Oh, the evil tendrils of debt become even more obvious. The Atlantic discusses the new loan that supposedly limits payments to 15% of your income. Some say this is wonderful because it will encourage people to take low paying jobs of public service. Perhaps. But who pays the debt if it isn’t paid in full? We all do because it’s dumped on the lap of the taxpayers. Voila. It disappears as if by magic.
When will people learn that this sends a bad message to college and students? Let’s say you’re going to get an engineering degree that will barely support the debt payments on $150,000 of loans. Why stop with that amount? Why not agree to $250,000 or even $1m in loans because you know you’re only going to be paying 15%. This is a very sick plan.
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