Well I am on both sides of this argument. Came from public aid and food stamps to over $100, 000 in medical school and undergraduate loans in mid 80s. I had no choice. Either take a chance on myself or go in a different direction. Honestly, much easier to do back then. Wouldn’t attempt that now. Paid back every penny plus forbearance that drove this number up since I had no money. Plus my wife’s $150,000 loans plus interest etc.
$10 000 wouldn’t make a dent and probably not even $50,000 but the majority of Americans school dept I read somewhere is actually lower around that $10,000 mark. People of color and others have much higher debt. https://www.aplu.org/projects-and-initiatives/college-costs-tuition-and-financial-aid/publicuvalues/student-debt.html
So like for 65 % it is 20,000 or less. But these aren’t the people that need the help. It’s the other 35%.
As stated above we need to change how we do things 6 years in college is criminal. But what if it was mandatory to do a co-op and integrate it into your schooling. The idea is many co-ops can help defray the cost of college and might give students a leg up in the job market.
In Chicago community College is free if you have a B avg… That needs to change. Many have C and just get it together in Community College. I went my first year to a CC since I had no choice monetarily. It was a great option and didn’t put me behind anyone or anything.
Maybe programs that are set up with guaranteed acceptance to X college if you complete the 2 year community College path first. Add in co-ops learning or the like and I think your chance of success is greater. Have it like let’s really get you prepared for college…
But both my kids will hold off on $10,000… One just graduated and one this spring (did I really say that… Lol) sure it would be great if they each got money to help payoff their loans. I know we are fortunate. It won’t change their life. We would just put that money to fund our retirement accounts.
(going on here)… I just don’t have sympathy for the families that think it’s a great Idea to send their kids to NYU(insert name of college) for a degree that will pay $25,000/year. They will have no chance.
Families have to take ownership and not indulge their children into a life time of debt and ruins. Look at all the posts on CC about this. We each read these daily. We mostly ask"can you afford X and how will you pay for it "… Many families just think they will figure it out or their kid is so special they will make it work out. It’s like we are creating a new sector of welfare. People with an education.