Student Loan Forgiveness (MERGED) (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.

 

[GrandAdmiral]

Who's surprised that it's Texas once again?

Federal court strikes down Biden's student loan forgiveness program | CNN Politics

A federal judge in Texas has struck down President Joe Biden's student loan forgiveness program, declaring it illegal.

www.cnn.com

 

[wardorican]

An update. Two cases hitting the SCOTUS

Where student loan forgiveness stands: Legal fight shifts to Supreme Court

President Biden’s student debt forgiveness plan has been hit with a barrage of lawsuits that cast its future in doubt. At least two challenges will be considered next month by the Supreme Cou…

thehill.com

 

[superchuck500]

The merge screwed up the sequence on this thread.

 

[Snarky Sack]

Who's surprised that it's Texas once again?

Federal court strikes down Biden's student loan forgiveness program | CNN Politics

A federal judge in Texas has struck down President Joe Biden's student loan forgiveness program, declaring it illegal.

www.cnn.com

Not at all, given how red Texas is. We have many many people who work hard and make good money without having taken a student loan to go to college. They are the welders the truck drivers the building contractors the plumbers The Carpenters and any number of other professions not necessarily requiring a bachelor's degree. They don't want to pay for someone who took seven years getting a four year degree that is useless in the real world.

Of course there are many Texans who do have College degrees. I would guess that it is more typical for them to have a degree which contains the name of the profession in the name of the major, such as accounting, engineering, business management etc. They get high paying jobs and student loan is no burden.

When a person gets a degree in blank blank studies, they are unlikely to get a job that will allow them to repay their student loan. That demographic would heavily vote democrat, even if they had no college loans. The purpose of canceling student loan is not to convinced them to be Democrats, but to motivate them to get out and vote. This Supreme Court setback will probably be beneficial to the Democrats in that light.

 

[Saintamaniac]

When a person gets a degree in blank blank studies, they are unlikely to get a job that will allow them to repay their student loan.

I agree with this.

That demographic would heavily vote democrat, even if they had no college loans.

Reluctantly, I agree with this as well.

The purpose of canceling student loan is not to convinced them to be Democrats, but to motivate them to get out and vote.

Very good take that I agree with. There are people on both sides of the aisle that have taken out student loans for college. However, canceling their student loans won't magically have them change their political /social / economic views. I believe that it will motivate those who were in favor of canceling the loans to get out and vote.

This Supreme Court setback will probably be beneficial to the Democrats in that light.

I agree with this much in the same way that I agree that SC overturning Roe will benefit democrats in turning out more voters.

Both my wife and I had student loans which we spent our first 10 years of being married paying off. It wasn't easy but we managed to do it. It stopped us from vacationing more as well as putting our plans for building a house on hold for a few years. I see the benefit of cancelling student loans. But at the same time, I understand those who are against it.

No one was forced at gunpoint to take a student loan. Those loans were taken with the understanding that the amount was to be paid back. To me, it's the same as taking a loan to build a house or buy a car. If you don't pay your house or car note, both can be taken from you. Your degree cannot. I'd like to see a plan that grants some kind of tax credit to those who paid back student loans if student loans will be cancelled.

 

[Andrus]

To whomever merged this... Please don't merge new threads with old threads like this one that hadn't been posted in for nearly a year. New news? New thread! Remember?

 

[Snarky Sack]

For some reason, there seems to be a lot of concern for people who borrowed money to go to the college of their choice, majored in the studies of their choice, and now don't want to pay back the money that they borrowed.

Biden had a great idea: have his agency just "cancel" the loans. Problem is that you can't just "cancel" a loan. You either pay it back, leave the lender stuck with it, or have someone besides the borrower pay it back. Biden thought, 'hey! let taxpayers pay all those loans back. Can't expect deadbeats to pay back a loan. They're deadbeats, duh!

Taxpayers don't mind paying for progressive ideas. Even if they do, they have no choice!'

Good idea, but two problems arose:

1) It turns out that people who work their arses off, often two jobs to keep up with the taxes they already have to pay, don't want their kids and grandkids to pay more so that these former college students who majored in _________ ______ studies don't have to, and can keep buying the latest iPhone and paying for medicinal marijuana.

2) The presidency is not a magic wand that Biden can wave and make debt go away. Whoodathunkit, but the SCOTUS did not allow Biden to buy votes in this particular way, so he'll have to think of another.

But, I could be completely and totally wrong in all of this. My sons worked their way through college by serving in the military before they took Diversity101 or whatever the first class you have to take in college is these days. One is an IT Team leader making six figures, and one is an Electrical Engineer making six figures. If they had college loans, they could easily pay them, but they don't.

My daughter did not go to college for the strange reason that she had no plan for which college was essential. She's a disaptcher for a sub-contractor for Amazon and she is studying to get her Realtor's license. Maybe someone on here can explain why her hard-earned money should be spent to pay off the loan of some dude who took what amounted to a seven year vacation getting a four year degree.

Her name is Bobbie* so you can start your explanation with "Bobbie, you should have to pay for my useless degree because . . . "

*Bobbie was denied a Pell Grant because she did not register for the draft. She is female and a woman, so not required to register, but her name made the system think she was male, and no amount of convincing would sway the system. True story.