Thread: Trump administration rescinds Obama guidance on student loan defaults: report

The amount owed in student loan debt has surpassed that of credit card debt — about $1.2 trillion.

Wow. That's a lot of debt. Holy Moly. Geez. What is going on??!!!

It is a lot of debt. They take these loans and much of it is used to by food, booze, clothes, phones, vacation, whatever they want. 100% of it should go directly to the school to by books and for education only.

NO STUDENT LOAN DEBT FORGIVENESS. I DO NOT WANT TO PAY FOR YOUR PARTY TIME.

Lower the interest...stretch out the term of the loan. I do not care if they pay $100 a month until they are 95 years old. If you do not want to pay it back...do not sign for the loan.

Beezer wrote:

100% of it should go directly to the school to by books and for education only.

YES!! I totally agree. In fact, it should only go for tuition and housing and both should be capped to control the costs of both. What is going on with these student loans is a national disgrace. Most of these young students don't have sense enough to come in out of the rain, they can't take out student loans in their own names. You get those parents to take out the loans and you'll see a whole new ball game in town. And any parent who thinks their kids are going to get great jobs and pay off that loan for them? Well, think again. Most won't.

You get these illegal aliens out of our colleges and universities, cut back on foreign student loans, and you'll see some price reductions in the "cost of college" in the United States. Putting Americans in competition with rich foreigners for seats in our colleges and universities is a SIN against our own futures. STOP IT NOW.

Trump will straighten out this mess. He just needs time to get to it. This is actually a good way to start to question the legality of the cap on collection fees. No one will spend the time to collect on these loans until it pays their costs to do so and renders profit.

Just give Trump time to work it around. It's a huge problem, and one that must be solved in everyone's best interest. Are taxpayers on the hook for these loans? I think it comes from one of the government-backed loan institutions, Fannie Mae or Freddie Mac.