Down With Student Loan Forgiveness

A listener on Twitter asks Dave to talk more about student loan forgiveness. Dave does, and he doesn't have good things to say about it.

QUESTION: A listener on Twitter asks Dave to talk more about student loan forgiveness. Dave does, and he doesn’t have good things to say about it.

ANSWER: Student loan forgiveness, in terms of the Occupy Wall Street ridiculousness, is a ridiculous concept. One of the proposals is that all of the student loans should be forgiven. The student loans are government insured. You can’t just forgive them, because the banks will get their money from the government. Where does the government get its money? From the people!

So when you say you want your student loans forgiven—hey stupid, you’re asking the rest of us to pay your student loan bills! I’m sorry, that’s not right. I don’t like being forced to pay your bills just because you think it’s inconvenient for you to pay them. So what do I think of student loan debt forgiveness? I think it’s yet another form of socialism, which, in my opinion, is a form of theft.

So this idea of you not wanting to pay your loans just because you didn’t understand what you were getting into because you were young, stupid and 18 when you signed up—I was young, stupid and did a bunch of stuff in my 20s and went broke as a result. You get to pay your student loans. Sorry.

I know it’s inconvenient and I know it’s tough, and I’ll help you work through it. But this idea that you just don’t like it and you’re such a freaking baby that you can’t step up and take care of your business and you want everyone else to pay your bills—we don’t want to do that. We think you’re a baby. Wahhhhhh!

The deal is real simple. When a government-insured student loan is forgiven, it means the taxpayers paid your bill, stupid. Yet one more socialistic move. I’m not for student loan forgiveness. Student loans are forgiven under the current program if you become permanently disabled or die. They don’t count against your estate. But short of that, you get to pay them. That’s a neat idea!

Here’s what I think needs to happen. I think the government should quit insuring student loans. I think we need to get out of the student loan business. I think if you want to go to school you should get your own loan that you are responsible for. Or you could save up your money or go to a school you can afford or work your way through. I’ll help you with the numbers, but I don’t want to pay your bill!