LETTER: Student loan program originates from good intentions (2023)

  • Home
  • >>Opinion
  • >>Letters

Letters

Charles Parrish Las Vegas

September 9, 2022 - 9:01 pm

LETTER: Student loan program originates from good intentions (1)

(iStock)

The 1965 government-backed student loan program started with the idea that low- and middle-income families would be able to use loans to educate their children beyond high school and allow them to have greater lifetime earnings. Unfortunately, university administrations saw this as an easy way to increase endowments and profits, so they proceeded to greatly raise tuition. Larger loans were needed, plunging students further in debt.

In 1976, Congress decided to add to the students’ burden and help loan providers by revising the program so that the use of bankruptcy became nearly impossible.

Some students owe more in interest than the original loan amount. Some people seem to be angry, saying forgiveness is not fair and the students should pay back what they borrowed. Where is the compassion for those who were trapped by greedy, unscrupulous administrators and private loan sharks? Give the students a break with loan forgiveness and all of society will benefit.

MOST READ

1CARTOONS: Biden isn’t aware this has happened2$717K slots jackpot hits at downtown Las Vegas casino3Allegiant Stadium founding sponsor reportedly owes Raiders millions4Police report filed against Davante Adams; McDaniels weighs in5Slot player wins nearly $3M at Strip resort
(Video) How Biden's student loan forgiveness program will work

'; html += '

'; html += ''; html += 'READ MORE'; html += 'LIVE WELL'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'STORIES LIKE THIS'; html += 'CLICK HERE FOR MORE'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('livewell').html(html); return; } if ($('.rj-story-sponsored-full').length>0) { return; } if ($('.rj-story-full').hasClass('tag-jeff-german-murder') || $('.rj-story-full').hasClass('tag-remembering-jeff-german')) { html = ''; html += '

'; html += ''; html += ''; html += ''; html += '

'; $('.nlsm-small').addClass('jeff_german').html(html); return; } if ($('.rj-story-full').hasClass('tag-911-anniversary')) { html = ''; html += '

'; html += '

'; html += 'REMEMBERING 9/11: 20 YEARS LATER'; html += 'Looking back at the 2001 terror attacks and how they affected Las Vegas and the world.'; html += 'Read more'; html += '

'; html += '

'; $('.nlsm-small').addClass('anniversary-911').html(html); return; } if ($('.rj-story-full').hasClass('tag-class-of-2021')) { html = ''; html += '

'; html += '

'; html += 'MEET THE UNFORGETTABLE CLASS'; html += ''; html += ''; html += ''; html += ''; html += '2021'; html += ''; html += ''; html += ''; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('class-2021').html(html); return; } if ($('.rj-story-full').hasClass('tag-2022-election')) { html = ''; html += '

'; html += '

'; html += '

'; html += 'ELECTION 2022'; html += 'Read more'; html += '

'; html += '

'; html += 'LETTER: Student loan program originates from good intentions (12)'; html += '

'; html += '

'; html += 'Voter Guide'; html += 'Click here'; html += '

'; html += '

'; html += '

'; $('.nlsm-small').addClass('election-2022').html(html); return; } if ($('.rj-story-full').hasClass('tag-harry-reid-1939-2021')) { html = ''; html += '

(Video) Biden Signals Intent To Consider Federal Student Loan Debt Forgiveness

'; html += '

'; html += ''; html += 'Harry Reid(1939-2021)'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'Senate leader and Nevada political titan'; html += 'Read more'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('harry-reid').html(html); return; } if ($('.rj-story-full').hasClass('tag-henry-ruggs')) { html = ''; html += '

'; html += '

'; html += ''; html += 'HENRY RUGGSDEADLY CRASH'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'CLICK FOR MORE'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('henry-ruggs').html(html); return; } if ($('.rj-story-full').hasClass('category-homicides')) { html = ''; html += '

'; html += '

'; html += ''; html += 'HOMICIDE'; html += 'A STORY BEHIND EVERY NAME'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'TRACKER'; html += 'CLICK HERE FOR MORE'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('homicides').html(html); return; } if ($('.rj-story-full').hasClass('category-nfl-draft')) { html = ''; html += '

'; html += '

'; html += '

'; html += 'FAN\'S GUIDE'; html += 'CLICK HERE'; html += '

'; html += '

'; html += 'LETTER: Student loan program originates from good intentions (16)'; html += '

'; html += '

'; html += '2022'; html += 'NFL DRAFT'; html += 'READ MORE'; html += '

'; html += '

'; html += '

'; $('.nlsm-small').addClass('nfl-draft').html(html); return; } if ($('.rj-story-full').hasClass('tag-sheldon-adelson')) { html = ''; html += '

'; html += '

'; html += ''; html += 'Sheldon Adelson(1933-2021)'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'Las Vegas visionary and Philanthropist.'; html += 'Read more'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('sheldon-adelson').html(html); return; } if ($('.rj-story-full').hasClass('tag-tony-hsieh')) { html = ''; html += '

'; html += '

