Student Loan Forgiveness: Can The US Erase Student Debt?


Americans owe $1.57 trillion in student debt. That might be a hard number
to wrap your head around. What it comes out to is $20,000 to
$25,000 for the typical borrower, but of course that’s not
evenly distributed. I have $69,812, $47,000, $350,000. More than 600,000 people carry higher
burdens of $200,000 or more. Even people over age 60 had $85 billion
in student debt in 2017, in part to help children or
grandchildren get through school. Altogether, it’s more than all the
outstanding credit card debt in the country. I think there’s a critical mass of
folks who who hope someone will do something about it. And this is a case where because
the federal government holds about 90 percent of all outstanding student debt
in the country it’s easier to make a case for them
to do something about it. Whereas if everyone didn’t want to pay
their car loan or their mortgage it’s harder for the government
to do something about that. But there are questions
about who would benefit. Student loans are largely
held by relatively affluent families. So what would it take for the
government to actually erase student debt? Democratic presidential candidates are
talking about it. But is it a good idea? Let’s start at the beginning. Student debt has been around for a
while but it’s really boomed since the turn of the century. And the government holding that much
debt is an even newer phenomenon. As part of Obamacare, the
government stopped insuring private bank loans and took a bigger
role in lending directly. The Obama administration hoped the move
would save money for the government and help offset the costs
of Obamacare during the recession. As the Federal Reserve kept interest
rates at record low levels, students could borrow at
a pretty good rate. By 2013, cries for lower
interest rates grew louder. Right now a big bank can get
a loan through the Federal Reserve discount window at a rate of about
three quarters of one percent. But this summer a student who’s trying to
get a loan to go to college will pay almost 7 percent. That isn’t right. Congress ended up passing rare bipartisan
legislation to cut rates for student borrowers, but they were
still significantly higher than what banks paid. Today, interest rates on various
federal loans rang between five percent and about seven and a
half percent, higher than the average 30-year mortgage rate. We’ve seen a dramatic increase in
the amount that students are borrowing to go to college. Obviously if individual students are
borrowing more because education is more expensive but we’re also
seeing that more people are borrowing to go to college. Another factor that kind of contributes
to that is also the budget reductions at the state level. If you think of education as an
investment, the return on that that comes from the increases in
employment opportunities and earnings generally more than outweigh
the upfront costs. So where’s the problem? Where the system kind of breaks down
is that we have a tremendous problem with college completion
in this country. A third of people, a very large
number of people in our economy, are paying for college, in many cases taking
on debt to do that, but then not getting the earning bumps
that comes along with having a degree, which means they’re having a
hard time paying back their debt. And so we’re seeing that in the
increases in student loan default rates Even though it’s unclear how much
it has hit the economy, experts believe the high level of
student debt will increasingly be a drag on growth. If all the sudden I’m not having
to make a regular student loan payment that was part of my budget, that’s
maybe a couple hundred more dollars in my pocket on a monthly basis
that now becomes fluid and flexible. Evidence suggests that a decent portion
of that would be spent. Even the Fed chair has weighed in. As this goes on and as student
loan continues to grow and becomes larger and larger, then it
absolutely could hold back growth. And for the most part it’s
almost impossible to have student debt forgiven even in bankruptcy. I’d be at a loss to to
explain why that should be the case. Since the government is charging
interest on these loans, it stands to make a potential
profit off of student borrowers. That profit number is disputed
based on different accounting methods. But many believe the government should
cut interest rates to subsidize loans instead of raising revenue. We should not be profiteering off
working families who are trying to send their kids to college. So this all brings us to the
question: Could the government just simply forgive America’s student loans? The simple answer is yes. The hard part, it would take a
new law in a potentially divided Congress. 2020 Democratic candidate Elizabeth
Warren is the first one to put out a detailed plan. The senator’s proposal would eliminate up
to $50,000 in debt for people with household incomes under $100,000,
while giving smaller amounts of relief to people
