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What is needed for a decent sized chunk of student loan debtors isn't a loan discharge, but a more flexible way to get it paid back.
When the company that holds the loan insists on a 10-year repayment plan, and the loan has been in default for several, there's just no way most people can afford it. If the lender won't take a smaller payment, what is the debtor supposed to do?
There also needs to be a system in place for when the government takes action that destroys a graduate's ability to earn an income with their degree.
The government killed several reputable schools during the Obama administration and with the exception of one tech school all of the degrees from those shut-down schools are worthless.
Imagine the government burning your house down to stop the spread of some insect and still being expected to pay the mortgage.
That's where students from these schools sit.
Why shouldn't they hold the government accountable for the waste of their time and money?
It wasn't their poor decisions that led to the schools being closed.
In fact, they were likely attending those schools because the tuition was lower than the neighboring land-grant university. But their thrift should be punished.
It's especially unfair that these schools were shut down for the reasons they were shut down because those land-grant universities were guilty of the same crimes: but only the people directly responsible for the crimes were punished; not everyone who'd ever graduated.
And until that moment: There wasn't much difference in the degree from these schools. After that moment, the tax supported school's degree still has value and the privately owned won doesn't.
But it's the student who took out the loan's fault?
Fuck them, you've got yours. Lump them in with the deadbeats.
Insist they pay for that scorched patch of dirt on an empty lot and forbid them from living any where else until they do.
Invalidating degrees that students undertook in good faith is horrendous. The only reason to invalidate a degree should be if the actual academic standards were grossly deficient. Not because of some other violation by the institution. If the students attended the classes and did the work and the curriculum was up to snuff, the degree should be good. It's obvious that Obama/Biden and the libtard side of the aisle in general in government are complete liars. They talk like they are for the little guy then they do things like this which actively screw them.
ReplyDeleteA lot of people who I've known that attended private for profit schools didn't even do it because it was less expensive, they did it because those schools were generally much more willing to work with non-traditional students that the state and religious affiliated schools have no interest in working with. More flexible hours, more willing to work with people who went the GED route or had academic issues when they were younger. Sometimes just proximity. A lot of states it may be a long drive for people who don't live near a land grant school.
And I completely agree about the terms of the loans. The better way in my opinion to fix the problem is to force rewrite them to reasonable terms that people can afford to re-pay. Not loan sharking terms. Student loans should be like a mortgage, car loan or AT WORST like a credit card. They shouldn't be like "payday" or car title loans or pawns. Frankly, none of those kind of loans should be legal either, because they are generally completely usorious.
What I would support is forgiving the remainder of loans from people who've already paid back their original loan amount plus a REASONABLE amount of interest. Being stuck paying forever even if you've paid way more than you originally borrowed is a tremendous injustice. Student loans should be treated like any other unsecured loan as far as bankruptcy goes. I'd also force the lenders to accept any payments that borrowers can make. Refusing partial payments so you can charge more fees and interest shouldn't be allowed. And interest and fees should be capped to reasonable levels in general. Other terms that I've heard of like early payment penalties, etc., shouldn't be allowed ever for any kind of loan.
Not sure if I signed that one... Wish the posts didn't disappear completely until they are approved... Mainly wish that it would remember me so I don't have to keep entering the same thing over and over... blogspot needs to hire me to fix that stuff... -swj
ReplyDeleteI know the topic hits a sore spot with you.
ReplyDeleteI think LawDog has a better plan:
https://thelawdogfiles.com/2023/07/what-is-your-solution.html
I am not in disagreement.
Delete