'; html += ''; html += 'Tony Hsieh(1973-2020)'; html += ''; html += ''; html += ''; html += ''; html += ''; html += 'Ex-Zappos and Downtown Project CEO left a lasting impression on Las Vegas.'; html += 'Read more'; html += ''; html += '

'; html += '

'; $('.nlsm-small').addClass('tony-hsieh').html(html); return; } if ($('.rj-story-full').hasClass('tag-vegas-weekend')) { //vegas-reawakening html = ''; html += '

(Video) Republicans weigh plans to fight Biden's student loan forgiveness

'; html += '

'; html += 'VEGAS REAWAKENING'; html += 'A year after the pandemic began, the first weekend of spring showed a perfect storm of promise for Las Vegas’ recovery and brought optimism that visitors would indeed return to the city'; html += 'Read more'; html += '

'; html += '

'; $('.nlsm-small').addClass('vegas-reawakening').html(html); return; } //add newsletters embed var default_category_to_show = ['News', 'Local', 'Life', 'Crime']; var newsletter_1st_lv = []; newsletter_1st_lv['default'] = {'id':'20,21', 'title':'LOCAL NEWS YOUR WAY', 'subtitle':'Sign up for our free daily Morning and Afternoon Update newsletters.'}; newsletter_1st_lv['Sports'] = {'id':'22', 'title':'SPORTS NEWS YOUR WAY', 'subtitle':'Sign up for our free daily Sports Update newsletter.'}; newsletter_1st_lv['Business'] = {'id':'24', 'title':'BUSINESS NEWS YOUR WAY', 'subtitle':'Sign up for our free Business Update newsletter.'}; newsletter_1st_lv['Entertainment'] = {'id':'23', 'title':'WANT TOP PICKS FOR LIVING IT UP IN LAS VEGAS?', 'subtitle':'Sign up for The Ticket entertainment newsletter'}; newsletter_1st_lv['Nevada Preps'] = {'id':'35', 'title':'HIGH SCHOOL SPORTS YOUR WAY', 'subtitle':'Stay up to date with our free Nevada Preps newsletter.'}; newsletter_1st_lv['Investigations'] = {'id':'45', 'title':'INVESTIGATIVE NEWS YOUR WAY', 'subtitle':'Sign up for our free RJ Investigates newsletter.'}; var cat_has_subcat = ['News','Business','Entertainment','Sports', 'Opinion']; var newsletter_2nd_lv = []; newsletter_2nd_lv['Politics and Government'] = {'id':'25', 'title':'RJ POLITICS', 'subtitle':'

Team coverage from Las Vegas, Carson City and DC

Sign up for our free RJ Politics newsletter.

'}; //newsletter_2nd_lv['Politics and Government'] = {'id':'25', 'title':'ELECTION 2020: BE INFORMED', 'subtitle':'

FULL COVERAGE | ELECTION RESULTS

Sign up for our free RJ Politics newsletter.

'}; // newsletter_2nd_lv['Debra J. Saunders'] = {'id':'44', 'title':'YOUR WEEKLY POLITICAL FIX', 'subtitle':'Sign up for our free DC-LV newsletter with political stories from the swamp to the Strip.'}; newsletter_2nd_lv['CES 2021'] = {'id':'49', 'title':'CES 2021: STAY IN THE KNOW', 'subtitle':'

The Review-Journal is a media partner with the CTA. Click here for full coverage and live video from CES 2021

Sign up for our free newsletter below.'}; newsletter_2nd_lv['TV'] = {'id':'50', 'title':'GET YOUR TV LISTINGS', 'subtitle':'Your Weekly TV Briefing.'}; //newsletter_2nd_lv['UNLV'] = {'id':'52', 'title':'UNLV SPORTS YOUR WAY', 'subtitle':'Stay up to date on the Rebels with our free newsletter.'}; newsletter_2nd_lv['Rodeo'] = {'id':'48', 'title':'RODEO NEWS YOUR WAY', 'subtitle':'Don\'t miss any of the action! Sign up for our free newsletter.'}; newsletter_2nd_lv['Raiders'] = {'id':'30', 'title':'WANT EVEN MORE RAIDERS NEWS?', 'subtitle':'Sign up for our free Vegas Nation newsletter.'}; newsletter_2nd_lv['Golden Knights'] = {'id':'29', 'title':'WANT MORE KNIGHTS IN YOUR DAY?', 'subtitle':'Read our free Golden Edge newsletter for all the latest updates.'}; var main_cat = ''; var m_hierarchy = []; var m_cat = []; var m_hl_cat = ''; if (window.dataLayer[0].metrics) { main_cat = window.dataLayer[0].metrics.section; //National Finals Rodeo m_hierarchy = window.dataLayer[0].metrics.hierarchy.split(' | '); //"Sports | Rodeo | National Finals Rodeo" m_cat = window.dataLayer[0].metrics.categories; //["National Finals Rodeo","Rodeo","Sports"] m_hl_cat = window.dataLayer[0].metrics['hl-category']; //Sports } var i, k, found, newsletter; newsletter = false; found = false; if (default_category_to_show.includes(m_hl_cat)) { newsletter = newsletter_1st_lv['default']; } if (newsletter_1st_lv.hasOwnProperty(m_hl_cat)) { newsletter = newsletter_1st_lv[m_hl_cat]; } // check main category if (newsletter_2nd_lv.hasOwnProperty(main_cat)) { found = true; newsletter = newsletter_2nd_lv[main_cat]; } if (!found) { // check in hierarchy (main category hierarchy) i = m_hierarchy.length; while (!found && i >= 0) { i--; if (i > 0) { if (newsletter_2nd_lv.hasOwnProperty(m_hierarchy[i])) { found = true; newsletter = newsletter_2nd_lv[m_hierarchy[i]]; } } else { // i=0, check first level if (newsletter_1st_lv.hasOwnProperty(m_hierarchy[i])) { found = true; newsletter = newsletter_1st_lv[m_hierarchy[i]]; } } } } if (!found) { // check in category i = m_cat.length; while (!found && i > 0 && cat_has_subcat.includes(m_hl_cat)) { i--; if (newsletter_2nd_lv.hasOwnProperty(m_cat[i])) { found = true; newsletter = newsletter_2nd_lv[m_cat[i]]; } } } if (newsletter !== false && !$('.rj-story-full').hasClass('tag-hide-newsletter') && !$('.rj-story-full').hasClass(' rj-story-sponsored-full')) { html = ''; html += '

