Top U.S. Student Loan Official Quits, Calling for Massive Debt Forgiveness

[mfcorey1]

The Trump administration’s top student loan official said Thursday he will resign his position at the Education Department and will work for the cancellation of nearly $1 trillion in federally-administered student loan debt. A. Wayne Johnson says he’ll promote a plan that would forgive up to $50,000 for anyone with federal student loans, worth about $925 billion. He told the Wall Street Journal, “We run through the process of putting this debt burden on somebody … but it rides on their credit files — it rides on their back — for decades. The time has come for us to end and stop the insanity.” His high-profile resignation came as a federal judge on Thursday held Education Secretary Betsy DeVos in contempt of court for violating an order to stop collecting student debt for people who were defrauded by the for-profit chain Corinthian Colleges.

https://www.democracynow.org/2019/10/25/headlines/top_us_student_loan_official_quits_calling_for_massive_debt_forgiveness

[mopinko]

1. it's so fucked that we guarantee this loans, but you cant discharge them in bankruptcy.

i know someone who took loans to get a golden sheepskin, and didnt get to use it.
mostly his own damn fault, but not entirely.
he is 56, and still paying on it, despite a bankruptcy.

wtf is the guarantee about if not for the speculative nature of college loans?

[a la izquierda]

2. I'll pay mine until I'm dead.

I’m 42, have the job for which I studied and earned three degrees. I can’t afford a house.

[smirkymonkey]

3. I know exactly how you feel.

I'm stuck for life as well. I hate these bastards. I have pretty much paid off what I borrowed, but I'll be paying the interest for the rest of my life.

[Hortensis]

4. I don't even know how this could have happened to

higher education, when it should have become far better and much cheaper with development of computers and the Web, even much faster for those who wanted that.

Before Reagan and the national move to conservatism, we paid my tuition with checks from our modest household account. "Commuter" college, but community and then California state college education was partially taxpayer subsidized to make it available to anyone who aspired -- as a valuable investment in ourselves and our nation. And the money went to education, not to cladding campuses with marble.

[Kaleva]

5. My step-daughter's college loans will be forgiven in a few years

She works at a not-for-profit hospital in a rural area and after putting in a certain amount of time there, the balance of her college debt will be wiped out.

[mfcorey1]

6. You better pray Devos is gone. She does not allow forgiveness in the DOE!

[Kaleva]

7. There are a large number of federal and state college debt forgiveness programs

Even the U.S. Army has one.