A just released poll: 62% of Americans approve student debt forgiveness. Recently in a conversation with a person who I consider to be a responsible conservative, and like me, in our 80's, she expressed disapproval of this plan. I think she was a little surprised when I said the forgiveness extent depended on the income level of the borrower, and those deemed able to pay it off in full still are not off the hook..Biden Student Loan Forgiveness Update: What You Need to Know | Kiplinger I think she thought it was 100% for everyone, but it is not. She thought when you take on a debt, you have the responsibility to repay it. That is an honorable ethic. I agree. Why, back in her days, that is what you do, and the amount was so low, it was soon paid off.
I then recounted my grandchildren's experiences in 2023. This is the reality facing them. One wants to go to graduate school to become a clinical psychologist.: Tuition depends on the school is between $40k and $70, depending on whether it was a master's or Ph.D. degree. That is on top of her undergraduate loan debt. She has been accepted into the Ph.D. program, but she debating whether she will do it because of the huge debt involved. Another grandchild in the midst of getting a master's in his tech field related to national security is looking at adding another $40K to his $40K undergraduate debt, but the field he is in pays well, and he is already working at an executive level two years out of undergrad. He attempted to pre-qualify for a house, was recently married, and hoped to start a family, but because of the debt load, he could only afford to qualify for one that required extensive reconstruction. A daughter, the mother of the three grandchildren, with a master's degree is an elementary school teacher and still has not paid off her school loans 25 years later. Her annual income is about what her spouse and a brother-in-law with skilled blue-collar jobs earn. These three have much to contribute to society, in education, national security, and health care. What I have seen happen is that with student loans, lenders and universities have increased tuition to meet the opportunity to be paid back, but whether the costs involved justified that, I do not know. . Both 20-something students are living in family-provided housing (not with their parent) , and these loans are on top of what student aid grants and other financial aid they have received since both were undergrad honors students. Both grandchildren are also working on the side to pay for living expenses as they can, and the spouse is working full time, while shouldering a student loan debt, graduating with an undergrad degree, and putting law school on hold. Another grandchild graduating as an honor student in her high US school took advantage of dual citizenship and got both her undergrad and master's degree in Europe, graduating debt free with the government picking up much of the tab and is gainfully employed there in a well-paying job. The loss to the US of her talents is another country's gain.
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