Trump to Immediately Unwind Joe Biden’s Unconstitutional Student Loan Forgiveness Plan
(www.thegatewaypundit.com)
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Unpopular opinion here - there should be some way to discharge student loan debt in bankruptcy. Debtors prison was a concept abolished a long time ago in most Anglo-Saxon countries.
Usury used to be illegal in medieval europe for a reason.
The institutions that sold these debts to dumb kids need to be liquidated and long term reforms made to the system to prevent this from ever happening again. The number of higher education institutions needs to be reduced, the entry requirements significantly increased and the resources diverted to more vocational training and shorter courses which leave people with actual skills they can pay for in an affordable manner.
If you go in the Airforce or the Navy they can probably train you in any number of technical subjects in 1-2 years that would take you 3-6 years in the civilian world. This kind of training needs to be widely available to the civilian population.
When you have a declining population you need to increase the efficiency and capability of your labour pool, not fill their heads with marxist slop, indebt them for life and teach them nothing useful.
Student loans are a problem created by the federal government and made worse by Obama.
People could pay their way by working summer jobs and part-time during the school year.
Then the government started backing student loans, so the colleges could just keep raising tuition. Can't afford it? Just get a student loan! Many (most?) loans were from private banks, and if the borrower defaulted the government would step in to pay back the loan. But borrowers could still escape through statute of limitations, usually 7ish years, and the loan would be gone.
Then Obama took over the student loan business with the Obamacare Act. Wait, wasn't that about healthcare? Partly, but it was a full takeover of the student loan business. Now all student loans had to come from the Department of Education, and they can never be discharged through statute of limitations, bankruptcy, etc. They will even take your passport if you fail to pay.
What's the solution?
We have to get back to where we were before. No government involvement in student loans, and any private loans can be discharged in bankruptcy. That means sky high interest rates in the short term. But then if kids stop going to college, because the tuition is crazy and the interest rates on private loans are crazy, the colleges will have to lower tuition or go bust.
How do we get there? I'm not sure. On one hand it's unfair to have the taxpayers foot the bill for existing loans. On the other hand, there are plenty of kids who just got trapped in this mess of the government's making. Some kind of compromise is required.