I think the loan forgiveness is bogus, and it’s vote buying. I would prefer to pay my loans off ONE TIME AND BE DONE. Instead, I’ll likely be paying off other people’s loans for the rest of my life.
That said, we need some serious reform in the way we fund higher education, AND the way we prioritize higher education. I was in college for eight years, working toward two different degrees, and I left with almost $50k in student loan debt and NO DEGREE. Now certainly most the “no degree” part is on me. Furthermore, most of the debt part is on me as well. HOWEVER, our student loan system isn’t designed to make sure that our nation receives a proper education. It does nothing more than enrich our higher education institutions, with almost no return on the investment. Our institutions of higher education do not attempt to proved a service to their customer, and why would they? Their customers are not the ones signing the checks. When I was in college, the financial aid department was like a factory. There was a loooong line down the hall, with appointments, hall attendants, and when you entered the room with about 50 computers there were 5-10 other attendants to “help” and answer questions. I actually got hassled for taking too long when I was reading the MANY PAGED agreement that I had to “electronically sign”. Don’t get me wrong. I knew what I was doing taking out those loans. The university I went to was not a tier one university at the time. Honestly I don’t know what that means. What I do know is that they were trying really hard to get to tier one status, and that part of getting there was to have a “diverse” teaching staff. Half of my professors spoke English so poorly that I could not even tell what they said, at least a few times, in every lecture. Go ahead. Call me racist. I took a few classes at a local Christian university that received no state funding. Guess what? Roughly the same price. Guess what? Instead of 50-350 students in my class, I had 6. So what did all that state funding pay for? In my Finite Elemental Analysis class, before our major project, we watched a video where elementary students did a similar project and used a very expensive tensile testing machine to test their structures. Guess what? Our professor brought weight lifting plates from his house, and built a platform from plywood stack them on since we didn’t have access to a tensile testing machine. This is at a university with 30k students and state funding, and tbat has “technological” in the name. Now I’m fine with saving money and not buying a tensile testing machine that we don’t have to have. The question is, “what is all this money being spent on?”. I can tell you, the landscaping was impeccable, the Christmas lights were even better, and the leisure pool/lazy river that got installed at the Rec Center was very high class. I’m only covering 10% of my beefs with what I dealt with while I was there. I took a class where I had a B average on homework assignments, almost a 100% average on the tests, and didn’t study for the OPEN BOOK FINAL. I felt like I did fine. I received an F in the class. I emailed the professor at least three times asking for what grade I received on my final, and an explanation of my grade. I NEVER RECEIVED A RESPONSE. When I left to work full time in the oil field so that I could support my wife while she completed her college education, that institution sent a bill collector after me to pay for a semester of school that I had dropped, and did not owe any many for. I had to provide a significant amount of paperwork, and get a dean’s signature to “prove” that I didn’t owe any money. Wanna know where the hiccup was? I RECEIVED A PASSING GRADE in a class I had NEVER SET FOOT IN!!!! When I provided the required paperwork can you guess what the dean said to me? He said “If you want, I can issue you a back dated refund only for the classes you failed, and you can pay for the class that you got a B+ in, and then, if you come back to school, you won’t have to take that class”. Are you kidding me? This guy practically made me swear on the Bible and all of my unborn children that I had dropped out and never attended ANY of these classes, then provide documentation from my employer and prove that I had been paid to work full time during the time in question, and now that he’s convinced I had dropped those classes and didn’t owe any money he’s offering to sell me a B+?
I’m against the student load forgiveness. I’m also against the current system of government backed loans being Hoover’ed up by money hungry universities that AREN’T BEHOLDEN TO THE CUSTOMER.
My younger brother learned from me and graduated debt free WHILE WORKING LESS AND FOCUSING ON SCHOOL MORE, and by going to college somewhere cheaper and less flashy.