Re:A Colossal Screw Up
by rglover on Tuesday January 29, 2013 @10:10AM
(#5134371)
I don't feel entitled to anything and take full responsibility for my debt. I also don't expect the loan to be forgiven (that would be ridiculous). This was written less for me and much more for others. There are a lot of people who signed up for these loans and have no idea what they're in for. Most were told they could go to school and would have a way to pay their loans, when in reality, they don't. Loans are handed out like free samples and people who don't know any better take them without understanding.
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Re:A Colossal Screw Up
by matthuggins on Tuesday January 29, 2013 @11:52AM
(#5134929)
This isn't a problem with loans so much as a problem with people understanding finances. The problem is we don't tech our children the value of understanding finances, credit, loans, and other important real-world matters when they're still in elementary/high school.
Exactly. There's zero reason this shouldn't be a part of the general curriculum.
Re:A Colossal Screw Up
by matthuggins on Tuesday January 29, 2013 @11:48AM
(#5134908)
"At this point, there are only two outcomes that can help us: the government decides to alleviate debt at a certain percentage and claim it as a screw up, or, a more realistic system is put in place to allow people to pay off their debt."
That definitely makes it sound like you're looking for forgiveness of your debt.
At a certain percentage. Ideally, this would mean not even forgiving part of the debt, but preventing interest from accruing. How are people supposed to pay off the actual debt if they can't even get past the interest (common for a lot of people)? It's defeatist for the average person because it's never ending. There should be some hope/ability to pay off their debt.
The idea is to make sure the debt does get paid off (otherwise there would be an even bigger mess), but make it easier for people to actually eliminate the debt (i.e. don't make paying interest only look like a deal when in turn it's a never ending loop).
I mentioned this in another comment here, but the reason I wrote this is for other people who lack the sense to understand the situation they're in. It may sound silly, but a lot of people are oblivious to just how serious the loans are.
I don't understand the concept of making it extremely easy to borrow, but even more difficult to pay off.