Should have just waited.
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“There’s a whole generation growing up thinking…the government exists to care for them.”
Dave Ramsey
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The little guy better get his ass to work so that he can pay off those snot nose kids tuition.
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This is purely a mid-term stunt by Uncle Joe. He has no power to unilaterally offer to pay off everyone’s loans. He needs congress and Manchin will never go for it. Nor will the Supreme Court if it gets that far. Look for a court to put a stop to it shortly.
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I’ve got two in college and will both graduate this year, hopefully, and would appreciate help paying off their loans, but they understand that this would be the wrong way, thankfully.
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The kids today will never understand the satisfaction of creating debt and paying off debt. They will only understand that their debt will become somebody else’s responsibility.
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How the student debt crisis started
“In 1957 the Soviet Union successfully launching the first earth-orbiting satellite, Sputnik. With the cold war raging the federal government feared the US education system was failing to produce enough scientists and engineers to compete with the Soviets and, in 1958, started handing out student loans through the National Defense Education Act.”
And this is when it all went to hell. The government screws up almost everything.
“Nearly a decade later, the Higher Education Act of 1965 allowed more people to take out loans as the federal government promised to pay back banks for any loans that were not repaid.”
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It’s the backing of the student loans itself, that caused the cost of education to skyrocket. The government isn’t allowed to back student loans or even lend money, it can only borrow money according to the Constitution. All of this is illegal.
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It progressed from ‘Mommy and Daddy’ to ‘Uncle Sam’ and the Taxpayers!!
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“Pay off your own debt!” says a generation of pundits that went to school when classes were $100 and the minimum wage could finance a mortgage on a 2-bedroom home.
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I have no idea what generation you are speaking of, but does it matter?
When students sign up for free money, prices go up and up for school.
Minimum wage didn’t pay my mortgage, and I’ve never seen a $100 class.
Your debt is your debt, not mine. Thanks for the $2000+ Bill I never agreed to. I paid my way, I have a right to be angry.
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I think your math is wrong. When I went to college, minimum wage was $5.15 ($10,712/year) and in state tuition was $12k/year. Median home cost was $146k and rates were in the mid 7%.
And yes, whether you have very little or very much, you should always repay your debts. No one forced anyone to take out the loans in the first place and I see no reason why the taxpayers should bail people out for poor life decisions.
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1979 minimum wage $2.90. Public College $2,500. Median House $58,000.
2020 Minimum wage $7.25(2X). Public College $43,000 (18X) Median House. $284,600 (4X)
I see a HUGH disparity.
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Great points and good observation.
Colleges with access to an unlimited supply of money backed by the USA had no reason not to raise tuition. They just jumped on the gravy train.
Students/Parents ignored risks and over estimated reward. So, who is responsible for carrying the debt? Certainly not me! IMO, the colleges should have been tied to the money and assume some risk.
Another gooberment misstep. And the parents/students should never have signed on the dotted line.
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I’m a parent that has tried to teach principles; therefore, promising to pay back a loan is important. If they (and I) signed for them, we are, based on principles, responsible to pay them back. It’s not anybody else’s responsibility and that is what is being pushed. Shifting the responsibility to force others to pay it is principally wrong. And, I don’t give a rip what others have done legally or not. I’m not going to argue my point by quoting what others have done.
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In defense of PPP loans, we didn’t et the money. We passed the money onto employees so that we wouldn’t have to fire them.
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Some qualifiers I would like to see implemented in order for a person to receive direct college debt payment from taxpayers:
- Major must be in an “in-demand” field.
- Must maintain a C+ or higher average.
- Must graduate in 4 years or less for bachelor’s degree, 2 years or less for associates, etc.
- No felonies on record.
- Must work in chosen career path for 4 years after college in order to get the refund.
Something to think about.
In a nutshell!!
Mike graduates high school and takes out a loan for $50,000 to start his plumbing company. He buys plenty of expensive tools, A work truck and learns a trade.
Curtis graduates high school and choses to take out a loan for $50,000 to go to college to study liberal arts
Mike works for 5 years to build and pay for his investment.
Curtis graduates from college with a debt he cant afford to pay.
Curtis gets his debt forgiven by Uncle Joe Biden.
Mike has his taxes go up to pay for Curtis unpaid debts.
Mike then gets audited by 1 of the 87,000 new IRS agents and has to prove his truck and tools are actual work expenses.
America… 
Someone save us.
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