We now have two Presidential candidates talking about forgiving student loans and making college free to all.
Am I the only one really annoyed by these ideas? I have paid and am paying tens of thousands of dollars for college for my kids. But once my kids are finished, these plans would probably go into effect. So, in essence I expect to be a very unhappy camper.
One of my kids has put his life on hold to get his student loans paid off ASAP by remaining at home living under my reign of terror. So that when he ventures forth into the world, he will be debt free and have some cash in the bank. I agree and encouraged his plans. Unless there someone who will wave a magic wand and make the loans all go away. If this is going to happen, why should he pay another dollar?
But this is not how the laws read, yet. But once he has paid off his loans, then it will be law and everyone else will get their loans forgiven…
I am curious, where will the candidate draw the line on their proposals? Will there be refunds for those who just finish paying off their debts, say within the last 5 years?
No matter where the line is drawn, if and when it is implemented, it will make a tremendous amount of people upset. Someone, somewhere is just going to have paid off their loans or paid a huge bill just before the law goes into effect.