isn't that rabble about all we have heard since the election? Well now comes Joe Biden to extend payment on student loans for the 5th time in his short tenure. Just how fair is that? Many have worked 2 and 3 jobs to pay off their loans. Late nites, weekend, overtime. Missed time with their family and friends and yet they paid. Well this step by Biden is ridiculous, callous, and cruel and one step closer to writing off all student debt which has been their goal since day one. Guess what , pretty soon you run out of other peoples money.
I completely agree with the sentiment here.
In my case, and I realize how this will sound, my parents started a mutual fund in my name when I was 1 year old. By the time I was in college working on my engineering degree, that mutual fund had a value of about $28k. That money got me through college without needing student loans. Yes, I know I'm a lucky one for this.
However, upon graduation and landing my first good engineering job, my net pay that first year would have paid off any student loans I might have had to take on if I didn't have that mutual fund.
In my case, I worked my butt off to get my degree, I see this as putting the hard work up front and reaping a reward later.
My father on the hand did take student loans when he went to school for his engineering degree. (I am actually a 3rd generation engineer). My dad landed a job with Hewlett-Packard upon graduation and quickly paid off his loans.
I see several issues with student loan forgiveness. First is as you said, what do you do when you run out of other people's money. In my opinion, they ran out of money a long time ago.
But, the other big issue I see is that this is going to show people they can accumulate debt and then just wait long enough for the government to wipe away those debts. There are 2 bad habits this will enforce.
One is not learning a work ethic to take care of your decisions.
Two is learning they can just use other people's money via the government to take care of their problems.
No accountability.
Great points!
My parents didn't pay a penny.
I had a math scholarship my first several years, then really messed up from excessive drinking and had to pay the last 3 years, as well as for my apartment and food/living expenses.
I worked as a security guard in Ann Arbor for much of that time and during the Summers, as a dietary supervisor at the University of Michigan Hospital(my self taught knowledge in human nutrition from the competitive bodybuilding got me that job).
The last year, I finally had to take a small loan.
I paid it off in just a few months with my first job as a meteorologist in Cincinnati, working at WLWT.
The Atmospheric and Oceanic Science degree was also in the engineering school at University of Michigan MM!
My dad was an industrial engineer, doing time studies at the River Rouge assembly plant for Ford but completely self taught.
His degree from the University of Detroit was in psychology and philosophy.
When I visited 96 year Dad last month for a week, we played 2 games of chess on most days. I give him my queen but he won 7 times and only lost 4 times!
Seriously, there may only be a few hundred people in the world that still play chess with that much skill at 96 years old and most of them were probably brilliant, competitive chess players when they were younger.
Dad has played 20 times more games with me than with all the other sources combined in his life.
In his 80's, unlike almost every other chess player alive, that has expected deteriorating skills from an aging brain........Dad got BETTER!
His son, as a chess coach, learned alot of things and taught him lots of new tricks on the chess board!
He was a vet in WW-2, so that paid for his college. Graduated from University of Detroit in 1950 at 25.