The student loan system is a complete scam

The entire student loan system is a giant scam.
Traditional loans are given out by banks which check the credit and ability of the person to pay back the loan. When the person that got the loan has some kind of financial event that makes it where they can't pay back the loan (spouse death, permanent disability, etc...etc...) they can declare bankruptcy.

Student loans are different. They are given out to people with no credit and those that cannot pay them back. You cannot declare bankruptcy on a student loan. They are with you for life. The best you can do is settle to pay it off at a lower amount after years in court.
Like I said the entire student loan system is a giant scam.

Not to mention the outrageous rate after graduation. It's a scam all the way around.

College is a scam

Shrekked up vote,

So true, imagine the government did that for other industries

Everyone needs a car to get to work so cars loans are guaranteed by the feds, Gm would charge 100 K for a 4 cylinder POS cause; why not if people default the government will reimburse them. Most of these universities have 100's of millions in endowments. If a degree was really worth 3 or 400 k they could loan the students the money and let them pay it off over 10 or 15 years. They whole student loan system is a scam and Unconstitutional.

Look up Cafe legislation

College graduates (if a commercially viable degree) generally make more than average money, therefore pay more in income tax and purchase more and bigger items, so it could be considered a kind of stimulus. But it was always ripe for abuse and has gotten out of control.

We'll see how this "forgiveness" actually shakes out. Biden has no authority to do this all by himself. I think it will get shot down (and blamed on the "evil Republicans," no doubt).

It should have boundaries of how much interest can be charged and how many times the loan can be sold or traded to other financial institutions.

Federal government made and holds all loans since Obama’s first term.

What they said still applies though. There should be a maximum cap on it.

Or colleges will continue to charge more and more