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Tuesday, May 1, 2012

Student Loan Forgiveness: Mounting Student Debt Tops 1 Trillion


Forgiving all Student Loans?

Forgiving all student loans is not the best answer? As a public school teacher that owes over 40,000 in student loans, I am all for loan forgiveness for students with loan debt, with a caveat. My Caveat: Students that qualify for federally subsidized Stafford Loans should get loans forgiven after 5-10 years depending on income and profession. All other loans should be forgiven after 10-15 years, again depending on income and profession.  The idea of total or unilateral loan forgiveness is a free pass to all the diploma mills that have only profits in mind no educating the next generation. Giving every student total loan forgiveness lets predatory for-profit universities that have no admission standards other than "Can you qualify for a student loan?" will be allowed swindle a new generation of poor students. Predatory for-profit schools make up to 90% of student loans!  

I would rather pay all my loans the next 30 years than see the pariahs keep ripping off students. 

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