Mass forgiveness of student loans –$300 billion to $1.7 trillion dollars, $10,000 per student for 40 million Americans – is being pushed by Biden. The idea is wrong – counter-productive, irresponsible, and should be stopped. Five reasons argue against this notion.
You will say: “Gosh, the economy is tough, life is rough, students are indebted; where is your compassion for those who need free money, loan forgiveness?” The answer is, think harder.
As someone who came from a family with no money for education, who worked, earned, received, and repaid loans of more than $100,000 for college and law school, never wanted them forgiven, never imaged them forgiven, would not want them forgiven now, please hear me.
First, when someone takes a loan – for a house, car, or college – they are learning something. They are saying something about themselves to a lender, whether government, bank, school, company or relative. They are saying – “trust me, I am undertaking a commitment, intend to honor it.”
Go one layer deeper: When taking a loan for college, someone is saying, “on my honor, with recognition that the future, economy, my skills, and life are uncertain, I promise to pay this back.” They are asking and committing to a lender’s trust, making a pledge of trust to themselves.
Historically, a long shadow was cast over people – often by their own conscience, relating to a sense of honor – if they could not get out from under a debt. Over time, the notion evolved. Debt was seen as permissible, necessary for essentials like home or schooling, and it became commonplace.
In effect, there was no dishonor in carrying debt, so long as we kept our word to the lender and to ourselves, that a loan or debt assumed, with an expectation of honorable repayment, got honored.
What exactly happens to honor, to that process of pledge and fulfilment, investment in oneself with risk of failure, trust by others in us and us in ourselves, when we are suddenly relieved – by a hovering federal government – of this obligation?
In short, the process breaks – with honor no longer expected, risks taken are no longer believed real, trust to be proven is suspended, a chance to show we are up to the pledge is removed. Like being given anything, especially something we assumed we had to pay for, it is cheapened.
Second, think reality. Where does the $300 billion – or God forbid, $1.7 trillion – come from? You want honor, truth, honesty? It comes from others’ bank accounts, hard work, and sweat of another man or woman’s brow; that is where it comes from.
In other words, there is no free lunch. When you accept federal largess, as if that money is picked from the “magic money tree,” you are actually – and knowingly – putting your own debt, stress, burden, and obligation on the back of another. Here then, is the second assault on honor.
Third, what does the idea of broad, un-means-tested, open-ended federal debt forgiveness teach those who look on from outside, who are neither borrowers nor even taxpayers, perhaps just kids? What does that act tell anyone?
It says the federal government is run-a-muck, ready to give away money regardless of federal debt, now $30 trillion. Giving away money we do not have, lack of fiscal discipline, forgetting responsibility not to spend what you do not have, strapping taxpayers, driving up inflation, further cheapening the dollar, and weakening the economy is both reckless and immoral.
“Whoa,” you say, “now that is a strong statement!” Yes, it is. But think. Who will pay this debt through inflation? Wage earners, middle class families, those barely holding on. Who else? Future generations, those who cannot afford it, did not ask for it, get nothing from it, are yet unborn. Sound immoral to you?
Fourth, think about the obvious motivation for debt forgiveness. Democrats want to buy votes with money. How better than buttering bread on both sides, give you loans, only to forgive them.
Ask yourself, “at what price?” Just your vote for greater dependence on the federal government, less control over life, concentrated power, a little public corruption – not a lot, just a little. But history is made – and liberty unmade – by inches, in little increments, while you nod and sleep.
To paraphrase Edmund Burke, all it takes for evil – benignly described – to prevail, is that good people do nothing, look the other way, accept it, imagine a little is okay. Is it? You tell me? And are a few dollars in the account, relief of debts you promised to repay, okay if all they want is your vote? Remember Charlie Daniels’ song, “Devil came down to Georgia”? Souls sell, selling?
Fifth, this opens the floodgates to socialist debt forgiveness across the board, beyond education, relating to any “equitable” or “wealth redistribution” scheme for votes, relief of debts for cars (electric, for example), houses (for “social justice”), credit cards (federal assumption of underprivileged, underserved, minority, or even majority debt), any other debt you wish. Is that the way to teach personal responsibility, keep a nation solvent, protect the future?
