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Finances-H-A-B

09 Apr

President Biden has authorized more student loan forgiveness. It makes no sense. He has already authorized 600 Billion dollars in loan forgiveness in spite of the fact that the Supreme Court has ruled it unconstitutional because all government expenditures have to be authorized by Congress and Congress has not authorized any of it. That is more than all that the government pays for education in K-12 grades. In addition, it will lead many people to go to college with the idea that the government will pay off their loans and there is no guarantee of that. We already have a lot of kids going to college without a clear goal of what they are going to do and many of them are eventually choosing career paths that do not require a college degree.  College has been billed as a necessity to get a good paying job but while some jobs like doctors and lawyers are high paying, many jobs requiring a college degree are falling behind many jobs that do not require a degree, such as jobs in business and the trades. It is drawing many students into college under the impression that they can get loans for it and push paying it off down the road. If they think they can get away with not having to pay it off at all, it will encourage even more to go when it isn’t needed for what they want to do. That leaves them heavily in debt for something they don’t need, with no clear way to pay it off.

 

 

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