Posted on Dec 13, 2022
With the upcoming College Loan bailout, do you think it would be possible to request Post 9/11 GI Bill benefits to be reset as well?
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I would love to continue my education without having to pay for it out of pocket. If a large percentage of Americans are going to be able to be forgiven for debt they took on willingly, our veteran community should be able to continue their education without incurring debt. Thoughts?
Posted 2 y ago
Responses: 6
I don't see it happening. That would be a considerable chunk of money especially if you consider paying out the living costs in addition to tuition. I would use it but I don't see the ROI justification behind it.
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My first comment will be that I wouldn't hold my breath on loan forgiveness. Realistically, loan forgiveness would be a legislative rather than an administrative one and the Courts have already intervened on one case that has basically shut down the first round. Another case pending and my guess is that it will go the same way.
IMO, the realistic approach would to make the loans dischargeable in Bankruptcy and eliminate the Federal Student Loan program. Colleges are expensive today simply because they have had no reason to control cost.
I paid a bit over $1000 yearly Tuition & Fees in 1980 as an out of state student. Today that would cost me $31,294. Just looking at wages, minimum wage in 1980 was 3.10 an hour, today it's 7.25. If I had to pay all of that out of pocket myself, in 1980 it would have been around 13 weeks at 40 hours. Now at minimum wage it would take just over 2 years.
IMO, the realistic approach would to make the loans dischargeable in Bankruptcy and eliminate the Federal Student Loan program. Colleges are expensive today simply because they have had no reason to control cost.
I paid a bit over $1000 yearly Tuition & Fees in 1980 as an out of state student. Today that would cost me $31,294. Just looking at wages, minimum wage in 1980 was 3.10 an hour, today it's 7.25. If I had to pay all of that out of pocket myself, in 1980 it would have been around 13 weeks at 40 hours. Now at minimum wage it would take just over 2 years.
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Maybe we should ask that all educational program to include the Montgomery bill act to present day be reset?
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