Will Joe Biden cancel student loans?

[JEDI]

Nope. Only a moron would. Thankfully, Biden isn't that stupid.

It is essentially attempting to buy votes in a nut-shell. The problem is - that morons don't understand - is that it will piss off a much larger majority.
I sincerely don't think Biden is stupid enough to randomly forgive loans.

yup.. will piss off those that worked hard to pay off their loans (like me)

 

[s0me0nesmind1]

yup.. will piss off those that worked hard to pay off their loans (like me)

Moreso the working class that chose to be responsible, not burden themselves with outrageous debt and learned a trade skill... Without getting massive debt and have a result of working as a Starbucks Barista.

 

[MrSquished]

Lol "helps the economy" argument is just grand.

It helps the top 30-40% and at no point is it guaranteed to be spent in a way that is helpful.

Va. Simply handing the LOWER 40% money where they can use it to improve their lives and help drive the economy.

Also just using the phrase "helps the economy" to drive an argument for massively increasing our debt is just fucking batshit insanely stupid.

You seen to forget the Dems are also interested in more stimulus and higher unemployment benefits for everyone else. Not just those who went to college. Hazard pay for those in many lines of work that require no college degree.

But you've never been intellectually honest. So why start now?

 

[MrSquished]

Moreso the working class that chose to be responsible, not burden themselves with outrageous debt and learned a trade skill... Without getting massive debt and have a result of working as a Starbucks Barista.

Yes everyone can just learn a trade. I'm all for trade school loan forgiveness too, but your insinuation that everyone should just become tradesmen is just as fucking delusional as those who think we can only survive with masters degrees.

And I suppose nobody should go do non practical majors anyways because what would the world be if it weren't for authors, artists, music, creators, educators and cerebral folks doing their thing. I mean clearly if everyone can't succeed in an artistic or intellectual endeavor nobody should do it.

Do you even think?

 

[fskimospy]

Yes everyone can just learn a trade. I'm all for trade school loan forgiveness too, but your insinuation that everyone should just become tradesmen is just as fucking delusional as those who think we can only survive with masters degrees.

And I suppose nobody should go do non practical majors anyways because what would the world be if it weren't for authors, artists, music, creators, educators and cerebral folks doing their thing. I mean clearly if everyone can't succeed in an artistic or intellectual endeavor nobody should do it.

Do you even think?

What’s funny is that the real argument against student loan forgiveness is it helps higher incomes more than lower incomes.

 

[sactoking]

American: "I'm against student loan forgiveness because I paid mine back and it wouldn't be fair!"
Narrator: "Said the person who took advantage of the Homebuyer Tax Credit free money."

American: "I'm against student loan forgiveness because I paid mine back and it wouldn't be fair!"
Narrator: "Said the person who took advantage of the electric vehicle tax credit free money."

American: "I'm against student loan forgiveness because I paid mine back and it wouldn't be fair!"
Narrator: "Said the farmer that gets millions in farm subsidies every year."

American: "Only a fool would go into debt for school!"
Narrator: "Said the person who went to school when a degree could be had for $2,000 per year."

American: "Only a fool would go into debt for school!"
Narrator: "Said someone who entered the work force when a bachelor's degree and ten years of experience wasn't the minimum requirement to work in the mail room."

 

[Greenman]

I want to college and paid my student debts. State college so it wasn't that bad at all. I would not give two shits if they forgived some student debt. Are we only allowed to be happy for things that benefit us directly? What a country.

Or we could build ten million low income homes for the same money.

 

[MrSquished]

Or we could build ten million low income homes for the same money.

Or we could do both.

 

[brycejones]

Or we could build ten million low income homes for the same money.

Or most likely do nothing but give another tax break to the job creators if moscow mitch has anything to say about it.

 

[trenchfoot]

Well seeing as if the Repub Party have shown how they despise an educated constituency that would easily figure out how they've been scammed so well by their own leaders, Biden is going to find out just how much of a mission impossible kind of task it's going to be toward getting the Repubs in the legislature to give even a .00000001 millimeter's worth of cooperation and compromise in this regard.

There's a reason McConnell and other Repubs like him have been able to hang to their seats for so long and it has nothing to do with promoting and creating a very well educated population and keeping them from moving out of the state. How odd it is that the majority of Repub controlled states like his are more dependent on federal welfare aid than many other Dem controlled ones yet are telling their own people who receive such aid that they should hate the very socialism they rely on to keep a modicum of lifestyle that would barely keep them out of the ranks of the poverty-stricken.

 

[Greenman]

Well seeing as if the Repub Party have shown how they despise an educated constituency that would easily figure out how they've been scammed so well by their own leaders, Biden is going to find out just how much of a mission impossible kind of task it's going to be toward getting the Repubs in the legislature to give even a .00000001 millimeter's worth of cooperation and compromise in this regard.

