The White House has announced the approval of $1.2 billion in student debt cancellation for more than 150,000 borrowers currently enrolled in a new repayment plan known as SAVE. The administration launched the program in August as the pandemic-related pause on student loan payments was ending. Nearly $138 billion of federal student loan debt has been canceled for almost 3.9 million borrowers since Biden took office.
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I’m sure this student loan forgiveness is to be considered some kind of a ‘progressive’ issue, but as someone who considers himself on that side of the isle, I fail to see how this is a ‘good’ thing.
Isn’t the ‘Carrot’ supposed to be held out in front to entice movement in a specific direction, and the ‘Stick’ to prevent bad or undesirable behavior.
Maybe Universities and Colleges charge wayyy too much! You know, like more than the ‘Market’ can really bear in today’s economic world, as exemplified by the massive amount of student debt. All this Loan Buyout is doing is promoting Financial irresponsibility by students and Price Gouging by Colleges. Kicking the can down the road in effect.
Maybe young folks can/should work a couple years and save some money for College! After all, if their folks have Health Ins, they are covered longer now. If not, maybe they can qualify for a Grant. In response, Universities / Colleges might examine their souls and portfolios and realize they might be price-gouging a bit. Universities should not be structured like every-other corporation on Wall Street, with Huge salaries for their Coaches, Presidents, and others. If Corporate America can lure professors away from teaching institutions, maybe their motives aren’t directed toward teaching, and a better replacement might be hired. And coaches… well, in spite of all the money a University can rake in, are our priorities legit?
Education isn’t all that its cracked up to be anyway. Are we using the Metric system like the rest of the world? What Ethics are part of MBA programs? Ray Fisman and Adam Galinsky at SLATE stated that “At present, the ethics curriculum at business schools can best be described as an unsuccessful work-in-progress.” But that was a while ago… Right? But now, how educated is the ‘average’ American citizen when they can be lead down rabbit holes regarding Vaccine beliefs, Flat Earth, Covid-19 deniers, Hating (somebody, anybody, for some reason), and voting for a politicians that should never have been put in a position of responsibility.
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