I have $235,000 of student debt. The first $120,000 came with a bachelor’s degree from my state school. Another $70,000 or so came with my master’s degree. The remainder is accrued interest.
The suggested minimum monthly payment on my private debt alone is approximately $1,200. For reference: that’s nearly rent for the 600-square-foot apartment where I live with my partner in New Jersey.
Without income driven repayment, the minimum payment amount for my federal student debt would be around $1,000.
I would have to begin devoting half of my income to debt payment if I cared to pay it off by 2042. I can’t do that because I make just under $4,000 per month. And that income is a fairly new development in my life. Why would I choose to pay down my debt if it meant I wouldn’t be able to afford basic living expenses?
Because YOU BORROWED THE MONEY, and then YOU SPENT THE MONEY ON A WORTHLESS EDUCATION.
How much you want to bet his degree is in something like "African History" or "Gender Studies" or something even more worthless, like Journalism Studies.
There's no way in hell that anybody's tax dollars should go to pay off this guy's student loans. Period. He borrowed the money. He spent the money. That's his albatross to carry, no one else's.
Or better yet, here's a thought: Take it out of his alma mater's endowments. Make the school pay for cheating students with worthless degrees. That's a student debt forgiveness plan I can get behind.