Politics Biden will drop student loan forgiveness from next week's budget

[SlyPokerDog]

Biden will drop student loan forgiveness from next week's budget breaking campaign promise to cancel $10,000 debt for all 42 million Americans

• Joe Biden campaigned on canceling up to $10,000 of debt per student
• But the President appears to have dropped it from his agenda and it's reportedly been scrapped from next week's Budget
• 'The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree,' Biden said in an interview
• The move is likely to anger the leftwing of the Democrat Party, after AOC and Elizabeth Warren repeatedly pressured Biden to forgive $50,000
• The White House has said it would prefer Congress pass a bill canceling the debt rather than doing so through executive order
• More than 42 million Americans, or one in six adults, have student loans, and owe an average of $36,520

https://www.dailymail.co.uk/news/ar...op-student-loan-forgiveness-weeks-Budget.html

 

[SlyPokerDog]

Dumb

 

[Haakzilla]

Dang.

 

[crandc]

Why?

 

[Natebishop3]

I don’t know why people are still surprised when politicians don’t follow through on campaign promises. I’m still waiting on Obama to close Gitmo.

 

[Hoopguru]

The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree,' Biden said in an interview

I agree 100% with that. Just my personal opinion, nope not a nazi!

 

[Natebishop3]

The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree,' Biden said in an interview

I agree 100% with that. Just my personal opinion, nope not a nazi!

Help me out here. What exactly am I getting for my federal tax dollars?

 

[julius]

Well, I'm totally surprised that he didn't keep that promise.

Maybe someone should have called it "defense fund" or something.

 

[julius]

• The White House has said it would prefer Congress pass a bill canceling the debt rather than doing so through executive order

I understand the logic in that, but it's totally passing the buck. Congress, full of rich people who don't give two shits about the average US citizen, aren't going to do jack shit about it ever.

 

[Phatguysrule]

Because he's a piece of crap. Which is still legitimately a dramatic improvement over the last president...

 

[tester551]

The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree,' Biden said in an interview

I agree 100% with that. Just my personal opinion, nope not a nazi!

I agree as well.
The current institution is predatory in nature. They need to fix the broken system first.

But everyone made their choice. I'm fine with making all the loans 0% interest, but cancelation is the wrong approach

 

[Natebishop3]

I agree as well.
The current institution is predatory in nature. They need to fix the broken system first.

But everyone made their choice. I'm fine with making all the loans 0% interest, but cancelation is the wrong approach

It's an investment in our country's future. Debt is crippling an entire generation.

Why do we need to spend trillions on defense and not put a little money into actually fixing our economy?

 

[julius]

It's an investment in our country's future. Debt is crippling an entire generation.

Why do we need to spend trillions on defense and not put a little money into actually fixing our economy?

Because when I went to school, I didn't get a loan*!



*usually said by people who paid significantly less money to go to college 30 or more years ago

 

[Natebishop3]

Because when I went to school, I didn't get a loan*!



*usually said by people who paid significantly less money to go to college 30 or more years ago

Even community college is getting pretty crazy expensive. Real incentive to join the military these days to get the GI Bill.

 

[theprunetang]

Even community college is getting pretty crazy expensive. Real incentive to join the military these days to get the GI Bill.

Ding ding ding. That's the way THEY want it.

 

[THE HCP]

Ding ding ding. That's the way THEY want it.

Thats what I had to do. Good thing is, it helped us get our first house!

 

[Sheldon Shape]

It's an investment in our country's future. Debt is crippling an entire generation.

Why do we need to spend trillions on defense and not put a little money into actually fixing our economy?

Obviously because of socialism. Can't do that.

... except when we're transferring middle class tax dollars to defense contractors.

 

[Voodoo]

Thats what I had to do. Good thing is, it helped us get our first house!

Wow they really will take anybody, won’t they?

 

[ABM]

Because he's a piece of crap. Which is still legitimately a dramatic improvement over the last president...

ALWAYS keep that in mind!

 

[Hoopguru]

i have two granddaughters that have just gone through the whole process of student loans, scholarships, etc. for starting College this next fall. Even with one having a substantial scholarship their loans will be substantial. Their parents chip in some as I did for my kids, but feel they need to be financially responsible and invested, for their decision to obtain loans for continued education. Both parents (my kids) will tell you that owing on a loan, that they chose to use, was serious motivation too, once done get in the work place to pay for their loans. No different than if they elected to go purchase a home, vehicle or whatever on time, its their responsibility. I worked while attending community college and PSU and after I was married and having kids, to pay off my student loan. There were sacrifices on the way though which was tough at times.

