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?
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
Can he go ahead and send me 50k so I can stop saving for my kids college ?
Ivermectin Man
Jaw (01-01-2021)
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?
Jaw (01-01-2021)
I need that 50K college stimulus check
"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"
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"
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"
57Brave (01-01-2021)
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!
Founding member of the Whiny Little Bitches and Pricks Club
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).
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?
acesfull86 (01-01-2021), Jaw (01-01-2021)
Jaw (01-01-2021)
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.
Jaw (01-01-2021)
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
cajunrevenge (01-01-2021), Jaw (01-01-2021)
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
Jaw (01-01-2021)
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!
Founding member of the Whiny Little Bitches and Pricks Club
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"