RUMOR - Biden to announce cancellation of student debt

[*Nately120*]

(08-23-2022, 07:52 PM)StoneTheCrow Wrote: I’m not one who’s butthurt about this (I dont think you were referring to me), as I haven’t looked into what the ripple effects will be because of it…I was just posing a question.

¯\_(ツ)_/¯

Im aware of this and I'm discussing the mindset people may have.  I'm not talking about you and i admit a lot of people love to pull the ladder up behind them or feel things should be equal or fair in their own biased ways. 

Im sure people are pissed.  It's a given really. 


It is interesting through that people would be so upset Biden is giving people who aren't them 10k that they'd vote for a dude who got like 30 million bucks handed to him. I tells ya, we are a weird group.

[GMDino]

I paid back my student loans over the full ten years after graduating.  One lone was for three years the other was ten, to be fair.

Now I graduated thirty years ago but I struggled mightily many, many times as a changed careers and got married while still paying them.

My wife, who has worked for non-profits since we were married, and who went back to college WHILE we were married, just had her full loans forgiven on the third try.  They created a special third chance and she qualified.  Huge relief.

My BIL put himself through college and got a masters and has also worked for non-profits his entire adult life and he just had his fully forgiven this year also.

There are programs to help those who need it and I would consider this move, if true, another one of those programs.  I support it.

[CarolinaBengalFanGuy]

(08-23-2022, 05:39 PM)SunsetBengal Wrote: $10k, really?? Everyone knows that I am pretty damn far from being a progressive, but $10K? If the administration wants to do something about the predatory student loan industry, they should go a little bigger than $10K per borrower.

I’m highly republican but I racked up a bunch of student debt and didn’t even finish the degree so I’m a bit salty to pay it back. I was hoping this would be a perk of Biden winning. We shall see. I also think college around here is an overpriced scam for a large chunk of degrees.

Also 10k is a drop in the bucket for my brothers wife’s debt. 4 years on campus vs my 2 years at a smaller cheaper school and 2 years at the same college she went to but I drove to school from home.

[Au165]

Forgiving debt doesn’t fix the problem. This just kicks the can down the road for people every year taking out new debt. The issue is the system, resetting the same system is just a band aid.

[CJD]

(08-23-2022, 04:51 PM)StoneTheCrow Wrote: I wonder if this would sway voters in the middle who have spent thousands and thousands paying off their debt.

I've spent thousands and thousands of dollars paying off my and my wife's student debt and I would be thrilled if Biden cancels 10,000 dollars of debt for young people trying to make it in this economy. We are one of the wealthiest nations in the history of the world, I don't see why people need to put themselves at severe financial risk just to get a degree, which is one of the main avenues to gainful employment in this world.

With that said, this doesn't solve the problem. College needs to be made more affordable. A one time cancellation of $10k does not change the broken system that currently exists.

[CJD]

(08-23-2022, 05:39 PM)SunsetBengal Wrote: $10k, really??  Everyone knows that I am pretty damn far from being a progressive, but $10K?  If the administration wants to do something about the predatory student loan industry, they should go a little bigger than $10K per borrower.

Hell yea, brother! Eat the Rich! Tax the Wealthy! Change the system!

[Belsnickel]

(08-23-2022, 09:57 PM)GMDino Wrote: I paid back my student loans over the full ten years after graduating.  One lone was for three years the other was ten, to be fair.

Now I graduated thirty years ago but I struggled mightily many, many times as a changed careers and got married while still paying them.

My wife, who has worked for non-profits since we were married, and who went back to college WHILE we were married, just had her full loans forgiven on the third try.  They created a special third chance and she qualified.  Huge relief.

My BIL put himself through college and got a masters and has also worked for non-profits his entire adult life and he just had his fully forgiven this year also.

There are programs to help those who need it and I would consider this move, if true, another one of those programs.  I support it.

Love me some PSLF.

[Goalpost]

Up to 125,000 in earnings seems like a high number to me. I could see people living under hardship. But people making as much as 10,000 a month aren't living in hardship imo.

[*pally*]

The current college loan program has made attending college more expensive. Large Loans are easy to get and as long as students can get them, costs will continue to rise. Just like with medical care,home ownership, shoot, even with new cars these days, we focus too much on how to pay not how to control the actual price of the product.

The cost of college for many years has far outpaced the rate of inflation in part, because students had easy access to loans. Universities, gloss over the realities of the actual costs of these loans when talking about them to students and parent because they only care about getting their money. So many families have gotten in too deep because they didn’t understand the real cost of the loans or the real world salary implications of their major. There are far too many stories about people who have spent decades paying back the principle of their loans only to still owe decades of payments due to compounding interest.

I have no problems with a $10,000 loan forgiveness of federally backed loans. But there needs to be proposals to fix the overall program at the same time, or we will be right back where we began. Loan amounts, interest rates, payment structures, student’s earning potentials, student progress towards graduation, universities cost control measures, etc.

[XenoMorph]

Who is paying for all this free college?

[Dill]

(08-23-2022, 06:59 PM)CKwi88 Wrote: I'm sure slaves who died in bondage/escaped were cursing Abe Lincoln.

Or that women who never got to vote were super pissed about their descendants enjoying that right. 

That's what happens when the liberals take charge. 

