Don’t write off your student loan debt. Instead, abolish interest
For the publisher: I have a fairly large debt for a student loan. I fully recognize that since I borrowed this money, I have to pay it back. (“The social justice case for the cancellation of college debt», Opinion, 20 Dec.)
However, I think a fair compromise solution instead of canceling this debt would be to eliminate interest on student loans for good. Maybe add an administrative fee to the front of the loan to recoup the costs.
Paying off a loan is much, much less onerous when two-thirds of your initial payments are not earmarked for new interest.
Alex Nikmanesh, Covina
For the publisher: Forget about debt cancellation. Here is a suggestion to help all students pay off their college debt: reduce the interest rate on all college loans to a maximum of 3%.
The last time I checked my niece’s loans, she was paying 7.6%. When you can get a home loan for as little as 2.3%, it is unfair to lend money for education at higher rates.
It is criminal that higher rates are charged to people who leave high school.
Margaret Alvarez, Manhattan Beach
For the publisher: I’m all for canceling student loans for the reasons UCLA law professor Jonathan D. Glater states in his opinion piece.
But one issue that I have never seen addressed is fairness to the parents of limited means who have sacrificed and saved so that we can afford our child’s school fees, which allows them to start their adult life. without being burdened with student debt.
With a kid currently attending college, I have to admit I wonder if I’m a jerk paying over $ 40,000 a year. Rather, should I borrow more and bet the loans will be canceled?
I would certainly feel like the proverbial “sucker” if I had shelled out $ 150,000 – sacrificing a comfortable retirement – only to find out later that most of it would have been forgiven if I had borrowed it instead.
Morey Epstein, Van Nuys
For the publisher: As Glater argues for student loan debt cancellation, one also has to wonder why average tuition fees have risen twice as fast as inflation.
Could it be that the availability of student loans has prompted schools to increase tuition fees, knowing that such easy access to funding would cover the increased costs, instead of looking for ways to cut costs?
Jim Winterroth, Torrance