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Thread: Student loans

  1. #1
    It's OVER 5,000! msstate7's Avatar
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    Student loans

    What you guys think Biden will do? I've saw there's calls for forgiving up to 50k. Will he do it or just keep extending the no payment/no interest?
    Swanson sucks

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    Can he go ahead and send me 50k so I can stop saving for my kids college ?
    Ivermectin Man

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    **NOT ACTUALLY RACIST
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    What about all the people who have paid
    Off thier student loans or those who couldn’t afford to go to college because the loans would be to much. Would they get $50k too?

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    Sabermetric Slut
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    I need that 50K college stimulus check

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    if my thought dreams could be seen goldfly's Avatar
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    Quote Originally Posted by Krgrecw View Post
    What about all the people who have paid
    Off thier student loans or those who couldn’t afford to go to college because the loans would be to much. Would they get $50k too?
    yeah, and what about ever other aspect of anything that people use to do but changed ways

    will they be compensated too?

    the "people have paid off their loans and it was tough, so should you" is by far the dumbest of the dumb reasons to not do this
    "For there is always light, if only we are brave enough to see it. If only we are brave enough to be it." Amanda Gorman

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    I <3 Ron Paul + gilesfan sturg33's Avatar
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    Quote Originally Posted by goldfly View Post
    yeah, and what about ever other aspect of anything that people use to do but changed ways

    will they be compensated too?

    the "people have paid off their loans and it was tough, so should you" is by far the dumbest of the dumb reasons to not do this
    Of course we should punish those who sacrificed and exhibited personal responsibility, while rewarding a bunch of rich white kids with a huge bailout paid for by working class people with no degree

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    if my thought dreams could be seen goldfly's Avatar
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    how is someone being punished?

    you said all those buzz words like you give a damn about any of that lol
    "For there is always light, if only we are brave enough to see it. If only we are brave enough to be it." Amanda Gorman

    "When Fascism comes to America, it will be wrapped in the flag and carrying a cross"

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    if my thought dreams could be seen goldfly's Avatar
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    think how broken you have to be to have the logic


    "i had it tough, you should too!"
    "For there is always light, if only we are brave enough to see it. If only we are brave enough to be it." Amanda Gorman

    "When Fascism comes to America, it will be wrapped in the flag and carrying a cross"

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    It's OVER 5,000! Jaw's Avatar
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    I just don't see it as a winning issue for him. Most of the people who would be bailed out are from top 20ish percent income families. It would please some twitter bots and teachers of unmarketable degrees. I don't think that's a big enough payoff for the amount of people it would piss off.
    Go get him!

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    Waiting for Free Agency acesfull86's Avatar
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    Quote Originally Posted by msstate7 View Post
    What you guys think Biden will do? I've saw there's calls for forgiving up to 50k. Will he do it or just keep extending the no payment/no interest?

    50K forgiveness is like using a nuke to kill a mouse.

    Biden will have to do something to appease the extreme left that helped get him elected, but I think this particular issue will end up being a compromise as best. Maybe up to 5-10K cancellation to particular borrowers for particular degrees from particular institutions (ie; someone with low income who has undergraduate debt from a state school or historically black university).

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    I <3 Ron Paul + gilesfan sturg33's Avatar
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    Quote Originally Posted by goldfly View Post
    how is someone being punished?

    you said all those buzz words like you give a damn about any of that lol
    It punishes those who chose to not go to school bc of the cost. It punishes those who had to pay $50k back, while giving $50k to others.

    It's not about "having it tough" it's about asking people to pay back their debt they promised to do.

    Why not cancel credit card debt? Why not cancel mortgage debt? Why do we focus so heavily on bailing out the useless gender studies graduates?

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    Waiting for Free Agency acesfull86's Avatar
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    Quote Originally Posted by goldfly View Post
    how is someone being punished?
    The money has to come from somewhere...

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    I <3 Ron Paul + gilesfan sturg33's Avatar
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    Quote Originally Posted by acesfull86 View Post
    The money has to come from somewhere...
    Also true but apparently it is all monopoly money anyway. The party of science tells me that deficits aren't a problem

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    Waiting for Free Agency acesfull86's Avatar
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    https://www.brookings.edu/blog/up-fr...-from-the-fed/

    Most news stories and reports about student debt cite the fact that Americans owe more than $1.5 trillion. The fact that households in the upper half of the income distribution and those with graduate degrees hold a disproportionate share of that debt almost never makes it into the narrative. But who owes education debt is as important as how much debt there is. Only with this information can we determine who struggles because of their student loans and who is succeeding in the job market because of the education that loans helped them achieve.

