Yeah. Both of my parents had intense student loan debt which severely impacted our income mobility. But I'm also talking about Millenials as a cohort here where almost all of us have at least 10k in debt when we graduate and more often closer to 60-100k. This debt is impacting an entire generation like it did my parents and pushing us into poverty and insecurity since the social safety nets are worn thin unto tissue paper - 1/2
@naga The only corrective I can see is socializing basic social services of health, education, housing, and possibly income in some way. We've proven supply side economics doesn't work. It's time to try MMT and demand side econ. - 2/2
Ah, I misunderstood what you meant by generational debt. And I totally get you on the burden. Jalan has over 250k in student loans. We will be paying them for her entire life. And lucky if we can ever buy a house.
Interestingly my dad managed to get his dismissed in federal court (pro se/sans lawyer even) by showing he could never pay them off. Might be worth a shot. But honestly I think advocating our national reps to just forgive these debts and fund education is a better long term play.
@britvulcan Yeah. There's a forgiveness scheme in the income-contingent repayment plans after a certain number of years, but even assuming those survive DeVos, I *think* the forgiven amount is taxable income that year. Gah.
I should have written "dismiss/discharge " since I don't think it's remotely fair for the taxes on these loan forgiveness plans to be a thing
In our case, most of the forgiven amount will be capitalized interest from when she was not making enough money to make payments on the loan. Gah.