. I had 50k in student loans when I graduated and I had multiple job offers when I graduated because I went to one of the top schools for that degree. I knew the degree I was getting and how I would be able to pay it back. I had 10 years to pay it and I did it in 5. I think student loans are just handed out to anyone and everyone and it should really be based on the degree you are working towards. If you are getting an art history degree you can only borrow up to a certain amount. If you are getting an engineering degree where the average starting salary for your program is 72,000$ then you might be allowed to borrow more. Also I saw a lot of students that finished their bachelors and started right in on a masters and PHD. When they graduated they only might make 90,000. Is an extra 50k in student debt a smart move to only make 18k higher starting salary if that? They really need to look at it as a business proposal when they give out student loans.

I agree with much of this. Kids are told that if they don’t go to college they’ll never be anything. The government now requires most trades to have an associate degree. RN’s use to only need an associates degree but the government is pushing for bachelor degrees. School teachers use to need a bachelors but now the government has made a big push for Masters Degrees. The government artificially raises the requirements beyond what is needed from a practical standpoint and then offers loans for hundreds of thousands of dollars to kids. The same mostly GOVERNMENT OWNED university’s couldn’t charge what they do if they didn’t have a ready supply of kids feeling like they need the degrees to make a living and the government backing the loans. The government has a hell of a racket going on. Artificially raise requirements for jobs, then back the loans with no chance of default or filing bankruptcy on, and send the kids off with thousand in loans that they could never otherwise qualify for to government schools... To then repay a mortgage worth’s or more in debt to the government in addition to income taxes.

In today’s society college age students should be able to take nearly everything online for dirt cheap. How is it that a middle schooler requiring small classes and more hands on supervision can be educated for a few thousand a year but a college student that should be self sufficient and can learn at home or in a lecture hall with several hundred students cost several times more in cost?

yup

Sorry, but WE didn't allow this to happen..................as with most stupid schitt that goes on, the government & the lending institutions let it happen all on their own.

I had no say in the matter, but if I had, it would not have happened.

Forgiving these loans will accomplish next to nothing; the students who actually got a degree in something worthwhile have mostly gotten jobs & paid back all or most of their loans.

The one who got no degree or a completely useless one, have no jobs, won't have a job & most likely will never have a job.

The lending institutions should bear the brunt of non-payment, not the tax-paying citizen who ultimately will with Biden's .gov plan to cover the lenders.

MM

Glad I worked my add and put two kids thru school on my dime so the pos can forgive

The thing is even worthwhile degrees are way overinflated in cost and the government keeps on pushing for bigger degrees when it isn’t necessary. No doubt there are dumb misguided kids without knowledgeable parents that go into worthless “gender studies” type degrees but given the rate of return should the government be backing those degrees to misguided 18 year olds and driving up cost? The government might just as well offer backed loans for European sports cars to 18 year olds as “gender studies” degrees.

At the end of the day the government raises the educational requirements and then requires all but the elite to take out government default free loans to go to government owned schools to pay for it and then requires you to pay them back a mortgage worths of debt.

The end result is people in there early 20’s with a mountain of debt even with a good degree PO’d and upset with the American dream. A good job goes along ways towards a culture that buys into America and it’s ideals. Being a debt slave to the US government for well over a $100k has the opposite effect.

“Education” in this country has gotten stupid expensive.

How many clueless boomers sent their kids off for higher education? only to have them go into stupid debt or waste the parents money to be indoctrinated into Marxism..... a bunch.... fools

It's typical liberal BS, let's party on someone else's dime. I busted my azz to put two kids through college so they'd be debt free when they graduated. I'm not sure what's going to happen going forward but those of us who pay taxes will get screwed.

So does this mean college will be free in the future? Where does this end? What happens when a kid goes and applies to go to college next year, do they get student loan forgiveness also? Doesn't make sense.

I don't know about investments but Biden should get an honorary PhD for this. He's teaching a college level class to many thousands of young people that their word means nothing and that they can screw the taxpayers at will.

