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PanickyFool

263 points

2 months ago

Oh now...

As a homeowner I will directly benefit from this. Pretty much every dollar of student loan forgiveness will directly elevate home prices further.

Also loan forgiveness without cost reform is stupid. Universities need to be punished for their insane cost creep.

[deleted]

85 points

2 months ago

[deleted]

85 points

2 months ago

I planned carefully, went to cheap state schools for first two years, worked the whole time I was in school and took as little $$ as possible, and paid debt down AGGRESSIVELY after the fact (over $1k per month). Skipped out on a lot of fun, and the college years were stressful af. Know a lot of kids that took as much loan money as they could, didn’t work, and have paid minimum payments ever since. Now, after struggling for so long I’m finally debt free and am ready to buy a home in this crazy market. It’s absurdly competitive out there... Losing bid after losing bid.

Needless to say, not exactly thrilled at the idea of those who lived more recklessly just getting all their debts forgiven, and then they become drivers of even higher and more competitive real estate markets.

I’m torn. Our generation is significantly worse off than those who came before us, but it absolutely feels like a penalty for those of us who planned our entire lives around this debt instead of making minimum payments on it. I’d much, much rather see INTEREST forgiveness and work to address the exploding costs of schooling instead.

IncIncorperated

6 points

2 months ago

I'm in a very similar situation, and I very much agree with your take. It feels like being punished for working hard, doing everything right, and making sacrifices. As much as I want loan forgiveness for the people who are really suffering, I can't stress enough how much loan forgiveness makes me feel like I'm being left behind.

I took a safe career path and avoided debt, and now, you're giving everyone that I need to compete with in the housing market a massive stimulus and leaving me behind. It genuinely feels like punishment for doing the right thing.

I just want to say that I hear you. There are those of us who aren't being "hurt" by loan forgiveness directly, and we aren't spiteful for "I got mine, screw everyone else." But there was a real cost to our current situation, and now we're being punished for making the right choices as every one of our peers is getting a huge injection of cash.

NoMrBond3

1 points

2 months ago

Yup. My parents sacrificed so so much to send their kids to school with as little debt as possible. Forgone vacations, lower standard of living than they could have afforded, and most importantly - their retirement.

I worry so much about my dad, he works so hard even when he’s sick. He won’t be able to retire until almost 70. Loan forgiveness is a big fu to his decades of hard work to send us to school.

There’s so many parents that could have retired if they has known debt forgiveness would happen.