with higher incomes. The cancellation of student loan debt of
up to $50,000 for 42 million Americans. Entrepreneur Andrew Yang and
Senator Cory Booker have also said they would push
for loan forgiveness plans. Obviously you’ve got a lot of voters out
there with a lot with the debt and they’re saying well if I vote for
this candidate all of a sudden my student loans are going to go away. That’s a pretty attractive political, you
know, piece to dangle out there. I think it leaves out
a lot of unanswered questions. Even if I’m a borrower, am I
personally paying for as a taxpayer, right? Because borrowers
are taxpayers too. So it’s not like this
money is coming from nowhere. It is on the mind of voters like
Liz Smith, a 24-year-old who works in the advertising industry in
Des Moines, Iowa. Smith, who took on more than, $30,000
in debt to get through college plans to participate in
the Iowa Democratic caucuses. I recently purchased a car and I
am nervous about having a car payment and a student loan payment at
the same time, but it’s unavoidable. You have to get to work and you
also have to pay back your loans. Erasing student loans would likely
be an economic stimulus. Forgiveness of the outstanding student
loan balances with would without question be an economic stimulus. One study estimates government forgiveness of
all the loans and holders could boost real GDP
by around $100 billion. The question is what is the most
efficient way of providing stimulus to the economy. And my sense is that forgiveness of
student loan debt is is not the most efficient option. But I think you are also going to
see some concerns from the left that if you were wiping out all the
debt that that would be a pretty regressive thing to do. And once you look at the numbers,
this is, you know, looks like the Trump tax cuts in terms
of who it benefits. So it’s a little hard to be out
there saying well I’m against tax cuts for the wealthy but at the same time
want to give this this big handout to the wealthy. That’s where things get complicated. The ones with the most debt are the
ones who tend to have the highest earnings potential. So if we want to do is stimulate
the economy we can think of better more efficient ways to do that
than a sweeping program that forgives existing student loan debt. Under Warren’s proposal, debt relief would
end at $250,000 in income. Her plan would cost one and a
quarter trillion dollars over 10 years. I think there is a risk of spending
over a trillion dollars in a way that’s not particularly targeted beyond giving
it to folks who happen to borrow to go to college, or in
a lot of cases to go to graduate school, and then for whatever reason
haven’t yet paid it off. It could raise concerns about who
gets those benefits, it would raise concerns about fairness. Of course fairness is a central
question in the loan forgiveness debate. The student loan forgiveness. What about people who took
loans and paid them back? What are we going
do, give them reparations? This is a giveaway to millennials who
have had their parents and family and society pay for their bad
decisions for their entire life. There already are ways for people to
get loan relief in the U.S. Many borrowers have income based repayment
plans which can cap monthly loan payments at about
10 percent of income. But… What we’re seeing is that students
who really need the benefit of these income adjusted repayment plans aren’t
aware that they exist or if they are aware they exist are
having a hard time enrolling in them. In other countries, college is
cheaper to begin with. But on top of that, they found
creative ways to help the people that really need relief. Like in Australia. It’s done through the tax system. So when your taxes get withheld from
your paycheck every week they also take out your student loan payment. And what that means is when you
lose your job the government doesn’t come after you to pay your taxes. You don’t pay your taxes ’cause you’re not making money anymore
because you lost your job. So this works the same way with
your student loans in countries like Australia. In the UK, students don’t
have to start making payments on their debt until they make
a certain amount of money. In Sweden, borrowers have a longer period
to pay back loans than they do in the U.S. On the other side, the Trump
administration has been more focused on reducing the costs of college and
holding schools more responsible for educational outcomes. Student loan debt. I’m going to work to fix it. There is some evidence that the cost
of higher education has started to plateau. But that won’t help the
people already saddled with thousands of dollars in debt. That’s who politicians
are talking to. I do think it should be focused on the people that
need it the most. So whether that be their potential
future income or what their families weren’t able to contribute
that, you know, having huge amounts of student
debt would really impact them and their future success