In short, lots of things look good at first, but prove not so on closer examination. The idea of giving away free money, more magic federal dollars, to 40 million Americans – tradesmen to lawyers, the voluntarily unemployed to doctors – is clever. It might win some votes. It is also wrong.
I was a Financial Aid Officer in a college for 35 years. I object to the idea of erasing student loans for the following reasons.
Students that took out loans received their money in the following way. One half of their loan was sent to the school at the beginning of the school year to be applied towards their tuition, books and fees that the school charged. Thanks to the government rules that a credit balance could not be left on the school records, any amount that was not used for tuition, books and fees, was returned to the student. I have seen so many students think this was a windfall in their pocket and went on a spending spree and took an expensive vacation, bought a car, TV, or simply blew it on anything they wanted, including beer parties.
Second half of loan was sent the 2nd semester, same thing happened. Extra money was given to the student. Oh boy! Another windfall. After 3 years of this they found out that they had reached the maximum amount of loans they were entitled to and consequently did not have the money to finish their 4th year of college. They either quit college or took out a personal loan.
Then 6 months after they are out of college they start receiving notices that their payments were due on their loans. Then, all of a sudden, their comment is, “I didn’t know I had loans!” And now they want them to be erased?
First of all the government is at fault for the way the loans are disbursed, Secondly by forcing the schools to give the student any credit balance they have gives the student tthe idea they are being paid to go to school and this becomes their money to PLAY with. Not realizing they will need all four loans they are eligible to receive to complete their 4 years of college. The government needs to make the banks send the student loans in 3 disbursements so there is not a credit balance to return to the students.
Why is it fair to give people money to erase their student loans? What makes the government think they will pay off those loans with that money? What happens to the people that did do the right thing and pay off their student loans or that worked while in college to pay as they go? Will they get any reimbursement?
Why doesn’t the government regulate the tuition and fees colleges are charging. Every time the government raised the amount of the Pell Grant students can receive, the colleges raise their tuition accordingly. Unfortunately, the government is too stupid to realize when they raise the amount a student can receive on the Pell Grant only helps the people that are eligible for it to start with. They need to change the calculations to be eligilble for a Pell Grant so they can help more students.
I am totally against the government erasing student loans or giving every student that has a student loan debt an amount of money to have in their pocket to, hopefully pay on their loans, or blow.
My children went to college. They took out loans and they worked. They all paid the money they borrowed back. They did not expect the government or anyone else to help them. As parents, we could not help. They all have a strong work ethic and good moral values. They have all worked hard to make a good life for themselves and their families. Being given so much, as many parents seem to today, does not make for a good person down the road. Our country depends on strong work ethic and good moral values. Paying off even $10,000 of student debt is not the way to do that. And it’s not fair to those who went before, nor is it fair that the rich would get it the same as those who really could use some help. It does not promote taking educational steps that are worth something in the job market rather than basket weaving 101! College, etc., is not a time to party but a time to work hard and learn! I’ve got 14 grandchildren who are all good citizens and earn their own way, following in their parents’ footsteps!
Taking a loan is taking on a responsibility, it is NOT free money. It builds character to pay back what you have have borrowed and promised to repay. Children take and don’t repay; adults repay what they borrow. Are you an adult or a child???
Agree and sharing!! Thank you!!
NO loan forgiveness to anyone! UNLESS everyone that has paid their loan gets the same amount $$s BACK!
All this is is a bribe to buy votes. That’s why Biden opened the southern border because he is buying votes. This is back firing on him since only 20% of Latinos like him. ha ha Idiot!!! People see right through this crap.
What are they going to propose next? Let’s buy all graduation students their own cars?
Though I agree on the debt part there need to be some changes to getting a degree. I had to take courses unrelated to my degree and had to pay for them. (Accounting major forced to take a PE class)
Great explanation of the path to insolvency we are on in this country!
