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"How the college debt debate shifted with one big idea"

You had it easy. I went a junior college for two years, working on my dream to play for Penn State. I had no place to live and worked a minimum wage job. The Beaver Stadium groundskeeper offered me a cot in his office. Eventually I made it to PSU but later was charged by SEC for pump and dump scheme, ruining my hero narrative. Oh wait..tmi.

I bet you had one of those fancy dial phones in college with ATT service, paying by the minute. What a luxury.
Rudy from Notre Dame i take it. yea at and t was such a scam. We had a don’t use the damn phone policy because it was expensive. Ac? Yea set at 79 because we didn’t want to pay that either what is a little sweat anyway, in the winter wear a damn sweater, argile was in anyway!
 
I live in an area that is a hot bed for women's lacrosse. Several students from the local high school every year go off to play D1. When you talk to the parents, they all see athletic scholarship dancing in their head thinking it is like a football or basketball scholarship...most of them do not even realize that their daughter will be getting probably at most a 30% scholarship. When you consider they decide to go to a public state school as an out of state student, even with the 30% scholarship, it is still costing them 30 to 35K a year.

I know someone who got offered a 30% scholarship from a B1G school, not PSU, it was out of state, cost would have been $40K a year. The coach told them if the kid did well they could get more money, never mentioned if the kid did poorly athletically or got hurt, the kid could get less.

Parents saw through that, kid went to a private school and after all the aid, pays $14k a year.

I live in Mt Airy MD, I know exactly what you mean with girls lax. Glenelg, Marriotts Ridge, Century, etc....
 
One of the dumbest ideas ever (and your point - a very valid one - is just one of many, MANY, reasons why)….
And, as someone pointed out earlier, an egregious and unmitigated attempt at "vote buying".
Just because you bleat the loudest doesn't mean you're not a sheep.
 
Why?

Why shouldn't it cost the consumer (student) what it costs to provide the product (the education)?

If someone graduates, and can only land a job that pays well below average - do they get a tuition refund?
Who pays them the refund?

:)

LOL

Because I wouldn’t pay Mercedes prices for a Kia.
Not sure how that second paragraph relates.
 
There are valid arguments on both sides about the proposed legislation. In my view, it is probably too costly and very unlikely to be adopted, at least as proposed. A tax on wealth, whatever its merits, is impractical to implement. The argument that each person should sacrifice and pay for what they want is reasonable.
But discouraging to me is that this thread reveals that just about everybody seems to think that the only reason to get a college degree is "to get a better job". It is just assumed this is the ONLY value of an education.
The idea that someone would go in debt to become a social worker is viewed as unthinkable. The value of an education just to become a more enlightened and aware person is not even considered. Worse, education should be limited to make mine more valuable, so any attempt to make education available to as many as possible is just transparent "vote buying".
I am disheartened that supposed educated people and even one PSU faculty member should have such a Philistine's cynical view of education - it does not speak well for the learning of my fellow PSUers.
 
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Without the option of "bankruptcy," someone help me understand what happens when a kid takes on enormous debt and does not have, nor will ever have, the capacity to repay it. What happens as that debt spirals beyond control?

I shared a horrendous case on this board a while back. One could not dream it up if the goal were to identify the most outrageous outliers in the system. Lawmakers just do not realize that people can behave this way. They think parents know what's best for their children, that they will act for the benefit of the child. They think learning institutions behave for the public good. When none of that exists, lives get ruined.

I don't want to start a debate on religion, but all sorts of problems can come when people toss out reason, pray for what they want, then claim that God is in agreement, so He will provide.
 
Do you have an advanced degree?

Please say yes..... we need another poster-child example of how "higher education", in and of itself, does nothing to transform a complete "stoopid" into an intellectually functional humanoid.
Spoken like a true professor of business, the refuge of people too dumb to make it in engineering and too gutless to be entrepreneurs.
(If my kid wanted to major in business, I'd just give him the $300K and tell him to start a business rather than waste the money taking courses from jerks like you.)
 
LMAO.


You probably don't even know you're talking to a guy w a BS in ChEng…. who has run his own business for over 20 years.


You incessant dullard.