100 comments on “Student Loan Forgiveness: Can The US Erase Student Debt?”

  1. CNBC says:

    Should the government forgive student debt?

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  8. 92hbhb says:

    You signed on the line, you must pay the piper. My wife and I came out of college with about $30k in student loans. we slowly paid mine off right away paying it down with the regular monthly payments for about 8 yrs. And then when she finished w/ shool , I said F it, we're just gonna eat rice and noodles for a short while and pay off your loans in lump sum payments, while having a mortgage payment as well. Less than 4 mos later, her loans were paid in full.

  9. Robert Rowan says:

    Earning bumps for a 4 year degree? I have two 4 year degrees. I am an Electrician now and make more money than either degree would have gotten me. Hell, my two week bartending school got me more jobs than either degree. Eliminate the Dept. of Education! It cost more than it's worth.

  10. Elsa Romero says:

    U can get to work in a $2k car… Don't need a car payment… Not as cool as a new financed car but come on ??

  11. wallwatch lol says:

    Maybe if people who went to college checked how much they could possibly be making after achieving a degree and how hard it would be to find a job we wouldn’t we in the disaster

  12. non non says:

    If student debt is canceled I want the average amount of a 4 year student loan plus the potential lost income from a degree from the government since I was responsible and didn't go to school due to it being beyond my means.

  13. Jacob Monnin says:

    And why are tuition cost so high.

  14. Jacob Monnin says:

    What a joke presidential candidates are trying to buy ppl without even talking about the cause of the problem.

  15. Chris Ayotte says:

    No. I don't want to pay for another person's debt. Because it comes out of higher taxes. Wage increases have been low and combined with inflation make living more difficult

  16. Obergefreiter Hack says:

    I do not want to pay my bills.

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  18. xr28y ge3fl1 says:

    I finished a lame ass liberal arts degree in less than a year. 6 years to get a liberal arts degree is like saying it takes 12 years to get potty trained. No, these losers just enjoyed the ride and now they have to face the consequences of goofing off. They can clean up their own diapers.

  19. Air Strike Technologies says:

    ********For all you folks dealing with SL debt, thinking about voting for one of the candidates who say they will eliminate SL debt, I attended a town Meeting with Bernie sanders and I LOOKED HIM IN TH E EYE and stated "Senator, you claim you will eliminate all student loan debt, are you willing to put a resignation guarantee on that promise".

    Sanders: "I don't quite understand what you are asking"?

    ME: " As you are promising to eliminate all SL debt if elected, will you resign immediately if you fail to do so"?

    Sanders: "that's ridiculous, there will always be politicians who do not agree with the proposal and they could put a stop to the proposal, my expression of SL forgiveness is a simple proposal what all political entities should get on board with".

    Me: "So your answer is NO, you will promise to do it and when you get the votes, simply blame it on Republicans or Independent as to why they are still paying SL when you run again saying the same thing just like all the others who make promises at election time, you base you agenda on a subject that gets the votes, then close the door."!

    Sanders: : "We're done here, Next question, yes you…".

    *******FOLKS before you FALL FOR IT, Look them right in their eye and ask them if they will resign if they fail to eliminate the SL debt, you will be amazed just how quickly they back track or divert**************** JUST ASK THEM TO GAURANTEE IT!

  20. PearlPerlita Venegas says:

    My tax dollars to pay for other people's kids to attend college. Hell no. I have 2 kids I'm going to send to college WITHOUT loans.

  21. L.L S. says:

    If we decide to erase government loan student debt, then effective immediately that should be the end of government backed loans. Exception would be a veteran loan for service like it was at first.

  22. Yana S says:

    I'm from Canada. We have a very reasonable government loan plan that charges us 0% until 12 months after we graduate, and only 3%. Having that said, I hold 2/3 of my student debt at a bank at a slightly higher interest rate of 4-5% (I get a tax cut thanks to it, so don't worry, I'm playing it smart), because you never know what the government might do.

  23. fstbr4 says:

    Congratulations CNBC but you should easily be defeating CNN by now.  Sen. Sanders was a great candidate in the 2016 primaries tell the DNC shafted him and now that people hear these ridiculous policy plans he will not likely get further in the 2020 election. Logically taking money away from the economy to pay off student loan does not help the economy.

  24. T J says:

    The government should leave it alone.
    They created the mess, and would fail again if they tried "fixing" it

  25. shabba194 says:

    Wish I would have gone the self taught tech route than conventional education

  26. TINA SANISA says:

    What do experts do to eradicate these student loans??

  27. Dean Sapp says:

    Make the colleges carry this dept

  28. Julie Tibbetts says:

    I didn't know you had to buy a brand new car to get to work 🤔😂

  29. MLG cGeniuss says:

    Is funny to me!! That the government has money to give to country that are not part of us and help other people in other country and for us citizens there is not money to help with student loans debt!!

  30. Josh Hayes says:

    no forgiveness. just cut the interest rates for all existing federal student loans to make repaying them more manageable. The interest is what kills you.

    If you decide to go to college, you should have to repay your debt. It is not fair for taxpayers that did not go to college to pay for those who did.

  31. Igor Kurpis says:

    Sounds like communism. Those who paid their debt are punished for working very hard, just to reward with debt relief those who are not working hard enough.

  32. David Hutchinson says:

    If we can do nearly 500 billion in corporate subsidies, tax cuts for billionaires and light taxes on Wall Street not to mention the overblown military budget….I think we can handle student debt. Not all at once….but year by year, coupled with subsidizing local state schools…we could do this. You can't think of it as debt per se….it's an investment in our people. We all do better when folks get new training for new jobs and people can get the basis in education they need to move to professional careers.

