Student Loan Forgiveness Act
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Thread: Student Loan Forgiveness Act

  1. #1
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    Default Student Loan Forgiveness Act

    http://www.huffingtonpost.com/2012/0...n_1415910.html
    http://www.freakonomics.com/2011/09/...rst-idea-ever/

    Two different points of view on the Student Loan Forgiveness Act. Which are you in favor of?

    ~Bonita~

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    I am 100% against this. Agree completely with the second link.

    And how the example in the Huffpo article of the teacher who has been "paying off" her student loans for over 5 years yet still owes over 100K and lives as a teacher in the Detroit area boggles my mind. What person of sound mind takes on over 100K in education loans to go into TEACHING?????? It is truly mind boggling. Does no one research what their chosen profession makes? She is just as egregiously greedy and uninformed as those who took on home loans that they could not afford and then expect to be bailed out of them.

    Think about the lenders. They made loans, fair, legal, non predatory ones, to these people, in good faith. They came through with their end of the bargain, paying for their education. Now with one swoop of a presidents pen we want it stated that they are screwed? No way.

    Another great informative article on this. http://econscius.wordpress.com/2011/...most-affluent/

    We just took on a mad student loan for a 21 month MBA program. It is worth it to us financially, and going to benefit us financially in the long run. We don't deserve to have it "forgiven", we feel lucky to have been able to take advantage of it to get the education that DH needed to make more money.

    People need to remember that they chose these loans. These loans GAVE them their education. And if they chose poorly......well, life is all about choices, at the end of the day, isn't it? Do we expect the Government to step in and clean up all of our bad choices when we mess up?
    Last edited by Potter75; 05-15-2012 at 07:12 AM.

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    I agree. I think if you took out a student loan, you should have to pay for it.

    ~Bonita~

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    I think the government should get the *f* out of student loan business. The meddling they've done is the reason costs are so high and why idiots are getting 100,000 teaching degrees they can't afford. They need to cut back on the programs they have in place, not add to them.

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    I didn't read the links, but I agree with pp's.

    If you take out a loan, you pay it back. If you are going to a university that puts you $100k in debt, get a job during school, pick a profession that will get a better pay return, think about your choices before you make them.
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    I don't agree with the forgiveness of loans. Like Melissa, I was appalled to see someone teaching who paid what she did for her degree. Insane.

    I paid for my college loans (and have about 2000.00 left) so I had to make financial choices that benefited me. I chose a state school locally. I commuted so I don't pay loans on room and board. I specifically chose the state school closest to me that is known for its education program as that is what I wanted to do (I'm not doing it but that's another story). I knew I didn't want 100,000 loans from a private school just so I could teach. Gross.
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    Posting Addict GloriaInTX's Avatar
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    No way should student loans be forgiven. They will bend over backwards to help you and defer them for awhile if you are not working or for just about anything. They make the payments low enough that almost anyone can pay them back. There is absolutely no reason the loans should not be repaid even if it takes you a lifetime. Why should the taxpayers have to shoulder the debt while the student gets the benefit of a higher paying job. If you don't want that much debt, go to a cheaper school.
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    First of all, Bush signed the College Cost Reduction in 2007 which basically does the same thing.

    Second of all, her debt is high for teaching. However, it isn't that cut and dried. Right now, the cost of tuition at the nearest state school to me is approximately 6 months' worth of a starting teacher's salary. During student teaching (16 weeks) it isn't feasible to work a 2nd job full time - there just aren't enough hours in the day between carrying at least 6 units, full days in the classroom and conferencing after school. Thus, many teachers have to take out loans to cover their living expenses. I lived at home, had no undergraduate debt and still had to borrow 6 months' worth of salary just for the 2 years of grad school.

    SO went to a state school and had to do the same for his 5 years in college. Between tuition, fees, living expenses, and books, he had to borrow approximate almost 24 months' worth of salary.

    I have been fortuante to get grants to cover some of my debt. SO not so much. With interest rates even at 3%, to get his loan payment to that of a car payment, it will take 20 years to pay it off! In 5 years, it would be more than rent/mortgage payments in our area. For 10% of his discretionary income, it would take 40+ years.

    My point is that with tuition hikes across the board, with no increases in pay, it's going to continue to get more difficult to find teachers in general and those who are willing to teach in impoverished areas, math, science, or special ed. Especially when you consider you're going to be burdened with debt for decades.

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    Quote Originally Posted by GloriaInTX View Post
    No way should student loans be forgiven. They will bend over backwards to help you and defer them for awhile if you are not working or for just about anything. They make the payments low enough that almost anyone can pay them back. There is absolutely no reason the loans should not be repaid even if it takes you a lifetime. Why should the taxpayers have to shoulder the debt while the student gets the benefit of a higher paying job. If you don't want that much debt, go to a cheaper school.
    Are you referring solely to her $100K?

    Sorry, but I can't find a cheaper way than 2 years at community college and 3 years at an in-state university. To do my tuition alone at today's prices, it would be $24000. (That's 2 years at the CC I went to, and 3 at the CSU I went to). The doesn't count anything beyond that. If you have a cheaper way, please let me know.

    I don't remember this much debate when Bush did this 5 years ago. Did I just miss it?
    Last edited by ethanwinfield; 05-15-2012 at 11:09 AM.

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    I understand it is difficult, and I am sure there are people out there who are in genuine need. There are also people out there (I am thinking of someone I know well) who while in college racked up major student loan debt. Not on school, but on going out to eat every single day. Buying huge cars and basically making poor choices. Maybe a better option would be for student loans to qualify for bankruptcy so that there will still be consequences for those actions.

    ~Bonita~

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