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As Trump Bolsters Predatory Lenders, Study Shows Benefits of Forgiving All Student Debt


#1

As Trump Bolsters Predatory Lenders, Study Shows Benefits of Forgiving All Student Debt

Jessica Corbett, staff writer

As the Trump administration works diligently to exacerbate the nation's student debt crisis—including efforts to insulate student loan debt collectors from regulations that aim to curtail abusive and predatory tactics—a new stu


#2

Oh…if only!!! Please do this! My student loan debt is to the moon! Daughter and grandsons as well, are struggling with payments! In today’s economy, paying down outrageous interest charges on school loans is putting and keeping many millennials and some oldsters like me too, in poverty.


#3

So, one of the lessons of an education is supposed to be that one should be able to borrow money from
someone and then it’s OK to refuse to pay it back?

Or, that freely entered into legal agreements between adults shouldn’t be binding?

Not sure what the message is supposed to be here.

John Kerry, Warren Buffet, Steven Spielberg, and all the other Democrat billionaires could just buy the student debt and set people free.

As if.


#4

I’m not trying to be snarky or dismissive of your very real problem but did you and your children read the loan agreements or have they changed since you borrowed the money?

I’m trying to understand how these huge debts are entered into.


#5

How are these huge debts entered into? I paid my way thru my Associates Degree, Bachelors Degree, and then Masters Degree. To get where I wanted (dreamed) of going, I had to get my Doctorate. I decided to take out student loans–full well knowing I had to pay them back. My “belief” was that after accomplishing my goal, I would make plenty of money to pay back the loan. Was going along fine, then fees, extra costs, tons of books, and trying to hold down a part-time job while doing practicums, classes, and homework (and trying to keep my household together by myself), I got sick. Didn’t count on that. I pooped out after I realized I would have to add another year to my plan due to extended internship, and I ran out of school loan money. I was stuck. Loans on hold. Interest adding up and compounding…nightmare scenario. As for my kids. My son is done and school loans paid. My one daughter just finished paying off hers, but the other daughter is still trying to accomplish her life long dream and is incurring student debt. Education cost are outrageously high and getting higher. Books are high. Transportation, etc…adds up. Unless you’re independently wealthy or have parents who are wealthy and paying for you…education is becoming harder and harder to realize. You can judge me if you wish.


#6

Jeesus Christ, just write the debt off- These people can’t find work and are stressing out over all of this- I am so goddamn tired of this RENT society and all of the misery it entails- Is it really worth all of the misery and stress that accompany bill collectors and their ilk?
This Government can write off an obvious swindle by the Banksters at the peoples’ expense, well how about it, lets just stick it to these Banksters in the name of our youth-
Write it off!!!


#7

Or you could be more Progressive…as if.


#8

Just sitting here wondering about just how much of this “debt” is “Interest” on the original loan by these money mooching parasitic predators?


#9

Did you have equal concerns when Wall Street Bank’s debt was written off, (at taxpayers expense), for the economic meltdown they created? Wall Street Banks are run by adults aren’t they?


#10

Try to think of it as a kind of bankruptcy restructuring, bankruptcy being a policy that enables the very rich a chance to begin again. Bankruptcy for the less well-to-do also being a kind of relief against greedy usurers and their bottom-feeding enforcers and freeing the borrowers from predators and thus strengthening the part of the economy that is good for all, not that part of the economy that is for parasite debtslave makers.


#11

Can you try not to dismissive and snarky toward people who desired education for which economic sacrifice was a huge part of the too high cost, which they assumed would as promised by the shyster educational institutions help bring them to a socioeconomic position where they intended to repay the debt to loan sharks and maybe also enjoy a life?


#12

Samuel P. Huntington et alia addressed the Trilateral Commission in 1976 on how to reduce what he called the “excess of democracy.”

The method was to charge heavily for education and issue large loans so that students would graduate into massive debt and would thereby have to choose their professions not by conscience nor to address need, but to sell their hours and days to the highest bidder regardless of moral consideration.

it’s worth a look: http://trilateral.org/download/doc/crisis_of_democracy.pdf


#13

Thanks for the link. I wonder how long it will take before a large enough number of people can connect the dots to realize conscious attention to accelerating evolution is the only escape from the totalitarian clutches of the US government.

I remember my younger days blockading at Bohemian Grove and sneaking in through the forest with a young Time-Life photographer to watch Kissinger give a speech on the US plan for fighting two major wars at once. Time magazine did not publish the photos or the news. Thanks for nudging an old memory into the present.

Real income has gradually declined in a straight line since about 1975. The perfection of the straight decline is elegant proof of the highly skilled backroom economy planners who have successfully eliminated representative democracy as an inconvenience for owners of debt slaves.


#14

Yes I did. That was a criminal act.
Two wrongs don’t make a right.


#15

I think that is the crux of the discussion.
These educational institutions are selling crap for a lot of money.
Sue the institutions for fraud if they lied to prospective “customers”.

But, again, how are the foolish buyers not responsible for their poor decisions?
I’ve made some dumb, money losing decisions in my life that took years of struggle to pay off.
I never once considered that someone else was responsible.


#16

Authoritarians, Conservatives and Libertarians are always judgemental know-it-alls. It’s what they do best!


#17

When I went to school tuition was two fifty a semester and the minimum wage was about 2.50 as well. Today the minimum federal wage is around 7.50 and ill bet dollars to doughnuts that a semester at any state school isn’t anywhere close to seven fifty a term. If a person with a minimum wage job can’t afford a state college education then the B&O tax is too low. Employers are the beneficiaries of an educated workforce but they don’t want to pay the freight.
Thank St.Ron for this problem.


#18

It’s gotta be cuz that’s bout all they do. They are great postulators as well.


#19

You seem to completely miss the point here. YOU and ALL OTHER AMERICANS would be better off if we collectively paid off these debts.

Like most people, you focus only on the “cost” of paying off the debt, but fail to account for the benefits. Or, put another way, when you implicitly ask whether this is too expensive to do, you fail to ask the rest (and most important part of the question) as compared to what?

In this case, the “compared to what” case is letting millions of people suffer in poverty under the heel of a predatory, parasitic industry. While the paying off the debt case is to create more economic wealth than the debt being extinguished.


#20

Forgive debt? In America? That’s not even a bad joke. Recent news I’ve read (I think even here at CD) is that the USA is fast becoming a modern version of 18th/19th century Debtor’s Prison. And likely to get worse.