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59% of Americans worry student loan forgiveness will make inflation worse

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Re: 59% of Americans worry student loan forgiveness will make inflation worse

#141

Post by RickJWagner »

"(OP) an artist and administrative assistant, earned a bachelor’s degree from Temple University and master’s degree from Sarah Lawrence College. She now owes more than six figures in student debt."

That pretty much sums it up. Why should taxpayers (especially blue collar taxpayers, who did not go to college) have to fund a bachelor's and a master's for people that don't choose paths that would likely lead to salaries that can repay?

This is madness. Of course giving away money will lead to more inflation. Covid checks were used for the meme stock bonfire. Giving money to people who can't handle money will not result in anything good.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#142

Post by edmcnulty101 »

rory wrote: post #132
edmcnulty101 wrote: post #129

Earlier quoted context omitted.

2008 had one of the top 5 or 6 peaks of inflation over the past century! So not sure how you're deducing there was no inflation. The deflationary spiral happened AFTER the bank bailout.

> 2008 had one of the top 5 or 6 peaks of inflation over the past century! More like the 9th or 10th, but nonetheless I see what you're talking about with the summer 2008 oil spike. The problem with this analysis is that a deflationary spiral is really more about price jerk than inflation itself. In other words, the rate at which inflation is changing is the bigger concern than the inflation rate itself. > So not sur…

> This is a strawman you've entirely made up, so I won't respond to this portion.

> More like the 9th or 10th

I think you just did.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#143

Post by caeril »

l30n4da5 wrote: post #61
immigrantheart wrote: post #45

Earlier quoted context omitted.

Student debt is a personal responsibility. It is a personal choice. There are people who knowingly decided not to take higher education because they knew it would make them go into debt and instead went to work instead, providing for their family. These are real tangible opportunity cost for these people who decided that they couldn't afford college debt. If you forgive student loans, then those people who went on de…

> Student debt is a personal responsibility. It is a personal choice. While I agree with you, to an extent, you cannot ignore than many young people were pressured into going to college, and going to a 'good school' by the authority figures in their life at the time (be it parents or school counselors). they were sold the lie that college would pay for itself, and for many it has not. I got lucky, personally, and don…

> many young people were pressured into going to college

When I was young, drunk, and impressionable, a pit boss pressured me to apply for casino credit and get hosted in Vegas.

Of course, I took out my entire line in markers and lost it all.

If being young is a valid excuse to discharge the consequences of stupid choices, this is great news. I'll be awaiting my check.

Any of you who signed up for those $1000 unsecured "student credit card" offers should be lining up for the gravy train, as well.

Looking forward to teaching my kids that financial responsibility is only for old people, to rack up as much unserviceable debt as humanly possible while they're in whatever government standard age bracket is defined as "young", get it all forgiven, and then start acting like a responsible human being. There's no moral hazard in this line of reasoning whatsoever.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#144

Post by pc86 »

tablespoon wrote: post #127
pc86 wrote: post #119

Earlier quoted context omitted.

I'm torn on clawing the money back. I can think of 2-3 instances just off the top of my head where you could (legitimately) declare bankruptcy but the school shouldn't necessarily lose $50-100k because of that. Especially if nothing else about the current climate changes, all that will do is cause costs to rise even faster as the school just increases tuition to compensate.

> I can think of 2-3 instances just off the top of my head where you could (legitimately) declare bankruptcy but the school shouldn't necessarily lose $50-100k because of that. Do you have an example? Like buying too much house and getting then getting fired from your job? I suppose the bankruptcy judge could make a determination of the student debt was a major cause of the bankruptcy, and only clawing back the money…

Yeah, really anything that isn't "I got a worthless degree and my earnings as a barista don't cover it" isn't really the school's fault. I'm sure there are some gray areas. You'd probably need to have some sort of income threshold where the loans are no longer dischargeable. But then what happens if you're unemployed? If your degree has gotten you a $200k/yr job in the past but you're unemployed now, are they dischargeable? What happens if they're discharged and you get another $200k/yr job two weeks later? Etc.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#145

Post by rory »

edmcnulty101 wrote: post #142
rory wrote: post #132

Earlier quoted context omitted.

