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Originally Posted by RickFLM4
Well unfortunately, I seem incapable of demonstrating to you the flaw in your statements, or you are unwilling to listen, or both. The federal government does not profit from student loans and are not exploiting students as you claim.
I am fully in favor of reforms which would allow these debts to be discharged in bankruptcy like other debt (with the bankruptcy staying on one's credit report until the original maturity date of the loan), with corresponding increases in interest rates to cover the expected losses, and limits on borrowing determined on likely ability to pay based on statistical averages of earnings from selected areas of study, again to protect taxpayers from defaults. There are plenty of options to get an education without incurring six figures of debt, as discussed throughout this thread, there are need and merit based subsidies from government and private sources, and there are some program to reduce payments for people in certain jobs post-graduation. All of this information and all of these options are available to anyone willing to do the work to figure it out. The system is, in fact, designed to benefit society even if you or I or anyone else doesn't agree with the design or have different ideas on how to improve its flaws.
The vast majority of the U.S. population is not going to be in support of unlimited free higher education for as long as one wants, in any field of study the choose. Even if they were and something like that were implemented, taxes would necessarily increase (perhaps through a surcharge on the college educated to make it more palatable to the population at large?) and you'd still be paying for it. There is no "free" and it is in fact fair in the view of the vast majority of people for borrowers to repay their debts with interest and taxpayers to pay their taxes.
Good luck to you in life.
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As I said earlier, the government intended the program as a profit center and the driver for it losing money is predominately due to the student loan relief given under President Trump.
But you can let the GAO tell you that instead since you're incapable of comprehending my posts...
https://www.gao.gov/products/gao-22-105365
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...Education originally estimated these loans to generate $114 billion in income for the government...
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The largest estimated cost increases—$102 billion in total—stemmed from emergency relief provided to most federal student loan borrowers under the CARES Act and related administrative actions in response to the COVID-19 pandemic. This relief included suspending (1) all payments due, (2) interest accrual, and (3) involuntary collections for loans in default. The suspensions, which are programmatic changes dating back to March 13, 2020, are currently set to expire on August 31, 2022.
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CARES Act was signed by President Trump @
https://trumpwhitehouse.archives.gov...748-cares-act/
Also, news flash. If the borrower defaults on the loan the tax payer is still paying for the loan balance. Whether it be bankruptcy or not since the loans are fully underwritten and provided by the government.
But you're incapable of understanding facts so I'll say good luck with life to you as well.
