How to deal with student loan issue

How to deal with student loan issue

We all know that going to college is a privilege, not an entitlement ["Forgiving student debt hits a nerve," Letters, May 3]. For many, much thought and time are put into choosing an affordable college and major that balances the risk of taking a loan against a postgraduate reward. The inability to repay a loan often is a result of poor decision-making, and when one makes a poor decision, there are consequences.

If the current administration in Washington moves forward with student debt forgiveness, I suggest that any beneficiaries should have an asterisk assessed to their credit score for potential employers and lenders to see. Those in favor of loan debt forgiveness will then be satisfied to know that wealthier graduates would likely choose to repay their debts rather than suffer a poorer credit standing.

After all, if you are a prospective employer or bank underwriting a loan, who would you rather hire or lend to, someone who couldn't meet their loan obligations or a responsible individual who paid off their student loans in accordance with the terms and conditions they agreed to?

Jim Miraval, West Islip

I am 100% in favor of student loan debt forgiveness or, at the least, interest rates of 1% or less. I am not bitter that I had to pay off my loans. I would be happy that this generation  could put their loan payments to better use, like starting a business, buying a house or a car, or starting a family. Education should be free, but barring that, it should be affordable. An educated population is better for our society.

Robert Cheeseman, Wantagh

Some readers believe they have been treated unfairly since they sacrificed to pay for a college education, so why shouldn't others do the same? In most instances, progressive social policies have not been retroactive. When Social Security, the 40-hour work week, and maternity and paternity leave were enacted, the workers that preceded these programs did not benefit. That's life!

The question really is, does student debt relief have value? Is it good for society? In my opinion, it is. In today's world, nations with a well-educated citizenry will be the most innovative and competitive.

If we can bail out large profit-making financial institutions with billions of dollars, why not advance education?

Lawrence J. Cohen, Port Jefferson Station

I have a novel idea: Instead of forgiving college loan debt, we should simply cut the rate of interest. This helps students by reducing their debt but not teaching them to always want free stuff. There's no such thing as a free ride. Why should my nephew, who chose to work and not go to college, pay for someone else’s debt? He shouldn’t, and neither should anyone else. Let’s stop buying votes with free stuff.

Marianne Candito, Oakdale

One sensible solution would be to enlist after graduation for two years in a government-sponsored volunteer group such as the Peace Corps. That could be considered as paying off the debt.

Ed Brown, Old Bethpage

Is not massive college student loan debt a microcosm of today's U.S. society? It's "live for today" and out-of-control credit card debt. Our government spends far more than it receives in income. "Kick the can down the road" -- let it be someone else's problem. If you have credit card debt, for many, the solution is bankruptcy. Got a student loan? Don't pay it. All this will become our grandchildren's problem to solve later.

Michael J. Genzale, Shoreham

When our children went to college, they took out student loans. We also took out loans to pay for their expenses. They all paid off their loans, and we paid off ours, too. We should not have to pay off others' loans with our taxes. If you took out a student loan, you should pay it off.

Marion Lonegro, Smithtown

There is ​something missing in this argument. It has been my understanding that when you pay back a loan, that money becomes available to be loaned once more. In this job market, not having a job is on you. Perhaps that job isn't the one you want, but sorry, get to work to pay back your loan. This is called being responsible.

Roy Sperrazza, Northport