  33. RocknRollDina says:

    The government should not forgive any debt.

  34. Luke Kage says:

    Dont have to completely erase the debt, but they could definitely offer better interest rates. Paying 6+% on top of increasing tuition is a vicious cycle. If they’re not going to regulate schools from gouging for tuition then they should provide better rates.

  35. ANIMESH GAUTAM says:

    they are not going to forgive because its traded in NASDAQ through bonds .

  36. Artificial Intelligence says:

    I never went to college. Im happy selling lemonade and barbecue.

  37. Blud Clot says:

    Creditors must be paid otherwise tax payers foot the bill or economy will suffer many job losses. Just cut tuition costs to Flat fee based on your income or just screw college and bring back trade schools.

  38. alex bungcayao says:

    USA is in trouble. If youth is the future of this country, then we’re in trouble. Most are in deep deep debt. In student loan.

  39. Rob Roland says:

    what do they take in trade???

  40. Rob Roland says:

    see if there's a celebrity or a rich tycoon that bribed their way into college, to pay for it! that would have been poetic justice!

  41. Art Mills says:

    So, a lot of people couldn't even think of being able to afford college, now they are talking about making them pay for someone else's college?

  42. Western V says:

    Yes they can they will just raise your taxes but remember the taxes will go up for free healthcare plus we need to raise taxes to take care of all these illegal immigrants so vote democratic you people don’t want tax cuts that’s just racist

  43. Ronald Polo says:

    Yes cancel them.

  44. Stop It says:

    Why does Bernie Sanders have to move his orangutan arms every word he says?
    And why do we have to listen to African drums in the background of news shows?

  45. Matt Hunter says:

    If they cancel student loans, I'll build a wall & be bipartisan. 🥰

  46. Dante Trevisan says:

    Speaking from how it is in my country (Argentina) if someone is thinking in the opposite, here college education is payed by all the citizen by paying taxes, so college education is "free" but that doesn't guarantee that it is good.

  47. Erik Throne says:

    The fed let alone Uncle Sam can’t do everything—I see through thousands of financial statements from top Fortune 500 companies with net cash provided by operations in the billions, Hell Apple has trillions which won’t dent their working capital. Employers need to step up! Uncle Sam can’t fix all our problems because in the end if you forgive everyone’s debt it will enable the next generation of students to take out more student loans.
    If a company wants to bring in younger workers the should help pay for their student debt.

  48. Christiana Sterling says:

    Can I get a refund on the student debt I already paid off?

  49. Charlie Gevana says:

    And then they take liberal arts and humanities in college 😂😂😂 💵 money going to dumpster

  50. madmanmark08 says:

    Cancelling the student loan debt is an "economic stimulus"?

    Nope.

    Just make student loan debt the ability to declare bankruptcy

  51. Michael Holderbaum says:

    Erase student with one stipulation: 1 year in prison for every $10,000 of debt.

  52. chrisk730 says:

    Loan reparations! Lol

  53. hargow4u says:

    Actually, the first to propose student loan forgiveness is Bernie Sanders.

  54. Brad Daniel says:

    If you forgive student loan debt today, 10 to15 years from now we will be right where we started. Forgiving student loan debt is not the solution. There is NO 1 solution to resolve this problem.

    1. A solution to resolve, those whom that have these loans today.
    2. A solution to resolve, those whom have these loans tomorrow.
    3. How society views higher education (At High School, Workforce, & So on)
    4. Setting up a system that only say 0.5% to 5% is acceptable interest for a student loan debt to be charged
    5. Setting up at the state run university & colleges with an education fee that is based on earning criteria's

    These are some of the things that can help but there is a lot more that has to be done beyond this.

  55. Egg Roll321 says:

    No such thing as erasing a debt. You will make us pay for it

  56. Quan Nguyen says:

    @9:04 still waiting for you to do something Trump.

  57. Snappingturtle 267 says:

    Never. These are loans taken out stupidly by individuals. Never to be forgiven on the backs of all the rest of us.

  58. mike John says:

    End government student loans. Erase the debt and stimulate the economy. If Trump were to do this and the democrats don't support it he can use it as proof they have uno intention of doing so if they are elected. If the democrats block it use it as the proof against them and his win is assured.