Its bull chit. Everyone else paid for there loans

Have private lending institutions lend the money with no government guarantee and insist the schools co-sign the loan. Solved


But then there would be too many kids not showing up at four years of marx camp. And the colleges would not have endless money to blow and their faculty would have to be trimmed down to those disciplines with a future.

Oh yeah, for the OP, this program will have the same effect as all other leftist free stuff programs. Think Cloward Piven.

I look at it like this. The answer isn’t government “forgiveness” but K-12 has been cheap for a 100 years. Going back to when a HS diploma meant something because most farm kids were pulled out of school by 8th grade to work the family farm. Fast forward a 100 years and there is no reason for the equivalent of a HS education (a Bachelor’s Degree) should cost what it does. It’s a racket to make debt slaves.

It will be a tragedy to forgive this debt. The real tragedy was to allow loans to go to liberal colleges to pay for our kids to be indoctrinated. That's when college tuition started going up. Liberals just keep making more and more money to indoctrinate the kids without really teaching them anything, useful, that they can make a living with. Educational loans should be ended all together. The price of college would come down. Most don't need the money anyway because of all the money they have on hand.

Yes its a tragedy to forgive thus debt. I agree. Its also a tragedy that trillions were recently given away to "help" give relief to powerful corperation and its a tragedy that the 2.3 Trillion report missing at the pentegon from the very mouth of Donald Rumsfeld one day before 9/11 wasnt investigated and followed up on. Just a whole bunch of tragedy going on.

I dont believe in forgiving that debt but I even more opposed to the corperate welfare, the crony capitalism, and black slush funds of the pentegon. Student debt is a mere drop in the bucket compared to that. Worse is yet to come with the new health care issues we'll face. We'll be getting used to losing.

This is the entire solution. Cap the loans at $30k for a 4 year degree, or whatever number works. With limited cash available, tuition will have to go down to get people to go to anything but state schools. Kids need to come up with a plan to figure out their education. It will help them be more successful if they have their skin in the game and a plan to follow. The debt forgiveness is as bad as giving the huge loans in the first place.

You understand the big picture. Well said!

[quote/]



At the end of the day the government raises the educational requirements and then requires all but the elite to take out government default free loans to go to government owned schools to pay for it and then requires you to pay them back a mortgage worths of debt.

The end result is people in there early 20’s with a mountain of debt even with a good degree PO’d and upset with the American dream. A good job goes along ways towards a culture that buys into America and it’s ideals. Being a debt slave to the US government for well over a $100k has the opposite effect.
[/quote]

That is a huge misconception... even a cop out. With a little planning, people can go get a college degree with limited debt. Kids can work and save money through high school, attend state schools with low tuition and work during college to keep the loans down. My daughter is paying her own way with a few scholarships and lots of saving. Nobody has to be elite to go to school without debt. What one does need is a plan, a little time to save and common sense in choice of college. Working in college makes a big difference. Believe it or not, people with this type of plan and work ethic are more likely to succeed in school and in life.

What I’m going to laugh at is all of those that think they are going to have college loans paid off that transferred them to something outside of the Fed. Government ones, like Discover, etc.. I don’t see how those can be forgiven as they are no longer government backed student loan debt. My wife racked up student loan debt, but she is paying it back. Currently there is 0 percent interest on student loans, that feds own. I think everyone that took them out needs to pay them back. I also think the price of a college degree is too darn high as well.

That is a huge misconception... even a cop out. With a little planning, people can go get a college degree with limited debt. Kids can work and save money through high school, attend state schools with low tuition and work during college to keep the loans down. My daughter is paying her own way with a few scholarships and lots of saving. Nobody has to be elite to go to school without debt. What one does need is a plan, a little time to save and common sense in choice of college. Working in college makes a big difference. Believe it or not, people with this type of plan and work ethic are more likely to succeed in school and in life.

