Student loans

acesfull86 said:
“People think the president of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress," House Speaker Nancy Pelosi, D-Calif., said last month.
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This regime commits illegal actions daily so this would be no different.
 
acesfull86 said:
“People think the president of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress," House Speaker Nancy Pelosi, D-Calif., said last month.
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This seems like an odd statement from her since it's her side pushing this
 
acesfull86 said:
I think pell grant recipients would qualify for the 20k
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Despite not agreeing with the overall plan, I think this particular quirk is probably a decent one within the scope of the plan. Pell Grant recipients are far less likely to have generational wealth, which plays a big role in determining future success.

I find the move honestly a little comical. $10,000 in forgiveness won’t impact a large number of borrowers, which will likely piss them off. It won’t help people who don’t have loans, which will likely piss them off. If I were going to do something this fiscally irresponsible, I’d just go all the ****ing way and forgive it all. You’ve already spent billions upon billions of dollars, just go for broke.
 
Is there any more evidence needed that college degrees are worthless than graduates begging and demanding for a bailout bc they can't afford the cost?
 
sturg33 said:
Is there any more evidence needed that college degrees are worthless than graduates begging and demanding for a bailout bc they can't afford the cost?
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I think it’s more an admission that the federal government’s involvement in financing higher education failed to make college more affordable. If it did, we wouldn’t be here.

I’d almost be for the plan if it came with Biden saying the government will no longer be in the college loan business from this point forward.
 
sturg33 said:
Is there any more evidence needed that college degrees are worthless than graduates begging and demanding for a bailout bc they can't afford the cost?
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Raj Chatty has published some interesting research on upward mobility. Basically the universities that provide the most opportunities essentially just serve the 1% elites.

At “Ivy-Plus” colleges (Ivy League colleges, U. Chicago, Stanford, MIT, and Duke), more students come from families in the top 1% of the income distribution than the bottom half of the income distribution. Despite the generous financial aid offered by these institutions, students from the lowest-income families are particularly underrepresented, even relative to middle-income students. Children with parents in the top 1% are 77 times more likely to attend an Ivy-Plus college than children with parents in the bottom 20%.
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https://reason.com/2022/08/24/biden-student-loan-debt-forgiveness-cancel/

"An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree," said Biden. "The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided."

This is quite an indictment of the federal student loan program, so one might have expected that Biden's generous debt forgiveness plan would be accompanied by serious reforms to the underlying system that produced such inequities. After all, the government is conceding that its loan program has scammed millions of desperate people. Their situation is so dire, their prospects of repayment so dim, that Biden is requiring everyone else to pitch in and help them.

But no, Biden's debt forgiveness plan will do nothing—absolutely nothing—to fundamentally change the incentive system that created the doom spiral in the first place. Degree-seekers will continue to borrow large amounts of money to buy useless educations; indeed, they might feel even more encouraged to do so now that this precedent has been set.

——————

From the same article, the estimated cost per taxpayer for this policy is $2,100.
 
This has been a one sided argument since minute one :
We have read reason magazine's thoughts, not all bunk either but, let's look at the counter argument
Not all bunk either.

2 more thoughts.
First is what catches my attention here is no one seems to like this. Which leads me to believe the
Biden Administration might be on to something

Second is, we ain't putting the toothpaste back in the tube so,
where does this go from here? I get the complaints of this government program is not working
( for no one really) and there should have been reforms attached.
Well, let's hear the suggestions! Let's see (R)'s plan. Lets see something besides throwing stones
at people with no stones to throw back .

Education reform like everything else since Reagan is zero sum. Either/or
 
Lindy Li
@lindyli
·
14h
Republicans are pissed cuz they say that if you take out a loan, you should pay it off

Who wants to tell them about the HUNDREDS OF MILLIONS OF DOLLARS

of debt Trump defaulted on cuz he’s such a “smart guy”?


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MeidasTouch
@MeidasTouch
·
13h
Marjorie Taylor Greene says "it’s completely unfair"

for the federal government to forgive loans.

