Should Wall Street pay off student debt

[Goalpost]

This is Bernie's plan/idea
https://www.businessinsider.com/bernie-sanders-student-debt-forgiveness-wall-street-tax

Where is the correlation that Wall Street was responsible for this mess. Aren't the universities and students the main actors here? It is estimated that student loans and costs have risen more than even the dreaded health care system over the last couple of decades.

Bernie says everyone has a right to go to college. Not sure college is for everyone though. If you flunk out of high school do you get free college regardless? It is estimated that free college might benefit higher income families more, hence there is a faulty premise of the effect.

[Dill]

Go Bernie!!

Time to get serious about college costs and access.

[oncemoreuntothejimbreech]

(06-24-2019, 05:04 PM)Goalpost Wrote: This is Bernie's plan/idea
https://www.businessinsider.com/bernie-sanders-student-debt-forgiveness-wall-street-tax

Where is the correlation that Wall Street was responsible for this mess. Aren't the universities and students the main actors here? It is estimated that student loans and costs have risen more than even the dreaded health care system over the last couple of decades.

Bernie says everyone has a right to go to college. Not sure college is for everyone though. If you flunk out of high school do you get free college regardless? It is estimated that free college might benefit higher income families more, hence there is a faulty premise of the effect.

Apparently, the plan applies to trade schools as well as college.

You can't make America great again without jobs and that requires job training.

I'd like to know how this plan would benefit higher income families more.

[NATI BENGALS]

A student debt bail out should not be considered until social security is properly funded.

[Belsnickel]

(06-24-2019, 05:04 PM)Goalpost Wrote: This is Bernie's plan/idea
https://www.businessinsider.com/bernie-sanders-student-debt-forgiveness-wall-street-tax

Where is the correlation that Wall Street was responsible for this mess. Aren't the universities and students the main actors here? It is estimated that student loans and costs have risen more than even the dreaded health care system over the last couple of decades.

Bernie says everyone has a right to go to college. Not sure college is for everyone though. If you flunk out of high school do you get free college regardless? It is estimated that free college might benefit higher income families more, hence there is a faulty premise of the effect.

No. Now, Wall Street isn't to blame for this mess, at least not entirely, and I wouldn't even say mostly. Who is to blame? Government. At both the federal and state levels there has been a maelstrom of policies that have caused higher education to be more highly valued by the federal government and caused society to view it as a requirement for progress, and a devaluation in the state houses to the point where public higher education funding has been on the decline.

The long and short of it is that there are a ton of different variables that have led to the current situation we are in. Students, institutions, state legislatures, Congress, ED, employers, parents, the overall economy, these are all places at which fingers can be pointed. The students, though, share the least amount of blame of those groups.

[*Nately120*]

Man, if we get a free wall and world-dominating military out of Trump in 2016 and free college out of Bernie in 2020 we will be sitting pretty. I'm looking forward to seeing what I'll be getting in 2024!

[Dill]

(06-24-2019, 08:51 PM)Belsnickel Wrote: No. Now, Wall Street isn't to blame for this mess, at least not entirely, and I wouldn't even say mostly. Who is to blame? Government. At both the federal and state levels there has been a maelstrom of policies that have caused higher education to be more highly valued by the federal government and caused society to view it as a requirement for progress, and a devaluation in the state houses to the point where public higher education funding has been on the decline.

The long and short of it is that there are a ton of different variables that have led to the current situation we are in. Students, institutions, state legislatures, Congress, ED, employers, parents, the overall economy, these are all places at which fingers can be pointed. The students, though, share the least amount of blame of those groups.

Republican state legislatures bear the most. They have been the single greatest driver of tuition over the last 40 years.

Federal policies follow.

PS Higher education is a requirement for progress.

[NATI BENGALS]

(06-24-2019, 08:51 PM)Belsnickel Wrote: No. Now, Wall Street isn't to blame for this mess, at least not entirely, and I wouldn't even say mostly. Who is to blame? Government. At both the federal and state levels there has been a maelstrom of policies that have caused higher education to be more highly valued by the federal government and caused society to view it as a requirement for progress, and a devaluation in the state houses to the point where public higher education funding has been on the decline.

The long and short of it is that there are a ton of different variables that have led to the current situation we are in. Students, institutions, state legislatures, Congress, ED, employers, parents, the overall economy, these are all places at which fingers can be pointed. The students, though, share the least amount of blame of those groups.

I am glad you didn't mention them...

https://thebestschools.org/magazine/highest-paid-college-coaches/

Or that fact college athletics are swimming in money https://www.usatoday.com/story/sports/college/2017/07/06/colleges-spending-more-their-athletes-because-they-can/449433001/

But for some reason student costs continue to go up. Right along side spending to fund this stuff... For some reason I feel like I would need a college class to teach me how the two are related or unrelated.