There's a reason McConnell and other Repubs like him have been able to hang to their seats for so long and it has nothing to do with promoting and creating a very well educated population and keeping them from moving out of the state. How odd it is that the majority of Repub controlled states like his are more dependent on federal welfare aid than many other Dem controlled ones yet are telling their own people who receive such aid that they should hate the very socialism they rely on to keep a modicum of lifestyle that would barely keep them out of the ranks of the poverty-stricken.

Yet it's well educated people that need the government to repay their loans. Bit of a dichotomy there.

 

[BoomerD]

American: "I don't like canceling student debt because even though it will greatly help the economy it won't directly help me. But I'm all for tax breaks for billionaires that don't help the economy one bit because some day I may be a billionaire too!"

Narrator: "They never had any chance of becoming a billionaire."

I don't like tax breaks for the wealthy either. Since it will never affect me, we could go back to the 70-94% tax rates on the uber-wealthy that existed in the last century...but I know that won't ever happen. (and no, no one ever actually paid that effective rate...way too many loopholes and tax breaks) Too many people who might earn 35K-$75K will rise up and protest the unfair treatment of those very rich people who wouldn't stoop to pissing on the poor, let alone helping them.

If you eliminate student debt...what's next? Mortgages? Car payments? They're all just as optional...People can rent...or buy older used cars...

Bottom line (for me) is that if you borrow money for ANY REASON, it's incumbent on you to pay it back.

I wouldn't be opposed to free college...via the community college system...then onto state universities...

How about eliminating the tax deductions for vacation or second homes? I'm fine with the tax break for primary homeownership...

 

[brycejones]

I don't like tax breaks for the wealthy either. Since it will never affect me, we could go back to the 70-94% tax rates on the uber-wealthy that existed in the last century...but I know that won't ever happen. (and no, no one ever actually paid that effective rate...way too many loopholes and tax breaks) Too many people who might earn 35K-$75K will rise up and protest the unfair treatment of those very rich people who wouldn't stoop to pissing on the poor, let alone helping them.

If you eliminate student debt...what's next? Mortgages? Car payments? They're all just as optional...People can rent...or buy older used cars...

Bottom line (for me) is that if you borrow money for ANY REASON, it's incumbent on you to pay it back.

I wouldn't be opposed to free college...via the community college system...then onto state universities...

How about eliminating the tax deductions for vacation or second homes? I'm fine with the tax break for primary homeownership...

Ok boomer.

 

[Zorba]

I'm against wholesale loan forgiveness and it highlights a problem I have with a lot of the policies on the left, it only addresses the "who's paying for it" not the cost.

I think the loan process needs to be massively changed. You should only be able to get loans for actual tuition/fees. The interest rate needs to be capped at no more than a 10-year T-note. No loans towards for-profit schools.

There should also be a real forgiveness program, so that if you meet certain parameters the loan is forgiven. If you are paying on an income adjusted rate, you shouldn't accumulate interest on the difference.

I have known many people that lived high on the hog in college and didn't work, while I drove an old ass car, worked, and ate cheap. They should have to take some responsibility for their decisions, but again the loan system should be fixed to make living off the loans harder.

But the real issue is with school costs. State school prices are way up, meanwhile every campus is in an arms race for who has the shiniest new buildings and newest res halls. Nearly every top paid state employee is a fucking college coach. And schools are driving up cost by limiting supply. States have also limited funding to universities significantly over the decades (as a percentage). Private schools that don't meet some sort of endowment to freshman class ratio should have their endowments taxed.

Part of the reason school costs are way up is because students have infinite access to loans. Cut back that gravy train and university will stop charging $800/mo for a dorm room and $30/hr for sports facility bonds.

IMHO, you have to fix the loan practices and cost side, then start thinking about how you can forgive debt on people to where it "should have been."

 

[Svnla]

Ok, let figure out the average loan amount, about $40k? Give every college student and grad (still paying student loan or already paid of) $40K no string attached, no income tax, nothing but pure cold cash. How about that? Equal and fair all around.

 

[uclaLabrat]

And another huge amount of debt added to the deficit, no thanks, you went, you pay. My neighbors kid, (when he was 18) racked up $40K in loans to be a music producer, he's still living at the house 10+ years later paying on it, he works for a local beverage distributor.

Ordinarily i agree but you're trying to apply household finance principles to national fiscal policy. Thsts like trying to apply drivers ed to Nascar racing. They both have 4 wheels and an engine but they are entirely different worlds with different rules and shouldn't be treated as such.

 

[cytg111]

Moreso the working class that chose to be responsible, not burden themselves with outrageous debt and learned a trade skill... Without getting massive debt and have a result of working as a Starbucks Barista.