This is Marjorie Taylor Greene's company.

@RepMTG had $183,504 in PPP loans forgiven.

Loan forgiveness for me, not for thee.
 
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No Lie with Brian Tyler Cohen
@NoLieWithBTC
·
11h
~90 percent of Biden’s student loan forgiveness is going to those making under $75K.

By contrast, only 15 percent of Republicans’ tax handouts went to those making under $75K.
 
Lindy Li
@lindyli
·
3h
Catholic Church got $3.5 BILLION in forgivable PPP loans

The Church spent $3 million on the failed Kansas abortion ban

They don’t pay any taxes but have become another wing of the GOP

Republicans want taxpayers to fund religion but don’t want us to fund education

Says it all
 
Jo ��
@JoJoFromJerz
·
16h
Imagine saying ‘Sorry Johnny, we can’t use this new cancer treatment on

your mommy, it wasn’t available to my dad twenty five years ago,

and so that’s just not fair.’
 
No Lie with Brian Tyler Cohen
@NoLieWithBTC
·
11h
Biden isn’t just forgiving a set amount of debt. He is also enacting a new

policy that ends excess interest on student loans—as long as a borrower

pays their minimum monthly payment (now capped at only

5% of their income), their balance will no longer increase.

This is huge.
 
57Brave said:
Jo ��
@JoJoFromJerz
·
16h
Imagine saying ‘Sorry Johnny, we can’t use this new cancer treatment on

your mommy, it wasn’t available to my dad twenty five years ago,

and so that’s just not fair.’
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The big difference here is we can’t go back 25 to give daddy the cancer treatment.

But the government has records of everyone who paid back their loans. They could’ve sent a check to everyone who paid their loans going back as far as the records exist.

Someone who had paid back her loans (or her kid’s loans, I can’t remember) asked Elizabeth Warren at a rally if she would qualify for her $50K forgiveness. Warren said no, of course not. But why? No one has provided an answer. If you had the ability to go back 25 years and give the cancer treatment to the patient, wouldn’t you do it?
 
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We shouldn’t have given out these PPP loans in the first place because we shouldn’t have shut the country down. We shouldn’t forgive the loans now. We shouldn’t have bailed out the auto industry or the finance industry during the last financial crisis.

Whataboutism isn’t a compelling argument to make another mistake with another massive bailout. I know our schools are failing, but didn’t anyone else learn that two wrongs don’t make a right?
 
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57 tryin his damndest to turn chicken **** into chicken salad w\ some rando twitter links.

simple, but also ineffective and moronic

a deadly trio
 
57Brave said:
Second is, we ain't putting the toothpaste back in the tube so,
where does this go from here? I get the complaints of this government program is not working
( for no one really) and there should have been reforms attached.
Well, let's hear the suggestions! Let's see (R)'s plan. Lets see something besides throwing stones
at people with no stones to throw back .
Click to expand...

Let’s see (D)’s plan, because according to most estimates, it’s only going to take 4 to 5 years after this bailout for the country to have the same amount of outstanding student loan debt as we have now. That’s because what Biden is doing isn’t actually a plan to solve the student loan “crisis,” it’s a cynical vote buying attempt 2 months before an election where his team is projected to get shellacked.

My plan would start with universal K-12 school choice and an expansion of charter schools. I posted a link from a NY teacher in the school choice thread that standards have been reduced to the point where a student can now pass the NY algebra regents exam by guessing “C” on every multiple choice question. I’ve posted multiple links in that thread about how embarrassingly many students graduate high school with elementary school reading/writing/math abilities.

The people most likely to default on their student loan debt are people who don’t finish college and don’t get the degree that correlates with higher lifetime earnings. The people most likely to not finish college are the people who struggle to do college level work. Our failing K-12 system handing out degrees to people who are nowhere near college ready need to have a hand in fixing this problem.
 
We should not penalize taxpayers for predatory lending (only say predatory because our whole society has pushed college as the only method of success) but the ones that benefited from that awful practice.

These colleges are sitting on billions of dollars.

Take it from them. End of discussion.
 
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