College debt, should it be forgiven? And should colleges be free?

David81

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So I currently have $6000 or so yet to pay for my college loans. I haven't paid much into it in recent years as my finances hasn't been super great. Thankfully they don't expect anything from me at this time, but the interest is building for sure. I don't know when I will be able to pay it off though, as it's likely going to take me quite a while to do so.

I'm kind of hopeful that college debt will one day be forgiven and no one will have to pay it back, but that's dreaming big time on my part lol. But seriously, should college debt be forgiven? Should colleges also be free for people? I doubt any of that will happen, but a guy can dream.

What do you guys think?
 

Silver Surfer

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I think it should be free and college debt should be forgiven.

Education is a basic human right, like food, housing and health care.

Governments are prepared to invest money in all sort of things, but not in their own people. If people study then later on the country will benefit in lots of different ways. So, why burden these people with massive loans so they can contribute to the economy of their country and as a thank you for that, they can start paying their studentloans. Does not make any sense to me, the country should invest a bit of money in people who are [prepared to study and improve themselves.

They are not prepared to invest in people, but they are prepared to spend a staggering 738 billion dollars on the defense bill. Does it really take that amount to defend the US?

The total student debt in 2019 was 1410 billion dollars total. If they spent a 100 billion dollars less on defense then they could pay of the total student debt in 14 years and the US would not be any less safe.
 

Sparhawk

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I think education should always be free. Your level of success in life should depend on how hard you are willing to work, not the size of your bank account. I imagine there are lots of poor kids who are very smart but will grow up to not reach their full potential just because they don't have the same opportunities provided for them. That's a huge shame.

And yes, I hope the government does eventually implement debt forgiveness for student loans.
 

Silver Surfer

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And yes, I hope the government does eventually implement debt forgiveness for student loans.
And it looks like this will happen, at least a part of it and that's a start:

It’s now a $1.64 trillion problem that has increased over 120% since 2009. Student loan balances equate to 7.6% of GDP. That’s up from 5.1% a decade ago.

Much of the millennial generation has insurmountable student debts that have prevented them from family formation, home buying, and growing savings. This has severely weighed on the economy, but it appears relief could be on the way, paid for by the U.S. taxpayer.

The Congressional Budget Office (CBO) said this week that a $207.4 billion student loan forgiveness program would help Americans who are unable to pay their debt through 2029.



The CBO said borrowers who attend graduate or professional schooling would benefit from the program the most.

The government is expected to forgive $167.1 billion of the total amount, and this includes the original loan amount and unpaid interest for borrowers over the period.
More info
 

Lucky

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I think education should be free for those from low-income families and those who make good grades (say, at least a 3.0 GPA). I also believe that community college should be completely free for everyone who meets basic minimum qualifications and the cost to go to full universities should be greatly reduced.
 

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