A tragedy for sure. Personal finance common sense isn’t very common and debt is king. Per usual, the democrat solution worsens the problem. As a culture we should be teaching financial literacy to our kids and we don’t.

Bailing these kids out won’t help them learn anything except that debt is okay. Financial train wreck moving toward.

Plus.... since I paid every dollar of mine it just really pisses me off.

But there is all kinds of schemes where this occurs right now. My cousins is nearing 10 years of payments on 250k in loans. She’s a grade school teacher, overpaid, spreading communist propaganda to kids, we foot the bill. Disgusting.

I’d worry more about the impact of warrantless firearms seizures then the impact of student loan debt. One will have a very perceptible impact and one won’t be noticed...

You’re cousin (probably didn’t go to Harvard but is 250k in debt) to teach grade school. You don’t think that isn’t an artificial occupation system to make debt slaves and dependent on government? Somebody needing an MA to teach 3rd grade and going 250k in the hole to do it is a huge part of the problem.

Many government jobs will pay you back for your education. The taxpayers are already funding it.

Fair enough but it’s still the government “lending you the money” to forgive it for taking lower paying intercity jobs that no one wants. Why does the government require a MA plus a teaching certificate to teach grade school kids basic history or computer skills. One way or the the other Uncle Sam gets his money. I’m not for debt forgiveness but something really needs to be done. The system as its structured now is a money grab from the average person to the rich/government class

Stock will crash.

Daylight robbery.

This is how wealth is transferred from working taxpayers, to the left liberal academia.

Working taxpayers (many of who had no option for college) will be giving hard earned money to the liberal left academia, in exchange for cooking the heads of the younger generation.

Geez. You mean it's supposed to work like every other loan out there?

Meanwhile, .gov steps in to accomplish... something. Pray tell.

WHAT is that something?

This post is very good - addresses a very nasty scheme. Looked even worse from the inside when we could see influential and greedy four-year colleges and universities colluding with USDE, politicians and big lenders in the scheme to rake in $$ and put the debt on gullible students and their families. Rotten and unstoppable at the time.

It isn’t like every other loan out there. It’s the only one that the government is the lender and the one also taking the money. They lend it to and then take it back at there state University’s. They have a monopoly on the level of education/certification that you will need to work in a given occupation and it’s the only loan that they won’t let you file bankruptcy on. If the government has to they’ll get there money back out of your social security 40 years later. It’s a money grab. A kid goes 150k in debt and then makes 60k a year with 20k of that going to taxes in addition to property taxes, sales taxes, ect and then is expected to pay another 150k or so in inflated debt for the privilege of being allowed an occupation.

Great post Lemming. 👍

Agreed.

I’ll get off my soap box but there’s a few (very few) positions where the constitutional populist right can find some common ground with the populist left I think is one of them, maybe the only one. The educational system as currently structured is nothing but a wealth transfer.

You blasted right past my initial question, which was restating MontanaMan's position. Let the lenders sink or swim on the merits of their own actions. Capitalism. Period.

Your answer is not wrong AT ALL. Just skated past MM's and my point.

The gist is, government should have NOTHING to do with the loans.

#Bitcoin?

Loans without collateral always fail.

My son has put off going to college for almost 2 years now - putting aside $600 a month into savings which is a pretty healthy clip for having an entry level job, and during that time he's managed to save about 2 years worth of tuition at the local public 4 year college.

and then these MF'ers are going to get $50K in loan forgiveness?

I'm not sure I can accurately describe the level of hatred I'd have for them making this decision.

KFWA, Your son's already a winner.

I reckon if folks hired actual people that work and not pedigree baristas they’d get the message. Won’t matter though, government jobs will gobble them up. AOC anyone?

K-12

Is now

K-PhD

Every dollar that is printed by .GOV

Dilutes the value of every dollar earned or saved.

When I was a boy, my family took a vacation to Acapulco Mexico. My father had won some trip with this company.

