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I've been out of college for 10 years, and still have $10,600 in federal loans, so $10K debt forgiveness would be weirdly perfect and put an extra $500 a month in my pocket for economic stimulation (or savings?).
Obviously, I would need to save some of that freed-up money for the giant tax bill I would happily pay.
Also don't think I would be getting off easy! I still have $14K in private student loans that were refinanced (still! I've been out of college for 10 years!). So I guess I would just triple that payment?
I know there's a way bigger convo we need to have about the cost/financing of higher ed, etc. But:
- I got a 32 ACT
- I went to an in-state school
- I worked FT each semester, interned each summer
- I worked in my field right out of college/contentiously
- I got a 32 ACT
- I went to an in-state school
- I worked FT each semester, interned each summer
- I worked in my field right out of college/contentiously
And for the last 10 years, my spending has been defined by a gigantic debt hole, which I definitely signed up for. But I can't believe y'all think this is a better social good than... whatever else I could've done with that money.
I can't imagine saving up the money for a down payment of a house, because I can't imagine a universe where I don't have $20,000 in debt. I'm 31. How could I ever have $20,000 in savings, which is $40,000 MORE in equity than I have?
Also, judge away, but for me, having that much debt gave me a certain nihilism when it came to using/spending/saving money. It gave me a viewpoint, habits and impulses that I am now actively grappling with me.
My debt made it hard to see myself investing in anything, saving for anything. I'm really lucky I grew up knowing to save for retirement because the nihilism and futility of never having less than $20,000 in debt can be stifling.
Also: Why are there so few student debt refinancing outfits? Why do they use credit score instead of history of repayment? If we, as a society, think college debt is an apparent social, why don't more people want to get in on this game?
