What are your thoughts on student loan forgivness?

Complex issue. Back in the last century when you had publicly funded state colleges/universities and junior/community colleges, such loans were not necessary. Then the government in reprisal for the 1960's student protests cut back on public funding. So they universities started jacking up tuition, turning to higher paying out-of-state and foreign students, and being more into research and intellectual property development to make up the shortfalls in funding. Being charitable, I will assume that Congress intended the student loan program to be a way of making college education affordable to most again, and the concept that those getting a college degree generally will earn more and therefore be able to repay makes sense. But the devil always in the details, and in this case the devil was the private financial institutions they turned the program over to without sufficient guidelines or oversight.

So those students who got marketable degrees and went into high paying jobs and can afford to repay make up a small percentage. They probably don't need relief, but if you cancel for some would it be discriminatory? Then you have a bunch who got degrees in subject areas and fields that really don't lead to employment opportunities but are needed and do, in many cases, enrich other aspects of our society. Should they be forgiven for taking out loans they knew they probably would never be able to repay? And then you have a large group of predatory loans where the lending agencies went out and actively recruited people to take out loans that both knew were highly unlikely to ever be repayable, but were guaranteed by the government. Much like what happened with the junk mortgages that burst the housing bubble back in the day. Many were absolutely fraudulent, guaranteeing jobs that were non-existent and in many cases had long ago been shipped overseas, and in cohoots with private training "insititutes" or "schools". These require prosecution, and hopefully refunding by the private companies involved rather than forgiveness by the taxpayers.

It's not such a crazy idea. I mean, we don't charge our youth for their K-12 education, but society kinda just arbitrarily decides they need to take out a loan for college if they can't pay up front. Educated citizens participate more in the democratic process and make more money, so it's not a senseless investment on the part of the government.

Personally, I'd rather just put that same money towards a UBI & online learning opportunities (free online classes, documentaries, edutainment, etc.). But I certainly understand the people who want free college.

There are people who had to go into bankruptcy, who lost their farm, their home, their life savings to satisfy an indebtedness when there was no other way out.

The thought of Biden forgiving the student loans of a college kids that may have spent spring break getting plastered on a Florida beach rather than waiting tables or stocking shelves at a grocery store is beyond belief. The thought of Biden spending money that the US doesn't have, that has to be borrowed from China or manufactured by inflation is a testimony to the disconnect that Washington has with sanity.

Farmers get a pretty good deal with agricultural subsidies and loans because of their value to the economy. It makes a certain amount of sense for at least some students to get a similar deal.

[quote][b]American Rescue Plan Debt Payments FAQ [/b]
USDA has suspended all foreclosure, debt collection, and other adverse actions for direct Farm Loan Programs loans and Farm Storage Facility Loans for all borrowers during the pandemic. [/quote]

Minimum wage taxpayers will be funding doctors and lawyers free educations at elite universities . That’s rich. Lol

I got mine cancelled when I became a disability pensioner (against my will)
With the low rate on disability benefits in this country, I would never be able to pay it back without starving,so I'm greatful.

Never borrow anything you cannot return.Money loans, mortgages,credit card,items like clothes, jewelry.Students should pay back loans.To forgive a loan means someone else has paid it and that is unfair and plain wrong.

Definitely...no one should have to take responsibility for themselves. Let the government take care of me. 😡

Not fair to those that worked saved and paid

It's purely a political move by Democrats.

An interesting part of this discussion is that the IRS considers loan forgiveness as income which is fully taxable. So if you forgive someone's debt you should send then a 1099 to alert them that this is a recorded transaction. And since the IRS also gets a copy of that 1099 they will verify that the individual's 1040 accurately accounted for all the individual's income, including the loan forgiveness, much like they do with W2s.

BUT, I have yet to hear anything about that part of Biden's loan forgiveness plan. Considering that as much as $20,000 in income taxes may be due from a $50,000 loan forgiveness, the silence is very revealing. Will Biden also try to make it a tax-free loan forgiveness?

you take up a loan, It is your responsibility to pay it back. No excuses

You borrowed the money for what you wanted and you agreed to pay it back, so pay it back. Why should the gov't, (with my taxes,) pay off your student loan?

I want a "Quid Pro Quo". So someone with a "useful" education who will sign up to use that in the service of approved employment. (say an engineer working on some infrastructure program or a doctor or nurse working in V.A. or a teacher in an underprivilaged area for 3 or 4 years in exchange for the student debt being covered. On the other hand , the idea of rich public figure former alumni paying off a classes debt instead of building a new squash complex really does appeal to me..l😷

When I went to college you could work your way through and Minimum wage jobs I’m all for long forgiveness

It depends on the value of what you are getting. Many would argue that the return on investment for a college education is not exactly great. Personally I do not see a problem with student loan forgiveness. I liken it to paying taxes for education. Even if I don't personally benefit, it still should be available for free.

When taking out a loan of any kind, you agree to pay it back. If you don't, your word is no,good and you are dishonest. Is that how you want to be,known in life?

Give them proper salary so they can pay back.

Instead of all the slavery and pathetic life styles.

I would support a leveraging of all student debt so those who earn the most subsidise those who have been less fortunate or who have chosen less well remunerated employment. I am in the top 20% of my country's earners and paid off my loan a long time ago. I would like to support for example secondary school teachers for whom debt repayment may consume 10% of their net incomes. Without my school maths teacher I could not have got my well paid job.

If I loaned anyone money for any reason I would expect it back, if I didn't get repaid I would not lend any more. So if the government is wiping out the debt and not repaying it that will end student loans, if the government is repaying the debt that means they are using tax money to do it and should probably use it for better things.

I’m all for it. I believe college is overvalued as hell anyway.

Not fair to those who chose majors that they knew would be good careers and then they paid off every penny by BBC working is it? Too many these days with iffy majors that are probably not going to result in a lot of steady jobs with good pay. Those people should have gone to Vo Tech or Trade schools instead.

Forgive and forget. Its in the constitution.

The borrower should pay the debt off. If the government.

The majority of people who would be paying that debt off of its forgiven are people who don’t have college degrees and people like me who saved and sacrificed to pay my kids way through school. I’ve already put two kids through school.

High Schools and Colleges need to sit down with students and their parents to explain the costs and loans do get paid back my uncle quit college twice to work and save enough to get a degree to wipe away all their debt is bad

They should be paid back.

No. A bill is a bill. But the government needs to get its greedy hands off the whole damn system and let the private sector revamp the entire thing. The way interest accrues now and is compounded is disgusting. They intend to bankrupt everyone. The government fucks up everything they get their hands on. They are more interested in lining their own pockets than in helping students excel and become a productive members of society. Student loans, when they used to be in the hands of regular private banks, were nothing like the complete robbery that is going on today.

I owe about $40K in loans. In my case it's a consequence for not taking college seriously and screwing around.

Discounted professional fees for life

It’s a good program to help out those who can’t pay back their student loans given how most college grads are having a hard time finding a job in the field they’ve studied for for 4+ years. What I find most unfair is letting them struggle.

I'm in favor of it, because the schools that are giving out these loans are charging predatory interest levels.

I am baffled why people don't see student loan forgiveness as woefully unfair, but any and all arguments against it are dismissed as unabashed cruelty.

If they earn less than $50k a year then yes.