LogFAQs > #923788304

This wouldn't affect me personally, but I know enough people, of all ages, that it would.

I have said before full forgiveness is probably not a great idea, but instead, getting rid of ALL interest and applying all payments so far towards the principle loans, and getting rid of all future interest on loans as well, is a good first step at least.

Perhaps a minor amount of forgiveness as well due to the almost usery nature of college costs in the last 20 years or so as well. I would make that based on the level of schooling, and cost of the schools in question (certain schools way over charged, especially online schools etc).

Perhaps something like this:

For first degree of each level, a set amount of cost per degree is attributed to the person, 0$ for an AA, 10k for a BA, and 20k (total) for a Masters. Any loans outside that still have all interest waved, and all previous payments go directly towards the principal loans.

In such a case, anyone who took out loans for an AA, would owe nothing (no money is returned for people who have already paid...this is to help get americans out of debt, it is not a retroactive free college plan).

Anyone who got a Bachelors would have all previous payments go towards a $10k total, and owe whatever is left after that. So if you originally owed 30k to get a BA, and you have made $8000 in payments (all of which, or most of it, having gone to interest before), you would now only owe $2000 left and have no interest at all.

Anyone who got a Masters degree would owe $20k - any payments they had made. This one could seriously wipe out entire debt, as someone might get a masters for $50k before, and be making payments of $300 a month for the last 8 years. That would be over 20k in payments....so they would owe nothing (no refund for the extra paid though).

While this would not wipe out all student loan debt, this would drastically reduce it, and primarily affect future "interest" earning which are insane currently (and causing many Americans to be stuck in perpetual debt, not even covering the interest on their loans.)

You still actually pay somethign though for going to college (over an AA at least) so it is not free.

It primarily protects everyone from basically being bent over, without any knowledge in advance of the potential for endless debt. Yes, people know NOW that it's happening often, but most didn't when they actually went to college in the first place. Back then, it was expected that getting a degree meant a significant higher salary, and you would pay off your student loans in under 10 years.

That was such a good deal, that EVERYONE went to college (or a very large percentage, not actually everyone), which caused a huge number of people to get at least BA degrees and still end up working at trader joes, or other jobs that paid $15 or less an hour. Over 40% of jobs in the country pay $15 or less, and 40% or so of americans have a BA degree (or spent the money for it but didn't finish getting one/flunked out etc).

Education is for profit in this country, and the government has been complicit in milking americans by providing loans for schools that charged exorbitant fees, while also charging extremely high interest rates on those loans. Reparations should be made, we are not paying for this with our taxes, we are returning money back to students who have been unfairly charged both initially, and with high interest rates.
---

We are 4 oreos from Heaven!!!!