Animal’s Daily College Debt News

Before we start, check out my latest over at Glibertarians – and thanks to our pals at The Daley Gator for the hat tip!

Now then:  Get a load of this nitwit, decrying her six figures of student debt.  Excerpt:

If it weren’t for compounding interest, Cheryl — who requested her last name be withheld for privacy concerns — thinks President Joe Biden’s plans to forgive $10,000 in student debt for federal borrowers might have made a difference for her.

But with $303,000 in federal student debt — and an additional $20,000 in private student loans — the president’s plan just isn’t enough.

“It is not even a drop in the bucket,” Cheryl, 53, told Insider. “If you wanted to make a real difference, you could do away with half the interest we’ve accrued, but for now I’ll never be able to cover the payments.”

As a teacher in Massachusetts, Cheryl had to take out student loans for her bachelor’s degree in English and her master’s degree in education. While she said she has no problem paying back the debt she borrowed, the problem is the interest that accrued while she was in school and her loans were in forbearance. At her current modest income level, it’s been nearly impossible for her to make a dent in her principal balance, which has swelled to more than $300,000 thanks to all the interest.

To “Cheryl” I can only say this:  “Did you read the loan agreements?  Did you sign them?  Yes?  Then shut the fuck up.”

Cheryl is asking the Imperial government to commit theft on her behalf.  She is asking for taxpayer dollars, taken by force (yes, by force; try not paying your taxes for a while and see how long it takes for the government to send men with guns out after you) from productive people to pay off her student loans.

She’s not the only one asking for this, of course.  And every damn one of them is asking the Imperial government to commit theft on their behalf.  They signed loan agreements – contracts – with the loan terms spelled out in detail.  And now they are asking for the Imperial government to cancel those agreements and meet the obligations these assholes agreed to, with taxpayer dollars.

The only proper response to people like this is “shut up and pay your own debts.”  The answer to this sort of thing, policy-wise, is to get government completely out of the business of education, and especially out of the business of financing education.