I was about 10 or 12. He took me to the city to see things. And various shops to buy and sell Goods in a third world country. I remember the peso what's worth about $0.25. It was a good education on a 4 to 1 exchange rate. He let me buy some switchblade because I thought it was cool. I seem to recall it was my first education in negotiation. I was intimidated to negotiate, but he explained it was expected and they would not have respect for me if I did not negotiate.

Years later watching the news with my family I saw that the peso was no longer 4:1... but more like 100:1.

The concept that my dollar was now worth so much more was fascinating to me... and I wanted to go back to Mexico to buy even more stuff.

My father explained that is not how it works. The switchblade I had bought for 25 pesos three or four years before would now cost 525 pesos.

After the concept finally sank in a few days later... I told my father "Their money is worthless."

I think y'all forget a lot of parents live off these "student" loans also. They take them out for their kids and spend the money on themselves. A lot of the times, the student doesn't even know this has happened. Now we are going to forgive these loans? My ex BiL father took out about 100grand on him.
"

If you have money Surplus to your needs... invest it as best you can in thee hard Commodities that you will need in the future.

I called BMG Steel in Richmond Virginia the other day about a variety of steel I will need for miscellaneous fabrication projects in the next 6 months.

Chatting with the salesman he explained that steel prices had almost doubled in the past year and that many popular items such as 11 gauge 2 inch square stock we're simply no longer available at present.

When you are paying $35 each for spark plugs a year or two from now the concept will sink in.

I also feel global war is on the horizon. When this happens there simply will be no products available from Asia to buy. People will be paying whatever they have to to buy New Old Stock Surplus for the brake pads that they absolutely must have....

Kind of like I watched a 5000 case of small rifle primers sell for $1,700 on GunBroker 2 weeks ago.

Trumps arrogance?
How many 'schools' would have allowed him to step foot on the grounds?
The arrogance was/is on the other side.

Some of the biggest industries represented among Biden donors overall have been Finance, Securities & Investment, and Education.

It is the cheap, easy-to-get money, that is backed by the government, that can't be discharged in bankruptcy, that has driven up the cost of education. Saddling a fresh graduate with $100,000 in debt is inhumane and bad for the economy. In our modern economy, you're screwed without a college degree, but your also screwed with the massive debt load it comes with. It is a disaster perpetuated by the government on our young people.

The schools themselves have become just a bit bloated IMO

Ahhh. The "New" peso - "N". We could fill a room with discussion on that.

Watch for something like that from the DC dirtbags when our dollar devaluates.

What about the ones that will get a job and owe $50K?

My daughter is going to medical school. I don't have enough to pay all her bills. I have plenty in the 529 to get her through 3 years. She began college as a Jr because of going to college while in HS, which is free in the Post Secondary Education Option (PSEO) in MN.

She knows she'll have to pay it, and will pay it. She works harder than probably 90% of the people on here.

He had no opportunity. Those folks are so brainwashed and pussified by the system that they only hear what they want to hear, and what they want to hear is about free stuff and a life free from care (responsibility).

The cost of tuition is high (and keeps raising) because of the easily available government loans.

The easily government loans are available because the tuition is high and keeps raising.

It’s a self fulfilling prophecy.

Just like the war on drugs, welfare, and everything else the government is involved in, it won’t fix itself. There are solutions that would work, but too many would be opposed to the fallout.

100% spot on. The perfect liberal designed self-licking ice cream cone

She's dumber than a box of stumps to take on that kind of debt for "higher education"..

which explains everything else you said about her.

Get .gov out of it, but that won't happen. Too many "side deals", as Wall Street calls it.

I wrote the last check for my student loans on jan 6. I earned mine and paid it off the right way.

You're 1st sentence says it all.................it'll all be free.

If the loans are to be forgiven, then there will be no more (meaningless) loans, right.

So the one's that get their loans forgiven got free college, right? Only fair that new students get the same treatment, right?

Pay up Mr. Taxpayer, the Fed dictates free tuition for everyone.

