this post was submitted on 08 Oct 2025
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I'm somewhat torn on this:
Yes, I totally agree that federal loans should be forgiven even if someone pays theirs off.
Private loans though? Not so much. That's basically the same as a mortgage from a bank. Or a car loan even. That money ultimately ends up in the borrower's possession after the school balance is paid. That? I am not so willing to share the cost of.
Debt itself has a history of forgiveness. Western Societies could benefit from being more forgiving imo. 30% apr loans should absolutely be illegal, but thats a lot of credit debt today.
Are you talking of a specific instance? Because, we do have anti-usery laws.
We also have anti trust laws, but yet we have tech monopoliies and an FCC thats done nothing for a decade
My first car loan had a 26% interest rate. Over that 36 month loan I would have literally paid over twice the total value of the loan if I didn't refinance it after 6 months.
I learned a lot through the mistakes I made that day and have endeavored to not repeat any of those mistakes (and so far I haven't!)
I, somewhat, feel you. My hang up is federal loans are often s pittance
Maybe my FAFSA has the wrong code(at this point, for my oldest). Maybe I should have lied about my assets? I haven't done my research, but it did not seem like my lack of home or non-beater factor in