    The highest-income 40 percent of households (those with incomes above $74,000) owe almost 60 percent of the outstanding education debt and make almost three-quarters of the payments. The lowest-income 40 percent of households hold just under 20 percent of the outstanding debt and make only 10 percent of the payments. It should be no surprise that higher-income households owe more student debt than others. Students from higher-income households are more likely to go to college in the first place. And workers with a college or graduate degree earn substantially more in the labor market than those who never went to college.

    What may be more surprising, however, is the difference in payment burdens. A growing share of borrowers participate in income-driven repayment (IDR) plans, which do not require any payments from those whose incomes are too low and limit payments to an affordable share of income for others. And some borrowers are in forbearance or deferment because of financial hardships. As a result, out-of-pocket loan payments are concentrated among high-income households; few low-income households enrolled in IDR are required to make payments.

    Likewise, education debt is concentrated in households with high levels of educational attainment. In 2019, the new Fed data show, households with graduate degrees owed 56 percent of the outstanding education debt—an increase from 49 percent in 2016. For context, only 14 percent of adults age 25 or older hold graduate degrees.


    ------------------------

    The people holding the lion's share of the debt don't need the help. The ones with less debt who are in the lower income brackets have many options at their disposal to help pay back the debt. And even if we were to cancel the debt for everyone, it would do nothing to address why that debt was accumulated in the first place. I've yet to see one convincing argument why this is a good idea.
    Last edited by acesfull86; 01-01-2021 at 08:41 PM.

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    Connoisseur of Minors zitothebrave's Avatar
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    I mean lets keep colleges closed through the pandemic and get rid of a bunch of them. The myth that you need a college degree to do half the jobs out there is the problem.
    Stockholm, more densely populated than NYC - sturg

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    Quote Originally Posted by zitothebrave View Post
    I mean lets keep colleges closed through the pandemic and get rid of a bunch of them. The myth that you need a college degree to do half the jobs out there is the problem.
    Agreed

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    Connoisseur of Minors zitothebrave's Avatar
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    Quote Originally Posted by sturg33 View Post
    It punishes those who chose to not go to school bc of the cost. It punishes those who had to pay $50k back, while giving $50k to others.

    It's not about "having it tough" it's about asking people to pay back their debt they promised to do.

    Why not cancel credit card debt? Why not cancel mortgage debt? Why do we focus so heavily on bailing out the useless gender studies graduates?
    It's not just that.

    The issue is the whole system is rotten to the core. All colleges should be dissolved. Period. They're all rotten. They're all bloated and corrutp and exist to perpetrate a circle of wealth. Unless you're going to school for something that requires a degree, going to college shouldn't be a lead option.
    Stockholm, more densely populated than NYC - sturg

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    Quote Originally Posted by zitothebrave View Post
    It's not just that.

    The issue is the whole system is rotten to the core. All colleges should be dissolved. Period. They're all rotten. They're all bloated and corrutp and exist to perpetrate a circle of wealth. Unless you're going to school for something that requires a degree, going to college shouldn't be a lead option.
    Agreed again

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    It's OVER 5,000! Jaw's Avatar
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    Yeah zito pretty much wrapped this one up. For some reason college degrees got pushed like home ownership. We should have a lot more trade schools and almost no grad schools. I know for a fact you can get six figure jobs without a degree. Professional certs are where it's at.
    Go get him!

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    if my thought dreams could be seen goldfly's Avatar
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    none of those are punishments

    and the "money has to come from somewhere"

    it's canceling a **** ton of bull**** debt for people that took out a loan of whatever, have been paying it down and still somehow owe more than they started with. i really don't give a **** if those lenders get ****ed lol

    i agree with zito too
    "For there is always light, if only we are brave enough to see it. If only we are brave enough to be it." Amanda Gorman

    "When Fascism comes to America, it will be wrapped in the flag and carrying a cross"

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