  59. EcClair Mayo says:

    I agree that we have been put in a tight spot because more than half of job descriptions require a 4-year degree which had increased the demand for higher education. So people dont really have many choices. HOWEVER, I have student loans, but I knew that I was responsible for paying them back when I took them out. Whats next? Car loans? Mortgages? We all pay in the end. They should just cap intererst rates at this point.

  60. Steven Chua says:

    If choose to Forgive existing loans, what about the potential new borrowers. To loan them or not since it will be written off anyway.. so the loan forgiveness programs will forever end tuition fees loans

  61. ya boi says:

    Conservatism is the basic principle of investing in yourself long term. Many of the communist students do not realize they are shooting themselves in the foot when they vote left.

    Liberalism=short term, benefit long term pain
    Conservatism=long term benefit, short term pain

  62. Melvin hume says:

    The government can but it should not these people got those loans show they need to work and pay them back talk about get an education if you're too stupid to realize how far you're going in to get and too lazy to take time off and work to earn your education then you're too stupid to be educated

  63. Fuji says:

    Why should they get their loans cancelled if I had to pay mine off like a responsible adult? Am I getting a refund for all they money I had to pay back?

  64. Wolf Alpha says:

    Stop playing the victim and get real advice –> Dave Ramsey

  65. Mohammad was illiterate says:

    So people that borrow for an education to get a higher paying job want lower paid tax payers to foot the bill by "forgiveness" of the debt.

  66. Erwin Tio says:

    Interest rate is relate to the risk. Mortgage has lower rate coz the house is the collateral. Student loan have a higher risk with no collateral.

  67. Tiffany Benson says:

    You can forgive my debt if:

    1. You don't expect to own me or my votes thereafter
    2. My income taxes do not increase
    3. Some rich person I dont know cannot own my debt by paying higher taxes
    4. I can still do business in a free market with the least amount of government intervention in my daily life

    If Democrats can't work all that out, then I will just keep paying those few pennies a month based on income and make sure my life insurance policies are enough to cover the debt when I die.

    Since I signed all the promissory notes and got all the degrees to go with that, its no problem 🤷🏾‍♀️

  68. Death Larsen says:

    All that money for a gender studies "degree"

  69. Brad says:

    Forgiving student loans is crazy. Having endless, pointless wars costing us trillions is just fine. 🤦‍♂️

  70. MrChilley says:

    Soon college tuition will have you a
    pay for the sun rising and setting.

  71. Jez says:

    Can someone send this video to Dave Ramsey or Chris Hogan? Hahah

  72. American Citizen 1986 says:

    First problem…. High schools not teaching people about interest rate , different types of interest rates and how they actually work.

    Second…… societies obsession with having a degree. What happened to on the job training?

    Third…… outrageous interest rates. If a person is not able to pay, would you rather they pay the principal and give them a " interest forgiveness" or have them default on the whole thing?

    Fourth……schools should not be allowed to charge so much. If the degree will only get you a 40,000 a year job, why is it costing 60, 000 or more?

    I don't think we should have student loan forgiveness, we should have interest rate forgiveness. It's the interest that kills.

  73. Big brown says:

    Student loan will not b forgiven. That would mean the ppl wouldnot b slaves to the govt. The govt dont want that. They want control of the ppl

  74. Raul Ayala says:

    A lot of talk of forgiving the debt but no talk of stopping the lending of the money to begin with.

  75. sminthian says:

    I was responsible and only went to college when I could afford it. So, if they're forgiving $25,000-$50,000 for people, can I put that towards my mortgage?

  76. Paul Santos says:

    No. The government should stay out of this. While you are at it – forgive credil card loans, car loans, mortgage loans, forgive everything. This is stupid – nobody forced them to take student loans. These are irresponsible spending on something you cannot afford.

  77. Mark Guin says:

    I bet more than 50% of these students actually use their “degree”

  78. Robin Le says:

    Tuition fee should Not be there in first place. Education and knowledge should be free for all instead of purchasing!

  79. Wreckanize says:

    The sad part is, Bernie Supporters don't realize the negative consequence of forgiving student loans.

    Colleges will just raise prices since they know students will borrow and governments will forgive. Why not charge a million dollars tuition?

    The reason college is expensive today is because of the federal government guarantees student loans for their own profit. Colleges are taking advantage of this influx of loanable funds, just like wall street did prior to the Great Recession.

    Colleges and Wallstreet are not the enemies, they're just being manipulated by the government.

  80. hillary ilinsky says:

    not everyone should go to college. idiots are taking out student loans to get jobs that don't exist or pay crap.

