Are we getting (partial) student loan cancelation today? (1 Viewer)

[el caliente]

Rumors floating around is that today President Biden will be canceling a portion of student loans. That’s fine and all, but what’s your take on it? If it truly is only $10k in forgiveness, is that enough to make much of an impact? Is student loan forgiveness just tax payer funded student loan bribery?

Should be interesting to see how this plays out.

 

[samiam5211]

College should be free for anyone who can make the grades to stay in. The country is better off for it.

I used the GI bill, my wife had loans that we've paid off. I support cancelling ALL student debt.

 

[Taurus]

College should be free for anyone who can make the grades to stay in. The country is better off for it.

I used the GI bill, my wife had loans that we've paid off. I support cancelling ALL student debt.

I think it's time we as a nation admit that a high-school education just isn't enough anymore. We should fully fund two years of college or trade school for everyone. Universal education is why we're a superpower, we should build on that.

 

[zztop]

Rumors floating around is that today President Biden will be canceling a portion of student loans. That’s fine and all, but what’s your take on it? If it truly is only $10k in forgiveness, is that enough to make much of an impact? Is student loan forgiveness just tax payer funded student loan bribery?

Should be interesting to see how this plays out.

I think some of it has already been cancelled. From those defunct colleges

Education Department Approves $5.8 Billion Group Discharge to Cancel all Remaining Loans for 560,000 Borrowers who Attended Corinthian | U.S. Department of Education

www.ed.gov

Including this group discharge, the Department has now approved $25 billion in loan forgiveness for 1.3 million borrowers. This includes:

$7.9 billion for 690,000 borrowers whose institutions took advantage of them through discharges related to borrower defense and school closures.
$7.3 billion for more than 127,000 borrowers through Public Service Loan Forgiveness (PSLF).
More than $8.5 billion in total and permanent disability discharges for more than 400,000 borrowers.

 

[SaulGoodmanEsq]

Is student loan forgiveness just tax payer funded student loan bribery?

This take would apply to nearly anything from Wall Street bailouts to farm subsidies, etc. (never mind tax-free status to religious institutions).

Given it's no different, I think nothing is wrong with it as yet another way to stimulate spending and help the economy as a whole. Of course, there is the related problem of skyrocketing tuition costs but I agree with the sentiments in this thread that trade schools and colleges should be free. Just another area where the US lags behind Europe because big business has far too much control over government.

 

[zztop]

yeah, I'd rather help individuals vs giving cushy tax breaks to megacorps

https://studentaid.gov/debt-relief-announcement/

According to the details of the plan released by the administration, borrowers will have to pay no more than 5% of their discretionary income monthly on undergraduate loans, down from 10%. It will also forgive loan balances after 10 years of payment for those with balances of $12,000 or less, down from 20 years. While the individual cap is $125,000, households earning under $250,000 will also be eligible.

Additionally, Pell Grant recipients making under $125,000 will be eligible for an additional $10,000 in forgiveness. Biden also announced he will extend the moratorium on student debt payments through the end of the year — past November’s midterm elections. The current pause, which was put in place at the beginning of the pandemic, is set to expire on Aug. 31.

 

[Bolo]

We need to reform our entire education system, its bad. I agree with cheaper or free colleges, other countries have them provided you make the grades. An example of an area we need to reform is English classes in the American school system. When I was in school, we had a daily edit that had 1 new vocabulary word that was used in a sentence and we had to find the grammatical error. That took like the first 10 minutes of class, the other 80mins(our school was the first to transition to block scheduling which meant 4 classes, 90mins long) was about Shakesphere, Works by Chaucer or other literary works that literally have no impact on someones life. What does me learning about Oedipus, Tempest, Canterbury Tales or Siddhartha help me in life?

It should have been strictly about becoming a master at English grammar and expanding English vocabulary. I didn't need to learn about stuff that doesn't matter in life. My knowledge of Oedipus is useless unless I'm researching the story to act in a play or movie about it. We also need tradeskill classes, these were elective classes at the time when I was in high school meaning they were optional and even then, it didn't even scratch the surface of teaching you sound "Do it yourself" tips. There was no financial classes that teach teens about how to handle money, explaining the credit system(score and all) you know, real things that help you in life to succeed.

