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I'd kind of expect richer people to be more likely to go to college, and also be more likely to have the contacts to get a well paying job. On that basis I wou
by benj111 7y ago
I'd kind of expect richer people to be more likely to go to college, and also be more likely to have the contacts to get a well paying job.
On that basis I would expect this to benefit the lower middle class, they accrued the debt without accruing the earning potential.
- kasey_junk 7y agoSort of the point is that it’s not needs based. It doesn’t matter if you make 400k with 100k of debt or 36k with 6k of debt. Fairly clear one of those 2 is getting a much better deal.
- benj111 7y agoIf you borrow 100k graduate, earn 400k and pay off your loan in a year you wont be benefitting from this. Its those taking 90k in loans and only earning 36k that's the problem as I see it. All that said I'm not from the US, so didn't expect fees to vary so much. (do they?)
- kasey_junk 7y agoThe first is a common doctor situation in the USA. The second is a common paralegal. Both were taken from people I know. The interest rate environment right now means that many of my high earner friends are not in a hurry to pay more than the minimum on their loans. Debt forgiveness for them will be a straight cash infusion against their net worth. No idea what the percentage of each is.