Student loan debt solution. This is genius.

[bonefish1]

I have a solution to paying for all these student loans instead of forgiving them. This won't impact the economy or tax payers.

Take 5% from the top 50 college endowment funds and apply it to student loan foregiveness nationally.
The largest in the top 50 is Harvard at $41 Billion, (with a B). So, Harvard gives $2 billion.
The smallest of the top 50 is Wake Forest at $1.3B, so they give $65M.

Problem solved.

 

[purduepat1969]

I have a solution to paying for all these student loans instead of forgiving them. This won't impact the economy or tax payers.

Take 5% from the top 50 college endowment funds and apply it to student loan foregiveness nationally.
The largest in the top 50 is Harvard at $41 Billion, (with a B). So, Harvard gives $2 billion.
The smallest of the top 50 is Wake Forest at $1.3B, so they give $65M.

Problem solved.

You're a genius in your own mind...

 

[Robinahood]

No the solutions is to pay back the money they borrowed...it's that simple

 

[Nbergbuck]

I have a solution to paying for all these student loans instead of forgiving them. This won't impact the economy or tax payers.

Take 5% from the top 50 college endowment funds and apply it to student loan foregiveness nationally.
The largest in the top 50 is Harvard at $41 Billion, (with a B). So, Harvard gives $2 billion.
The smallest of the top 50 is Wake Forest at $1.3B, so they give $65M.

Problem solved.

Take 5% from college endowments? Here come the lawyers and lawsuits. These schools are into making money, not paying the student debt that they helped create.

 

[Peabodius]

I would like to see a couple things discussed, and neither of them includes a blanket forgiveness of debt (and I say that as someone who owes quite a bit from when I returned for my Master's.

The first is simply to allow people to include their student debt while filing for bankruptcy. Hire a lawyer, collect all your financial information, and file a petition in front of a judge. I believe this would address most cases where a person really cannot handle their debt can stop racking up more and more interest. It also would avoid cancelling debt for people like me who can afford payments.

Another possible solution is to make the loans interest free. This would probably require the Federal government to pay off the loans and assume the debt, which is not cheap. But people could pay less per month and still actually pay down their debt. And nobody can argue that they didn't pay back their debt, they just don't have to pay thousands in interest in the process.

Neither of these are perfect solutions, but I think they are better than either cancelling all debt or leaving the problem to grow.

 

[purduepat1969]

Take 5% from college endowments? Here come the lawyers and lawsuits. These schools are into making money, not paying the student debt that they helped create.

People knew going in what they were going to pay. Colleges didn't create the issue. People going to college who shouldn't be or chose a major that didn't pay the bills created the issue. Lack of career counseling and bad/no parental advice means kids who shouldn't be there are there racking up debt. Don't blame this on the colleges...