Forgive Student Loan Debt?

Wow!  This would be great for a lot, a lot of people, including myself when it comes to that.  I am eligible for Pell Grants right now for Ivy Tech, but when I transfer to St. Mary's, the tuition is much, much higher and I will end up borrowing regardless, so I hope this happens and continues for awhile.  People DO deserve this break for sure.  Going to college is hard work and it benefits everyone around that person who paid the price of getting an education.

I don't think that should happen.  People should have to pay all of their loans back, including student loans.  It is money that is not yours...it is given to you with the intention that you will pay it back. 

I agree except if this president gives it to corporations why not people who went to college?

Sarah,  I agree.  Hubby and I paid for our college by cutting back in other areas, etc.   We also have had college funds set up for all 3 of our boys since they were born.  Now we are going to have to pay for even MORE college educations.  Just doesn't seem fair... why should we have to pay?

and yes, I did attend college and earned a Bachelors degree. And yes, I had student loans, but I paid them back.  I don't expect the government to bail me out in any way, including this way.

I agree Sarah!  This would be another step in idiocy just like the rest of the bailouts.  And what about those of us that already repaid our loans?  Do we get our money back?  LOL...  Can you imagine how many pissed of people there would be who already paid off their student loans?  I smell a mutiny!

I can see where sarah and hiedi are coming from...but they need to remember they did not live in a sucky economy, If someone would employ me, without people like them getting my entry level job first just because they have more experience then I would happily pay off my loans...but as of right now, the loans of many students are going unpaid which is going to affect the economy more negatively because there is no one who wants to employ college grads with no experience whne their are plenty of people needing the same jobs with experience and education behind them.  Everythings screwed up right now, and loans aren't getting any cheaper but companies are...perhaps if the govenment could come up with a compromise....like pay off half of the student loans for recent college grads and help them land jobs to gain experience, only for those who have a proven track record of trying hard to find one after they graduated. Hey, they do it for the unemployed who were recently laid off, trust me I know.

I agree Sarah!

"Being poor in many cases is directly related to not going to college, and giving up playtime and paychecks to earn an education"

Actually, that is quite offensive. I have been poor many times, I hold three degrees and one is a Masters, but I have been poor. No money to feed my family, having to work for 3.00 an hour waitressing 10 hour shifts and even had no electricity for two weeks. It wasn't because I or my husband was goofing off...it was because that is the way the world works sometimes.

Not everyone has the luxury of going to college. Some have to work Now because they are raising a family, taking care of their parents or/and family. My mother-in-law was poor all her life. She Had to quit school by 8th grade to help on the farm...not a choice. She got married at 17 and then was busy raising a family and taking care of the farm till they lost it. She worked as a housekeeper for 20 yrs, and babysat till she was 71 yrs. old. She wasn't lazy or dumb...she was an intelligent woman with the kindest heart in the world till the day she passed away.

My best friend's husband never went to college. They got married right after graduating. They are far from poor. They own their home outright, five cars and go on vacations down south evry year. He is the Vice President of his company without a degree.

College don't mean jack. I know college graduates who work at fast food joints, department stores...hell, myself I work at a conv. store because in my town where am I going to get a job in film? Though I did take my knowledge and work with directors/actresses/writers via my new book. (coming out spring 2010)

I would love this bail out personally. My student loans are over 30,000...

"in many cases"  Not in all cases.  If that's offensive it's because it's true.  I think anyone should get a bailout, but least of all the companies including Fannie Mae who we bailed out.

Nellie,

I never meant this for people like you.  I worked, went to college, my husband worked, went to college, paid for our kids to go to college, and pay taxes for others not to work, and then, owe companies that own my car while they get bailouts?  I don't think that's going to work either.

Nellie,

I don;t believe eveyone should go to college, I don't believe a college degree shoule garuantee anyone of a job, I belive it is the rare case that when a person doesn;t sacrifice for their education that they will truly appreciate/even own it.

I don;t see the sociatal benefit to bailouts.

As for those that go to college, they should be deciding why they are going to college and not just simply because someone said to or their freinds are off to college.

When a person or a business borrows money they should do so with a plan to pay it back. College is no different, before some starts school they should be looking for a curicculum that has the potneital to earn them enough money to pay the loan back.

Without sacrifice people become wasteful and don;t improve things.

Right now they are whining about not enough students are taking up engineering and the sciences. I wonder why? Could it have something to do with not be willing to make the sacrifices?

I am working on paying mine back....... I am not going to lie it would help my family out big time.

I think in these hard times it would be nice if a portion of the student loan debt might be able to be reduced.

A cut in interest rates for high-rate loans may be an option... but passing any portion of the debt onto taxpayers doesn't seem appropriate.

So how is that fair?  Someone gets their reduced, well, then I want a portion of the money I already paid back RETURNED.  There would be no way to equitably figure out who benefitted from this plan.  This would piss off so many people who have already repaid their loans it wouldn't even be funny!  And I would be at the forefront of those in the "I'm pissed off" line!

