Forgiving Student Debts – Really?
Am I the only one who thinks that Mr. Biden’s continued efforts to forgive student debt is nothing more than an attempt to buy votes from gullible college students and bolster his dismal approval rating? It is so disappointing that this once great country with self-reliant citizens is now a nation of people who are increasingly dependent on government to bail them out. I worked hard to save money to go to college. I earned scholarships and went to a school that I could afford. As a taxpayer, I am not excited about picking up the tab for those who don’t see their student debt as something they should be accountable for. If you take on debt, you pay it off. No matter how long it takes. Be responsible. And grow up.
Note: I do get that in many cases, yes, government assistance is necessary. I just think we as a society are becoming weak and too dependent on others for our well-being. Am I off base? Thoughts? I do want to hear other viewpoints. I don’t want to come off as harsh or uncaring. I am muddling through a new and different reality than what I grew up, with personal responsibility, and am curious. Do we still have personal responsibility? Are we dependent on others to help us out? Where is the balance between helping those who need help, and slapping others upside the head and telling them to be responsible? I don’t know.
Musings About Life 
My student loans were forgiven using the Public Service Loan Forgiveness option. I had taken out just under $30000 in student loans between my undergraduate and graduate career. After more than 10 years of paying, I had already paid over $35,000 back and still owed $28000. That is actually the norm for paying back student loans. My interest rate wasn’t even as high as some of my friends. Something is wrong with the student loan system when you can pay for 10 years and basically owe almost as much as you originally took out.
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Carolyn, thanks for a different perspective. What was the interest rate? That seems very excessive. I agree with you on that breakdown.
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I honestly don’t remember the interest rate. Part of the problem too is probably the minimum payments are so low so you’re barely paying anything on the principle. My payments were only about $100 when I first started. Payment went up every couple years so when my loans were forgiven payment was about $160.
Interest rates for newer loans are much higher than where I was at
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Yeah, I learned a long time ago if you pay the minimum you will never get out of debt. Appreciate your input! See you soon.
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