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I don't buy the idea that this is a crisis. Is it bad that some people have high student loan balances? Yes. But is it so bad that it's a crisis? I don't see w
by twblalock 5y ago
I don't buy the idea that this is a crisis.
Is it bad that some people have high student loan balances? Yes. But is it so bad that it's a crisis? I don't see why.
These loans generally have generous repayment terms, including income-based repayment, forbearances, etc. And the average balance is about $36k, which happens to be less than the average price of a new car sold in the past few years. A college education for the price of a car -- it's not the end of the world. There will always be some people who borrow too much, but the only way to prevent that is to get rid of loans altogether -- getting rid of Federal loans will simply push students towards private loans which are much worse.
What part of this situation is going to cause an economic crisis?
- phaedryx 5y agoThere is a lot more to it than you might think. 1 in 14 people with student loans has seriously considered suicide.
- hhabgood87 5y ago
- benatkin 5y agoIt's that hard working and caring doctors, teachers, and nurses are unable to buy houses and/or save money. The repayment terms help them be able to pay bills using their income but not to thrive. I don't think blanket forgiveness is a good approach partly because of unfairness to those without loan balances and partly because it would drive up the cost of education, but I would like to see some programs to reduce the burden of education expenses that both those who owe money for loans and those who don't would be eligible for.
- gravypod 5y agoHow does "I don't buy the idea that this is a crisis. Is it bad that some people have high home loan balances? Yes. But is it so bad that it's a crisis? I don't see why." sound around 2008? The problem isn't that "some people have made bad choices" it's that we are lending money to people they will not be able to pay back. When people default on their loans what happens to the lenders who are ultimately fed backed banks?
- ClumsyPilot 5y agoIs it bad that we are screwing the younger generation? Yes. But is it so bad that it's a crisis? I don't see why.