Stupidity at its best, if you borrow the money you pay it back
By the way, I’m am currently 71 and still working. I would love that loan money back about now! The interest was what really grew uncontrollably with my loan. But it is now paid off. If I can do it so can these, as my grandma would say, young whipper snappers!
I would like to know if I get reimbursed for paying off my student loan in 2018?
This is a bribe to get people to vote democrat in November. Let’s call it what it is a bribe. Who really ends up with this debt is the American people in some way or form we will pay. People who have already paid their loans. Families who could not afford to send their children to college will all pay for this horrible idea. These kids knew what they were getting into when the went to college and if not they should not have gone. Take a class in economics and learn how to live in the real world. I paid for my children’s college and they paid their portion. It is not fair to all the people who worked hard to pay their loans off or to the ones who could. Not afford to go. Terrible Terrible idea but they just want to buy votes in November. This president needs a class in economic’s!!!!!
Bidum has never earned his pay in more than 50 years of sucking on the gov’t dole, and he still hasn’t learned what causes inflation! HIM. His totally unchecked Gov’t spending requires gov’t to print more monopoly money that is not and cannot be backed with gold, that’s inflation.
People gain a college degree because that usually results in increased lifetime earnings.
It is totally immoral, improper and unfair for others to pay for or forgive the debt of those who went or are going to college to increase their earnings. Millions went to college and paid off their college debt.
Even worse, are those who gave up on going to college because they could not afford the cost.
Biden is in the Executive Branch not the Legislative Branch that is empowered to write law.
Biden has signed many executive orders and that should be stopped. He has been breaking many Constitutional Laws since he stole the election and he is destroying America, the best nation in the world. Biden should be impeached, removed and imprisoned.
So I’m a 61 year old Navy vet and I am in debt will Congress pay that off?
Ya create the bill you pay for it. Its called growing up. Put your crap back in your pants. Grow your own set stop hanging on mine.
How about we tie student loan debt forgiveness to acknowledgment of the degree? If your debt is expunged so too would any record of your degree. So the loan is forgiven you are left with a high school diploma.
My family didn’t have the money to send me to college. Besides, I really wasn’t sure what my interest was in a career. So, I enlisted in the US Air Force because of my interest in aircraft. Flew most of my career on transports. Went to school on my off hours and took the work with me on the road. Expended the GI BILL and took loans out. Payed those loans in half the time and served over 20 years. A Gulf War ,too!. So if I am willing to do this, they all can or go work for Target. Pay your way. Lots of blue collar jobs. Many retiring. Great money as aircraft mechanic, plumber and electrician. As examples. Don’t ask me to pay. The university got the money and the parents need to step in. Need to ask what they are taking for so much money and is it useful outside with good pay. This is horse hockey. Paying everyone but , ME.
Totally wrong for all especially the students that were unable to get to College because they could not afford it and did not want to put this financial burden on their families.
I remember I applied for a student loan. When it came time to pay it back, my husband passed away so I applied for a hardship. They said that wasn’t considered a hardship so I had to pay it back. If losing your spouse isn’t considered a hardship, I don’t know what would be. I still had to take care of myself and my children. If I could pay it back then I see no reason that others can’t.
I am definitely not for student debt loan forgiveness even though we are currently burdened by a son and daughter’s current debt.
I am however in favor of eliminating any interest on student loans from here on out. That makes more sense to me
Why should those of us who didn’t go to college have to pay off loans for college tuition for people who made a conscious choice to go to college? It seems to me the only thing this administration does well is spend money we don’t have. This should not fall on the shoulders of tax payers.
I enlisted in the Army after Grad School with 30K of loans under Loan Forgiveness for my first 4 year term. And applied for a Direct Commission during my third year. I served my Country with Honor and integrity. My loans were in return paid back by Uncle Sam in return for my Enlistment. Perhaps this should be addressed instead of shouldering all this debt back on honest hard working taxpayers who also pay for their automobiles and homes, and raise families. And a general studies class in finance.
