"poorer borrowers able to walk away from twice as much"
This phrasing is somewhat misleading. The $20,000 for borrowers who received Pell grants - "poorer borrowers," strictly speaking - means they had lower incomes at the time they attended college. It does not mean they are "poorer" now than other beneficiaries of this debacle or "poorer" than people without student loan debt.
"poorer borrowers able to walk away from twice as much"
This phrasing is somewhat misleading. The $20,000 for borrowers who received Pell grants - "poorer borrowers," strictly speaking - means they had lower incomes at the time they attended college. It does not mean they are "poorer" now than other beneficiaries of this debacle or "poorer" than people without student loan debt.
An excellent point. I was a "poorer borrower" in 1990, with a salary of 13K. My first job, in 2000, paid $175K. Should I not have been responsible for my debt? (Just to be clear, I paid it all off.)
I am a perfect example of this point. I started college late and was not a dependent and got a pell grant. Worked hard and my kids won't qualify for much of anything other than using the money we've saved for their education. We've covered pretty much all of it - probably too much. But, with inflation going as it is, it probably still won't be enough. Shrug - well, the ingrates ;-) need to have some skin in the game anyway...
We expect our children to go to college cheaply, community college followed by the local state university branch, or pay for their own college by joining the military, for example. Second son got Pell grants for a couple of years.
"poorer borrowers able to walk away from twice as much"
This phrasing is somewhat misleading. The $20,000 for borrowers who received Pell grants - "poorer borrowers," strictly speaking - means they had lower incomes at the time they attended college. It does not mean they are "poorer" now than other beneficiaries of this debacle or "poorer" than people without student loan debt.
An excellent point. I was a "poorer borrower" in 1990, with a salary of 13K. My first job, in 2000, paid $175K. Should I not have been responsible for my debt? (Just to be clear, I paid it all off.)
Yes, "poorer at the time of borrowing" is different from "poorer now" or "poorer for life."
I think people should pay their debts, in general!
I am a perfect example of this point. I started college late and was not a dependent and got a pell grant. Worked hard and my kids won't qualify for much of anything other than using the money we've saved for their education. We've covered pretty much all of it - probably too much. But, with inflation going as it is, it probably still won't be enough. Shrug - well, the ingrates ;-) need to have some skin in the game anyway...
We expect our children to go to college cheaply, community college followed by the local state university branch, or pay for their own college by joining the military, for example. Second son got Pell grants for a couple of years.
No one seems to consider the effect on military recruitment of cheap or free college for everyone.
Good point.