> 2008 had one of the top 5 or 6 peaks of inflation over the past century! More like the 9th or 10th, but nonetheless I see what you're talking about with the summer 2008 oil spike. The problem with this analysis is that a deflationary spiral is really more about price jerk than inflation itself. In other words, the rate at which inflation is changing is the bigger concern than the inflation rate itself. > So not sur…

> This is a strawman you've entirely made up, so I won't respond to this portion. > More like the 9th or 10th I think you just did.

??

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#146

Post by homeland221 »

pc86 wrote: post #73
buscoquadnary wrote: post #48

Earlier quoted context omitted.

I guess it seems to me that there are way more questions about those with > 80k. I am going to assume they ended up that way because they made poor decisions, like taking out massive loans to do things like not work, to attend over priced schools, to slack on school work and have to repeat school. I mean I worked full-time through school, raised a family and still managed to finish my BS in 18 months and MS in 12 mor…

So the most important follow-up question to all of this is when did you do it? College costs have risen exponentially faster than just about everything other than healthcare, especially over the last 10-20 years. I graduated almost 15 years ago, and I am starting to think that anyone who graduated more than a few years ago simply cannot comprehend how bad it is to have to pay for school now. Average annual tuition at…

Assuming you have 100K, just pay 500 a month would clear it even if interest is at 5% after 36 years. Interest is fixed for student loan so it wont go up and down like current fed rates. And that is extreme. Most have loan around 30K which can pay down in 6 years at 500 per month. Most students coming out to work can easily earn 2K a month. But nearly all has no discipline. They need netflix. They need clubbing. The need vacations. They need broadband. They need the latest iPhone Samsung. Just suffer like a monk for 5 years. Eat like a monk. No sex. No clubbing. Every dollar earned is used to pay down the debt. Dont rent expensive. Rent as cheap as possible. Even if you work in Walmart for 5 years you can pay it off. Most students cant because they prioritize life indulgences over debt. And now we must reward them by paying off their debt because they cant.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#147

Post by bastard_op »

Rather than loan forgiveness, why doesn't the government go after the corporations that ran these for-profit institutes for "higher education" that milked student loan programs year after year to provide useless education to suckers too ignorant to refuse? Having worked for some of the largest over the years to get the inside scoop (and now tend to refuse working for edu's as a result), they're all mostly scumbag organizations for the most part no matter how "christian" godly/goodly they pretend to be, or not, where I have more respect for the "nots". Flip side, look at the even community colleges, they're run like state programs, and hire generally only the worst people as they're institutionalized in for the state benefits and retirement. There is no winning if you actually need education anymore.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#148

Post by solardev »

nradov wrote: post #136
solardev wrote: post #124

Earlier quoted context omitted.

That seems pretty reductionist. An education shouldn't just be dollars in, dollars out for future job training. We don't merely need good workers, we need better citizens.

Please provide evidence to show that a college education reliably makes people into better citizens. In my experience there is very little correlation.

Well, they're more likely to not vote Republican, for starters. That's a good thing, almost always.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#149

Post by chrismcb »

lapcat wrote: post #7

The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p... Forgiving $10K across the board is dumb and mi…

I think there are three issues. 1) student loan interest rates are to high. They should be like 1%. 2) the minimum payment is to low. Some students aren't paying their debt down, so it grows larger. Finally I think loan forgiveness benefits the wrong group of people

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#150

Post by l30n4da5 »

caeril wrote: post #143
l30n4da5 wrote: post #61

Earlier quoted context omitted.

> Student debt is a personal responsibility. It is a personal choice. While I agree with you, to an extent, you cannot ignore than many young people were pressured into going to college, and going to a 'good school' by the authority figures in their life at the time (be it parents or school counselors). they were sold the lie that college would pay for itself, and for many it has not. I got lucky, personally, and don…

> many young people were pressured into going to college When I was young, drunk, and impressionable, a pit boss pressured me to apply for casino credit and get hosted in Vegas. Of course, I took out my entire line in markers and lost it all. If being young is a valid excuse to discharge the consequences of stupid choices, this is great news. I'll be awaiting my check. Any of you who signed up for those $1000 unsecur…

false equivalency.
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