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Apply for student loan debt forgiveness

studentaid.gov

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Re: Apply for student loan debt forgiveness

#71

Post by WalterBright »

qbasic_forever wrote: post #61
sigzero wrote: post #53

Earlier quoted context omitted.

That isn't what this is though is it? This is people voluntarily taking loans to fund their education and now getting that paid off with other peoples money. With that logic, when are they paying my mortgage or credit card bills off which are also voluntary debt? I an all for investing in education. This is not that.

If we want to argue about tax dollars being stolen then the massive bank bailouts and decade of QE by the fed are massively, _massively_ more of a problem and cost. Stop bailing out bad business decisions with my money and then we can talk about not spending it on stuff like paying off education loans.

Half a trillion dollars is not insignificant.

Re: Apply for student loan debt forgiveness

#73

Post by jabagonuts »

Having not seen the actual law or executive order or whatever legal reference document, one thing that has not been clearly covered by the media or in debates or even the studentaid.gov website is whether or not this law applies only to current federal loan borrowers, or also extends to those under the prescribed income limits who paid off their federal loans years, or even decades ago.

Re: Apply for student loan debt forgiveness

#74

Post by not_the_fda »

qbasic_forever wrote: post #7
OrangeMonkey wrote: post #3

There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.

Heaven forbid a country invest in the education of its people. What a terrible no good idea, we should definitely be putting that money into pumping business or other interests.

We should invest in education where we need it. This is STEM majors and those without degrees subsidizing liberal arts majors that got worthless degrees.

Re: Apply for student loan debt forgiveness

#75

Post by OrangeMonkey »

toomuchtodo wrote: post #57
OrangeMonkey wrote: post #54

Earlier quoted context omitted.

The government isnt providing assistance. This is transferring debt people willingly took on to get a college degree, to people who did not go to college. Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from?

This transfers the debt to the top income earners who pay federal income tax into the general fund. The bottom 60% of Americans, 100 million households, pay no federal income tax. https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-... > Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from? The wealthy…

No post body was provided.

Re: Apply for student loan debt forgiveness

#76

Post by cableshaft »

rcoveson wrote: post #35
sergiomattei wrote: post #9

As someone whose partner is bogged by student debt — unable to find a job in their industry due to the recession — this is such a relief. Those arguing this is a debt transfer, have some sympathy. Things are difficult out there, especially for new grads in this economic environment.

My wife’s siblings all avoided college to avoid taking on debt that they didn’t think they could pay off. They worked low wage jobs during the years their peers attended university on borrowed money. This blatantly unfair debt forgiveness is nothing but a transparent bid to make friends of a subset of the population perceived as more valuable than the subset of which it will make enemies. Why would you expect other’s…

Do you have this same feeling against Medicare, even though you aren't benefitting from the program directly? Against disability pay? Against food stamps? Against Earned Income Tax Credits? Against Low Income Housing Tax Credits? Homeowner tax rebates? Business tax credits? Half of your property taxes going to schools when you don't have children.

Talked to a guy just today paying over $6k a year just for schools but is childfree. I myself am paying about $3k of my annual property tax straight to local schools yet I do not have kids yet. That's at least $250 every month I'm paying.

Tons of taxpayer money gets paid for all sorts of things we don't benefit from directly. If you're not for any of it, so be it, but if you're not, and you're so against 'policies that take away from people' presumably you mean tax money funding these programs, you should probably be equally angry about pretty much all of these.

I also avoided getting student loans for a while, dropping out of college so I wouldn't take them out, and it severely stunted my salary trajectory because of it, working in places like Wal-mart shipping rooms for $7.50 an hour in my early 20s when I could have had a degree and made 6x more than that.

I eventually did get student loans and finished my degree, and paid them all off shortly before they announced this debt relief. I'm still all for it, as I've seen countless people crippled by student debt.

Re: Apply for student loan debt forgiveness

#77

Post by mynameishere »

club_tropical wrote: post #31

Should come out of university endowments first.

Yes, there are three parties involved here:

1. The universities who got paid.

2. The students who agreed to the debt for receiving the services of the universities.

3. And everyone else, who had nothing to do with the above transaction. Many of this group were working class who never went to school or people who already paid their school debts long ago.

There is no way of looking at that scenario and saying that group #3 should be the one paying. It so deeply wrong that I almost feel ashamed watching people defend the heist.

If the government forcibly clawed back the money from the schools and the admins and the professors and (yes) the fat endowments, the media would howl bloody murder. But it would be relatively fair.

Re: Apply for student loan debt forgiveness

#78

Post by toomuchtodo »

OrangeMonkey wrote: post #75
toomuchtodo wrote: post #57

Earlier quoted context omitted.

This transfers the debt to the top income earners who pay federal income tax into the general fund. The bottom 60% of Americans, 100 million households, pay no federal income tax. https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-... > Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from? The wealthy…

Quoted post unavailable.

Employers don’t require a mortgage or a credit card for you to get a job that pays wages above the poverty line. They do require a degree with no economic exposure to that requirement.

> Lets at least be honest: "I like this but it means janitors / construction workers / hard working immigrants pay for the college of people who didnt."

Only if they have a federal income tax burden. That’s honesty, not the moral hazard you’re attempting to invoke. And it wouldn’t have been any different if that had paid slightly higher taxes previously to contribute to higher ed costs without the loans being originated.

I myself did not attend college, and yet, I will pay towards this forgiveness through my federal income taxes. I like (efficiently purposed) taxes, with them I buy civilization.

Re: Apply for student loan debt forgiveness

#79

Post by YeBanKo »

maxfurman wrote: post #6
OrangeMonkey wrote: post #3

There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.

Is this so different from the PPP loans that were forgiven?

Main frustration with PPP is that gov did not prosecute fraudsters aggressively enough. The bases of the programs are very different.

Re: Apply for student loan debt forgiveness

#80

Post by sergiomattei »

arvigeus wrote: post #41
sergiomattei wrote: post #9

As someone whose partner is bogged by student debt — unable to find a job in their industry due to the recession — this is such a relief. Those arguing this is a debt transfer, have some sympathy. Things are difficult out there, especially for new grads in this economic environment.

I think the problem is that the current “solution” is simply a band-aid. While it may help some, it will not solve the issue. Could make it worse too. I’d say it’s a good first step, but the government should walk the whole way. Wishing you luck!

It’s a good first step into unburdening many grads out there, we’ll see how things pan out. Thank you!
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