Rumor Student Loan Forgiveness

[donkiez]

I don’t think that’s a very compelling argument. The pandemic will likely be over by next school year, so the inability to get a job is likely to be short lived. Further, the government adopted a policy for the pandemic of 0% interest rates through the end of the year on all federal student loans. Paying off a$25,000 debt in ten years, assuming a 5% interest rate, is a payment of $265 a month. That’s not cheap, but it’s what you sign on for when you take out a loan. The federal student aid website says this very clearly:

“If you receive a federal student loan, you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.”

https://studentaid.gov/understand-aid/types/loans/interest-rates

I would give this argument more credit if you were not asking 18-21 year olds to make a decision that will financially impact their whole lives. At that age most people do not have the financial knowledge, maturity or experience to make the best decisions.

 

[Chris Craig]

shit!

Last few times I've eaten a subway I got food poisoning, maybe I should give this big town hero stuff a try.

Big Town Hero sucks. The only other one that is worth it is Jersey Mikes

 

[e_blazer]

If you refinance your student loan you might not be eligible for forgiveness programs.

So, you may want to wait to see whether the Republicans hold the Senate.

 

[e_blazer]

I would give this argument more credit if you were not asking 18-21 year olds to make a decision that will financially impact their whole lives. At that age most people do not have the financial knowledge, maturity or experience to make the best decisions.

Most young people are able to understand the idea of having to repay a loan, and most have parents or other older advisers that they can turn to to help make informed decisions. Look, I'm not totally against federal aid to help repay student loan debt, but people have to get over this idea that the US government can just borrow, borrow, borrow to give away more freebies to folks who could use a hand. If we, as a people, feel that providing aid for student debt is something that we want to do, then we ought to first figure out where the money is going to come from.

 

[Natebishop3]

I need them to pay off $125k in student loans I took out to get my PHD in 16th Century Gender Roles in Native American Poetry.

Only $125k for a PHD? That's a steal! Where did you go? PCC?

 

[julius]

So, you may want to wait to see whether the Republicans hold the Senate.

The suggestion was that President Biden was going to do an EO.

 

[e_blazer]

The suggestion was that President Biden was going to do an EO.

He's going to have to find a huge pile of money that Congress has already authorized to be spent on educational programs or something similar. A president can't usurp the Constitutional authority of Congress to tax and spend. That doesn't mean that Biden couldn't be creative in spending other authorized funds, but it's going to take a butt-load of bucks to write off all of the student loans floating around out there.

 

[illmatic99]

Frankly the government needs to step in on the horrible price gouging that's going on with schools.

The books.

The dorms.

The fees.

College is horribly mismanaged and a lot of it is public schools.

Biden is proposing free state school undergraduate programs, which frankly, is long overdue. But you better bet the GOP would be against that too.

Nearly every developed country (hell, even some developing ones) offer free public education thru 4 yrs of college. There's a reason we have to import talent through H1Bs and the like so much. Every republican administration results in an effective brain drain in this country.

 

[julius]

He's going to have to find a huge pile of money that Congress has already authorized to be spent on educational programs or something similar. A president can't usurp the Constitutional authority of Congress to tax and spend. That doesn't mean that Biden couldn't be creative in spending other authorized funds, but it's going to take a butt-load of bucks to write off all of the student loans floating around out there.

They're owed to the government, they don't need to create $ to eliminate them.

And now all the sudden we are concerned about executive order overreach?!

 

[e_blazer]

They're owed to the government, they don't need to create $ to eliminate them.

And now all the sudden we are concerned about executive order overreach?!

I don't think that your bookkeeping would pass muster. Some are federal loans, but a lot are private loans from lending institutions backed by federal programs. I don't think a president can just dash off an EO and suddenly override the legislative provisions that funded the loan programs.

I've been concerned about EO overreach for a long time. It's ramped up with each of the past few administrations due to the great partisan divide as an end-around to actually cutting deals with Congress. You know, the way it's supposed to work?

 

[donkiez]

Most young people are able to understand the idea of having to repay a loan, and most have parents or other older advisers that they can turn to to help make informed decisions. Look, I'm not totally against federal aid to help repay student loan debt, but people have to get over this idea that the US government can just borrow, borrow, borrow to give away more freebies to folks who could use a hand. If we, as a people, feel that providing aid for student debt is something that we want to do, then we ought to first figure out where the money is going to come from.

I think we both fundamentally agree that school is too expensive. I don't fully agree with paying off people's school debts for similar reason you bring up. I guess we differ in the fact that I don't believe anyone who is a US citizen should have to borrow any money for an education. I don't care if that education is a doctor, scientists, actor or underwater basket weaver. All of these people are a value to our society fiscally or culturally. If we are serious about maintaining our superpower status we need educated people and our government should invest in them. It's not even asking a lot, this generation is only asking for the same advantages their parents or grandparents had.