You are correct. If you take out a student wrong, or any other loan, you’re obligated to pay that loan back with any interest that you agreed to. Giving somebody a free education, is not free, because someone Hass to pay for it. That someone is not me if I didn’t get the education. We do not need to add to the national debt for student loans, the person taking out a loan is obligated and must pay it back. If they made a man choice, I am sorry for that, but I didn’t make the choice they did.
I am an senior citizen American and I feel defeated each day when our country is run by Joe or his cronies. Can it be repaired?
Forgiving these debts is wrong. Nobody twisted anyone’s arm to sign and it teaches responsibility to get them paid off.
I saved for many years to send my daughter to college. Of course, I do not get any of my money back. But lets take monies from all the tax payers that did NOT go to college to give money to people who did. Work to PAY your own loan off. Another woke joke and the joke’s on us.
This is absolutely insane! If you took the loan you pay it off, plain and simple. Nobody paid for my college. I had to work two jobs just to pay for the classes I did take resulting in an associates degree and never getting my bachelor’s because I was offered a job and had to take it. How about someone pay for my car loan? Or better yet my mortgage? What is wrong with these people? They are making it so that nobody is responsible for anything!
Another in a series of STUPID decisions by marxist democrat politicians!
Grow up, if you borrow money YOU pay it back!
Not mommy and daddy,not taxpayers, YOU, go out and get a job and honor your commitment!
What is wrong with the marxist democrat party and its members? What mindless NONSENSE is this?????
College should be free for those who pass the entrance exam and maintain their grades. We are overlooking intelligent students who cannot afford tuition and could greatly benefit this country if they could only get the right education.
Per IRS regulations, forgiven debt is treated as regular income. If someone has their $100k debt forgiven, they may suddenly find they owe the IRS $30k . I’m pretty sure that would be a worse situation for most.
“Bad idea?” No it isn’t. How to pay for it is the issue and from where the money will come. Since the benevolent government created the basis for this problem, let the same meddlers fix it—by nationalizing all universities and institutions of higher learning, confiscating all their properties and assets, including their massive trust funds and bank accounts; by reorganizing the national education system to produce people trained to perform useful tasks employers want to hie people to perform, eliminating programs, instructors and staff occupied in useless and unprofitable pursuits, reduce the administrators and their staffs by 75%, and hire professional managers to run the facilities. Dismantle and eliminate the current department of education, start over with people dedicated to creating an educational system which trains students to develope skills useful to themselves and their communities after graduation. No more private universities with billion dollar bank accounts.
Honor…..? In the value lacking generations of late? You have got to be kidding, the only definition they know for the word honor is all the honors they got as children for mediocre performance. There are literally values we all know as older generations that they couldn’t even describe, let alone show.
I paid back my student loan. Not a good idea. People need to learn that when you make a commitment you follow through.
Nothing says, “Your education is worthless” more strongly than not having to pay for it. After all, among the marketable skills that should be acquired in the education system is the most fundamental, economic transaction. Politics is ALL about indebtedness.
This is buying the votes with taxpayer money and borrowed money at that. We do have irresponsible people with no honor. The big mistake was the decision the government taking over student loans. If this is done and more loans are made for next school year, this will repeat.
Many of these loans are uncollectible and that record will follow the student for the rest of his life.
The big problem is that when the loans are made, there is no way to know the student will succeed, earn a living, and repay the loan. People use bankruptcy to disgorge credit cards but are not able to use bankruptcy when they can’t pay college loans. Is this where the change needs to be made? Meanwhile “higher” education increases tuition and fees even more than the rate of inflation.
If the only loans were coming from the school’s endowments, there would be some balance, some awareness and the future would begin to make sense. As it is now, there is no accountability.
Work your butt off to pay it back,its the real world,NOT the democRATS world.You will appreciate your education and hard work more and then,work hard to NOT become a liberal.
Anything the DIRTY DEMS SAY OR DO is not intended to benefit students or Americans! GEt a dose of REALITY !!!!!!
