Student Loan Cancellation Sets Up Clash Between Biden and the Left

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Midnight Toker

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May 28, 2010
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So yeah........great example of how irresponsible the current system is. It's not the article I referenced above, but it might as well be. It illustrates the point perfectly. These stories are popping up on my news feed daily, and every single one of them are pro-forgiveness, and framing these borrowers as victims of "the system".

Excerpts below illustrate the problem. (emphasis added)

“There isn't an American Dream anymore, especially if you went to college and had to borrow for it,” said Tracy Musick, who earned her master’s degree in library science from North Carolina Central University in 2011.

“I was actually in a better position when I was selling makeup, and didn't have a degree at all,” Musick said, adding that she would like to own a house and prosper on her own, but feels like she is weighed down by the debt.

As of 2019, Musick owed about $80,000 in federal loans for her master’s degree — plus at least $3,000 in interest. She said she currently is not sure how much she owes exactly.

source: https://www.voanews.com/student-union/student-loan-forgiveness-plan-receives-more-scrutiny


Library science. Master's degree. Owes "about" $80,000 in federal loans. Was doing better before spending who knows how much getting a mostly worthless degree. You have got to be kidding me.

It's irresponsible that a college would ethically offer a degree that costs so much to attain that KNOWS it couldn't be paid off easily with a $60k/yr salary or less.
It's irresponsible that the federal government would loan that amount of money for such a degree.
It's irresponsible that a student wouldn't understand the horrid economic implications of borrowing that much money given the salaries that library science will bring in.

The story above wants us to feel sorry for these people. I don't.
I think the government should be more picky about what kind of loans they give out. I mean if you want a useless degree, go for it, you just cant get these govt backed student loans to get it. Perhaps they can make it for STEM degrees only.
 

Binman4OSU

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Stupid about AGW!!
I think the government should be more picky about what kind of loans they give out. I mean if you want a useless degree, go for it, you just cant get these govt backed student loans to get it. Perhaps they can make it for STEM degrees only.
reduce max loan amounts and bump interest rate higher (because you take a higher risk) on Non-Stem Degree student loans and make them more expensive to pursue for the student, and more profitable to the Govt higher interest rate. Also set inflexible repayment terms and time frames for non Stem loans.

Then

Increase access to STEM degree student loans making them easier to obtain.....set them up at significantly lower interest rates to make it more financially attractive to pursue a stem degree and offer additional loan write off opportunities for STEM degrees for post grad work done serving community by working in an underserved community for up to 2 years with flexible loan repayment terms in that 2 year time frame.
 

Midnight Toker

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reduce max loan amounts and bump interest rate higher (because you take a higher risk) on Non-Stem Degree student loans and make them more expensive to pursue for the student, and more profitable to the Govt higher interest rate. Also set inflexible repayment terms and time frames for non Stem loans.

Then

Increase access to STEM degree student loans making them easier to obtain.....set them up at significantly lower interest rates to make it more financially attractive to pursue a stem degree and offer additional loan write off opportunities for STEM degrees for post grad work done serving community by working in an underserved community for up to 2 years with flexible loan repayment terms in that 2 year time frame.
Sign me up!
 

Birry

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Feb 6, 2007
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Public Libraries and school libraries in Oklahoma will NOT hire you as a librarian unless you have a Masters of Library Science Degree. This is VERY common across the entire US

My wife works in this field. It is one of the more stubborn occupations that require a specific degree I've ever seen
That's fine. There's nothing wrong with that career choice. I just think that the cost of obtaining a degree shouldn't put you upside down in that career, which is exactly what's happening right now. The schools are charging too much, the government is loaning too much, and the students are borrowing too much. But the driving forces is the infinite supply of federally backed loans with seemingly no real caps or strings attached. Of course the schools will take advantage of that.

It would be like banks approving a $450k mortgage for a house worth $300k. You know why that doesn't happen? Because banks can't continuously lose money, so they have appraisals to keep that from happening. Not so with the government. They can lose money all day, and just tax more or borrow more to stay afloat. The federal government needs to do the same thing for higher education loans. There needs to be an appraisal mechanism in place to prevent loaning more than people can earn and pay back.
 

drbwh

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Just like the $2000 stimulus checks that they bribed Georgia senate voters with, this too isn’t happening.


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wrenhal

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So they canceled 0.1% of all outstanding student loan balances. Just do that literally a thousand more times and no more student loans! lol.
Before you do that can you give me a heads up? I'll pull out 100k each in student loans for my kids college attendance 15 years from now...
And sucks for those of us that paid off our student loans even when it was a struggle.

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CowboyJD

The Voice of Reason...occasionally......rarely
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Well, more than 60% are, so your thought process is on the right track.
:facepalm:

Attorneys general of the following 38 states plus the District of Columbia were part of the lawsuit against Navient: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts.

Bolded states = Republican AGs.
 

wrenhal

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And sucks for those of us that paid off our student loans even when it was a struggle.

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I want to be clear and say that I'm not advocating for student loan forgiveness. I was simply poking fun at the article.
Totally understand. Making fun of about the only way I can avoid getting mad. Government took over loans and allowed only certain lenders to be part of their system, and they made it easier to get them along with a push to make higher Ed seem required for adult life. Then to accommodate more students and varying interests they started creating junk degrees to appeal to a broader audience and with more faculty and needs came increased tuition and fees. Then even more need for loans. Vicious cycle.

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wrenhal

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Well, more than 60% are, so your thought process is on the right track.
:facepalm:

Attorneys general of the following 38 states plus the District of Columbia were part of the lawsuit against Navient: Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts.

Bolded states = Republican AGs.
So nearly 80% of the states in the lawsuit have Democrat AG's.

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kaboy42

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And sucks for those of us that paid off our student loans even when it was a struggle.

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Yup... took 20 plus years to pay mine off... now I get to foot the (default) bill as a taxpayer too. AND help my own two children with college expenses.