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Its worse than that, its a lottery. Those graduates who have already paid off their debt, lose. Those soon-to-be students who have to pay high tuition, also los

by newaccount2021 5y ago

Its worse than that, its a lottery. Those graduates who have already paid off their debt, lose. Those soon-to-be students who have to pay high tuition, also lose. Indeed, since colleges will see loan forgiveness as an option, tuitions will rise.

viraptor 5y ago
> Those soon-to-be students who have to pay high tuition, also lose. There's a significant number who would not afford tuition and not apply. Universities would lose a lot students unless they changed fees significantly. If it's a proper reset on the debts, we can't expect everything to continue working as before.
rhino369 5y ago
Right, I paid off a balance of 260k dollars in student loans. Former classmates, who make exactly the same amount of money, who instead used their salaries to buy a house get a windfall? How is that good policy? Our current system already allows for cancellation for low income individuals. This is subsidy for the upper half of the middle class.
- D13Fd 5y ago
  I couldn't agree more. I'm in the same bucket. My wife and I worked hard, scrimped and saved, lived way below our means, and paid off our student debt ~15 years early. But now people want us to have to pay everyone else's debt too, through our taxes? The only way this could possibly be fair is if they offer some kind of credit for loans already paid.
  - AnimalMuppet 5y ago
    That's still not fair. Let's say I worked two jobs to put myself through college. I only could attend half time, so it took me eight years. I'm going to pay taxes to subsidize those who took out loans? How is that fair? Or, I never went to college. I just started working right after high school. I make less than those who went to college. I'm going to pay taxes for this? How is that fair?
    - D13Fd 5y ago
      Great points, I agree. I worked through undergrad and lived at home myself, so really I should have thought of that.

viraptor 5y ago

> Those soon-to-be students who have to pay high tuition, also lose. There's a significant number who would not afford tuition and not apply. Universities would lose a lot students unless they changed fees significantly. If it's a proper reset on the debts, we can't expect everything to continue working as before.

rhino369 5y ago

Right, I paid off a balance of 260k dollars in student loans. Former classmates, who make exactly the same amount of money, who instead used their salaries to buy a house get a windfall? How is that good policy? Our current system already allows for cancellation for low income individuals. This is subsidy for the upper half of the middle class.

D13Fd 5y ago
I couldn't agree more. I'm in the same bucket. My wife and I worked hard, scrimped and saved, lived way below our means, and paid off our student debt ~15 years early. But now people want us to have to pay everyone else's debt too, through our taxes? The only way this could possibly be fair is if they offer some kind of credit for loans already paid.
- AnimalMuppet 5y ago
  That's still not fair. Let's say I worked two jobs to put myself through college. I only could attend half time, so it took me eight years. I'm going to pay taxes to subsidize those who took out loans? How is that fair? Or, I never went to college. I just started working right after high school. I make less than those who went to college. I'm going to pay taxes for this? How is that fair?
  - D13Fd 5y ago
    Great points, I agree. I worked through undergrad and lived at home myself, so really I should have thought of that.