And although, I believe an informed and engaged society is mandatory for citizen commitment, recourse, and discourse; there are grassroots organizations touting “don’t pay your student loans; and just walk away.” That is ludicrous, you can never walk away from that form of debt, and your student loans will follow and haunt you forever. There are ways in which to deal with your student loans, but walking away from that debt is not one of them. There are many programs to assist in managing your student loan debt: exhaust all possibilities of repayment before just walking away and opting out of life. More info: finaid.org
What responsible financial entity, loans mega $$$ to individuals without regards of their ability to repay that money. I’ll tell you, monolith institutions whose clients have absolutely no recourse, because Congress and the Senate have stripped away all financial protections for the American people. But, hey if you’re a big corp and you’ve just gotten say 500 million dollars from the government (or should I say a loan from the American people) for a business that goes sour, just file bankruptcy and start all over. So ‘we’ as a people (our tax dollars) loan big business money all the time; but ‘WE’ have no protections against them.
Student Loan Forgiveness is not just a novel idea, there are many who agree, it would become a stimulus for the people of the United States; and not a stimulus for big corps who do very little for the American people other than reap huge profits by propagating our consumer-based societies mind-set.
“Let's forgive loans. Just this once, I promise.
I can guarantee this: Those $200 to $800 monthly checks students are cutting (or amassing in interest as they continue to defer payment) aren't likely to get socked away in the drawer.
It will go toward homes for people fortunate enough to already have jobs.
And for those who don't, it will go toward new vehicles and apartment leases in the cities where jobs do exist.
Because those shackled by debt -- even if by their own cavalier and youthful irresponsibility -- simply can't pick up and move, to work and contribute to the economy.
Rather than be marginalized by it.” (http://daily-journal.com/archives/dj/display.php?id=491124).
Loan Forgiveness, “President Obama signed a bill in 2010 that would see the so-called forgiveness program expanded in 2014. Under the scheme, eligible students would see their loan repayments capped at 10 percent of their income and written off after 15 years.
Together, Americans over 60 years of age still owe onwards and upwards of $38 billion in student debt and over ten percent of them are lagging behind on payments.” (http://rt.com/usa/news/student-loan-debt-occupy-065/).
An ethical & savvy business approach towards student lending, “Consumer and student advocates, private loan companies and the higher education community have all asked Congress to pass legislation that would require private loans to be certified by the school before a single dollar can be disbursed. This would provide a crucial opportunity for financial aid offices to identify borrowers who are at risk of taking on unmanageable debt loads or haven’t exhausted other financial aid opportunities.” (http://www.nytimes.com/roomfordebate/2012/05/12/easing-the-pain-of-student-loans/require-colleges-to-review-all-lending).