In Elizabeth Warren's debt forgiveness plan what is preventing everyone from taking out student loans so that they can get free money too?
If debt up to $50,000 is forgiven for those making $100,000 or less then what is preventing everyone from taking out a loan even when they don't need it just to have it forgiven?
- PLv 74 weeks ago
Warren's plan of student loan forgiveness would be designed as a one time deal for existing loans. New students would be offered free public(state) college tuition under her plan.
Regardless I'm not sure how she would pay for all that, but that should clear up your conundrum at least.
- GypsyfishLv 71 month ago
You never went to college, did you? You have to be admitted to a school, and every school that I know of now waits to disburse the funds until a couple of weeks after the semester starts to make sure the student is attending classes. Instructors report the "last day attended", and if a student is not attending classes, or does not pass the classes, then there's no financial aid for the next semester. If a student took out a loan, attended for a couple of weeks and then stopped, they might indeed get away with the money for one semester. But the forgiveness program could also be limited to those who successfully completed a degree.
Most countries see money put into education as an investment, not welfare. That's why countries like China are about to beat us in scientific research and other advancements that depend on having a lot of highly educated people.
- Anonymous1 month ago
- nancyLv 71 month ago
The amount that you can borrow is limited by the cost of attendance for the period that the loan will pay for, so in most cases, a student can't borrow all that much at once. But aside from that, common sense is what is preventing student from rushing out to borrow. There is a saying that political promises are like pie crust: easily made, easily broken and the best ones are always flaky. Elizabeth Warren hasn't even been nominated by her own party yet. Even if she eventually does win the nomination, she would still have to win the general election. And even if she did that, she would still have to get her plan passed by Congress, which has a probability of close to 0. So, anyone who would borrow money hoping to get it forgiven on Elizabeth Warren's say-so deserves to end up with years of payments.
- How do you think about the answers? You can sign in to vote the answer.
- LaurieLv 71 month ago
Many people are not ELIGIBLE for student loans.
- Uncle PennybagsLv 71 month ago
Seems to me that those responsible hard-working people who sacrificed to get their student debts paid off get screwed, while those that screwed up and planned poorly get rewarded.
Why do Dems always want to screw those who do right, and reward those who are irresponsible?
- Anonymous1 month ago
Education is infinitely important in this modern society. Republicans are always saying that low wage earners should get $100,000 degrees if they want to begin to earn enough money to survive, because increasing wages for people who do grunt work to keep this society rolling is some kind of a sin against capitalism.