 

[UncleCliffy'sDaddy]

The idea that you go to Penn and you're paying a total of 70,000 bucks a year and the public should pay for that? I don't agree,' Biden said in an interview

I agree 100% with that. Just my personal opinion, nope not a nazi!

Great post! I’m all for free community college, because that’s where most kids out of high school need to go if they really want to get a solid (and early) footing in the work force. But why should I pay tuition for people who really had NO business attending a four year college in the first place?? Scholarships and grants exist to help those who actually belong at a four year school but might need financial assistance. My wife and I are just finishing paying off the college tuition of a certain poster who graduated in 2005 from a local public university (and he ended up getting a terrific job). And that is the way it’s supposed to be. We made the deal with our sons that as long as they stayed in school and made the grades, we would foot the bill. If they didn’t, the whole thing was on them. Now that we’re seeing daylight I’m supposed to pick up the tab for someone else’s kid??? For degrees the world doesn’t really need?? Fuck that. I’m all universal healthcare and some of the other pie in the sky stuff the progressives are pushing, but canceling or reducing student debt is not one of them. It’s like saying I need a fancy, fully loaded car to get from Point A to Point B and expecting my fellow citizens to provide it, all while public transportation already exists. We need to help those who actually need help through no fault of their own, not enable people who are victims of their own ill considered decisions.

 

[Phatguysrule]

ALWAYS keep that in mind!

Unfortunately it's a MUST.

 

[ABM]

Unfortunately it's a MUST.

I git it. It's the worn, "At least things aren't as bad as they USED to be!!" mantra.

 

[Hoopguru]

Great post! I’m all for free community college, because that’s where most kids out of high school need to go if they really want to get a solid (and early) footing in the work force. But why should I pay tuition for people who really had NO business attending a four year college in the first place?? Scholarships and grants exist to help those who actually belong at a four year school but might need financial assistance. My wife and I are just finishing paying off the college tuition of a certain poster who graduated in 2005 from a local public university (and he ended up getting a terrific job). And that is the way it’s supposed to be. We made the deal with our sons that as long as they stayed in school and made the grades, we would foot the bill. If they didn’t, the whole thing was on them. Now that we’re seeing daylight I’m supposed to pick up the tab for someone else’s kid??? For degrees the world doesn’t really need?? Fuck that. I’m all universal healthcare and some of the other pie in the sky stuff the progressives are pushing, but canceling or reducing student debt is not one of them. It’s like saying I need a fancy, fully loaded car to get from Point A to Point B and expecting my fellow citizens to provide it, all while public transportation already exists. We need to help those who actually need help through no fault of their own, not enable people who are victims of their own ill considered decisions.

Bingo, bingo....give the dude a prize!

 

[julius]

i have two granddaughters that have just gone through the whole process of student loans, scholarships, etc. for starting College this next fall. Even with one having a substantial scholarship their loans will be substantial. Their parents chip in some as I did for my kids, but feel they need to be financially responsible and invested, for their decision to obtain loans for continued education. Both parents (my kids) will tell you that owing on a loan, that they chose to use, was serious motivation too, once done get in the work place to pay for their loans. No different than if they elected to go purchase a home, vehicle or whatever on time, its their responsibility. I worked while attending community college and PSU and after I was married and having kids, to pay off my student loan. There were sacrifices on the way though which was tough at times.

That statement kind of proves my point.

When you went to college,, even after you were married and had kids, college was far more affordable.

Since 1963, the cost of going to college has increased 143%, which is well above the inflation rate.

When my parents went to college, it was about 400 bucks a *QUARTER*.

The cost to go to college now?

PSU, OSU and UO are currently, if you live off campus, over 10K per year. In fact, OSU and PSU are both over 12K now. And that's just tuition.

Let's not act like you can just 'work' and go to college like you used to be able to. Yes, there are scholarships/pell grants, etc, but the costs of college has totally go out of whack with inflation and what the average person can afford to send their kids to school.

And unlike other loans, you can't file bankruptcy if the shit hits the fan. It's a racket.

And not only that, your own kids are old enough to have kids in college, so they're probably in their 40's or maybe even late 40's. College *20*+ years ago was more affordable than it is now.

There are stories of people (myself included) who have paid on their student loans for years (in my case, 10+ years) and have paid more than the minimum, and owe the same amount that I did when I left.

Student loan debt isn't good debt. A house is a good debt. But student loan debt can be restrictive when it comes to getting a loan for a house. And yes, I understand that I agreed to take on a student loan, but it's pretty much a ponzi scheme. To succeed in the field you need to get this degree, but to get this degree you need to pay 30K in student loans, because universities are a racket.

 

[bigbailes]

That statement kind of proves my point.

When you went to college,, even after you were married and had kids, college was far more affordable.