Absolutely. In a regular time I may be against a bailout in any form. However, since bailouts and economic stimulus packages abound lately, then I am ALL FOR this one! 100%. In fact it makes pretty much the most sense of anything, AND for ONCE it would actually benefit the middle class! We seem to take the brunt of everything in all times :sigh:

It would be interesting to see how people who work, and have money could stimulate the economy instead of people who own corporations, and stand in welfare lines.

Carol,

If the corporations didn't have their moeny who would employe those people who go to college?

Carol now you've gone too far.  You are heartless, with no compassion and no understanding of other's lives.

I won't put mine or my kids lives out there for someone like you but you really need to get your head out of your nether regions.

Oh and your superiority complex has gone postal.

Wow, I'm so glad to have offended you for a change. Put your life on the line for me?  You have lost it.

Never said that Carol.  You're making things up again.

Sharon,

You play semantics and don't really want to play?  Where is out there, Sharon?  Is it space,  aliens?  Where is out there? 

Now, I'm a racist because I wrote this article.  I receive emails calling me a liar for what.  I still haven't been answered.  If you didn't mean you're life and that of your children what do you mean?  Stop emailing me and stop commenting.  I don't call you ugly names, but you email me these insults and call me names.  Buzz off.

I could go on Sharon, but I'll leave it here.  As for a liar and a racist, I think that's you.  You see racism everywhere.  Why is that?  I don't want anything from you or your kids especially not your emails calling me hateful names. 

2025 for us!  Ugh!  I am a member of that group BTW

After 25 years they are forgiven anyway, but I say stop the whole bailout thing.

I agree we need to stop this bail out stuf, but your commet about them being forgiven after 25 years is false. They are never forgiven, either you pay them back or the govermet takes it back from your paycheck or tax return.

by the way i have student loans of over $40,000 and i will be paying them back till my kids graduate college.

I may be wrong, but I read that while checking this out, but I will have mine paid off sooner than that anyway, and just got my son't paid off.

I am not for this 100%, However, I owe 3 times what i originally borrowed, maybe some help with the intrest would be nice.

people should have to pay back thier loans. right now in my state you can sit on welfare with all the benefits of food stamps and medical, and get finacial aide while recieving money from the state every month. and they will pay for oyur childcare while your in school!

with all the benefits of this program- ive only known of one person to graduate and shes working two jobs as well. one out of the 12 that i knew. horrible waste of tax payers money if you ask me

i should say that i heart obama and like many of his plans. this one just needs a diffrent outcome. i dont mind the reducing a portion of the debt, but people need to learn to work for the things they get

Patty,

That's all I've done all my life.  Never got anything from anybody.  Paid all my bills, and paid for ridiculous government handouts.  I'm not saying this is perfect, but it would be a change for people who did the right thing to get something or everybody gets nothing the way it used to be when we were capitalists.

That would be a nice idea for some people, but what about those that worked our rears off or took a longer time to finish so that we didn't have to get a loan?

Really, comparing the bailouts to forgiving student loans is a bit like comparing apples and oranges though in my book.

Again,

I agree.  Nobody should get anything, but let's start with AIG.

I understand, but that is like crying over spilled milk. There is no way to get that milk back.

We could stop the flow, but now with health care, and new taxes here and there, we can all go bankrupt, but the student loans will be there.

My son agrees with you, but it would put money into the hands of middle class. 

Government student loans are not bankruptable... the government is very serious about collecting them... second only in vigor to the IRS and tax debt!

I agree with this idea.  I am not looking for a bailout, or a free ride.  If our Country had Universal Health Care, maybe I could afford to pay my student loan back.

Universal Health Care will just be another Medicare, or Medicaid.  It doesn't work, and the care sucks.  So what is everyone thinking.  I'd love it to work, but the government is not a car company nor is it an insurer. 

Okay, I in general disagree with ALL forms of bailout. I think all of the banks, insurance companies, car companies, etc... should have to declare bankruptcy just like the rest of us would if we were in their financial situation.  SURVIVAL OF THE FITTEST --- plain and simple.

I paid off my thousands and thousands and thousands of dollars in student loans.  I never made over $150 (not even a third of that!) in my working career, so if they "bail out" people with student loan debt you bet I will be squawking the loudest that it needs to be RETROACTIVE to everyone who has ever paid off government student loans.

Anyway, I disagree with paying off people's student loans. period.  If you can't pay back the loans, don't take them out.  College is not a RIGHT nor an ENTITLEMENT there are many ways to get an education without incurring astronomical loan debt.

Also, government student loans are NEVER forgiven (contrary to you writing that they are forgiven after 25 years).  They are subsidized by the government and are already low interest rate loans (I am not talking about personal student loans, those are entirely different and I don't know if those are bankruptable or not.  GSLs are not ever bankruptable nor forgiven...)  If someone dies without paying them back that is about the only way they go away.  But even then, the estate would pay off any debt before the remainder could be passed on to heirs...

Anyway, I hope the paying off people's student loans idea dies a quick and sudden death and no one on capitol hill even entertains the thought.  I also do not think the corporations deserve our money either, but that wrong doesn't make it "right" to just hand out money everywhere.

