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Student Loan Forgiveness Discussion

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IGotPie

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Why are they only talking about forgiving federal student loans? Why not also pay for non-federal student loans?
 
IGotPie said:
Why are they only talking about forgiving federal student loans? Why not also pay for non-federal student loans?
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Because while the federal government has the power, in theory, to forgive debt that it backed and that is owed to the government, the federal government has no authority to tell private lenders or anyone else to forgive loans. And the vast majority of student loans are federally backed.
 
Buckeyes85 said:
Because while the federal government has the power, in theory, to forgive debt that it backed and that is owed to the government, the federal government has no authority to tell private lenders or anyone else to forgive loans. And the vast majority of student loans are federally backed.
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Read more carefully. I didn't say force private lenders to forgive debt.
 
IGotPie said:
Read more carefully. I didn't say force private lenders to forgive debt.
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It's certainly strongly implied in "the federal government has the power."
 
Better yet, require the schools to repay the loans of those who are unable to repay their loans after getting a college education. Maybe then the schools would begin to concentrate on teaching subjects which result in gainful employment.
 
IGotPie said:
Why are they only talking about forgiving federal student loans? Why not also pay for non-federal student loans?
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Who says only federal debt is being considered? Quoting Bernie Sanders' web page for his position: "Cancel all student loan debt for the some 45 million Americans who owe about $1.6 trillion and place a cap on student loan interest rates going forward at 1.88 percent."
 
I think some of the existing mechanisms for student loan relief are good for society. For example, teachers are (or were) able to get $5k of their student loans forgiven as a thank you for going into public school teaching.

Some portion of law school loans are (or used to be) forgiven for lawyers who take jobs for less than something like $50k per year at non-profits that provide free legal services to poor people.

I'm fine with stuff like that. It makes a ton of sense to provide some financial assistance to those who are willing to use their degree working in ways that benefit the community. But a free wipe the slate clean across the board for some people and not others? No way, that's ridiculous.
 
Lursa said:
It's certainly strongly implied in "the federal government has the power."
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I didn't say "the federal government has the power" to forgive private debt.
 
Craig234 said:
Who says only federal debt is being considered? Quoting Bernie Sanders' web page for his position: "Cancel all student loan debt for the some 45 million Americans who owe about $1.6 trillion and place a cap on student loan interest rates going forward at 1.88 percent."
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Ah, the joy of spending other people’s money.
 
IGotPie said:
I didn't say "the federal government has the power" to forgive private debt.
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It's certainly strongly implied in "the federal government has the power."
 
IGotPie said:
Why are they only talking about forgiving federal student loans? Why not also pay for non-federal student loans?
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Pretty much no student loans should be cancelled. If nothing else, it is not fair to those who paid their student loans to see others not have to. What really needs to happen is changing the loose requirements to get student loans. Zero student loans should be given to anyone, anywhere, at any time if there is not a reasonable expectation that they will be paid back. We give out far too many loans to deadbeats who are just going to college to party and won't be paying their loans back or are taking bullshit courses that have a history of professions that do not pay well. Also, many schools that are more of a scam than legitimate schools should be refused student loans that will probably never be paid back. This has actually been a very big part of the problem. We give loans too freely. The US should have a census of predicted job openings in various professions and fund student loans on that basis. For instance, if we know 60% of our future needs are for healthcare workers and healthcare professionals then 60% of student loans should be focused on that instead of WEED 101 or how to become an artist.
 
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