Speaking Out for Louisiana Citizens

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by Pete Abington

STUDENT LOAN DEBT

The student loan program is out of hand. The portfolio cost is $1.45 trillion and much of it is not being paid back. Many of the graduates who have borrowed under this program graduated in degrees that don’t produce income to pay back the debt. It is frustrating to many who have gotten themselves in the trap of owing a tremendous student loan debt and not making the income to pay it once they leave school, with a diploma or not. The government talks about forgiveness in some way or another. Some are covered by going into certain vocations, but it still is a tremendous cost to start their career.

The frustration of student loan debt is not new. What I have often wondered is why do we keep compounding it. Let student loans be used only for education. Money should be paid to the college or university for education to the school. Many of these students are borrowing money to buy televisions, cars, or enjoy the good times with no plans to pay it back. Or, thinking they will, actually go down a road or get a degree where they will never produce the money to pay it back. It is suggested it could cost taxpayers tens of billions of dollars in the coming years. Losses are projected to be in the high billions in the next decade. At least we need to stop the bleeding now of wasting money and come up with a more reasonable program.

 

 

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