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115 sats \ 5 replies \ @gmd 22 May freebie \ on: Biden Cancels $7.7 Billion in Student Debt for 160,000 Borrowers econ
As someone who's paid off >$300k in loans, I would say /r/studentloans is a pretty sad/depressing place but gives you some perspective into the desperation at the other side of this debate.
Many of these people whose loans were forgiven went to worst shit-for-profit schools ITT tech, TrumpU, Devry etc to get scam degrees with absolutely zero value and have no prospects of ever escaping an increasing loan burden and interest payments. Many are suicidal because of this, they cannot declare bankruptcy and their parents who blindly their cosigned loans are unable to retire, leaving them with crippling guilt.
Congratulations on paying off your loans.
We should help borrowers in dire straits but blanket forgiveness is not the answer
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Yup it's dumb, but I have a lot of empathy towards those whose lives are completely fucked.
They need to start forcing schools to have some sort of fiscal responsibility to reign in costs. The schools need skin in the game wrt these loans, the value of their degrees and the students ability to declare bankruptcy. They should shoulder some of the risk instead of getting a blank check.
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Why is college so expensive? Why does tuition keep rising exponentially?
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Regulatory capture. Admin/Student just keeps growing. Would love to see this graph updated to 2024...
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