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Why would someone be a fool to pay? Biden was previously advocating for only $10k which doesn't cover the median federal student loan amount. $50k may not even

Why would someone be a fool to pay? Biden was previously advocating for only $10k which doesn't cover the median federal student loan amount. $50k may not even happen. Right now you can pay down some of the principle at 0% interest in case your loans aren't forgiven. https://www.nerdwallet.com/article/loans/student-loans/you-can-pause-two-student-loan-payments-but-should-you https://www.nerdwallet.com/article/loans/student-loans/you-c... It's much more complicated than calling people "fools" for paying. TBH the program is a disaster and it's really, really disappointing that the loans won't just simply be forgiven. I personally know many people held back from economic participation because of federal student loans. Even if you want to be all bs moralistic about the responsibility of paying debts back, from an economic perspective the loans should be forgiven.

WalterBright 4y ago
If you pay back your loans responsibly, and another doesn't and gets their balance forgiven, who's the fool? > all bs moralistic about the responsibility of paying debts back It's dishonorable to not pay back money you borrowed. I'm sure if you loaned someone money, and they said "bs" when you expected repayment, you'd be very put out. P.S. I've had people who've stolen money from me contact me years later wanting to do business together. I don't understand modern morality, or how they'd imagine I'd ever work with them again.
- tshaddox 4y ago
  > If you pay back your loans responsibly, and another doesn't and gets their balance forgiven, who's the fool? Neither?
  - recursive 4y ago
    What was the purpose of paying back the loan? I think it's foolish to give away large sums of money for no effect.
- crooked-v 4y ago
  I think the basic disconnect you're running into here is that for many people the government-backed educational loan establishment is not "someone" worthy of any moral consideration, but rather just a poorly-constructed piece of political machinery that only exists because of the failings of the government in regards to public education.
  - WalterBright 4y ago
    Every person with a loan got it of their own free will and signed a contract asserting of their own free will that they were going to pay it back. The fact that the promise was made to the taxpayers doesn't make it honorable to break one's word. It's also a major insult to every person who worked hard and paid back their loan. This forgiveness program is a classic "moral hazard".
    - crooked-v 4y ago
      There's another disconnect here: you're treating contracts as a moral imperative, rather than as a civil agreement with failure clauses to be rationally considered. The government does the latter; why should an individual who makes a contract with the government treat it differently?
      - WalterBright 4y ago
        What part of the contract says: "if you don't want to pay back the loan, no problem, we'll just forgive it!" ? I've never heard of a loan contract that says that.

WalterBright 4y ago

If you pay back your loans responsibly, and another doesn't and gets their balance forgiven, who's the fool? > all bs moralistic about the responsibility of paying debts back It's dishonorable to not pay back money you borrowed. I'm sure if you loaned someone money, and they said "bs" when you expected repayment, you'd be very put out. P.S. I've had people who've stolen money from me contact me years later wanting to do business together. I don't understand modern morality, or how they'd imagine I'd ever work with them again.

tshaddox 4y ago
> If you pay back your loans responsibly, and another doesn't and gets their balance forgiven, who's the fool? Neither?
- recursive 4y ago
  What was the purpose of paying back the loan? I think it's foolish to give away large sums of money for no effect.
crooked-v 4y ago
I think the basic disconnect you're running into here is that for many people the government-backed educational loan establishment is not "someone" worthy of any moral consideration, but rather just a poorly-constructed piece of political machinery that only exists because of the failings of the government in regards to public education.
- WalterBright 4y ago
  Every person with a loan got it of their own free will and signed a contract asserting of their own free will that they were going to pay it back. The fact that the promise was made to the taxpayers doesn't make it honorable to break one's word. It's also a major insult to every person who worked hard and paid back their loan. This forgiveness program is a classic "moral hazard".
  - crooked-v 4y ago
    There's another disconnect here: you're treating contracts as a moral imperative, rather than as a civil agreement with failure clauses to be rationally considered. The government does the latter; why should an individual who makes a contract with the government treat it differently?
    - WalterBright 4y ago
      What part of the contract says: "if you don't want to pay back the loan, no problem, we'll just forgive it!" ? I've never heard of a loan contract that says that.