If I suffer. You must suffer.
That is a bold line of thinking there sparky, lets see how that plays out for you.
*fast forward America 400 years*
French high school history class : The implosion of The American Empire and the rise of the American Taliban. What can we learn from it? What to do and what not to do.

 

[cytg111]

You dont need another reason to grok free education but reading someones posts but have one anyway. Did you know that militias surged under Obama? Credited to conspiracy theories, end of days, a black man in the oval. Its ignorance. What is the kryptonite of ignorance? Its not creationism...
I’d wager that any fool that put forth 20 seconds of focused brain power will come to accept the fact that the distance between not knowing and knowing is growing at ever increasing speeds... Specially now. There will always be an absolute zero cause we all enter this world 100% blank yet the other end of the spectrum keeps expanding. If you keep keeping a certain part of the population in the dark ages, you ARE gonna tear your country apart.
Knowledge and understanding binds people together.
Ignorance drives them apart.

 

[TheVrolok]

Nope. Same here.

I have two years left on PSLF, but wouldn't care in the slightest if they canceled debt after that point.

 

[TheVrolok]

This is the thing, $$ just doesn't just fall out of the either, if those loans are forgiven the government will have to pay it
all back to the banks that underwrote all of it. If you want to go that route than I want the $1,300/month I can collect now on SS boosted to $2,000/month. To make up the amount that I WOULD have been entitled to IF I got a free collage
education.

To take things this out of context is incredibly egocentric. You simply can't apply your situation then, to a student's situation now. Apples and oranges.

 

[Puffnstuff]

My wallet is waiting for student loan forgiveness.

 

[K1052]

I'm against wholesale loan forgiveness and it highlights a problem I have with a lot of the policies on the left, it only addresses the "who's paying for it" not the cost.

I think the loan process needs to be massively changed. You should only be able to get loans for actual tuition/fees. The interest rate needs to be capped at no more than a 10-year T-note. No loans towards for-profit schools.

There should also be a real forgiveness program, so that if you meet certain parameters the loan is forgiven. If you are paying on an income adjusted rate, you shouldn't accumulate interest on the difference.

I have known many people that lived high on the hog in college and didn't work, while I drove an old ass car, worked, and ate cheap. They should have to take some responsibility for their decisions, but again the loan system should be fixed to make living off the loans harder.

But the real issue is with school costs. State school prices are way up, meanwhile every campus is in an arms race for who has the shiniest new buildings and newest res halls. Nearly every top paid state employee is a fucking college coach. And schools are driving up cost by limiting supply. States have also limited funding to universities significantly over the decades (as a percentage). Private schools that don't meet some sort of endowment to freshman class ratio should have their endowments taxed.

Part of the reason school costs are way up is because students have infinite access to loans. Cut back that gravy train and university will stop charging $800/mo for a dorm room and $30/hr for sports facility bonds.

IMHO, you have to fix the loan practices and cost side, then start thinking about how you can forgive debt on people to where it "should have been."

Making student loans a special class of debt starting back in the 70s was a titanic mistake. The finance world realized what this means and have spent decades getting people to rack up ever larger debts that you can't discharge in bankruptcy like other debt and they also worked to extend the stature of limitation for defaulted loans. Colleges could raise prices to infinity and beyond while people willing to make the loans made a killing since the debtors are essentially chained to it forever no matter what making it attractive to buyers. I've had it explained to me in gleeful detail by debt guys before which has given way to the almost uncontrollable urge to bean them with my drink.

 

[Entangled]

Joe initially wanted to pay off $10k for all student loan borrowers. Schumer and Warren have called for much more aggressive measures. They want to eliminate $50k of student loan debt for each borrower I've even heard that Warren wants to eliminate 100% of studen loan debt. To just wipe the slate clean. IMO, if they go ahead and get rid of student loan debt they need to go after the cost of college, because we will just find ourselves back in this mess within another decade. I think it's redicilous that colleges are charging full price for college credits when their campuses are closed. A class on Zoom is not even close to going to a class on campus.

Schumer, Warren: The Next President Can and Should Cancel Up To $50,000 In Student Loan Debt Immediately; Democrats Outline Plan for Immediate Action in 2021 | U.S. Senator Elizabeth Warren of Massachusetts

The Official U.S. Senate website of Senator Elizabeth Warren of Massachusetts

www.warren.senate.gov

A better question is should every illegal alien get free college paid for by working Americans, and can America afford this and who reimburses the public when 99 percent of these people fail out, and will they really need to pass if Biden says they should continue anyway, and finally, would college still be worth a hoot

 

[cytg111]

A better question is should every illegal alien get free college paid for by working Americans, and can America afford this and who reimburses the public when 99 percent of these people fail out, and will they really need to pass if Biden says they should continue anyway, and finally, would college still be worth a hoot

Slow?

 

[Entangled]

Slow?

Personal commentary is required in all P&N posts.
administrator allisolm