And now.... good bye to you Mr Poker :)
I do know you have an engineering degree, MBA and a "sort of" business, although I'd be more impressed if you had better credentials (a CFP and/or CPA).
I didn't say you were stupid or wrong about the BOT, just a jerk and a Philistine who views education as strictly a trade school.
 
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Want free education. Then I say we should adopt a system like they have in some other countries (such as Israel) where everyone is also required to serve in military. I believe Israel has a mandatory 2-year military service term. Everyone graduating from HS has to serve 2 years. After their service, Israel then re-pays them for their service with free college education.

Make people EARN that free education. Make college 100% free for 4 years ----- you have 4 years to earn a 4 year degree ----- IF you want to get 100% of a 4 year degree paid for, then enlist for a 2-year term in the US Military.

With the increased participation in the military, they could allocate some of the resources to other areas such as disaster relief/recovery.
I am already pounding the idea of military service of some kind to my 3 boys. The service academies (if they can qualify), ROTC, G.I.Bill, etc. provided they don’t get a visit from a bagman one day.;)
 
It is impossible for a kid to work their way through school today. It's not feasible for someone to earn enough during the summer to pay for tuition/fees unless you get a sugar daddy or sugar mommy.

Millennials are already putting off major life decisions such as buying a house, marriage, etc. Student debt levels will be a drag on the economy for many years to come in ways that some don't realize (or aren't willing to admit). I'm not advocating for government intervention to wipe away billions and trillions in debt, nor am I saying anyone shouldn't be responsible for their debt. But, these debt levels are going to be a drain on everything from Social Security to the housing market and even retail.

I don't disagree. I "know" you are correct.

Now, if YOU KNOW it, and Mack Daddy knows it, then "Cui Bono"???

Who benefits?
 
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It also didn't help that the UAW were making crap cars in the 70's, 80's and parts of the 90's and were too arrogant
to use some of the things the Asian Auto makers were doing.
So they had to depend on the Govt. to bail them out and some still don't or didn't get it.
Also "automation" was probably a big part of the reason they lost jobs as well.
Oh, no, it was ALL the fault of the union guys who did not design or engineer or market the egregious ugly sh!t bag rust buckets made all through the 70s and 80s. The poorly engineered gashogs the big 3 put out had nothing to do with the managers, designers, engineers and marketing clowns the big 3 hired, NONE of whom were union. Lol.
 
It has been a busy week with spring break this week I’m behind. I haven’t even caught up on all the game of thrones talk. God forbid tomorrow’s thread about the draft. What is a guy to do!

It just looks really bad when you try to make a point that's been proven wrong. You had the options of either (1) looking into it before you made it, or (2) reviewing the objective rejections of it. You chose (3), stick to it. So you're going to get hit pretty hard on that. I like you as a poster, but don't be so sure of yourself when you've spent 0 minutes finding out whether what you're saying makes sense.
 
There are valid arguments on both sides about the proposed legislation. In my view, it is probably too costly and very unlikely to be adopted, at least as proposed. A tax on wealth, whatever its merits, is impractical to implement. The argument that each person should sacrifice and pay for what they want is reasonable.
But discouraging to me is that this thread reveals that just about everybody seems to think that the only reason to get a college degree is "to get a better job". It is just assumed this is the ONLY value of an education.
The idea that someone would go in debt to become a social worker is viewed as unthinkable. The value of an education just to become a more enlightened and aware person is not even considered. Worse, education should be limited to make mine more valuable, so any attempt to make education available to as many as possible is just transparent "vote buying".
I am disheartened that supposed educated people and even one PSU faculty member should have such a Philistine's cynical view of education - it does not speak well for the learning of my fellow PSUers.
Wouldn't it be smarter to "get enlightened" by reading say 50 great books a year and spending alone time thinking about what is in them while having a circle of friends with whom you can discuss ideas? Wouldn't that be better than having a college professor tell you to read these same books and for that you acquire $250K in debt?

I know a lot of people who graduated as engineers and now are very well versed on history, politics, art, etc. via self-study. Maybe college should be strictly for job training and "enlightenment" should be each person's responsibility.
 
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NO. POLITICS. :eek: .

See the link below. From the article:

"(CNN) -- You have to hand it to Elizabeth Warren: The senator's slate of bold, transformational policy proposals has dominated the Democrats' conversation even if the presidential candidate herself has not dominated 2020 polls.

