I will admit upfront that I have a personal stake in the issue of student loan forgiveness. I took out loans back in the 80s. I graduated from college and then I got married and had a baby. I made payments until our budget got so tight that I applied for a forbearance.
Fast forward to now and I still owe Citibank a lot of money. The original loan was not so much , but the 9% interest that has continued to be piled on since 1983 is five times the principal. At this point I feel the interest is unconscionable .
In my case , I won’t have to make payments on the loans unless I get a job. As you might imagine, that fact is a disincentive for me to work because most of my paycheck would go to those 30 year old loans.
By the way, being the full-time, unpaid caregiver of your own disabled child doesn’t grant you exemption from loan repayment, but being a teacher might.
I have noticed that many conservatives are against loan forgiveness , presumably under any circumstances. “I paid my loan! You should, too!” they say. They seem quite angry about the idea that someone might get a break even if it doesn’t hurt them in any way.
The fact is we’re all being screwed over constantly by unjust taxes, illogical laws and corrupt regulations. We should be happy when a fellow citizen gets a little mercy. Maybe that could become a trend!
I have a few questions for people who are against loan forgiveness .
1) Are you aware that our government has paid trillions of dollars to banks and too-big-to-fail corporations over the past couple decades?
2) Have you ever heard of the year of Jubilee in the Bible in which all debts were forgiven and slaves were freed and property was returned?
And 3)Did you know that credit card debts are no longer held against you after seven years?
If God thought forgiving debts every 50th year was a good idea, why shouldn’t we ? Is there no mercy for people who made bad financial decisions or had bad things happen to them?
I propose that considering that our government literally creates money out of thin air and has been since 1914 with the creation of the Federal Reserve system, that this is a great time to forgive student loans by “paying” them off with magic money and give the citizens of our country a true Great Reset. I don’t see this as any different than giving billions of dollars to banks.
I won’t go into the reasons that school tuition and housing costs have risen 1200% since I went to school.