Biden canceling $10k in student loan debt for most, extending payment pause
cbsnews.com
cbsnews.com
Colleges can raise prices and truthfully tell students: don't worry about taking on debt the government will just forgive it.
But if you took out a loan to start a business instead of going to college well screw you. Also, all the people who already paid their loans off are suckers - they should have been less responsible and let the government bail them out.
And of course, this entire mess only exists because the government forces lenders to give money to students they otherwise never would - eliminating a critical check in a functional lending system.
I hope this gets struck down in court as unconstitutional.
> Colleges can raise prices and truthfully tell students: don't worry about taking on debt the government will just forgive it.
The loan forgiveness is $10k-$20k only, so they could raise prices by that much. Which leaves the students... in the same exact place.
> But if you took out a loan to start a business instead of going to college well screw you. Also, all the people who already paid their loans off are suckers - they should have been less responsible and let the government bail them out.
Education is more important to society than business. And no, people who paid off their loans aren't "suckers", they were screwed over by a broken system. Taking steps to fix that system for others isn't a "fuck you" to the people who got screwed over. That's like saying a parent should be upset if their children have a better life because they didn't. Our goal as a society should be to constantly improve so future generations have it better than we did, not to keep screwing over future generations because we're jealous of them.
> And of course, this entire mess only exists because the government forces lenders to give money to students they otherwise never would - eliminating a critical check in a functional lending system.
I'd argue this mess only exists because quality education is privatized and capitalist, shunting out poor people from being exposed to good ideas and the guidance of how to determine what good ideas are. Student loans wouldn't be necessary in the first place if people could afford an education on their own.