Thoughts on student debt cancellation

[Samm]

@highroller

Yeah that’s why bankruptcy is important in a in economy. If you don’t think people should be allowed to declare bankruptcy because of unforeseen circumstances, then you don’t actually believe in capitalism.

Not being able to find a job that pays enough for your choice of college degree is not an unforeseen circumstance. Data on the value of advanced degrees in specific disciplines is easily obtained prior to enrolling in school.

[highroller]

They should not be getting loans when their degrees are worthless. The lender should be looking at what degrees are out there and choosing to loan to people who’s degrees will pay them back. Then they get to charge a good amount of interest for the risk they take.

[occu]

You are 100% correct but lenders should be aware of this as well. They did this same with houses not too long ago giving out loans, not checking income, didn’t work out too good for anyone.

[JayJay]

@WuWei

@Samson_Corwell

@WuWei

@Samson_Corwell

@WuWei

@Samson_Corwell

@WuWei

@highroller

The lender was an idiot to lend money to people with no income or wealth to secure the loan.

Ok, doesn’t change the fact a debt is owed.

Is that an objective moral truth?

No. It is a moral truth. Objectivity is a myth.

A corollary of this, then, is that whether they owe a debt or not is subjective.

Apparently some people think it is subjective. But no, it’s not.

Then morality must be objective.

No, it is subjective. Can you name a morality in which not repaying a loan is moral?

Sure…to prevent a permanent debt slave class from forming.

Hence the Biblical command to forgive all debts every 7th year.

[WuWei]

@JayJay

@WuWei

@Samson_Corwell

@WuWei

@Samson_Corwell

@WuWei

@Samson_Corwell

@WuWei

@highroller

The lender was an idiot to lend money to people with no income or wealth to secure the loan.

Ok, doesn’t change the fact a debt is owed.

Is that an objective moral truth?

No. It is a moral truth. Objectivity is a myth.

A corollary of this, then, is that whether they owe a debt or not is subjective.

Apparently some people think it is subjective. But no, it’s not.

Then morality must be objective.

No, it is subjective. Can you name a morality in which not repaying a loan is moral?

Sure…to prevent a permanent debt slave class from forming.

Hence the Biblical command to forgive all debts every 7th year.

It does not say not paying back the debt is moral.

[JayJay]

Sure it does.

[WuWei]

@JayJay

Sure it does.

No, it doesn’t.

[JayJay]

@WuWei

@JayJay

Sure it does.

No, it doesn’t.

Yes…it provides a means for debt to be forgiven/canceled.

Which is what we are talking about here in this thread.

[highroller]

It keeps the lender honest. You are not going to loan somebody a large sum of money that they can’t pay back within seven years.

[WuWei]

@JayJay

@WuWei

@JayJay

Sure it does.

No, it doesn’t.

Yes…it provides a means for debt to be forgiven/canceled.

Which is what we are talking about here in this thread.

It is addressed to the lender not the debtor. You’re not even trying.

[WuWei]

@highroller

It keeps the lender honest. You are not going to loan somebody a large sum of money that they can’t pay back within seven years.

It does not say it is moral to not repay a debt.

[highroller]

Is it moral to impose on somebody a burden that you know that they cannot bear? And if you do not know that they can’t bear it, you haven’t done your due diligence to make to take care of your money.

[LucyLou]

It’s kind of weird to assign any morality to what amounts to a basic business transaction. Both sides are simply acting in their own best interests.

[highroller]

It takes two to tango.

[WuWei]

@highroller

Is it moral to impose on somebody a burden that you know that they cannot bear? And if you do not know that they can’t bear it, you haven’t done your due diligence to make to take care of your money.

No, it is not. And the same applies to the borrower. But once the deal is done, the latter has made a commitment.

[WuWei]

@highroller

It takes two to tango.

Buyer beware.

[WuWei]

@LucyLou

It’s kind of weird to assign any morality to what amounts to a basic business transaction. Both sides are simply acting in their own best interests.

There is a lot of morality involved.

[Samm]

@occu

You are 100% correct but lenders should be aware of this as well. They did this same with houses not too long ago giving out loans, not checking income, didn’t work out too good for anyone.

Ever fill out a FAFSA application? The applicant is not dealing directly with the loaner. Here’s a hint … the second F stands for Federal.

[LucyLou]

@WuWei

@LucyLou

It’s kind of weird to assign any morality to what amounts to a basic business transaction. Both sides are simply acting in their own best interests.

There is a lot of morality involved.

Disagree.

It’s just a business transaction. No morality needed.

I agree to give you A, you agree to give me B.

Sometimes one of the parties fails their end of the contract. Legal remedies ensue.

You’re trying to bring emotion into a legal contract.

There isn’t any.

[occu]

Never did actually. Debt free way to be.

We are at about 1.9 trillion, though in student loan debt. You think its sustainable at the current rate? Enough people are going to realize it’s not worth paying, happens in business happened with houses, it will happen with student loans. Wont be their problem, it will be a taxpayer problem.