Student Loan Forgiveness (MERGED) (2 Viewers)

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    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.
     
    From what I’ve read about it, I’m against it. I am for making higher education more financially accessible, but not like this.

    If she really wants to run with that idea as part of her platform, I suggest she say that Mexico will pay for it. She’ll probably be able to pick up some more support that way. At the very least she won’t turn off the people who support the wealthy. Get voted in first then pull the old switcheroo trick.
     
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    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.
     
    The country benefits if college is free, and if student debt is forgiven.

    The GI bill paid for my school, we paid for my wife’s through a combination of loans and our own money.

    Neither of us would feel cheated if debt was forgiven and college was funded going forward. It would be better for the country. People who say they feel cheated because they paid for theirs need to grow up.

    We can figure out the details and it will have to be evaluated and adapted as we go along, but it would be a net positive
     
    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

    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.
     
    I don't blame people for feeling scammed by the university product, but no.
     
    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.
     
    The country benefits if college is free, and if student debt is forgiven.

    The GI bill paid for my school, we paid for my wife’s through a combination of loans and our own money.

    Neither of us would feel cheated if debt was forgiven and college was funded going forward. It would be better for the country. People who say they feel cheated because they paid for theirs need to grow up.

    We can figure out the details and it will have to be evaluated and adapted as we go along, but it would be a net positive

    But look at the narrative already. Republicans will put the pedal to the metal with that narrative. She needs to change it up to not upset those folks and get their support. Even if how to pay for it isn’t realistic, make it so Republicans are on board and then work out the details later. You lay out a realistic detailed plan now and Republicans will pick it apart in one way or another.
     
    yeah, I'd rather help individuals vs giving cushy tax breaks to megacorps


    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.
     
    But look at the narrative already. Republicans will put the pedal to the metal with that narrative. She needs to change it up to not upset those folks and get their support. Even if how to pay for it isn’t realistic, make it so Republicans are on board and then work out the details later. You lay out a realistic detailed plan now and Republicans will pick it apart in one way or another.

    I don’t think presidential candidates should ever lay out detailed plans and we shouldn’t trust the ones that do. Congress is going to decide what the plan is anyway.

    That’s not the same as Trump having no plan because he had no intention of ever doing anything that required a plan.

    Saying we’ll figure out what we need and what we can spend and do what we can. Then as president just make sure Congress makes progress in those issues.
     
    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.
     
    I don’t think presidential candidates should ever lay out detailed plans and we shouldn’t trust the ones that do. Congress is going to decide what the plan is anyway.
    Quoted for truth.
     
    In an attempt to save the Dem Candidate Tracker thread from a complete derail of my making, I am starting this thread on the proposal by a lot of Democrat Candidates and some Repubs to forgive, default on student loans.https://abcnews.go.com/Politics/sen...ense-criticism-plan-forgive/story?id=68511531
    It's an interesting problem. And it's a problem that has been in the making for about 20 years, more so the last 10-15.

    States cut funding (or slowed it down), various universities were in remodel or expansion mode due to rising enrollments. You also had the IT boom, needing all kinds of new infrastructure (that now needs to be updated every so often). You then had to create a new, larger, department of IT for every University. There has been the bloat of Admin, which I'm not happy with. Due to all that, and some other issues, Tuition was steadily increasing at a 10-20% clip year on year. That's insane. But that debt, it usually pretty manageable, so long as you're in state and not at a private school.

    Co-mingled with that, you have for profit schools, which are as expensive or more so than Private schools, but will let anyone in and basically con you into taking out max loans to pay for it.. but it's ok, you'll be flush with cash when you finish our program!

    And, as stated before, co-mingled with all of that are the students who were idiots managing their money and took out the maximum loan amounts every semester, even if they didn't need it. Either blowing it on stuff, or not realizing how much interest piled up while asleep at the fiscal wheel. There are plenty of examples of that. However, I'm not sure they're the norm. But, they skew the average, along with the kids who went to for profit schools.

    So, State legislatures were asleep at the wheel, and the Federal government can't control state budgets, so they just watched it happen, powerless. We're now left with a lot of public debt, and expensive schools, that don't need to be that expensive.

    What do we do? I'm all for more state funding, and rules preventing over charging tuition and large rate hikes. I wouldn't mind seeing a deal where States increase funding, but demand a 5% overhead cut, so that tuition could either stay put, or actually be lowered.

    What do you do with all of that debt? I don't mind forgiveness.. maybe to a point. And maybe there is some sort of deal for folks who took out loans and paid them off, either completely or mostly. Maybe some sort of tax break, spread out. Maybe a federal grant for a down payment for a home, or something. I don't know. I get where that dad was upset, but at the same time, likely was looking at it with too narrow a lens.

    Maybe we don't just forgive it, but we make folks do something for that forgiveness. Something close to Pete's idea of public service. Something close to the CCC, where there is a tangible benefit to the nation. Or the Peace Corps, but for here.

    I look at it sort of like her Wealth Tax. it's an idea, and a stance on an unaddressed problem. It may not be the final solution, but it's a starting point for negotiating.


    We've done some levels of debt forgiveness before. it doesn't have to be paid off. It may just be wiped away. Or just allow people to file bankruptcy on it.
     
    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.
     
    I am all for student debt forgiveness on the basis of fraud.

    A university education isn't what it used to be and those poor kids were seriously defrauded in a very large percentage of the total.

    Real education is rapidly moving away from the university system. Only technical or professional training requiring certification and/or transcripts from an accredited school is worth pissing money away in a university.
     
    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.
     

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