Ain't Socialism great? What happens when they run out of other people's money?

Oh, let's just crank up the presses for a little overtime...........................

Insanity at it's best.

MM

these kids are taught return on investment these days. You don't have to go to Harvard to be a school teacher. Why would you spend 250k when a state or local school would have been a ton cheaper and just as good.

Had a structural steel guy and a building erector in at work last week. They were saying a lot of their steel quotes they’re getting in are good for that day only.

My son will get an engineering degree this spring. I’ve paid for it. He’s earned it. Would it be a good gamble for him to get a 50k loan now with the expectation that it will be forgiven? It would make a nice down payment on a home.

That's simply wrong

I said it on this board the day Obama had the government take over the Student Loan program, I knew it was going to be used / weaponized against us ...if you took out the loan you pay the damn thing back ... I ain't paying for your crap .

I agree, but was trying a real world example of how this debt forgiveness thing is horsechit. Are you aware of any reason this scenario couldn’t or wouldn’t happen?

Funny with a bit of planning, working part time you can get a usable degree without going into debt. Going to Notre Dame, UCLA, U VA, MIT......and majoring in history, psychology, sociology, English, political science or an education degree is just plain stupid.

The only thing college teaches these kids about money is how to borrow it.

Kind of ironic that the place you go to learn advanced math phuqqs you with math that doesn’t work.

This was the plan from the beginning. Four-year colleges and the universities were hungry for more $$ so they could "expand and improve", most state legislatures could not and would not support that greed for state funded institutions. Ostensible "leaders" in higher ed, in league with politicians, devised this scam to balance the whole thing on the backs of students and (unknowing at the time) taxpayers. They knew it would take decades - possibly even longer - for the scam to reveal its full self and, meanwhile, they have retired after having built up undeserved exorbitant salaries. And, the overall actual quality of their "product" - deep/usable/applicable knowledge and skills - has declined during the same period. Pay me more, I deliver less - you still pay the final bill - and you deal with the diminished product. Academic integrity.

I'll be pissed. Did almost 10 years of college, and worked hard enough that I came out debt free.

I'd for sure be pissed too if my institution had made those loans.

Bet a mortgage company and especially underwriter wouldn't acknowledge that down payment since its tied to a loan. You have to show where it came from these days and there is no debt tied to it.

Your first point is correct. The rest is mostly nonsense. Anyone smart enough to go to college is smart enough to count the cost, or should be. Leaning a trade is as good as college, and better when compared to the pointless degrees many end up with. My sons are perfect illustrations of how well one can do with minimal formal education. Blaming government for stupid decisions is a copout; nobody forced anyone to take all that money, and it was clear from the get-go that not paying it back wasn’t an option, until now maybe.

Once it is forgiven it is no longer a debt is it? I’m sure you’d have to sit on it a bit first. He could buy a truck with it.

A year ago I would have ripped you a new one for suggesting such a thing..... now, hell it doesn't matter anymore in clown world .... get what you can, burn this bitch down.....
Oh and it's still wrong...

I was only trying to illustrate the absurdity of such a proposal. I would never do such a thing, but how many would?

I'd bet what I've got in my wallet right now there will be plenty of antifa and blm punks that spent their "summer break" burning schit down who will be profiting smartly..

the expectation part is what caught my eye. Gotta be forgiven first, I'm sure they'll find a way to tie it to our taxes as income, etc...sort of like they are doing with the covid "loans"

Watch the idiots put that 50k towards the interest on the loans first to take care of their credit buddies, instead of all towards principals. May need to keep an eye on that if this goes through.

I agree with keeping the interest on student loans at 0 or close. (Congress sets the rates on student loans - even before Covid). I do not think that paying off the loans by the government is a good idea. The entire education system from K-12 and higher education needs to be completely overhauled. The whole thing is a giant money pit with little oversight.

I"m all for 0% student loans, and I'm all for loan forgiveness if someone is a say a teacher and takes a job for 5 years at an inner city school or a doctor sets up a general practice in a remote area.