Thankfully in the long run it is best for the nation. Anything that helps guys like Tyreek Hill land that mega pay day. Thousands of athletes making tens of millions of dollars for playing a kids game while the average joe can not afford to go to the stadium and support them seems like a huge success story for capitalist greed.  This is a lesson many division 1 colleges are actively trying to teach.

[Benton]

I don't think Wall Street is directly responsible, but it hasn't helped. Wall Street has played a huge role in wage disparity in this country, and that's encouraged more young people to bet on a college degree providing them with a better future.

[BmorePat87]

I'm not sure canceling all debt is the right path, but we need to get the costs of education under control. We also need to push for more affordable access to trade schools and community colleges.

I worked with my work study coordinator this year to teach a multi-day lesson during financial literacy where we looked at the costs of school (went from the local community college to a 4 year public/private in/out of state. We looked at ways to pay. We looked at apprenticeship options. We looked at careers that don't require a college degree. More kids need to be taught the options and their costs.

[GMDino]

I don't know if that is the correct payment for Wall Street's sins...but could we at least have the current administration allow for debt relief under the existing programs?

There are ways for certain groups to get debt relief and Devos and this admin have fought them tooth and nail.

https://www.forbes.com/sites/zackfriedman/2019/03/12/trump-proposes-to-end-student-loan-forgiveness-program/#75b92acb415e

[Belsnickel]

(06-24-2019, 10:14 PM)NATI BENGALS Wrote: I am glad you didn't mention them...

https://thebestschools.org/magazine/highest-paid-college-coaches/

Or that fact college athletics are swimming in money https://www.usatoday.com/story/sports/college/2017/07/06/colleges-spending-more-their-athletes-because-they-can/449433001/

But for some reason student costs continue to go up. Right along side spending to fund this stuff... For some reason I feel like I would need a college class to teach me how the two are related or unrelated.

Thankfully in the long run it is best for the nation. Anything that helps guys like Tyreek Hill land that mega pay day. Thousands of athletes making tens of millions of dollars for playing a kids game while the average joe can not afford to go to the stadium and support them seems like a huge success story for capitalist greed.  This is a lesson many division 1 colleges are actively trying to teach.

So funding for athletics isn't paid from tuition, but it a portion of it is paid for out of student fees. Only the largest and most successful athletics programs have athletics programs that pay for themselves without it being subsidized by the other students. So this is a driver of the rising costs, but not the largest contributor by a long shot. Now, a university will tell you that the intangibles as well as the indirect tangible returns from spending on athletics is large, but is it really worth it? I couldn't say. I know we saw some good returns both times we hosted College Gameday as an FCS school.

[Mike M (the other one)]

(06-25-2019, 01:14 AM)BmorePat87 Wrote: I'm not sure canceling all debt is the right path, but we need to get the costs of education under control. We also need to push for more affordable access to trade schools and community colleges.

I worked with my work study coordinator this year to teach a multi-day lesson during financial literacy where we looked at the costs of school (went from the local community college to a 4 year public/private in/out of state. We looked at ways to pay. We looked at apprenticeship options. We looked at careers that don't require a college degree. More kids need to be taught the options and their costs.

I'm with you on this one and totally in for Trade Schools.
Not everyone is college material, but learning a trade will help kids be productive tax payers, which in turn means more positive tax money for the US. Blows my mind how come the US won't invest in itself like this.

[CKwi88]

Wall Street got a $700 billion bailout, how bout they bail out students?

Largely tongue in cheek, but at least if student debt were erased, we'd see that money going back into the economy in the housing market and small businesses, rather than million dollar bonuses for CEOs.

[Dill]

(06-25-2019, 02:17 PM)Mike M (the other one) Wrote: I'm with you on this one and totally in for Trade Schools.
Not everyone is college material, but learning a trade will help kids be productive tax payers, which in turn means more positive tax money for the US. Blows my mind how come the US won't invest in itself like this.

LOL "Socialism has failed wherever it has been tried."

[Mike M (the other one)]

(06-25-2019, 06:52 PM)Dill Wrote: LOL "Socialism has failed wherever it has been tried."

Uh Ok.

When it comes to Schooling and Medical I am left leaning. Other things Right leaning. You could call me an extremist on most topics, left or right, not much in between, but I also believe that finding the middle grounds is always the best.

[Dill]

(06-25-2019, 08:33 PM)Mike M (the other one) Wrote: Uh Ok.

When it comes to Schooling and Medical I am left leaning. Other things Right leaning. You could call me an extremist on most topics, left or right, not much in between, but I also believe that finding the middle grounds is always the best.

LOL I'm fine with "socialism" OtherMike.  We're on the same side on this one.

