To find out how borrowers are coping with the continuation of student loan payments, Intelligent.com surveyed 1,000 federal student loan borrowers in January 2024.
www.intelligent.com
This survey says that 9% of student loan borrowers are intentionally not paying back their student loan out of protest. This is a ethical issue. Why should I the taxpayer pay for their college education when they voluntarily took out the loan? This is radical left wing thinking. Cancelling loan debt is nothing but pandering for votes along with it being ethically wrong. We all must pay back our loans we take out even if we took them out with bad decisions.
Why would it be wrong to starts garnishing their wages to get the money back like deadbeat parents? After all they are deadbeat money borrowers.
For people that cannot afford the payment but want to pay it back I am for working with them to come up with a reasonable payment plan. But they still must pay it back. Why anyone thinks loan forgiveness is a moral act is beyond me.
I could be wrong here as I don't fully understand the complexities of the student loan system, but if student loans are anything like sub-prime mortgages, the point of the loan is not that a student should repay them. Having students in a lifetime of debt creates other commercial opportunities for those who have control of the loans. Banks and/or other financial institutions could repackage the debt, turn them in to derivatives and securities and sell it on in financial markets at an increased value to make a profit.
This of course doesn't change the fundamental value of the original debt, so it feeds into unsustainable speculation that will eventually lead to a crash. And having an entire generation perpetually in debt is an effective method of social control, as it's the same thing the west does to third world countries. The idea of student's "investing" in their future is just marketing spin to sell a bad idea to the general public, the same as promising the "american dream" of borrowing a mortgage so anyone can own your own home.
...but when the financial system realises the game is up and that student loans are practically worthless because there is an entire generation that can't afford to repay them, the banks will start screaming they are "too big to fail" and will ask the government to write off the loans anyway in a bailout package that will cost the tax payer billions or even trillions of dollars.
This is not "radical left wing" thinking. It's the difference between whether the government would rather wait for a global financial crisis to help the banks later, or help the students now. As the tax payer, you are screwed either way because the system is corrupt and broken by design and the government will take your money no matter what you do.
And before that happens, the loans get written off anyway.
Am I wrong? Anyone more informed than me is welcome to jump in...
After a quick google search, it looks (regrettably) like I'm in the right area:
How the two debt crises compare
fingfx.thomsonreuters.com
