Quote Originally Posted by PGHBulldogBG View Post
I completely sympathize with the students and understand the bad financial situation these loans put them in. I definitely sympathize with them more than the boomers complaining making the usual ?back in my day statements I had to do and pay?.? because they are not educated on the current student loan situation, but nevertheless this is not a good solution. Waiving $10K in student loans for borrowers is not the answer to a long term problem. There is nothing in this plan to stop people from borrowing more money or addressing the compound interest that is one of the main issues with student loans and the high balances. All these student loans need to be set up on payment plans for the principle balances and no longer accrue interest from past years. There?s your solution. Pay what you owe but don?t let them profit off you. If you take out loans moving forward, interest rates need to be fixed and students need to be educated on the impacts of student loans. This is not happening in financial aid offices at colleges
I'm 31 and I made a lot of sacrifices to pay all of my loans back. No one offered to pay them for me. I felt an immense sense of worth and self accomplishment the day I made the last payment. Giving things away is never a good example and will only foster more dependence. Whatever the loan situation is doesn't matter as long as colleges continue to raise their tuition. There's no reason for degrees to cost what they do and most afterwards pay what they pay. It's like raising the minimum wage was never the answer if prices continue to increase across the board.