Her latest -- a proposal that according to her campaign's analysis would forgive $640 billion in student loans currently held by the government and make tuition largely free for public two- and four-year institutions -- would seek to address inequality, break down financial barriers to a college education and ease the debt burden on those who already went to school. The Massachusetts Democrat would finance it all with a tax on income over $50 million. That's also how she's pay for her universal pre-K proposal.

It would totally wipe away more than three-quarters of student loan balances in the country, according to an analysis by academics published on Warren's website.

There are other candidates for the Democratic nomination with plans to make college more affordable. Cory Booker would give every child a nest egg, funding those of lower-income children at a higher level, and Bernie Sanders has previously proposed a tuition subsidy program.

But Warren's proposal commanded new interest in the topic, although passing something of this magnitude in the Senate seems unlikely; Majority Leader Mitch McConnell, a Kentucky Republican, has vowed to be a "grim reaper" for progressive plans."


https://www.cnn.com/2019/04/24/politics/student-loan-crisis/index.html

Hopefully we can discuss this without making it about the LEFT. :eek: , the RIGHT. :eek: , or the WRONG. :eek: .
If most College Students would work, forget spring break, and be frugral, they wouldn't have so much debt. And if college presidents would stop the needless spending, cost would go down.
 
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If most College Students would work, forget spring break, and be frugal, they wouldn't have so much debt. And if college presidents would stop the needless spending, cost would go down.
I don't think academicians have any concept of cost control. Our local high school here in Western Pa announced that for the fifth year in a row they are going to increase property taxes the maximum amount allowed by law. In the announcement the superintendent opined that they have done everything possible to keep down costs. That same day they announced that they are going to pay over half a million dollars to replace artificial turf on two playing fields. The turf is less than 10 years old. They view the taxpayers as a limitless supply of free money that they can enjoy spending on anything they can imagine. Also, they view education as the most important government expenditure and other government costs (roads, police, etc.) are far less important.
 
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I haven't read all the responses in this thread so I apologize if this has already been said; The problem here isn't college debt, the problem is we try and send to many kids to college. Somewhere along the way as a country we decided that the only way you can be successful in life is to obtain a college education and/or that a college degree is a guarantee that you will be successful. Neither of these are true. This mentality is the problem and it needs to change.

Watch this video, it lays it out an summarizes it much better than I can.
Here's the real problem.

 
The biggest problem is that the product costs a ridiculous amount.
That is the core problem, anyway.

The reasons WHY it costs way more than it should are many - and varied. And therefore the solutions are multi-faceted as well.

I agree the cost is high. However, I disagree the cost isn't the problem. If you are in the group that get your degree and actually use your degree in your field then it was worth the cost.

The problem is all the kids that either start and don't finish, (but they still have the debt) or the finish but don't get employed in the field of there degree and end up taking a lesser job (but still have the debt).

In both situations they aren't capable, or it is extremely difficult to pay back the debt. That's the problem. We should only be sending the kids off to college with a realistic plan.

A couple simple questions:
Do you who know what you want to do in life?
Are capable of doing it?
Is it reasonable to assume you could get a job doing this? (i.e. Are there opportunities in the area where you want to live?)

Most kids today have no plan, they are going to college because that is what they are supposed to do.
 
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I haven't read all the responses in this thread so I apologize if this has already been said; The problem here isn't college debt, the problem is we try and send to many kids to college. Somewhere along the way as a country we decided that the only way you can be successful in life is to obtain a college education and/or that a college degree is a guarantee that you will be successful. Neither of these are true. This mentality is the problem and it needs to change.

Watch this video, it lays it out an summarizes it much better than I can.
Here's the real problem.


That is true and I will say my generation (tale end of the baby boomers) has a large part of the blame in this.
Electrician's, Plumber's, Mechanics, Masons (not that kind), were scoffed at.
At my HS the Guidance Counselor pushed a lot kids towards college, even though many of them were not ready and
ended up flunking out or just dropping out.
 
Why?

Why shouldn't it cost the consumer (student) what it costs to provide the product (the education)?

If someone graduates, and can only land a job that pays well below average - do they get a tuition refund?
Who pays them the refund?

:)

LOL
Supply and demand should drive the cost. But it costs more for the school to provide you with a BS in Engineering or any medical or technical field than it does to provide a BS for most liberal arts majors. My son's in college. As far as I know our costs are the same no matter what is major at his current school.
 
