Friday, November 18, 2022

Why Student Loan Forgiveness Matters

According to a Brookings survey (and they lean left), 28% of students with federal student loans did not know that they had taken out student loans and 14% believed that they had no student debt at all!

How could this be?  I took out a $1000 student loan in 1974 when I started at USC.  After a year there I had completely forgotten about it.  About nine months and two residential moves later, a letter to my sister reminded me about the debt.  Then I remembered sitting at a desk in a bank signing up for the loan.  Fortunately I was a dropout who did not get a degree in Victim Studies, so i was able to get a good job and I paid it off in two months.

I can easily see how many students could not remember that they had taken out a $5,000 student loan.

2 comments:

  1. In my mind the first thing we need to do with regard to student loans is to allow them to be forgiven through bankruptcy.

    Current law creates a form of debt peonage, and should never have been allowed.

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    Replies
    1. And who is responsible for that provision? Sen. Joe Biden (D-MBNA).

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