Student loan forgiveness is being taken seriously right now by the bourgeoisie.

The Federal interest rate going near 0% has led to a massive boom in housing construction. Student loan deferment has led to many people saving up for a down payment on a house. The housing market is carrying the US economy right now.

If student loan deferment ends, this space that Capital found for expansion will disappear. There will be an immediate crisis.

Also, the effort to privatize student loans has been a failure. Betsy DeVos has been the Secretary of Education most dedicated to privatization. She killed the Perkins Loan, which has led many new students to private loans.

Although, after her reign, 92% of public student loan debt are still held by the Department of Education. It is unlikely that the Biden SoE will be more successful at speeding up the process. Capital is in crisis now.

Forgiving public debts is a method of privatization in America, where a culture of indebtedness exists. They want everyone with public student loans to take out private mortgages, owned by JPMorgan, Citigroup, etc.

I'm not saying student loan forgiveness is good or bad. It is good for me. But it serves a purpose that we should understand.

  • SerLava [he/him]
    ·
    4 years ago

    It's good. Even if the money ends up in private instead of public debts, at least millennials will have some actual fucking money.

    • Grownbravy [they/them]
      ·
      4 years ago

      For now. Then we spend what ever we scratched together on bluth homes that fall apart in 3 years

        • Grownbravy [they/them]
          ·
          4 years ago

          a mortgage is almost the same amount where I live. They only benefit is having your own space, but upkeep is a hidden cost to home ownership.

          • SerLava [he/him]
            ·
            4 years ago

            Well it's more like one third of your rent goes to owning your landlord's apartment, and you can sell your landlord's apartment and get some money back. Its like almost the only reason people have money today

    • PhaseFour [he/him]
      ·
      4 years ago

      It is good for people who recognize the game, and act accordingly.

      People who get sucked into this next bubble will end up worse than people with student loans.

      Student loans are publicly owned (can be forgiven) and have no collateral. Mortgages are privately owned. They will never be forgiven. And the repo man will take everything you own if you can't make payments.