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The origin of this thread is in regards to this:

"Her latest -- a proposal that according to her campaign's analysis would forgive $640 billion in student loans currently held by the government and make tuition largely free for public two- and four-year institutions -- would seek to address inequality, break down financial barriers to a college education and ease the debt burden on those who already went to school. The Massachusetts Democrat would finance it all with a tax on assets over $50 million. That's also how she'd pay for her universal pre-K proposal."

Not only does she want to forgive the debt, she wants to make education basically free for everyone!

We are already sending to many kids to college. Why would we want to send even more? You just graduated from high school. College is free, I may as well take a couple more years off and give it a try! Why not? It's free. If I fail out then I'll worry about finding a job, or maybe I'll try another college with a different major. Where does it end?

For the motivated college is not to expensive. Where there is a will there is a way. I'm a Girls/women's lacrosse official. We have a young lady in our chapter that is about to graduate from Millersville University in about two weeks. Her parents refused to help her pay for her education. She had to do it all on her own. She played lacrosse in high school and began officiating youth games on weekends when she was still in high school. After graduation instead of playing lacrosse in college she continued officiating. She will soon be graduating with a degree in education and ZERO debt. Officiating girls lacrosse has paid for her education. Don't get me wrong she worked her butt off! PIAA games, youth games, summer tournaments, if there were games being played she was on the field. She never turned down an assignment. She got a reputation of being dependable and reliable. If you called Sara and she wasn't already working she always said Yes.

Almost anyone can become an official and if not officiating there are other ways to make money to pay for an education. Where there's a will there is a way!

Making it easier or cheaper isn't the solution. Ending this mentality of everyone must do it is.
 
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The source of the misdirected kid problem is rooted in these:
  1. Parents who don't understand changing job markets and overlay what they experienced (and were told) onto their kids, but a generation later.
  2. Kids with no exposure to the realities of the job market, often with little to no exposure to work itself.
It isn't easy being a parent. I chose not to do it, in part because at the time I did not know how I would approach some of the more difficult questions about our existence. (Chief among them, obviously, were questions about religion.) I knew I would not want the same path as my parents, but had no other models or information.

When approached, my parents might say something like this ".... Well, we were taught ...." To me, just because something got passed down from a previous generation did not make it right. That wasn't an acceptable explanation.

Today we have more access to information through the internet. It should be easier, but I sense that the importance of searching isn't stressed enough. Parents, most I would say, think they are right about everything.
 
Supply and demand should drive the cost. But it costs more for the school to provide you with a BS in Engineering or any medical or technical field than it does to provide a BS for most liberal arts majors. My son's in college. As far as I know our costs are the same no matter what is major at his current school.
Some universities are already doing this. Purdue has a basic tuition rate and then a surcharge for majors in Engineering and Computer Science to name a few.
https://www.admissions.purdue.edu/costsandfinaid/tuitionfees.php
 
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I'd like to see a breakdown of Student Loan debt.

1. What percent of the debt is on graduates working in their field of study?
2. What percent of the debt is on graduates not working in their field of study?
3. What percent of the debt is on graduates working in a job that doesn't require a degree or a lesser degree or certificate than what they have? (It's bad enough we have a name for it - Gray Collar Worker)
4. What percent of the debt is on students that never graduated?

Focus the attention on reducing #3, #4, and somewhat #2 and this debt problem will take a big step in the right direction!
 
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I'd like to see a breakdown of Student Loan debt.

1. What percent of the debt is on graduates working in their field of study?
2. What percent of the debt is on graduates not working in their field of study?
3. What percent of the debt is on graduates working in a job that doesn't require a degree or a lesser degree or certificate than what they have? (It's bad enough we have a name for it - Gray Collar Worker)
4. What percent of the debt is on students that never graduated?

Focus the attention on reducing #3, #4, and somewhat #2 and this debt problem will take a big step in the right direction!
Would add 1 more
5. What percentage of the debt is on students who attended for profit schools?
 
NO. POLITICS. :eek: .

See the link below. From the article:

"(CNN) -- You have to hand it to Elizabeth Warren: The senator's slate of bold, transformational policy proposals has dominated the Democrats' conversation even if the presidential candidate herself has not dominated 2020 polls.

