I’m not on Twitter so here is my opinion if I’m only given the three choices: don’t forgive student loans. If I borrow money, I pay it back, even if I’ve made a bad bargain. Incan only get it back from whomever I paid.
If we allow the federal government to work properly, there would be oversight over things like colleges (obviously, there are not). In those case, and the one I e read about regarding “fake colleges,” perhaps the government could step in. I wish the politicians that receive donations from these fake schools would at least have to pay back those donations.
I also feel for the many students and families that took out loans, went to school, graduated and paid them back. What happens to the ? Do their tax dollars help cover the costs of the forgiven loans? I sure don’t want my tax dollars to pay for these mistakes.
My preference is not to forgive loans but if they decide to do it and suffer the political consequences from loan repayers and all the people who never borrowed or defaulted but now have to pay taxes to support those who did. That’s the only reason the Democrats haven’t really forced Biden to do this because they are worried that the blowback will be worse than the vote buying that this is really aimed at.
I'm not a twitter follower. I agree with comments below, the federal government should not forgive student debt. It would be ok to make it interest free or write it off as part of bankruptcy but if you take out loans, then you're obligated to pay them back. What message does it send to the students and parents that worked hard to fulfill that obligation?
I don't Tweet (or sing). My option D. "None of the above". A loan (house, car, college, or credit card) is a contract and default has consequences. The hazard of ignoring the moral hazard of accountability is the precedent for future unintended consequences of personal and institutional (and national) irresponsible decisions, behaviors, and actions devoid of honest intent and accountability. Pay your debt or suffer the consequences.
I appreciate Tom’s comments on having CP. my brother had it, but to such an extent that his brain was badly affected. I’m thrilled that Tom’s seems only physical and appreciate the work he does for this newsletter. I think about the stoic idea of “momento mori “ where life is precious so live truly every day. Tom is the epitome of this philosophy. I appreciate his example for life.
This is why I subscribe. I'll also stroke the opinion that a debt is a debt (look up the definition). I don't wish to welch on anything I owe. I don't wish that anything owed be not paid back.
Loved the interview! I had a friend who suffered from CFS, fibromyalgia, and epilepsy, for these reasons, had his career as an electrician cut short. He used to say that his illnesses gave him a gift, the gift of time. As he was too unpredictable to be gainfully employed, he could spend more time enjoying his life, doing those things he enjoyed at his own pace. This man would enjoy bringing jokes he printed out to our coffee round tables that I attended religiously as I needed the social interaction being a work from home woman before it was more in vogue. I miss those coffee round tables. My work schedule now does not really permit such meetings. Work does take away from the joy of living at times, doesn't it?
Bill, I am not sure how you pick the people that work for you, but between Tom and Kate, you are my “hiring idol!”
Tom, your attitude is incredible. I am sure you have your share of down days like everyone, but to each day deal with CP and do an amazing job of helping Bill......well, it’s truly incredible. I hope that you spend time with others who have dealt with CP. you would be a great inspiration. I hope you get to your 10,000 steps or whatever number is fulfilling for you. Thanks for being on Bill’s team.
There could be a lot to assist borrowers with repayment that doesn't include cancelling all debt. First and foremost, educational loans (for students and parents) should be at a very low interest rate (2-3%). This rate should be applied to existing loans as well. Second, outstanding student loans should be re-administered. These should be calculated as if the original loan had been written with a 2-3% interest rate. How much of the principal would have been paid if the interest rate was low from the onset? Recalculate the balance and set a new payment plan. Some loans would be discharged in this way as those borrowers have been paying interest-only. Third, make it easier to consolidate multiple loans (including parent loans), and make deferment rules clearer and easier to meet.
There's a lot of anger at the thought of giving borrowers taxpayer money in debt forgiveness. Personally, I'd rather see my tax dollars go for that than the military and militarized police, but that's probably just the liberal in me. Despite working, student teaching, and scholarships, I graduated with a hefty debt, added to when my parents signed over their PLUS loans to me. I defaulted on two loans while doing a low-paying internship (basically a job requirement for my field). I managed to pay everything off in 12 years. That being said, I want students now to have things better than I did, with more access to education and funding, not less.
Tom, it was very educational reading about your story as I have been blessed not to learn of these thing firsthand, life is largely a matter of how we choose to view it and I'm thankful that I was required to shovel snow as it helped to develop the grit that you learned from everyday life. We each live very different lives and the differences are less important than what we takeaway. We all have a lot to be grateful for but so many look at what we don't have failing to see the many blessings that were given to us.
not on twitter but disagree with blanket forgiveness of loans. My nephew had a student loan that was used to go to Europe after graduation and while paid back forgiveness would spark a rash of borrowing for extraneous item in the hope of forgiveness.
Thank you Tom for sharing your story. My Aunt Lynne had CP and she was one of the most inspirational people in my life. I appreciate you providing so much candor with your inspiration. We are blessed to have this opportunity of a bit of insight in your life. Your positivity and your frankness is both inspirational and refreshing. Thank you for giving us your time.
Read Spiritual Healing In A Scientific Age by Peel.
I’m not on Twitter so here is my opinion if I’m only given the three choices: don’t forgive student loans. If I borrow money, I pay it back, even if I’ve made a bad bargain. Incan only get it back from whomever I paid.
