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Student Loan Forgiveness: Yes or No?


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Do you think they should give the option for people to have student loan forgiveness?
 

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Biden proposed $10,000 of student loan forgiveness, and has called on Congress to cancel $10,000 of student loans immediately for student loan borrowers. ... Biden has said repeatedly that he doesn't support up to $50,000 of student loan cancellation, and it's unlikely he would change his position.May 22, 2021

Biden's Plan For Student Loan Cancellation—7 Questions

https://www.forbes.com/sites/zackfriedman/2021/05/22/7-questions-about-bidens-plan-for-student-loan-cancellation/?sh=2754b8477433

 

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Umm Once you have spent that money, it is gone, and it creates a "hole" in the bank. Well not a hole metaphorically, but you know, your name is written in the black list .

Let's start for how banks work!a bank does not have "all their money printed" there is a small part being exchanged, used.

(At least, at first , it was like this.)

The thing is, the money you take from your bank account, it is not only yours, that money can be the "10 dollars I have just sent to Lolita's account". But it is all mixed.

When you have like a 100000$ loan there is "a hole" so the bank has to cover it somehow. Then other plans and loans from other people happen. But only if they see they are available to pay it back. If it happens that one day they Bank" run out of money" no matter if you had 10000$ or 100$ it just disappears because, it never existed in the first place. It is just speculation.

Just now, SummertimmeSahneh said:

Umm Once you have spent that money, it is gone, and it creates a "hole" in the bank. Well not a hole metaphorically, but you know, your name is written in the black list .

Let's start for how banks work!a bank does not have "all their money printed" there is a small part being exchanged, used.

(At least, at first , it was like this.)

The thing is, the money you take from your bank account, it is not only yours, that money can be the "10 dollars I have just sent to Lolita's account". But it is all mixed.

When you have like a 100000$ loan there is "a hole" so the bank has to cover it somehow. Then other plans and loans from other people happen. But only if they see they are available to pay it back. If it happens that one day they Bank" run out of money" no matter if you had 10000$ or 100$ it just disappears because, it never existed in the first place. It is just speculation.

I do not like loans in general. I feel that they are just a way to have more people in debt for having the banks account working.

Umm a cool solution for your college system should be, making you able to afford a degree. Here in Spain, one of the things I like the most is having the possibility of studying without being in debt. If you are able to enter the degree you do not have to pay a crazy amount of money , and it's affordable.

In conclusion, if we had good politicians we'd be way more sheltered. Or at least change money investment.

Also with healthcare, what is happening? Where does all of your money go? I wonder

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On 6/30/2021 at 6:04 AM, Terminated said:

Do you think they should give the option for people to have student loan forgiveness?
 

 

I wonder if people would just start taking out loans recklessly in hopes people would bail them out later?

I donno... I wonder what the point of going to expensive colleges really was... was it worth it if you can't pay your loan?

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I tried doing college as cheap as possible. Did all the free programs I could and got lots a scholarships. Still have $10,000 and while it’s not a lot to some people to me it’s a huge weight on me that really holds me back on being successful. If I wasn’t paying interest on it that went no where, I’d have been able to save for a house or apartment by now. My only choice is to try and make more So I can make bigger payments. Paying money that doesn’t improve your life in any way …idk it kinda feels like indentured servitude. But yeah if someone gave me the chance to get it forgiven or let me earn paying it, it would really make my life worlds better. I don’t think it should be super easy but surely there could be some sort of reasonable way to idk do community service to forgive some of it or som*thing. 

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I agree with the person who knows how money works up there about the loans. like honestly we shouldn't be getting college loans in the first place. 

BUT I would love to root for them because I got one that was signed off on by my dad when I was 17 ( I pay it he just co signed.) the college loan caused A TON OF ISSUES with me and my family. I wish they would have said no and just been like pay for it as you go, or like maybe i could've went to a cheaper school. ( like my parents should've just said no , but it was the school they wanted me to go to )

the school I attended though is still under a lawsuit for not giving students transcripts after graduation and making it extremely hard for them to get hired, also for having p******ry private loans . SO I think that in some cases like mine or similar student loans should be possibly forgiven. There would be little to no way to be able to tell unless people filled out forms or went to court though. 

But I mean, I just learned to work a lot to try to pay them back.

but honestly the system is f***ED UP . this is how we ENCOURAGE k***s to start their adult life . right after highschool we ship them away and start them out with like thousands of dollars of debt , in a world where EVERYONE is OVERQUALIFIED. so the potential to actuallloy gfet the job you want is extremely limited. 

and another thing, is it possible that without loans ? everything would be slightly cheaper anyways. like does the existence of loans drive the price up??, similar to how insurance companies drive the prices up?

 

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