Student Loans

August 26, 2022

I think it is absolutely disgraceful that we are allowing people who earn below $125,000 a year to walk away from $10,000 of debt they incurred by attending college. This is patently unfair to all of the students who had their parents pay for the educations. This is obviously unfair to the students, who had their fathers buy their way into Ivy League schools like Penn and Harvard. Before you know it, we will be allowing billionaires to declare bankruptcy multiple times over in order to skate on the debts they incurred.

I am also concerned about the added inflationary pressures that this policy will create. The government will no longer be collecting principal and interest payments on $10,000 per person. That’s about $100 per month. This is roughly equivalent to cutting taxes by a trillion dollars for the top 1% of earners and corporations. I am sure these people are going to go out, and buy themselves an EV with their new found liquidity, driving up the price of EV’s for the rest of us.

This is unfair to those tax payers who decided to not seek higher education because they couldn’t afford it. In order to level the playing field for all, the federal government needs to do away with all of the job training programs that it administers like Job Corps for younger workers. The government needs to get out of the education business like offering GI loans to veterans and Federal Pell Grants for students who demonstrate real financial need. These programs are not fair to those of us who are unable to use them.

Finally, the federal government needs to turn the job of higher education over to reputable educators like the now defunct Trump University. Trump demonstrated that private citizens who know nothing about education can provide an educational experience like the much maligned Ivies. For example, students who go to the Trump U.’s of the world will get a crash course in Latin, and will learn phrases like “caveat emptor.” They should be saddled with debt like a Trump casino.