If your education is serving a greater good to humanity then I can make the argument society should give you something back

But as a nation we shouldn't be giving kids who major in a non STEM curriculum loans that will take more than a decade to pay of *IF* they manage to get a decent job.

A bank wouldn't make take on that risk with a double digit interest loan, why should the federal government?

You want a loan to go to school? Then earn a degree that gives you the greatest opportunity to pay it back, otherwise, go to community college or get a scholarship.

LET THE BORROWERS PAY BACK THE LOANS WITH PRE-TAX MONEY!!

Why the hell is this so hard? Someone please explain how a person can set aside pretax funds to pay for a phuqqin parking space, but can’t set aside pretax funds to repay a phuqqin student loan.

Let repayment be in terms that are a percentage of their salary, sure fine. But you’re paying the schit back.

Brilliant. So phuqqin simple. Or why not a reverse GI Bill? You’ve got a degree, serve in the military. There couldn’t be an easier way to repay a loan. Room, board, clothing all taken care of.

I have a 4 year college degree in History and English literature. I worked my way through school, never borrowed a dime. Did construction work in the summers, and worked in restaurants and the school library during school months.

So now, a kid who never has worked a day in his life, gets a $50 K loan forgiven? Not fair.

Uncle Joe, please make this right. Write me a check for $50,000.

Thank you.
Simon.

Originally Posted by shinbone
"It is the cheap, easy-to-get money, that is backed by the government, that can't be discharged in bankruptcy, that has driven up the cost of education. Saddling a fresh graduate with $100,000 in debt is inhumane and bad for the economy. In our modern economy, you're screwed without a college degree, but your also screwed with the massive debt load it comes with. It is a disaster perpetuated by the government on our young people."

It is not "inhumane" to "saddle a fresh graduate with a $100K debt." The student took it upon himself to run up this debt.
Your assertion that you are screwed without a college degree is not true. You can go to the Votech school and line up a fine career, as I have done as a truck driver and as a paramedic. Real cheap to get that degree from Votech and I was making $65K as a truck driver.
If you want a really good career, get the electrician's license or the heat and a/c license, those are great careers. Now, you have to work 8 to 10 hours a day, and you will get your hands dirty. Most young kids today do not want to get their hands dirty.

Furthermore, many students buy into your lie that a 4 year degree is essential. They run up $45K in loans to get a degree in Anthropology. That degree on the open market is useless. I have a 4 year degree and I know that the Anthropology Boy spent half his time smoking pot and trying to bang coeds, and usually succeeding.
If he didn't know that a 4 year Anthropology degree was useless in the financial sense, prior to enrolling in college, then he is really stupid.

On the other hand, some students run up $65K in student loans and get the RN degree. These students are smart! They will start off at $70K annual pay, and can pay off the student debt in 3 years.

shinbone you post is full of fallacies and lies and, sadly, most Americans believe the BS you are writing. Obviously Biden and the Dems believe this BS.

Don't know about impact on the economy, but "We'll have those whiggers voting Democrat for the next 100 years."

As opposed to.....?

Sorry dude, he never said that. It was 200 years. (I think 🤔)

F-THAT.

Society shouldn’t pay any of it. The kids need to pay for their own choices. It’s just freaking theft to make society pay for the choices the kids made.

I sacrificed A LOT to get through with minimal debt. Others should do the same and learn how to be grown ups and pay their own bills.

Since I have been watching the stock market. It rises to reflect inflation. They print a pile of money. The dollars we hold become devalued. Stock prices go up because it takes more devalued dollars to equal what companies are worth.

Since I have been watching the stock market. It rises to reflect inflation. They print a pile of money. The dollars we hold become devalued. Stock prices go up because it takes more devalued dollars to equal what companies are worth. Other factors could cause other results.

Agreed. Paid mine back for 15 yrs and these spoiled ass brats want it for free just like everything else. Grow up! Get a job! Go to work! Pay your bills!

