College Student Loans Forgiveness........

[rsmith6621]

......Why NOT!!!....why cant the Obama administration propose loan forgiveness on student loans for something that is essential to achieve the American dream....... After all would that be more than bailing out bankers and CEOS???

I would say any loan that is no more than 15 years old.....no better time than now...it would add money back into the economy as well....

[TheDebbieDee]

1. So, uhm, how much do you owe?

[sandnsea]

2. There are loan forgiveness programs

There are a few where you can go into teaching or health care, and have your loan forgiven. Other programs allow you to do community service and have your loan forgiven.

There are some new ones that are based on your income, and if you make minimal payments for 20 years, any outstanding balance is gone.

There are options for newer loans.

[customerserviceguy]

3. Sure, and while we're at it

let's forgive the mortgage loans of people who paid too damned much for a house...

Sorry, if your college degree isn't paying the bills that it generated, don't come crying to the rest of us for a bailout over your bad investment.

[rve300]

4. You do realize that the TARP money..

to the banks is required to be paid back with interest.

And I would argue that while a degree is helpful, it's sure as hell not essential to achieve the American dream.
Maybe they can forgive small business loans so thy can start hiring again. Aren't they essential to achieve the American dream.
Maybe they can forgive car loans so I can keep my convertible instead of selling it for a loss. That would be my American dream.

[martymar64]

5. Include older loans as well. We've been enslaved to them longer

IO took out loans in the hopes that my education would lead to better employment and more money. In the intervening years, wages have slipped to the point where I'm not making any more yet I still have these tremendous loans taxing almost a quarter of my take home pay.
I can't get anywhere in this economy with this loans strapped around my neck. We, I, need loan forgiveness yesterday.

[taught_me_patience]

6. My wife and I have HUGE loans, but I'm totally against this idea

It's really not fair to those who worked through college in order to stay debt free.

[fujiyama]

7. I don't view this as particularly fair

I know many including myself that have worked hard to pay off our loans or minimized them altogether. Degrees are like any other investment. Not everyone has to pay private college tuition and major in a subject with poor career prospects. That's why there are state universities.

It's time people become better educated in managing debt and that includes student loans. Rather than a blanket debt forgiveness, I'd rather press harder in regulating those for profit colleges and others that are trying to get as much federal aid as possible while providing mediocre educations with outrageous price tags.

But I think the federal government should look at a way of making sure no one is crippled by outrageous interest rates. I've heard of people in hundreds of thousands in debt, often due to loans taken privately through banks...