Thursday, April 19, 2012

Forgive student loans -- a terrible idea

It has been reporteded that outstanding student loans have reached the astronomical total of one trillion dollars.
And now, in an attempt to buy votes, the Obama administration is talking about forgiving all or part of those loans.  That would mean that over-burdened taxpayers would be saddled with those debts.  And that would be wrong.

Whether the debtor is a graduate or a dropout, he or she was granted a loan and is responsible to repay it. I realize some students and former students have financial problems, some of it owed to the bad economy. There are many people who are struggling with other kinds of debt, also.  Are we going to pay medical bills for some who will be paying all their lives to doctors and hospitals because of an accident or sickness?  They are more deserving than some students who have borrowed money supposedly for education but have bought cars, lived in expensive housing and partied.

A serious student planning to attend college should work during the summer, try to get a job while attending school, get the lowest cost housing available,  live as cheaply as possible, and then, if a loan is the only possible option, borrow the least amount necessary.

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