The student loan at the time seemed like a good idea. Concentrate on grades and learning without the hassle of working. So, what went wrong? Why after getting your degree can’t you get a job and pay it off? I bet you bought a car and a house with a loan. Are you not paying those either? You’re not even paying the principle, you’re not paying anything. You took out the loan, it’s your responsibility. Pay back the money.
Playing politics with the yutes.The only way the demoncrats will win . Bunch no good scum bags.
I am a low wage earner of $14 hr. And would be great to have my fafsa loan forgiven for the kind of humanity type work I do. But I DO understand that we shouldn’t do forgiveness at THIS scale. I thought there last was forgiveness ONLY for certain humanity jobs that have LOW wages…….uggggh, so much controversy..
More of the same Democrat’s trash in quid pro quo vote acquisitioning. Throw in an Obama phone and a guaranteed income with that and a few lies that segregate people groups based on race, income, sex, gender philosophy, etal, and you will win elections…..More free stuff and zero accountability while appealing to every people group possible…Hey, free next it will be play stations and controllers for the youthful idiots with no brains…..
based on the democrats continued desire to make me pay for other people’s poor decision making i believe it is time to end all government financial aid of all type. If private groups want to provide financial assistance that is up to them. the governemnt needs to be completely out of the funding of colleges altogether.
further if you are so stupid you go get loans to get a degree you can not get a job that would pay back the loans then the school should have to give you the money back because they should have never let you in in the first place.
Why are there so many stupid people goign to college now?
Great points brought up by the author of this article. I, too, worked and paid for my college degrees, and had to give up the party aspect of the learning process of those years to get my costs of getting those degrees behind me. I am also not a big fan of nepotism ( which is now under the umbrella of @networking”) because there’s no guarantee of skills in a referral like that. Maybe because my studies in college were mainly in STEMS learning, I didn’t see any need for expanding my social life because of lack of exposure to the individuals whose studies were in the liberal arts areas which have more discussion interpretations than using scientific facts to prove theories.
Whatever the differences, those of us who worked to pay off our college debts, deserve consideration for realizing the value of the money spent for the degree earned. I did not chose a college based on its name value ( hey I was accepted to Columbia University and chose not to attend)
If they remove the burden of the debt of student loans then everyone else who actually paid for their college loans should be reimbursed also. That will force the college ( especially those name brand ones) to lower tuition costs to the real value of the education.
The title: Mass Student Loan Forgiveness – bad idea.
Since when has anything Bozo Joe has done been a good idea? He a Colossal failure who is killing our Country.
Good article Mr. Charles. The whole problem is most people don’t have the same logic as you and I do. However, I will forward this article onto people that I know in hopes that they too will see the forest through the trees and send it onto their contacts. That’s the best we can do.
RBC nailed it!
It is unquestionably wealth redistribution-SOCIALISM.
It is unquestionably A BRIBE.
It will unquestionably further degrade people’s duty of accountability and responsibility.
There is NO SUCH THING AS DEBT FORGIVENESS. No debt disappears; somebody always pays. I vote that it’s paid by the people that actually owe the money!
PS The federal government sticking their faces into student loans is a BIG factor in skyrocketing tuition to begin with!
Simply another move from the Feds to play santa clause and capture a voter block that wouldn’t have given consideration to such a dramatic move. Hopefully those recipients will have the moral and ethical fiber to not take this give away program the boot in another way to BUY votes.
The liberals cannot count on their “go to” groups for support. (Blacks and Hispanics) They constantly cheat in elections, but get caught more often. They need new groups that will keep them in power in perpetuity… Illegals, ex students that were “bailed out,” a few union groups, Snowflakes, and Soros paid rioters.
Have a question for this board: Biden is taking 1-million barrels of oil per day out of Strategic Reserve. If Government is getting $100 per bbl, then that is $100-million per day, WOW, where is all that money going & why is this not on news media?? And what Presidents bought & paid for oil in Reserve & what are plans to ever replenish this for an emergency reserve.
I pay my debts. Why should I have to pay other people’s debts.