Her latest -- a proposal that according to her campaign's analysis would forgive $640 billion in student loans currently held by the government and make tuition largely free for public two- and four-year institutions -- would seek to address inequality, break down financial barriers to a college education and ease the debt burden on those who already went to school. The Massachusetts Democrat would finance it all with a tax on income over $50 million. That's also how she's pay for her universal pre-K proposal.

It would totally wipe away more than three-quarters of student loan balances in the country, according to an analysis by academics published on Warren's website.

There are other candidates for the Democratic nomination with plans to make college more affordable. Cory Booker would give every child a nest egg, funding those of lower-income children at a higher level, and Bernie Sanders has previously proposed a tuition subsidy program.

But Warren's proposal commanded new interest in the topic, although passing something of this magnitude in the Senate seems unlikely; Majority Leader Mitch McConnell, a Kentucky Republican, has vowed to be a "grim reaper" for progressive plans."


https://www.cnn.com/2019/04/24/politics/student-loan-crisis/index.html

Hopefully we can discuss this without making it about the LEFT. :eek: , the RIGHT. :eek: , or the WRONG. :eek: .
One of the reasons for the extremely high debt for college students is the outlandish high interest rate that companies like Navient charge for student loans. We helped pay for our graanddaughter's student loan, until the Feds raised interest rates a few years ago, the rate was 8%, when the Feds first raised the rates a fraction of a percent, Navient raised their rates to over 9%. At the time you could buy a car for less than 3% and a home mortgage was slightly over 3%. To me that was absolute crime.
 
Folks, there is no crisis in student debt. This is simply fear mongering by a bunch of "want to be" presidential candidates. The average debt for a grad is about 25K. This is not a crisis. Are there outliers at 100K who never should have been allowed to borrow... Absolutely! But debt forgiveness will never fix their mistakes... I repeat Debt Forgiveness Will Never Fix Their Mistakes. The most famous one touted is the Northwestern masters grad with 120K in debt, a degree is Psych and a 40K job … Just really poor decision making by this person and her family … and it's not my problem.

Free education is also not all its cracked up to be. Had a conversation with some engrs from Germany and Sweden recently … two common places it is free.

Conversation with a German: Your educational path is fixed in about 10th grade. It is fixed based on grades and an expert opinion. This determines what you are capable of … all in 10th grade. Education is free only based on this determination … not free for all.

Conversation with Swede: Similar to German except there is a test and grade determination and not an expert opinion. You qualify for college and not all people get the same opportunity.

Do your homework and be careful out there … it election season.
 
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Folks, there is no crisis in student debt. This is simply fear mongering by a bunch of "want to be" presidential candidates. The average debt for a grad is about 25K. This is not a crisis. Are there outliers at 100K who never should have been allowed to borrow... Absolutely! But debt forgiveness will never fix their mistakes... I repeat Debt Forgiveness Will Never Fix Their Mistakes. The most famous one touted is the Northwestern masters grad with 120K in debt, a degree is Psych and a 40K job … Just really poor decision making by this person and her family … and it's not my problem.

Free education is also not all its cracked up to be. Had a conversation with some engrs from Germany and Sweden recently … two common places it is free.

Conversation with a German: Your educational path is fixed in about 10th grade. It is fixed based on grades and an expert opinion. This determines what you are capable of … all in 10th grade. Education is free only based on this determination … not free for all.

Conversation with Swede: Similar to German except there is a test and grade determination and not an expert opinion. You qualify for college and not all people get the same opportunity.

Do your homework and be careful out there … it election season.
Very true. I have friends in England and you are shut out of any opportunity for college based on a comprehensive test taken near the end of high school. If you don't score well you are not allowed to attend college. We have much more freedom here in the US. Let's keep it that way. Government involvement always means less freedom.
 
The most famous one touted is the Northwestern masters grad with 120K in debt, a degree is Psych and a 40K job … Just really poor decision making by this person and her family … and it's not my problem.

The case I've written about here is much worse -- about the same debt (half the overall cost) to get a degree in elementary education. What's outrageous is not only the money being spent for a low paying job, but the kid said she does not want to be a teacher.

This is what is being said in advance. It is not like the kid got a degree and then can't land the job. She doesn't want the job.

