Student Loan Forgiveness (MERGED) (1 Viewer)

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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.
     
    Joan's E said:
    I'd rather they just change the law about student loans not being dischargeable in bankruptcy. That would shift some burden to the lenders to do some due diligence and take on a lot more risk.
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    There would have to be more to it than that. Hell, I would have declared bankruptcy immediately after graduating law school if it worked!
     
    MT15 said:
    I really wish they wouldn’t say it like every person of a generation approved this plan. This is the Republican plan. It wasn’t implemented by all Boomers. Sigh.
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    It's really targeted at conservative boomers. Everyone who ever voted to "Starve the beast" is guilty.

    I must be far more cynical then the rest of you. My thought process has always been use their greed against them. I would try to sell free college tuition to conservative boomers with "This will help your home prices."
     
    MT15 said:
    All the hypocrisy neatly gathered into one thread:

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    The whole "other tax payers footing the bill" is complete BS. If they really want to look at it that way, I pay more in federal taxes in one year than what I'll be getting forgiven in student loan debt. So I'll, be paying of my own loan forgiveness though my own taxes in one year and still give the government money. I'm sure many others will be able to say the same. MTG surely can't say that about her PPP loans that were forgiven. Also, like I said previously, I've paid back more than double what I originally borrowed, I'm guessing I'm not the only one. So I'd say that not only did I benefit from my education, but the federal government has as well.
     
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    el caliente said:
    Im not laughing at the struggles that debt holders are going through, I’m laughing at the people who think that this is some sort of life changing amount.

    The average outstanding amount of student loans is $37.6k. Unless $20k of those loans are Pel Grants, a loan holder is still on the hook for $27.6k. You are talking about a reduction ranging from (at best) 73% to (most likely) 27%. Inflation is about to hit harder now, so that extra $10-$20k is about to be worth less.

    For the record I am not against this bailout any more than I am against the Auto, Wall Street, or Farmer bailouts. A bailout was about to happen for someone, I’m just glad it happened to someone I can relate to.
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    I literally know a couple right now whose last debt is the wife’s student loan of $20k, and they’ll get $10k of it paid off through this program. They’ve been diligently paying off debt for the last two years and are nearing the finish line. This saves them months off their timeline. They’re ecstatic.

    Is it life-changing for them? Only in the sense that they get to reach their goal of being debt free around 25% faster.

    But being debt-free IS life changing, and anything that helps people get there if they want to be is a good thing.
     
    brandon said:
    I literally know a couple right now whose last debt is the wife’s student loan of $20k, and they’ll get $10k of it paid off through this program. They’ve been diligently paying off debt for the last two years and are nearing the finish line. This saves them months off their timeline. They’re ecstatic.

    Is it life-changing for them? Only in the sense that they get to reach their goal of being debt free around 25% faster.

    But being debt-free IS life changing, and anything that helps people get there if they want to be is a good thing.
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    I’m happy for them, heck, I’m happy for anyone in their spot.

    What I am saying is, when the average outstanding debt is $37.6k, folks with such little outstanding debt are actually helping that average. Once your friends roll off, that number would increase.

    I’m glad that this $10-$20k forgiveness is life changing for them, but by and large, that amount isn’t changing much for the majority of loan holders.

    I expect Kamala (or whoever the Democrats run next) will throw out a higher number. This wasn’t the number many wanted, and probably does more harm than good to their chances of winning votes.
     
    MT15 said:
    Indeed. Very pertinent. A great read.
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    That thread really puts into perspectives comments like these:



    Because I didn't understand where the class warfare comes from when many of these college grads aren't elites...and often on the lower side of the middle class. I remember reading a reply to Tucker Carlson's usual rant towards the elite. A journalist, obviously referred by Carlson as an elite, chimes in and said she was barely making ends meet living a small apartment.
     
    UriUT said:
    That thread really puts into perspectives comments like these:



    Because I didn't understand where the class warfare comes from when many of these college grads aren't elites...and often on the lower side of the middle class. I remember reading a reply to Tucker Carlson's usual rant towards the elite. A journalist, obviously referred by Carlson as an elite, chimes in and said she was barely making ends meet living a small apartment.
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    Yeah, I definitely don’t see eye to eye with Nichols on this one. He thinks it’s stupid and a bad move politically. I think it’s neither. I like the way Beau puts it here.

     
    The far right is furious about this. It’s not their plan for the little people to catch a break, evidently.

     
    el caliente said:
    What I am saying is, when the average outstanding debt is $37.6k, folks with such little outstanding debt are actually helping that average. Once your friends roll off, that number would increase.
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    Are you saying the average outstanding debt will increase after this program? I'm not sure that math works.
     

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