08-24-2022, 02:59 PM
I'll say it again, this doesn't actually fix the problem. I would have rather seen work done to reduce the interest rates retroactively to allow people to simply pay the premium they owed. Going forward though this does nothing to fix the problem for people this coming year and beyond who are about to take on crazy debt.
The Government needs to steal a page from the insurance industry and negotiate better rates for those taking out loans. If the government starts denying loans because the schools are overcharging the industry will change quickly because they need those loans approved. They should not only negotiate better rates but force the institutions to abandon one price fits all pricing and move to a major based pricing model that is tied to average pay for people with those degrees. Obviously there will be a lot of nuance here like handling time before declaring and then even adjustments for CoL and such.
Bottom line, even a complete reset was never going to fix the bigger picture problem so I have been against this from the start. I don't care if someone gets something forgiven and someone else doesn't, my issue is that those that have them forgiven don't seem to care that the ones behind them are just as screwed as they were since the forgiveness doesn't help them.
The Government needs to steal a page from the insurance industry and negotiate better rates for those taking out loans. If the government starts denying loans because the schools are overcharging the industry will change quickly because they need those loans approved. They should not only negotiate better rates but force the institutions to abandon one price fits all pricing and move to a major based pricing model that is tied to average pay for people with those degrees. Obviously there will be a lot of nuance here like handling time before declaring and then even adjustments for CoL and such.
Bottom line, even a complete reset was never going to fix the bigger picture problem so I have been against this from the start. I don't care if someone gets something forgiven and someone else doesn't, my issue is that those that have them forgiven don't seem to care that the ones behind them are just as screwed as they were since the forgiveness doesn't help them.
