Forgiving Student Loans: Good Idea or Bad?

ANN ARBOR, Mich. (WJBK) - Should the future workforce of America get a bailout? A petition to have student loans forgiven has garnered 50,000 signatures. However, the idea is getting mixed reviews on the University of Michigan campus.

Some students told FOX 2's Iris Perez they will be leaving school with around $20,000 in loans.

"I know some people who are working and in their forties and they're still paying off their student loans. If Obama were to just bail us out on that, that would be like a miracle," one student said.

"If he does it, I'm not going to complain about it. That's for sure. It will help me out with my first house and car payment," another explained.

"Even though I personally don't have student loans, I think it's something that probably needs to happen. I mean, us students, we're the future," a third person remarked.

However, not everybody agrees.

"That just doesn't sound right," one individual told us. "I'm going to a great university. I'm getting four years of education at (a) top 50 public university in the world. I feel obligated to pay that."

There is another bailout petition on the website A student loan forgiveness loan proposed by Rep. Hansen Clarke in August failed to make much headway.

Meanwhile, FOX 2 legal analyst Charlie Langton doesn't think student loan forgiveness is plausible.

"The president doesn't have authority to overturn student loans," he said. "They can have a billion signatures on the petition. It's not going to make any difference. These are private banks that have private loans and, good luck, can't do it."

Do you think students should be bailed out on their student loans? Post your comments below.

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