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Any solution to student loan debt that doesn't fix the problem of how we wound up in the situation shouldn't (and probably won't) get widespread support for at
by csharptwdec19 6y ago
Any solution to student loan debt that doesn't fix the problem of how we wound up in the situation shouldn't (and probably won't) get widespread support for at least another 5 years or so.
Even as someone who's still paying off student loans, it's hard to want blanket forgiveness unless there is a system put in place to help minimize the number of people taking out loans for degrees that have a low chance of being able to make enough to make the cost worth it.
IOW, if a degreeholder in Underwater basket weaving on average makes only 5k/year more than someone who doesn't, we probably should limit the number of loans given to people pursuing those degrees.
Yes, this means many universities will have to trim down or eliminate programs. Perhaps it doesn't make sense for more than one or two colleges in a state (especially in smaller states) to have underwater basket weaving degrees.
There's also the psychological aspect to keep in mind; I recall my time in college and the first few years of what I was doing with my career, versus many of the people I know who are now complaining about student loans.
I graduated close enough to the 2008 crash that I couldn't get a job in my field after college. Building my career was years of long hours, cost me my marriage, and left me without a social life. Most of my associates who now complain about their student loans constantly were waiting for the next job to 'drop in their lap' (I even helped one get a job. They eventually got fired because they were incapable of even showing up to work less than an hour late for 6 months straight. No, they didn't think to save any of the extra money they made.)
That really there is the biggest rift: What's the solution that doesn't make people who sacrificed other parts of themselves to pay their bills feel like they got ripped off for doing the right thing?
- mikem170 6y agoI agree, it is completely unfair to give one group of people tens of thousands of dollars. If they are going to do that, then they should give everyone the same amount of money, even if you repaid your loans, even if you didn't take out loans! On the one hand I worry about the moral hazard, the devaluing of the currency, and the debt being passed to future generations. On the other hand I recognize that it is almost criminal how we pressured 18 year olds into this situation.