Did it tho? Ppl were already paying these loans, right?
Personally, and this isn't popular, but I don't know how to feel. I paid my loan off, but I didn't have a gigantic amount bc my mom had been putting aside for college .
But I did still have to pay back several thousand dollars and this is even after I got laid off from my first post-college job. Those bills didn't stop for me.
So You got ppl who had to get 2nd jobs or side hustles to pay off their loans....and then you got ppl expecting it to just be wiped away for free.
How is it fair for ppl who spent say 30 yrs paying theirs back or got 2nd jobs etc....for some else to get theirs free?
If that's the case, then run me my money back that I paid.
People who've paid off their loans gotta stop saying this. The vast majority of people at all economic levels haven't. Not to mention that the basis of Debt Forgiveness isn't about people "not paying them back".
1. It's about the context in which the loans were given being predatory and without proper consultation on a national scale. Basically federalized sharking. If you combine that with a market in the early to mid 2000's that basically said you can't get gainful employment without a degree and you've created a system where people who can't afford school HAVE to take out loans in order to even get in the door for most gigs. It was systemic exploitation of the working class student.
2. Income hasn't adjusted for the standard of living but the interest rates on loans keep going up. So before too long you have a situation where a large portion of the country is in default. That will decimate credit scores and make it virtually impossible to maintain the current housing market/inventory (the biggest source of wealth in America). If you let that happen, we basically have '08 or worse once boomers die out and their kids can't afford to maintain the homes they own.
3. You just said your folks put money aside for you for schooling. That wasn't true for millions of people. Your entire economic foundation for school was set. Therefore, you didn't have the same burden as many others. If you bought a truck for $50k and paid it off up front, you wouldn't be upset if that same truck got knocked down to $35k with a $5k rebate six months later. You'd just chalk it up to the cost of getting what you want when you wanted it.
You're debt free and that's fantastic. With no sarcasm, that's a great accomplishment. But your circumstance can't apply to the millions of others who bought into a system that told them this was the path to upward mobility.
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