I'm not making this up. It is actually happening.
 
I get that likely half the population agrees with this stance. That's why I hope someone emerges with the much more realistic plans I mentioned earlier regarding eliminating the interest and making the payments tax deductible. I don't think a debt wipe out ever gets anywhere in congress, so it's just pandering.

Why should these debtors get some government bennie that those who didn't go to college won't get?

Why should those who don't benefit be coerced into paying for it?

When are you going to grasp that it was government intervention in the first place that caused this problem?
 
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Maybe I did. I inferred from your post that spending 100k on a social work degree is irresponsible. My bad if I read that wrong.

My argument is not with the profession of social work. I regret that we need these people to the extent we do. For that, I also blame government, but what else is new?

My argument is that government, by creating an unlimited pool of funds to loan these kids, has created a spike in demand for a college degree. This has allowed colleges and universities to raise tuition without fear. As usual, there are unintended consequences whenever market forces are bastardized. In this instance, it's millions of young adults saddled with debt and a devalued 4 year degree.
 
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Why should these debtors get some government bennie that those who didn't go to college won't get?

Why should those who don't benefit be coerced into paying for it?

When are you going to grasp that it was government intervention in the first place that caused this problem?

Why? The same reason mortgage interest is deducted. Please tell me you don't deduct your home mortgage interest if you're going to be so holier than thou. If I followed your logic, homeowners shouldn't get a "bennie" that those didn't buy homes won't get, and those who didn't shouldn't be coerced into paying for it. Except there are benefits to the economy in encouraging homeownership, as there are with getting college educations. So that's why.

And of course I grasp that government intervention cause this in the first place. It's also the only thing that can rectify it any way.
 
Why? The same reason mortgage interest is deducted. Please tell me you don't deduct your home mortgage interest if you're going to be so holier than thou. If I followed your logic, homeowners shouldn't get a "bennie" that those didn't buy homes won't get, and those who didn't shouldn't be coerced into paying for it. Except there are benefits to the economy in encouraging homeownership, as there are with getting college educations. So that's why.

And of course I grasp that government intervention cause this in the first place. It's also the only thing that can rectify it any way.
No, they shouldn't. It forces home prices up.

Government should resist using the tax code to manipulate our behavior. It's not government's job to encourage or discourage home ownership. And I know you'll disagree, but it's also not government's job to encourage or discourage college attendance. Don't even get me started on how government is now financially dependent on our vices. How effed up is that?

Taxing income is the wrong way to go in the first place.
 
No, they shouldn't. It forces home prices up.

Government should resist using the tax code to manipulate our behavior. It's not government's job to encourage or discourage home ownership. And I know you'll disagree, but it's also not government's job to encourage or discourage college attendance. Don't even get me started on how government is now financially dependent on our vices. How effed up is that?

Taxing income is the wrong way to go in the first place.

Do you personally deduct mortgage interest?
 
Let's just say I'm not fond of a few million people (let me be clear, not all who have student loan debt fall into this group) who made worse decisions than myself and my family getting tens of thousands in windfall. It's rewarding a large number of the wrong people.

I still remember kids whose parents drove far nicer cars than us, had bigger homes than us, and had all the cool TVs, etc when I was a kid get more student aid than me because my parents saved at a much higher rate of their lower income. It sucked.

I think there will be some form of debt relief. But I'd rather see it come in the form of preferred tax status on student loan interest rather than outright forgiveness.
Hard to find much of an argument against this, Mike. Particularly when it comes to those who live way beyond their means.
 
Probably has a big impact on immigration too. If the US has more a more quality/qualified workforce, there is less need to supplement from foreign countries.

And even if ‘free’ not everyone would want or get a college degree.
Where have you been. We fon’t Need more liberal arts and English degrees. We need mor graduates with the trade skills that pay big bucks. The more money the feds throw at it, the faster tuitions rise.
 
Do you personally deduct mortgage interest?

When I had a mortgage, of course I did. What's your point?

Are you old enough to remember when credit card interest was also deductible?

No one has an obligation to pay one red cent more than they owe in taxes.

My point is that the government has to collect taxes to run essential government services. We can argue about what is and what is not essential. All I'm saying is that it's not government's job to use the tax code to manipulate our behavior.
 
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