If we allow the federal government to work properly, there would be oversight over things like colleges (obviously, there are not). In those case, and the one I e read about regarding “fake colleges,” perhaps the government could step in. I wish the politicians that receive donations from these fake schools would at least have to pay back those donations.
I also feel for the many students and families that took out loans, went to school, graduated and paid them back. What happens to the ? Do their tax dollars help cover the costs of the forgiven loans? I sure don’t want my tax dollars to pay for these mistakes.
To encompass so much in a brief article - thank you
I am not a Twitterite.
My preference is not to forgive loans but if they decide to do it and suffer the political consequences from loan repayers and all the people who never borrowed or defaulted but now have to pay taxes to support those who did. That’s the only reason the Democrats haven’t really forced Biden to do this because they are worried that the blowback will be worse than the vote buying that this is really aimed at.
I'm not a twitter follower. I agree with comments below, the federal government should not forgive student debt. It would be ok to make it interest free or write it off as part of bankruptcy but if you take out loans, then you're obligated to pay them back. What message does it send to the students and parents that worked hard to fulfill that obligation?
I don't Tweet (or sing). My option D. "None of the above". A loan (house, car, college, or credit card) is a contract and default has consequences. The hazard of ignoring the moral hazard of accountability is the precedent for future unintended consequences of personal and institutional (and national) irresponsible decisions, behaviors, and actions devoid of honest intent and accountability. Pay your debt or suffer the consequences.
I appreciate Tom’s comments on having CP. my brother had it, but to such an extent that his brain was badly affected. I’m thrilled that Tom’s seems only physical and appreciate the work he does for this newsletter. I think about the stoic idea of “momento mori “ where life is precious so live truly every day. Tom is the epitome of this philosophy. I appreciate his example for life.
This is why I subscribe. I'll also stroke the opinion that a debt is a debt (look up the definition). I don't wish to welch on anything I owe. I don't wish that anything owed be not paid back.
Loved the interview! I had a friend who suffered from CFS, fibromyalgia, and epilepsy, for these reasons, had his career as an electrician cut short. He used to say that his illnesses gave him a gift, the gift of time. As he was too unpredictable to be gainfully employed, he could spend more time enjoying his life, doing those things he enjoyed at his own pace. This man would enjoy bringing jokes he printed out to our coffee round tables that I attended religiously as I needed the social interaction being a work from home woman before it was more in vogue. I miss those coffee round tables. My work schedule now does not really permit such meetings. Work does take away from the joy of living at times, doesn't it?
Thank you for sharing Tom's story-he is true inspiration!!!
Tom,
I love everything about this article.
Your words are so authentic and vulnerable. What an inspiration! And another important life lesson from Understandably!
I am very grateful for this share, Tom and for the interview, Bill.
Thank you!
Adam
Bill, I am not sure how you pick the people that work for you, but between Tom and Kate, you are my “hiring idol!”
Tom, your attitude is incredible. I am sure you have your share of down days like everyone, but to each day deal with CP and do an amazing job of helping Bill......well, it’s truly incredible. I hope that you spend time with others who have dealt with CP. you would be a great inspiration. I hope you get to your 10,000 steps or whatever number is fulfilling for you. Thanks for being on Bill’s team.
There could be a lot to assist borrowers with repayment that doesn't include cancelling all debt. First and foremost, educational loans (for students and parents) should be at a very low interest rate (2-3%). This rate should be applied to existing loans as well. Second, outstanding student loans should be re-administered. These should be calculated as if the original loan had been written with a 2-3% interest rate. How much of the principal would have been paid if the interest rate was low from the onset? Recalculate the balance and set a new payment plan. Some loans would be discharged in this way as those borrowers have been paying interest-only. Third, make it easier to consolidate multiple loans (including parent loans), and make deferment rules clearer and easier to meet.
There's a lot of anger at the thought of giving borrowers taxpayer money in debt forgiveness. Personally, I'd rather see my tax dollars go for that than the military and militarized police, but that's probably just the liberal in me. Despite working, student teaching, and scholarships, I graduated with a hefty debt, added to when my parents signed over their PLUS loans to me. I defaulted on two loans while doing a low-paying internship (basically a job requirement for my field). I managed to pay everything off in 12 years. That being said, I want students now to have things better than I did, with more access to education and funding, not less.
Tom, it was very educational reading about your story as I have been blessed not to learn of these thing firsthand, life is largely a matter of how we choose to view it and I'm thankful that I was required to shovel snow as it helped to develop the grit that you learned from everyday life. We each live very different lives and the differences are less important than what we takeaway. We all have a lot to be grateful for but so many look at what we don't have failing to see the many blessings that were given to us.
not on twitter but disagree with blanket forgiveness of loans. My nephew had a student loan that was used to go to Europe after graduation and while paid back forgiveness would spark a rash of borrowing for extraneous item in the hope of forgiveness.
Thank you Tom for sharing your story. My Aunt Lynne had CP and she was one of the most inspirational people in my life. I appreciate you providing so much candor with your inspiration. We are blessed to have this opportunity of a bit of insight in your life. Your positivity and your frankness is both inspirational and refreshing. Thank you for giving us your time.