As far as your claim that people of this age group have good financial sense or generally have people to help them make decisions, I feel that comment is out of touch with most people and you have forgot what being 18-21 was like.

 

[BlazerWookee]

Only $125k for a PHD? That's a steal! Where did you go? PCC?

Faber College

 

[barfo]

since it was his calling to be a teacher, how else could be become one other than to go to college and pay through the nose?

A fake resume costs what, $0.05/copy? It's very affordable.

barfo

 

[wizenheimer]

definitely should take a look at cost

back in medieval times when I went to the U of Oregon, 1970, my cost fro tuition AND room & board in a dorm was $1500. I had to buy my own books though

so then in today's dollars:



now, I just checked the Uof O costs:



in other words, about 2.6 times more than just the adjusted cost of inflation. Something(s) are definitely adding expense to an education

 

[EL PRESIDENTE]

 

[julius]

Whats funny about that tweet...most of the people who had to take out student loans are the sons and daughters of the same group of people they're claiming are getting screwed by eliminating student loan debt.

It's implying that these are just kids who just took out student loans for the sake of having sex and learning nothing. Seems to imply that those who don't go to college learn tons and have no sex.

I can testify that I learned tons in college and barely any sex in college and my parents were blue collar workers. But hey, any way you can scare poor people from thinking rich peoples kids are just taking your money away, go for it!

 

[donkiez]

Whats funny about that tweet...most of the people who had to take out student loans are the sons and daughters of the same group of people they're claiming are getting screwed by eliminating student loan debt.

It's implying that these are just kids who just took out student loans for the sake of having sex and learning nothing. Seems to imply that those who don't go to college learn tons and have no sex.

I can testify that I learned tons in college and barely any sex in college and my parents were blue collar workers. But hey, any way you can scare poor people from thinking rich peoples kids are just taking your money away, go for it!

To piggy back on this some, that tweet also implies that the only people taking loans are kids and nobody who goes to school sacrifices anything in thier lives. School is hard, and you either do it while working or you put off working to do it. The local community colleges are full of 30 somethings with kids, struggling to keep it together and make a better life for their families.

 

[RR7]

It also makes the assumption that there are no plumbers, fire fighters, garbage collectors, etc. that took out student loans to go to school. A firefighter has to get there EMT certification. Yes, its a 2 year certificate, but plenty of them could be taking out loans for it. I know a few tradespeople that started in it after school, with student loans. What a shit take.

 

[Lanny]

Faber College

Hey, I went to college there. Stayed in the Delta Tau Chi fraternity.

 

[BlazerWookee]

Hey, I went to college there. Stayed in the Delta Tau Chi fraternity.

I loved it there until some asshole broke my guitar right as I was gonna score with some hippie chicks...

 

[riverman]

I loved it there until some asshole broke my guitar right as I was gonna score with some hippie chicks...

Sounds like the hippie chicks had a dad with a temper

 

[julius]

Kind of sounds like student loan forgiveness went from "The Blazers are signing Kevin Durant!" to "Well, the Blazers are signing Serge Ibaka!" to "The Blazers signed Festus Ezeli?!" to "aaand he's already injured and out for the year".

 

[MARIS61]

I'm for it. All that money instead will get injected into the economy. It will help many families.

There is no money.

It's debt, owed to banks.

The government is the cosigner and has to pay the debt if the borrower doesn't.

The government is many trillions in debt and would have to raise taxes astronomically on the Middle Class to pay off the debt to the banks.

 

[MARIS61]

Physical schools are unnecessary for 99% of all higher education needs, and the time required to complete an education could be slashed by years.

 

[riverman]

College graduates who are saddled with a qtr million in debt before they get their first job aren't going to afford to buy a house, start a small business or start a family......this is why the middle class is hurting....and taxes will be raised on folks making more than 400k per year under Joe's plan...that's not the middle class......you'd think a real estate agent would understand this. Escalating the 1% ability to buy yachts and islands in the Caribean while hiding money in European banks isn't contributing to paying off the national debt either....stop the billionaire's war against the working class and young couples trying to start a decent life....we don't need another golf course ...we need affordable housing

 

[EL PRESIDENTE]

 

[julius]

Sounds like Biden said no to student loan debt forgiveness.

 

[riverman]

Sounds like Biden said no to student loan debt forgiveness.

I think with the covid vaccine program he's funding the numbers don't support doing that now....I'd say Joe has kicked that can down the road possibly hoping in 2022 there will be more votes for it

 

[julius]

I think with the covid vaccine program he's funding the numbers don't support doing that now....I'd say Joe has kicked that can down the road possibly hoping in 2022 there will be more votes for it

Kicking the can down the road is this country's specialty.

 

[riverman]

Kicking the can down the road is this country's specialty.

I think in this case it's inevitable....we need to look at taxing the 1% before we make the middle class pay it off