'; html += '

'; html += '

'+newsletter.title+'

'; html += '

'+newsletter.subtitle+'

'; html += '

'; html += '' html += ''; html += '

'; html += '

'; html += '

'; html += 'By signing up you agree to our Privacy Policy and '; html += 'Terms of Service. Unsubscribe at any time.'; html += '

'; html += '

(Video) Biden's student loan forgiveness plan is a 'horrible idea,' says Kevin O’Leary

'; html += '

'; $('.nlsm-small').html(html); } //});})(jQuery);

FAQs

How do you write a letter asking for student loan forgiveness? ›

I respectfully request that you forgive my alleged debt, as my condition precludes any employment, and my current and future income does not support any debt repayment. Please respond to my request in writing to the address below at your earliest convenience. Thank-you in advance for your understanding of my situation.

Are emails about student loan forgiveness real? ›

Often they're just fraudsters who are after your money. Here are some examples of the false claims made in these communications: “Act immediately to qualify for student loan forgiveness before the program is discontinued.”

Why do I keep getting denied for student loans? ›

Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.

What are 3 things you should keep in mind when taking out a student loan? ›

8 Tips for Taking Out Student Loans
  • Compare financial aid offers. ...
  • Borrow only what you need. ...
  • Consider working part-time. ...
  • Ask questions and follow instructions. ...
  • Shop around for private loans. ...
  • Be clear on what you're signing. ...
  • Note private-loan credit requirements. ...
  • Consider making interest payments while in college.

What are the positive and negative aspects of getting a student loan? ›

  • Pro: Rewards for excellent credit. ...
  • Pro: Higher borrowing limits. ...
  • Pro: Statute of limitations. ...
  • Con: Ineligible for income-driven repayment or federal forgiveness. ...
  • Con: Interest rates might be variable. ...
  • Con: No federal subsidy. ...
  • Con: A cosigner may be necessary. ...
  • Con: Private debt isn't always discharged after death.
Mar 31, 2021

Why student loan forgiveness is a good thing? ›

Overall, Rasure foresees student loan forgiveness positively impacting mental health collectively. “Widespread student loan forgiveness will help society at a very cellular level, meaning it will help employers, workers, family relationships, and the economy.”

Videos

1. Biden announces arrangement for student loan debt forgiveness
(ABC News)
2. Biden Considering Student Loan Debt Reduction That Will 'Likely Be Linked To Income'
(MSNBC)
3. Biden announces student loan forgiveness plan
(CNN)
4. Gov. Reynolds signs joint letter opposing Biden's student loan forgiveness plan
(KCCI)
5. Elizabeth Warren reacts to Biden's student loan forgiveness plan
(CNN)
6. Student Loan Debt Forgiveness Is Happening, Cardona Says
(Bloomberg Markets and Finance)
Top Articles
Latest Posts
Article information

Author: Catherine Tremblay

Last Updated: 01/01/2023

Views: 5875

Rating: 4.7 / 5 (67 voted)

Reviews: 82% of readers found this page helpful

Author information

Name: Catherine Tremblay

Birthday: 1999-09-23

Address: Suite 461 73643 Sherril Loaf, Dickinsonland, AZ 47941-2379

Phone: +2678139151039

Job: International Administration Supervisor

Hobby: Dowsing, Snowboarding, Rowing, Beekeeping, Calligraphy, Shooting, Air sports

Introduction: My name is Catherine Tremblay, I am a precious, perfect, tasty, enthusiastic, inexpensive, vast, kind person who loves writing and wants to share my knowledge and understanding with you.