Dan Bongino did a take on this recently. It has a lot to do with the fact that a lot of the student debt was compiled by doctors, lawyers, professors, etc.
That makes sense in that context. But if your minimum loan payment is $200, that's going to affect someone making $45k a lot more than someone making $80k. Doctors also get a longer forebearance than many. Not sure about lawyers.
I'm all for paying back loans over forgiveness though. And I still owe $15k myself.
I couldn't qualify for any loans. Dad made too much money, and he wasn't what you'd call a rich man. So I just worked my way through and learned more in the real world.
Saddling potential entrepreneurs with massive debt prevents them from starting businesses. Most of your famous businessmen started their business as single men in their 20s, when they were prepared to accept the high risk proposition and put in long hours to ensure success.
Now that cohort of young people are scraping by, just trying to clear debt. By the time they have cleared the debt, they're trying to scrape together enough for a house so they can have kids before their wife becomes infertile.
Why do you think there's so many articles about "How this 40 yo Mum started a cosmetics business and earned 10 million dollars last year!" It's because those are individuals whose circumstances allow them to risk capital on a business idea, not because of some amazing innovation or acumen.
Forgiving student debt actually helps the top 10% of wage earners more than it helps the bottom 90%.
But let's not let facts get in the way of lying to win an election.
How is that?
Dan Bongino did a take on this recently. It has a lot to do with the fact that a lot of the student debt was compiled by doctors, lawyers, professors, etc.
Don't forget Queer Studies majors!!!!
That makes sense in that context. But if your minimum loan payment is $200, that's going to affect someone making $45k a lot more than someone making $80k. Doctors also get a longer forebearance than many. Not sure about lawyers.
I'm all for paying back loans over forgiveness though. And I still owe $15k myself.
I couldn't qualify for any loans. Dad made too much money, and he wasn't what you'd call a rich man. So I just worked my way through and learned more in the real world.
Depends on the loan type, some are income based
Statistically those who hold college degrees tend to have higher incomes than those who don't.
And those with the larger debts are the more highly compensated. Medical, law, etc.
ASSUMING they are studying medicine or law and not getting a PhD in Feminist Dance Theory or Gender Studies from an expensive private university.
Saddling potential entrepreneurs with massive debt prevents them from starting businesses. Most of your famous businessmen started their business as single men in their 20s, when they were prepared to accept the high risk proposition and put in long hours to ensure success.
Now that cohort of young people are scraping by, just trying to clear debt. By the time they have cleared the debt, they're trying to scrape together enough for a house so they can have kids before their wife becomes infertile.
Why do you think there's so many articles about "How this 40 yo Mum started a cosmetics business and earned 10 million dollars last year!" It's because those are individuals whose circumstances allow them to risk capital on a business idea, not because of some amazing innovation or acumen.