[treee]

Debt relief is always a good tool for giving the economy a shot in the arm. And there is definitely a lot of student loan debt. It's crazy they allow people so young to get so far in to debt from the get-go when a majority of the time, these students don't truly understand the magnitude of the burden they're taking on.

[*michaelsean*]

I can't read the article. Something about an ad blocker that I'm not going to spend the time trying to turn off. What is meant by "Wall Street"? And what are his reasons for picking Wall Street? No offense to Pat, but is there some actual connection?

[Mike M (the other one)]

(06-26-2019, 11:08 AM)michaelsean Wrote: I can't read the article.  Something about an ad blocker that I'm not going to spend the time trying to turn off.  What is meant by "Wall Street"?  And what are his reasons for picking Wall Street?  No offense to Pat, but is there some actual connection?

Bernie Sanders wants Wall Street to pay off the US's $1.6 trillion student-loan debt. Even Democrats are likely to push back on the plan.

Sen. Bernie Sanders introduced Senate legislation on Monday to eliminate the $1.6 trillion in student-loan debt held in the US and make all public higher education tuition-free, carving new progressive territory in a competitive Democratic presidential primary.

[*]The bill would have the federal government pay to erase virtually all the student debt held by an estimated 45 million Americans with a new tax on Wall Street transactions. The Sanders campaign said the tax would generate $2 trillion over 10 years to cover its cost.
[*]It's part of a broader package from Sanders that would also make public universities, trade schools, and community colleges tuition-free.
[*]But the Sanders plan is likely to face objections from some centrist Democrats concerned about the bill benefiting wealthier people, as well as from conservatives worried about its high cost.
[*]
Presidential candidate Sen. Bernie Sanders proposed on Monday a plan to eliminate the $1.6 trillion in student-loan debt held in the US and make all public higher education tuition-free, carving out new territory in a competitive Democratic presidential primary.
Introduced into the Senate, the bill would have the federal government pay to erase virtually all the student debt held by an estimated 45 million Americans with a new tax on Wall Street transactions. The Sanders campaign said the tax would generate $2 trillion over 10 years to cover its cost, an expense likely to trigger opposition from moderate Democrats.
At a press conference unveiling the proposal, Sanders said: "We will make a full and complete education a human right in America to which all of our people are entitled."

It's part of a broader package from Sanders that would also make public universities, trade schools, and community colleges tuition-free. Democratic Reps. Ilhan Omar and Pramila Jayapal are introducing a companion bill in the House. Both are progressive lawmakers who have championed tuition-free college during their time in Congress.
Federal data shows that the share of student debt has doubled over the past decade from $700 billion to $1.6 trillion, overtaking credit cards and car loans as the biggest share of debt Americans hold. The average college student graduates with at least $30,000 in debt, CNBC reported.
The Vermont senator's plan to erase student debt is one of the most ambitious proposals yet from the sprawling Democratic presidential-primary field, put forward only two days before the first primary debates in Miami. And it aligns with his campaign's message to address the economic anxieties of Americans and boost the middle class. In an interview with CBS's "Face the Nation" that aired yesterday, Sanders described student debt as "an incredible burden on an entire generation of people."
Two other Democratic candidates have proposed a variety of student-debt-forgiveness plans. Sen. Elizabeth Warren put forward a plan with a price tag of $640 billion that would combine tuition-free college and up to $50,000 in debt forgiveness, and it is also centered on a new tax on Wall Street. Former Housing and Urban Development Secretary Julián Castro's plan would offer limited debt forgiveness for people receiving public assistance.

Colleen Campbell, the director of Postsecondary Education at the Center for American Progress, a center-left think tank, told INSIDER the Sanders proposal brings "a left flank" on an issue that's increasingly important to the Democratic electorate — many of whom are young millennials saddled with student-loan debt.
"By proposing a universal plan, you essentially end up in a situation where there aren't false positives of people who might have a higher income but really be struggling," Campbell said. "But I think there's merits to consider that apply to universal plans that don't necessarily apply to ones that are more means-tested."
But the Sanders plan is likely to face objections from some centrist Democrats concerned that the bill benefits wealthy people, as well as from conservatives worried about its high cost.


Brian Riedl, a senior fellow at the Manhattan Institute for Policy Research, a conservative think tank, criticized the Sanders campaign's number crunching, tweeting that the cost of the plan could be $3 trillion, adding, "Even Sanders rosy financial tax estimate is not close to enough."

Sara Goldrick-Rab, a professor at Temple University and an expert in higher-education financing, told The Washington Post that the proposal gave her some reservations. "There's a piece of me that has seen how widespread the pain is, including among people you might say are financially fine. But there's a piece of me that knows what the pot looks like, and says, 'That's not the best use of the money,'" she said.
During his presidential campaign in 2016, Sanders campaigned for tuition-free college regardless of income.


There's the article so you can read it