They are always "unfair" to the victims of past injustice.

[Dill]

(08-24-2022, 08:30 AM)pally Wrote: The current college loan program has made attending college more expensive.  Large Loans are easy to get and as long as students can get them, costs will continue to rise.  Just like with medical care,home ownership, shoot, even with new cars these days, we focus too much on how to pay not how to control the actual price of the product.

The cost of college for many years has far outpaced the rate of inflation in part, because students had easy access to loans. Universities, gloss over the realities of the actual costs of these loans when talking about them to students and parent because they only care about getting their money. So many families have gotten in too deep because they didn’t understand the real cost of the loans or the real world salary implications of their major.  There are far too many stories about people who have spent decades paying back the principle of their loans only to still owe decades of payments due to compounding interest.  

Pally, I usually agree with you, but not this time, at least with your assessment of what is driving college costs higher.

People often view universities as "businesses" which simply respond to market signals. That's not quite true, especially for public universities.

The most direct driver of tuition rise, especially in public universities, is their steady defunding. 

E.g., in most states, public universities cannot decide their own tuition rates, like corporations charging whatever the market will bear. Rather, state legislatures do that, and also determine their budgets. Since the 1980s, there has been a concerted effort on the part of the American right to make universities more and more market dependent, in part by eroding tenure and academic freedom--thus undermining an institutional source of "leftism." From the 60s onward, Republicans began defunding universities and pushing business "alliances" to make up for the lost income, and to make their research programs more responsive to business needs and ideology.

There are other drivers as well, to the degree that universities, while not businesses, have become more and more like them, competing for students with brand new dorms with student "suites" and exercise gyms. Also, Administrations have become more top heavy, in some cases to the point that administrators outnumber faculty by 2-1.  But first and foremost is the public defunding.

[Dill]

(08-23-2022, 07:06 PM)KillerGoose Wrote: We are quite spiteful. I have a great relationship with my MIL, but she said something the other day that I found fascinating. The topic of this debt relief was brought up and she said she was against it because “I didn’t get that luxury. I had to work my butt off and pay it all back. Why should someone else get their debt erased when I didn’t?”

This reminds me of an online conversation I had with a woman about 15 years ago on the subject of tuition and loans. She lived in CA and argued that her uncle had managed to pay for a college degree back in the 60s, simply by working part time.

I asked her if he'd gone to college in CA, and when she said "yes," I explained that for most of the '60s, college was free in the CA system to all CA residents. Also minimum wage went farther then than now. (Reagan led the charge against "free" higher ed in CA, the harbinger of neoliberal "reforms" to higher ed across the nation.) 

She checked with her uncle, who said "yes," he hadn't paid tuition--only for books and a minimal student fee for campus activities. 

I added that in the 80s, CA shifted a great deal of funding from education to prisons, in part to manage the war on drugs and win votes. Tuition rose to make up the difference. Not because of "loans." 

So your MIL might have had to work her butt off, but it was like to pay higher tuition created by defunding, but still much lower than what students are paying today. What an irony it would be if she voted against Dems because of that, and in favor of the party mostly responsible for increasing her tuition (if she went to a public school). 

[Dill]

(08-24-2022, 09:09 AM)XenoMorph Wrote: Who is paying for all this free college?

The same people who pay for free public education, K thu 12.

[*Nately120*]

(08-24-2022, 09:09 AM)XenoMorph Wrote: Who is paying for all this free college?

Mexico

[XenoMorph]

(08-24-2022, 10:27 AM)Dill Wrote: The same people who pay for free public education, K thu 12.

But if i already paid MY own college bills why do i have to pay for someone elses.
Am i Getting a refund on my Tuition paid?

[Dill]

(08-24-2022, 01:58 AM)Crazyjdawg Wrote: I've spent thousands and thousands of dollars paying off my and my wife's student debt and I would be thrilled if Biden cancels 10,000 dollars of debt for young people trying to make it in this economy. We are one of the wealthiest nations in the history of the world, I don't see why people need to put themselves at severe financial risk just to get a degree, which is one of the main avenues to gainful employment in this world.

With that said, this doesn't solve the problem. College needs to be made more affordable. A one time cancellation of $10k does not change the broken system that currently exists.

WHINERS!!

I paid off my $2,500 in student loans from the '70s in a couple of years.

Why should all these young people with $80,000 debts get special treatment?  

We need to scrap loans altogether, and just let people in college whose parents can afford tuition up front.

[CJD]

(08-24-2022, 10:57 AM)XenoMorph Wrote: But if i already paid MY own college bills why do i have to pay for someone elses.
Am i Getting a refund on my Tuition paid?

This post reminds me of the Boomer Trolley Problem.

[CKwi88]

(08-24-2022, 11:16 AM)Crazyjdawg Wrote: This post reminds me of the Boomer Trolley Problem.

This is great.

[CarolinaBengalFanGuy]

(08-24-2022, 07:44 AM)Goalpost Wrote: Up to 125,000 in earnings seems like a high number to me. I could see people living under hardship. But people making as much as 10,000 a month aren't living in hardship imo.

They could be if they put themselves in a high cost of living situation lol. But I agree. Lower that number to 99,999 and forgive $30,000. I’m biased because that’s what I owe. Which is really just like having a fancy ass car I guess.