I agree with you...you start forgiving student loans, then I also want it retroactive....

Oh no, no, no....we worked hard to pay my student loan off....hubby didn't have any. Mike and I both worked while we were in college and in grad school....and took care of Christopher (who was a baby). We were poor, but we did manage to do it.

I have no idea how we are going to pay for Christopher's college...we don't have that much in a college fund for him....and we're still broke but we do manage to pay all our bills.

I suport this.  Instead of bailing out the rich why not bail out the segment of our population who needs the most help?

The cost for a college education in this country is getting rediculous.  You either have to be dirt poor and not work at all (to get free college) or be well off.  If you're stuck in the middle you're just screwed and are forced to take out loans.  You have to get in debt to get ahead.

Why not cut the salaries of our elected officals and plug THAT money into a bail out the middle class fund (essentially)?  Oh wait, when you vote on your own wage why would you decrease it.

I don't care who I make mad with my opinion on this :) As a soon to be graduate I know a lot of my worries would be lifted for this to have a positive outcome.

I'm not fixing my typos.  It took Gather five minutes on my end to post the above miss spelled comment :0)

I pardon you, Heather.

That is what is wrong with this country. If everyone paid their bills and lived on what they MADE, we wouldn't have half the problems we have right now. Bailout is bull.

Have you ever tried to live on min. wage Cholette?  What about min wage, no health insurance and you have to make the choice between paying for medicine or eating or having electricity?

No what is bull is that you cannot get anywhere in this country unless you know someone rich, or are someone rich to start out with.

I don't think Cholette meant it that way, but I do agree with you on that Heather, and that's how so many people get into debt while going to college.  It's a mess.

Actually, yes I have. While I was in college, for which I paid for myself and with student loans, (Duh, what was I thinking, I paid them back!), I was making $3.10 per hour, or less, and some how I survived and made it. I don't know and "rich" people.  I have been working and supporting myself and my family since I was 14. If people would stop and realize that cell phones,  cable, and fast food  and internet (oh god) were not necessities, may be they could pay their bills. If you don't think you can repay your debt, (and by the way, many people feel it is a sin be in debt), I suggest you check out Dave Ramsey.  http://www.daveramsey.com/  If people don't start paying the debts THEY made, what are we going to leave our children with??

If you  borrow it you should have to pay it back!  PLAIN AND SIMPLE!

I am not meaning to sound harsh on this. Maybe I am crank because I got up at 3 am.... the whole point is, college is very expensive, too expensive. I realize people go there to better themselves and they lives. But, where was it in the plan to go and then suddenly decide not to pay? You don't go to the store and take stuff and not pay do you? This country was build on people working there butts of to get ahead and to better their lives and the families. That does not seem to be the case anymore.  We all need to pick ourselves up and do the right thing. I expect no less from myself, my husband, my kids and my employees.

I work for mine  for I didnt want that loan hanging on my head,, and yes I have a degree in Acounting  yet after 15 grasuating  I am not able to get that coprate job,,, for most  of the time I was a single mom  and in "many cases" frown that was frown upon,,  I ended up working hard to keep my family safe and healthy enough  I work myself into the condition I am in now,,,  if someone want to help those so they dont fall in to many case such as mine, then so be.  It is going to happen if you like it or not,  there aing much to do, except leave this country,,  and for some reason  I cant see that happen,  nor whould I want to.....

I would sure benefit from this.  I "graduated" in 1998, but was unable to get a job in my field of study.  I'm still making less than $20,000 a year, but too much to qualify for welfare or food stamps.  Making the student loan payments is a real burden.

In my system, none have to pay for education.  Education increases the productivity of those being educated and they are the ones doing most of the work when education happens.  (The teacher/professor helps but the real educating takes place in the mind of the student.)

To see how this can be brought about at no expense to anyone else please visit www.nopom.info .

What they need to do is cap student loans and other options such as military service or service in the community should also be accepted as ways to pay off student debt. High student debt eats up a lot of private investment money.

Let's say a young person is thinking about starting a business or working on an invention money that could go to either is going to pay off student loans- that's bad for the country in the long run. We need small business to grow and create jobs and that takes investment.

That would life too easy..They like to see us squirm! My husband worked as a professional student for many years and so now we are paying the price dearly! He's already talking about going back to school...Be still my heart!

I dont agree with forgeting students loan why should they not pay ?

I'm a college student, and yes I've had to take out loans, but a couple of them are forgiven when I become a teacher.  I've worked hard throughout college and I've paid my own way.  I'm still going to have money to pay back, but it's like a car loan.  Yes, I would like to have my loans forgiven, but maybe the solution is a free college education system like Europe has.

I was actually going to do an article related to this.  I just got my scholarship/financial aid packet from college today and a lot of scholarships (government and college) were cancelled or lowered.  Ouch...

Can you imagine having a discussion like this 100 years ago, or when Lincoln was the president.  People did not borrow money to this degree (or for a degree).  People worked hard to study.  There were no Citi, Chase, or Uncle Sam to bail out these dilligent and hard working folks.  Of course, education was not expensive like now, either.

is this a pipe dream or could this actually come true?