- cross-posted to:
- economy
- cross-posted to:
- economy
Summary
Student loan borrowers fear worsened conditions under Donald Trump, who has criticized debt relief and oversaw a 99% rejection rate for Public Service Loan Forgiveness (PSLF) during his first term.
Many borrowers remain in limbo awaiting forgiveness, while others struggle with ballooning debt despite decades of payments.
Borrowers expect Trump to scale back or eliminate relief programs initiated by Joe Biden, which have forgiven $166.5 billion in loans.
Critics highlight flaws in the existing system, calling it a “nightmare” for those seeking relief.
You were presumably willing to pay when you took on the debt, and nothing about the debt changed.
Ah yes, children being told by both their families and society in general that you need to go to college in order to not work a fast food job for the rest of your life agreed to take on the debt. I guess they deserve a lifetime of ballooning debt even though the degree didn’t stop wages from staying stagnant and inflation destroying their dream of being as successful as their parents.
Not to mention brain still develops for years after most make that “choice”.
How old would you say someone needs to be before being allowed to borrow money?
Our education system is shit, which is part of the problem. So many people don’t understand the concepts of compounding interest and what debt will actually do to them in the long run.
My wife took on so much debt because no one ever explained to her what she was doing. She applied for a loan and got it, went to school. Shes an attorney now, but has amassed so much debt we will never be able to pay it off. We’re on the income based plan, her loan payment is more than our mortgage, and we aren’t even covering interest. Loan forgiveness is our only hope
I’m not sure there’s an easy answer to that, but I think some real world experience and a bit more time for brain to develop would be a good idea.
Wow this post really drew the pro-fascist trolls out of the woodwork
The issue with arguments like these is that the brain doesn’t mature uniformly. I’d you can tell me exactly what parts of the brain are involved in a decision like this and when those parts mature, then you might have a valid argument.
I say “might” because you would still have to show that a brain which hasn’t finished maturing is inherently incapable (ie, will always fail) of making such decisions.
As I said already, there no easy answer. But what about some life experience as an adult first regardless?
An argument that would have made some sense before a shitload of rich people including many politicians got their PPP loans forgiven.
Yes i totally understood what I was signing at 18 when the loan officers kept telling me i’d easily get a job and pay this back in no time when I graduated.
We were lied too and now our student loans fund our parent’s retirement while we can’t even afford houses.