Since 1963, the cost of going to college has increased 143%, which is well above the inflation rate.

When my parents went to college, it was about 400 bucks a *QUARTER*.

The cost to go to college now?

PSU, OSU and UO are currently, if you live off campus, over 10K per year. In fact, OSU and PSU are both over 12K now. And that's just tuition.

Let's not act like you can just 'work' and go to college like you used to be able to. Yes, there are scholarships/pell grants, etc, but the costs of college has totally go out of whack with inflation and what the average person can afford to send their kids to school.

And unlike other loans, you can't file bankruptcy if the shit hits the fan. It's a racket.

And not only that, your own kids are old enough to have kids in college, so they're probably in their 40's or maybe even late 40's. College *20*+ years ago was more affordable than it is now.

There are stories of people (myself included) who have paid on their student loans for years (in my case, 10+ years) and have paid more than the minimum, and owe the same amount that I did when I left.

Student loan debt isn't good debt. A house is a good debt. But student loan debt can be restrictive when it comes to getting a loan for a house. And yes, I understand that I agreed to take on a student loan, but it's pretty much a ponzi scheme. To succeed in the field you need to get this degree, but to get this degree you need to pay 30K in student loans, because universities are a racket.

So why not fix the problem at the source, the overspending of these universities, rather than just handing tax dollars to students? I'm all for making college more affordable, but giving away money is only going to make the problem of university overspending WORSE not better. This is putting a band aid over a gaping wound and thinking you fixed the problem.

 

[Phatguysrule]

I git it. It's the worn, "At least things aren't as bad as they USED to be!!" mantra.

More, it's a small step in the right direction. Unfortunately we refused to take a large step and put that past to bed.

It's unfortunate, but we were so far off the rails we had to settle for Biden just to start heading in the right general direction again...

 

[julius]

Great post! I’m all for free community college, because that’s where most kids out of high school need to go if they really want to get a solid (and early) footing in the work force. But why should I pay tuition for people who really had NO business attending a four year college in the first place??

That's a small % of the student loan debt though. Yes, there are those who had no business attending college (etc) or who perpetually take on more and more student loan debt, but that's not the majority.

Scholarships and grants exist to help those who actually belong at a four year school but might need financial assistance. My wife and I are just finishing paying off the college tuition of a certain poster who graduated in 2005 from a local public university (and he ended up getting a terrific job). And that is the way it’s supposed to be. We made the deal with our sons that as long as they stayed in school and made the grades, we would foot the bill.

Thing is, the majority of people can't do that. My parents couldn't afford to pay for me or my siblings college tuition, and I grew up in the 80's when it was cheap.

If they didn’t, the whole thing was on them. Now that we’re seeing daylight I’m supposed to pick up the tab for someone else’s kid???

Considering you already pay for peoples education, wars, loans to other countries, loans to farmers, loans/tax cuts to big businesses, financial incentives for businesses...

For degrees the world doesn’t really need?? Fuck that. I’m all universal healthcare and some of the other pie in the sky stuff the progressives are pushing, but canceling or reducing student debt is not one of them. It’s like saying I need a fancy, fully loaded car to get from Point A to Point B and expecting my fellow citizens to provide it, all while public transportation already exists.

Actually, it'd be more like making it so people who received student loans because their parents weren't wealthy enough to pay for it, are given a chance to get out from the debt that they can't file bankruptcy from.

It's absolutely nothing like getting a fully loaded car. It's more like buying a car and then paying it down for a long time and never being able ot get out of paying it back and it hamstringing you in getting a house.

We need to help those who actually need help through no fault of their own, not enable people who are victims of their own ill considered decisions.

Again, those "ill considered decisions" are a small % of the total. What about people who wanted to be teachers? To do that, you need a masters, but once you get out of grad school, your student loans are spendy. A friend of mine did that, and had to change jobs because the pay wasn't enough for her to pay her loans + rent (and life, etc). Since her job of choice required a masters, but didn't pay well....

 

[julius]

So why not fix the problem at the source, the overspending of these universities, rather than just handing tax dollars to students? I'm all for making college more affordable, but giving away money is only going to make the problem of university overspending WORSE not better. This is putting a band aid over a gaping wound and thinking you fixed the problem.

I'm fine with the over spending of those universities, but where do you think that money will come from? The same place (and probably at a higher cost) than it would to do something about the student loan debt (I don't think 50K a person is a reasonable or realistic goal though).

 

[ABM]

More, it's a small step in the right direction. Unfortunately we refused to take a large step and put that past to bed.

It's unfortunate, but we were so far off the rails we had to settle for Biden just to start heading in the right general direction again...

K, if you say so.