Since 1999, average student loan debt has increased by 511%. In 2010, total outstanding student loan debt exceeded total outstanding credit card debt in America
In response to this crisis, U.S. Representative Hansen Clarke of
So, my question to you this week is, “Do you think student loan debt is as much of a problem as it’s been reported? Do you think forgiving student loan debt after 10 years will help or hurt the economy?” Answers are due no later than Wednesday, April 25th, 2012. If you wish to sign the petition supporting the bill, you can electronically sign it here: http://signon.org/sign/support-the-student-loan.fb1?source=c.fb&r_by=525506
Student loans are the next bubble to burst. Colleges are elite institutions that not everyone is meant to go to. Everyone goes to high school with someone that fails out of college the first or second semester. Beyond just not being prepared for it, that person should have never been given a student loan to begin with. The government and the student loan industry are both to blame for that. The high cost of college is meant to be a deterrent for people who aren't serious about college. Providing loan forgiveness would only make the student loan issue worse. More free stuff is never the answer.
ReplyDeleteI think that student loans facts to be true. Also, that forgiving students for their loans would help the economy. People would have extra money to spend and thus the cycling of money threw the economy increases. Also, if you make students pay outrageous interest rates on loans, then least people want to attend college.
ReplyDeleteStudent loans are a huge problem. At the time students don't understand that taking extra loans is more you will have to pay back later on. Interests rates are sky high and it just increases the amount of money you have to pay back which I think is ridiculous. Forgiving student loan debt helps the economy but I don't think it helps the students paying for college. It would give students more money at the time but it also increases tax revenues. Extra cash is never a good thing especially if its not free money.
ReplyDeleteI am dealing with this issue now, I would love to sign this petition. I am a single mother of 2 and going to school full time as well as working full time. I can barely afford to pay for the school im attending now. I have student loans that ive had to put into deferment. I believe the student loan forgiveness act should have some limitations, but nonetheless be an option. I believe free schooling should be offered not to just A students through high school or student athletes or receive scholarships. When we have rough times such as now, this act should be well underway.
ReplyDeleteI think the reports of student loan debts are completely true. I know many people who are expected to never fully pay off all of their student loans. I think the student loan forgiveness act would help the economy because people wouldn't be as far in debt and they would be able to hold their head above water. Also, I think if students had less pressure from loans they would ultimately do better in school. I know that working a part time job and going to school full time can effect the quality of your academic success, big time. also I think more people would be less discouraged to actually try to go to college, if they knew it wouldn't cause a lifetime of debt afterwards. I also think that students should be more informed on how the FAFSA process works and should be better finically advised.
ReplyDeleteI do believe that student loan debt has been a problem and is continuing to grow into a larger problem as time goes on and tuition increases. It is becoming impossible for students to pay back their student loan debt after college let alone during college. My parents are not able to help me pay for college nor my living expenses. I have a full time job and I apply for scholarships that are available to me, but the rest is paid for with loans that i borrow. I would like to start making small payments on my loans but as of now i live pay check to pay check and do not have the extra money to save back. I think this is a very similar situation for a lot of students. I have however tried to budget and only borrow what i will need and i think students should be informed about borrowing money and not to take everything they are offered. I do think that the loan forgiveness act will help students trying to pay back loans and also allow them to start spending money again on houses, cars, etc. once they have done so. Once students have their debt paid off they will have a more disposable income and allow them to SPEND MORE, which is what our economy needs.
ReplyDeleteOur society has changed in the last decade and focused so much on higher education. I have to admit, it was intriging to earn a degree and pay for it later. I knew how much it cost going in, but didn't realize how substantial the monthly payments were gonna be. I have seen those figures being in my last quarter and I'm frightened. The only thing I can tell myself is that it always works out. Sacrifices will be needed to sustain a normal way of living unless the government changes the way we pay back our loans. On the other hand, this is why we seek a degree; to get paid more and do something you are passionate about.
ReplyDeleteI think student loans are a problem. Being in school right now, i know i will be paying my loans off for a very long time. I think the student load forgiveness act would help the economy because people would have less pressure to be paying back student loans their whole lives. They will be able to spend more money in other places and not have to worry about how much they are in debt.
ReplyDeletePersonally, I believe this act is a good idea. Forgive the debts of college students who can't pay back there loans within 10 years. The only thing I believe it should include though are students who have finished there college degree, it shouldn't be for those who have gone 1 or 2 semesters and then decided to drop out or been kicked out for obvious reasons. Also if you have dropped out and return to school and then graduate, then you should be able to be placed under this bill. Our society is a society of debt. China owns half the country and we are known as the generation without hope. We are the only generation that thinks we will not do better than our parents. I would love to sign this bill. I'm not saying I wouldn't pay off my debts, but I know I would do my best to get rid of it. Also, if people are forgiven for there debts, it means that all that money that has been going for student loans will finally allow that particular family to live better and provide better for their children. The more money that is spent the more then economy corrects itself, which will provide a better future for our children's generations.
ReplyDeleteStudent loans is a HUGE issue, I knew when enter college I was going to rack so much debt more then a reckless spender with a unlimited credit card. I'd be surprised if I can pay off my student loan bill before I die because of the interest rate making me WAY own more then what I took from them, also I'm currently running out of student loan money and before I even enter my senior year, anything that can ease my debt would make me happy, beside more money in the pockets for the consumers is a very good thing if this bill passes
ReplyDeleteYes student loans are as big of a problem as people say they are. Student loan debt is ridiculous. They say that majority of students these days after graduating college move back in with their families within the first year due to being unable to pay for their student loans. It's sad that in order to get anywhere in this world even with education that it all revolves around a printed piece of paper. Realistically the interest rate on these student loans that they give us to "help" us through school is outrageous. I can't even begin to comprehend the amount of money that i'll end up owing just for the tuition i've paid to go to this school. I believe the act will help but i think that it still needs to be pushed further than just being forgiven in 10 years of your debt. If they didn't have the rates so high people wouldn't need to be forgiven. Why give a counter measure to the problem if you're not going to fix the actual problem?
ReplyDeleteWell, considering that student loans has increased by over 500%, I would say that it is as much if not more of a problem than being reported. Having a forgivness plan can relieve so much stress with the student loans and may even encourage more people to go to college. I know many people don't go because of the loans and fear that they would never be able to pay them back. As to this plan helping or hurting the economy, I really can't say. It's almost like asking who's going to win the super bowl in 2018. So many possible answers but so many variables that it makes the brain bleed trying to think about it fully.
ReplyDeleteI believe that the student loan issue is a problem. Loans are meant to be able to be paid back, but apparently not if the student debt has reached over 500 percent. I feel that this loan would be a good idea mainly because after after the ten years the student (who hopefully has a job in their field) can now begin to participate more in the economy rather than just buying enough to get by on. Say someone had graduated at the age of 21, like I most likely will, in ten years the debt is gone. So when their 31 they can start affording more things. Which is needed because that’s when things like a nice home, a nice car, or the ability to at least be able to breathe again can be acquired. That’s not even counting if they have kids or not, so overall I think the bill is a good idea.
ReplyDeleteI have a great deal of info on the student loan debacle and the actors involved in this fight: http://studentloandebacle.blogspot.com/
ReplyDeleteYour right the bubble is about to burst, but why, who has allowed this to happen, and when it does it will have far reaching implications.