This is in the political section, because there is a petition out that is talking about eliminating student loans, forgiving them... the like. If you're on facebook, here's the group:
http://www.facebook.com/group.php?gid=58440324477
The hope is to help stimulate the economy by helping relieve student loan debt, giving newly graduated students the ability to spend their paychecks in all other sorts of places (stimulating the economy).
Here is the petition:
http://www.thepetitionsite.com/1/Rea...-Student-Loans
Here are some of my personal thoughts:
1) Forgiving student loans completely
2) Forgiving all of your interest, but not your loan it's self.
3) Changing the 8% interest rate cap it currently is- to a 1% interest rate
1- pros, are that hey, you're debt free
1- cons - the banks just LOANED you that money, they are now out that money, and hurting more
2- pros, The government use to have the ability to pay your interest rate, (subsidized vs. un subsidized loans if you filled out your FAFSA)
Also, you would still be paying back the money you owe, banks wouldn't lose any money.
2- cons, the government, would be paying your interest, and that is quite a bit of money to shell out.
Also, banks would make no profit, and they are a business
3- Pros - Banks can still be in business making profits, and you have less money to pay back, you pay only slightly more than you borrowed and dramatically less that if you borrowed at a 8%
3- Cons - you still have to pay more than you borrowed.
Feel free to discuss if you are for/against, how you would change the petition.
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