4 ms·
The solution is simple and obvious: All of us who have already paid off our loans are going to fund government-arranged loan forgiveness/reduction programs to t
by drcode 13y ago
The solution is simple and obvious: All of us who have already paid off our loans are going to fund government-arranged loan forgiveness/reduction programs to those who over-leveraged their education.
(I wish I was joking...)
- loganfrederick 13y agoAs someone with student loans, I wish this wasn't the case for the previous generation. But at the same time, it's hard to blame current 23 year olds for decisions their parents and communities make about their kids' future finances when they're 16. The majority of fault lies in the previous generation of parents, who both failed to vote out politicians supporting these policies and who pushed their kids into enslaving parts of their lives to lenders.
- drcode 13y agoAgree 100%. I didn't mean to say the blame rests fully with the current generation, I'm just saying government policies going forward are just going to increase the moral hazard even more.
- muzz 13y agoWhat "government policies" are you talking about?
- deleted 13y ago[deleted]
- jessaustin 13y agoOff the top of my head, both the interest rate cap that passed this summer and the President's recent student loan proposals? What else would be under discussion here? EDIT: nevermind, apparently both you and drcode are discussing hypotheticals only.
- drcode 13y agoSorry this thread got kind of ugly, jessaustin, your comment is actually very pertinent, I think :-)
- muzz 13y agoThose affect government loans, not the private ones which are the subject of the posted article. The loans issued by JP Morgan do not have their rate capped; indeed they float and are indexed to LIBOR.
- Simple1234 13y agoI'm in the same boat. In the hospital, on the day of my birth my mother looked at me and said "college". Needless to say I did not do the proper cost/benefit analysis at the age of 17. I'm hoping my debt gets forgiven after 25 years. Being 80 years old and making student loan payments does not sound fun.
- coldpie 13y agoI'm okay with it, although that's quite a lot of inefficiency to achieve the end-goal of free higher education.
- crpatino 13y agoIf making education free was the goal, why not stop messing up with student loans and provident students with scholarships. Every course you flunk or take incomplete, you pay out of your own pocket. Every course you pass you receive a partial (or total) refund based on the final grade. And if you keep your GPA above a threshold, you receive an living allowance about 3x-4x minimum wage (based on the number of credits you take). This way students would get a free higher education... at least those that make at least some actual studying.