  81. Keeys says:

    I owe 20,000 in student loans. Do you think the government care;not even if I passed away. not to mention,the interest rates are RIDICULOUS! I've paid over 8,000 back, and now my debt is back to 20,000, thanks to interest. I highly recommend young students to go to trade school. You'll definitely avoid being apart of this crisis

  82. Miles J says:

    Keeping the system the way it is will lead people to forgo college all together. This will in turn lead to a smaller talent pool for companies with STEM fields to choose from which also results in a bidding war for the best talent. If you think the increased cost of doctors, engineers, cyber security personnel etc. are coming out of their profits you're out your mind. It will get passed on to the consumer. Taxes or not we will pay one way or another. I've paid all my student loans and would be happy to see my peers debt forgiven.

  83. The94GTC says:

    Possibly teaching economics in high school would be a great idea

  84. James Gant says:

    It’s a debt based money. But debt crisis is a problem when wages aren’t there to meet debts. This problem is compounded by Neoliberalism in education. Where universities operate as for profit institutions rather than as tax and monetary policy funded institutions. So prices hyperinflate and the lenders become invested in increasing education costs so that more people have to borrow. This is eventually self defeating for the lenders.

    Because we end up with a debt crisis where people don’t have enough money to pay their debts even over 20 or 30 years of employment.

    This video is pretty biased towards a more Neoliberal point of view it even quotes rush Limbaugh and Fox News. It mentions other countries but doesn’t mention that among our contemporaries higher education is usually mostly or entirely state funded. So their student debts are for housing and other costs and their student debt levels tend to be a lot lower per student.

    Typically debt forgiveness in general is really the only way that debt crisis can be fixed according to most academic economists like Michael Hudson or Steve Keen or Mark Blyth or Stephanie Kelton etc.

    When the speaker in the video frames this as money spent this statement has ignored that the money is debt based in the first place rather than sovereign money.

  85. HPPAV2003 says:

    Yasss$$$$! I owe 10 grand! Cancel my $L debt.

  86. Elaine C says:

    I paid for my own college tuition. I don't want to pay for other people's debt. Maybe a better idea would be to increase the annual tuition credit from $2500 to maybe $5000. But forgiving everyone's tuition debt is crazy.

  87. drearydancer says:

    Yep, bad system and sick society we have in America.

  88. It’s not my wallet says:

    I’m so glad I joined the electrical trade right after highscool, I’m a 2nd year apprentice and making bank

  89. VMX says:

    What about Americans that didn't go to school because they didn't want to take out the loans, what do they get besides the "bill" the US government will send them to pay off others debts? I think if there is student loan forgiveness as Warren mentions, then EVERY American family with earnings under $100K should get a refund or get a "loan" that doesn't have to be paid back so that it's "FAIR" (left's favorite word).

  90. yea bouy says:

    Nobody forced these people to go to college.

  91. yea bouy says:

    A 4 year degree isn't a must have, plus alot of these people are getting WORTHLESS degrees like "something" studies.

  92. Austin Lagoba says:

    Simple answer hell to the no

  93. Mark R says:

    Debt isn’t erased, it’s transferred.

  94. patrick jensen says:

    Government should rembusre employer 110% for hiring and paying off student loans tax incentive that makes it worth to do so.1 to 4 year payoff.alot of stimulus incentive around these

  95. Lawrence Holst says:

    Why not ?

  96. Saint of Bacon says:

    Yes all loans should be forgiven. If we don't do it for everyone, we will do it for no one. Just look at grants, no one making more than the median income get much, if anything in grants. And yes, we should repay people some or all of what was paid in loans or tuition in the last 10 years.

  97. Jonathan Hughes says:

    I like this. We have a debt of death in us that we cannot pay. God will forgive the unpayable debt of death to those that forgive the earthy debt, of another. One, is to not be compared, to the other. Ask and receive seek and find, would keep earthly debts, from accumulating. That cannot be local.

  98. lmbarnes3 says:

    I am paying $1000. Month if forgiveness and still taxed. It still will not be $1000. Month

  99. FloydofOz says:

    You do not need to finance an expensive car to get reliable transportation to work. A better plan would be to get a cheap vehicle, pay down debt, then save and buy a newer car.

  100. IQuber says:

    For the federal government to give up such lucrative interest cashflow off student loans would be ridiculous. They have no incentive to give up that gravy train. I sure wouldn't. College education has become a religion, think of the debt as a form of tithing.

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