The silent tax. Govt debt is worth less with inflation.

We pay. They spend, buy votes to stay in power. We pay....

DF

I'm not talking about their choices, I'm talking about choices that the country needs and it benefits everyone.

I have no problem forgiving student loan debt for someone who agrees to do a job that benefits the country. No different than joining the military and getting college paid for.
Doctors, Teachers, probably some other careers I can't think of right now.

How many of us have a doctor who got their degree in another country? Or politicians touting school vouchers to send kids to suburban schools (our suburban schools) because they can't get a decent education at their local school in the city.

Because they won't get as many into the indoctrination system if they do that.

All of the discussion about the government role in this mess, the students who should/should not have to pay off their loans, etc., etc.
A huge factor is the behavior of the colleges/universities, which kept raising and raising tuition and fees to fatten their coffers with easy money because they knew the students could and would go so far into debt. And, did some students misuse and abuse the loan program - you bet some did - for all sorts of non-essential expenses/purchases. What could have been a righteous way to truly help with education was abused wholesale - a shameful mess.

Many years back one of my supervisors paid for his kids but also took out the max in student loans. I think they were at about 4% then. Invested in the markets and did very well. Market was doing about 12%.

Paid for my son during his schooling. As parents we had a forced appointment with the school's financial office, and just shot the breeze for our assigned 20-minute window. The load officer said kids used the place like it was a credit card. Come in and ask for 5K, and while the paper work was being done talk about how grand spring break was down in Cabo.

By age 18, most kids should have an understanding of the term "loan."

The best deal around here is to enter the medical fields, put in two years in a rural community, and the hospital pays off their loans. Neighbor serves on the local hospital board. Young budding doctors draw about 225K in salary, only work half time, and then farm out to other hospitals during their off time at even higher rates. Eighteen months in, their homes get listed, and 2 years to the day they head for Metropolis free and clear.

the problem now is that the cabal in the WH has not a collective clue about anything, they are all too stupid to come up with anything reasonable or designed to actually do anything for the good of the country.

Trump had better insight while he was taking a dump than these people on their best day all prettied up and staring at their devices

I am not talking about Johnson and blacks.

I am referencing Biden and white trash. Indoctrinated Socialists too stupid to see the final results of their Utopia.

Cut out the student loans and the cost of education will drop!

You are right. I am a big fan of Dave Ramsey. He hates the student loan program and wants it abolished. He says, if you are broke do your first two years living in Mom's basement at the local community college, very cheap.
Then go to an in state 4 year school and you can get a good education for cheapo. Of course, you will need to work summers, full time, and part time during the school year.

I have pondered this post for the last couple of days.

From a moral perspective on the surface I completely agree with you.

BUT from a higher moral perspective why should I burden myself or my young son with $100k in student loans while some other scumbag will receive forgiveness and therefore $100k advantage over myself or my son.

It's kind of like somebody robbing you with a knife, but you hand them a gun so they can do a better job at it and it will be a fair fight... for a fight to their scumbag advantage.

The higher moral perspective is for the lesson painful loan repayment to occur uniformly across all people.

Just because someone is a dumbass and chooses to get a PhD in paleobotany with an emphasis in underwater basket weaving with historic plants does not mean it's my problem to repay their loan. Obviously, they were the dumbass that chose this profession. Not me

That was not intended as a shot at either one of you gentlemen.

There’s nothing “very cheap” about the local community college nowadays. And there’s nothing “cheapo” about an in state 4 year school either...not anymore.

Correct. This whole dilemma is exactly the same as the illegal immigration problem. Treating the symptom instead of the cause. Unless they correct the problem creating all this crazy student loan debt the kids 5 or 10 years down the road will be in the same boat. Forgiving peoples debt fixes nothing with this problem, it is simply a gift to the people who receive it.

There are several options to help people pay back their OWN loans, after we fix the damn problem about predatory student loans and ridiculous college tuitions.