Should Minnesotan’s School Loan Debt be Forgiven?
There is a topic on the table. Should the government relieve and forgive, in other words, wipe out student loan debt? This is a very controversial topic. I can really only give my opinion on this matter. I think if you took out the loan or loans, then you should be responsible for paying it back. That's why it's called a "loan". I get that some people's loans are astronomical- like if you went to med school or law school or some sort of higher education above and beyond a bachelors degree.
Here is where I think that the student loan business needs a change. When I was in college a hundred and fifty years ago, I had a student loan. Granted, I only had one because I was fortunate enough to have another source of payment, but the interest was much different than it is now. Right now, a person can't seem to get ahead of their loan debt because of the crippling interest rates.
My loan had like a 1.5 or 2% rate. And you could defer it as much as you needed to citing financial issues. That could include lack of a job, or lack of a decent paying job. It did seem like it was almost on a never-never plan, but still. Just taking away the debt that you took out just doesn't seem fair to everyone who did have to work to pay off their loans. Are they planning to give that money back to them too? Obviously not, but a case could be made for that, right?
Bottom line, I for one am not on board with this proposed bill. I am for reducing the interest rate, however to something that is manageable and allows for the payoff of the loan or loans within a decent amount of time.
Minnesota's 10 Favorite Things About Weather