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Come On, Man: As Long As You’re “Forgiving” Loans….

Come On, Man: As Long As You’re “Forgiving” Loans….

I have a bachelor’s and graduate degree in political science, and am a member of the National Political Science Honor Society. (I also had a full scholarship to Rutgers Law, which I turned down.) I tell you this because apparently my education was insufficient.

I’m reading about the serious consideration of forgiving outstanding student loans. That is, the taxpayers will cover them. This raises these questions for me:

  1. Why only current loan holders? What about ALL those students who had student loans and paid them off? Is that just their hard luck and a bad timing issue?
  2. What about the fact that the current loan holders voluntarily undertook the debt, knowing the amounts and terms and knowing the probability of what they would be earning when graduated in the immediate future? Is there accountability there?
  3. Are the lending banks expected at all to simply write off some of the loans in a gesture of magnanimity which, of course, harms the stockholders?
  4. Doesn’t this encourage every current loan holder to immediately cease payments, and every aspiring loan applicant to immediately seek the largest possible loan with the expectation it will not have to be repaid?

College tuitions are often high, but not in all schools. Dedicated students will receive a fine education no matter where they go, in most cases. A sloth will be a sloth in a state school or in Harvard. You’re expected to graduate in four years, not more, at least by original design. Accountability as an adult is about a realistic view of finances and debt and the commitment to repay such debts. But maybe we’re no longer teaching that anywhere.

Please feel free to write and tell me what I’m overlooking, and whether there’s a chance to apply for the repayment of my personal, repaid loans, or the personal payments I made to fund my kids’ education. Thank you.

Written by

Alan Weiss is a consultant, speaker, and author of over 60 books. His consulting firm, Summit Consulting Group, Inc., has attracted clients from over 500 leading organizations around the world.

Comments: 2

  • January 29, 2022

    You are absolutely right on all points.

    There is one more group that was left out: The people who wanted to go to school and didn’t because they either didn’t qualify for a loan (no cosigners, etc.) or didn’t want to assume a huge debt… How about we also compensate them for what they could have made if they did have the degree X the number of years they were ‘shorted’?

    This whole thing is ridiculous.

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