To its backers, mass debt forgiveness is almost a no-brainer. Many see it as both a bold political stroke and a needed moral corrective that would free more than 40 million middle- and working-class Americans from burdens imposed by rapacious lenders during their first moments of adulthood. “We were preyed upon,” Representative Jamaal Bowman told me. “We didn’t know any better. We weren’t aware of how it all worked.” Bowman, 45, is a former schoolteacher and principal now serving his first House term, representing parts of the Bronx and Westchester County in New York. He told me that he and his wife together have more than $100,000 in outstanding debt. “That number is so high, I’m embarrassed to say it aloud,” Bowman said.
I'm wondering if they refinanced with a private loan company - that's my first thought. I wasn't eligible for things like Stafford - my loans were unsubsidized so I worked part time to pay the interest while attending University. There's no way with his background he was only eligible for unsubsidized loans.
In 1993 I thought it was "unfair" that I was working during college, to pay for my peers to not work.
My nephew in law is a barber. Will he be refunded for the money to attend his school - to do something he loves - and also make six figures? Meanwhile - they put my niece's salary as a nurse 100% to her loans to get them paid off in two years. They are 25. What's the solution for them, with a ten month old, one one salary (she's not working until Covid is over) in Northern NJ (high cost of living).
If they go down this path - I think there also needs to be a reimbursement amount established for people who have paid off their student loans in say - the past ten years.
The 50K , 20K . . . pick a number - could help those two put a down payment on the home they are saving for.
I think the hesitant amongst some Americans (including me) - what about the people who paid theirs off recently.
What do we do for them? They need to be included.
I WOULD like to see an immediate 10K wiped out for anyone out of University for 25 years - and any parents who took out education loans for their kids (Gen X and Boomers).
ETA - I have no skin in the 25 year game. I lived at home a few years (only made 25K at first corporate job), did part time jobs as make up artist and ballet teacher - to get them paid off. I probably missed out on a marriage at that time - as I was focused on getting out of debt. No marriage until we didn't have that 53K in debt between the two of us we would have had.
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