 

[Joan's E]

As a taxpayer who spent 20 years being fiscally responsible and diligently paying back my student loans that I chose to take out and enjoyed the benefit of, I hate this program. But as the husband of someone with over $10,000 of outstanding grad school debt, I'm okay with it.

 

[J-DONK]

As a taxpayer who spent 20 years being fiscally responsible and diligently paying back my student loans that I chose to take out and enjoyed the benefit of, I hate this program. But as the husband of someone with over $10,000 of outstanding grad school debt, I'm okay with it.

The best counter argument I've heard is that it's a handout to the future highest earners in the country.

 

[zztop]

ah yes. The S word. I guess he forgot about that tax cut they gave corporations

 

[coldseat]

A lot of people must be trying to log on to their student loan payment site because mine appears to have crashed, lol. This will be welcomed news for a lot of middle class families.

Fox News is in a full melt down over this student loan forgiveness. I'd be curious how many of their followers are going to benefit from this and are secretly happy.

 

[cuddlemonkey]

ah yes. The S word. I guess he forgot about that tax cut they gave corporations

Ah, yes. The highest earners making... let me see here...

Student loan forgiveness could help more than 40 million

WASHINGTON (AP) — More than 40 million Americans could see their student loan debt reduced — and in many cases eliminated — under the long-awaited forgiveness plan President Joe Biden announced Wednesday, a historic but politically divisive move in the run-up to the midterm elections.

apnews.com

Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.

... making less than Mitch McConnell.

 

[coldseat]

ah yes. The S word. I guess he forgot about that tax cut they gave corporations

He's bitter. Hahahaha.

Good. His clout/power has really taken a dive since Biden's been president. He's been outplayed politically several times in the last two years.

 

[el caliente]

I believe conservatives and progressives alike feel the same way about this student loan forgiveness amount.

 

[Bigdaddysaints]

He has zero problem with unfair redistribution of wealth when it comes to distributing it to the wealth corps....

 

[SaulGoodmanEsq]

Lol @ "socialism." You won't find these guys complaining about the billions of dollars in socialism we pay to farmers... which only increased because of Trump's tariffs. Conservatives in a handful of farming states dictate legislation by their disproportionate representation in the Senate and the rest of us have to fund the results of their jingoistic foreign policy.

 

[coldseat]

The Post Editorial Board isn't happy either. They event went all Fox News at the end of their scathing rebuke.

Mr. Biden’s student loan decision will not do enough to help the most vulnerable Americans. It will, however, provide a windfall for the upper-middle class and wealthy — with American taxpayers footing the bill.

You have to wonder if the Post believes that the only type of policy that is worthy is the type that only helps the "most vulnerable". I'm going to go ahead and guess that they've likely come out in favor of many government expenditures/debt cancelations that had nothing to do with helping the "most vulnerable". And how exactly would they know that this student loan debt cancelation isn't going to help many people that could be considered the "most vulnerable"?

Also, a windfall? So $10,000 in debt that you don't have to pay, but spent years ago on education is considered a "windfall"? Okay.

https://www.washingtonpost.com/opinions/2022/08/24/biden-student-loan-forgiveness-mistake/

 

[brandon]

As a taxpayer who spent 20 years being fiscally responsible and diligently paying back my student loans that I chose to take out and enjoyed the benefit of, I hate this program. But as the husband of someone with over $10,000 of outstanding grad school debt, I'm okay with it.

As a taxpayer who paid for his undergrad out of pocket and waited for his masters until he could pay cash for it, and deferred my doctoral acceptance for a year because I can’t yet pay for that, and also helped pay back $40,000 worth of his wife’s student loans…

I’m completely fine with this program. It’s helps other people and helps the overall economy.

Sure I’d like an extra 10k, but in the grand scheme of life 10k doesn’t do much for me. $10k does a ton for people with $10k or less worth of student loan debt.