Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Apply for student loan debt forgiveness

studentaid.gov

Post reply on HN
Print view View original

81–90 of 130 posts

Re: Apply for student loan debt forgiveness

#81

Post by SantalBlush »

lazyasciiart wrote: post #10
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.

Plenty of people have student loan debt and never graduated college.

This FiveThirtyEight article [0] from 2016 explains your point about debt and graduation a bit more, and gives a nice summary of the typical degrees sought by college students in the US.

[0] https://fivethirtyeight.com/features/shut-up-about-harvard/

Re: Apply for student loan debt forgiveness

#82

Post by bastawhiz »

OrangeMonkey wrote: post #54
bastawhiz wrote: post #36

Earlier quoted context omitted.

It's truly something when I come to this website and folks are arguing against the government providing assistance to folks burdened by inescapable debt where making payments for decades and paying taxes can land you with even more debt than you started with because of the interest rates. What's supposed to happen? We just throw our hands up and say that the system is irreparably broken and there's nothing to be done…

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?

Money went from the government's big pool of money to a thing the government decided was a good idea. That's literally how all government spending works. We can collectively decide through our system of democracy that education is a good thing and that the single largest source of unsecured debt is probably worth addressing and not have the argument of "but it doesn't affect that group of people." If you want to get incensed about uneven distribution of wealth, get angry that the tax rate for the highest earners is the lowest it's ever been (and no, debt forgiveness doesn't benefit them).

It's also naive to think that relieving debt from the middle class won't benefit the economy in some way. America's middle class goes to college. It's hard to argue that consumers having more money to spend won't drive economic growth.

Re: Apply for student loan debt forgiveness

#83

Post by OrangeMonkey »

bastawhiz wrote: post #82
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?

Money went from the government's big pool of money to a thing the government decided was a good idea. That's literally how all government spending works. We can collectively decide through our system of democracy that education is a good thing and that the single largest source of unsecured debt is probably worth addressing and not have the argument of "but it doesn't affect that group of people." If you want to get…

What is your stance on "canceling" mortgage and credit card debt?

Like college debt, it was taken on willingly and its hard to argue that consumers having more money to spend won't drive economic growth.

Re: Apply for student loan debt forgiveness

#84

Post by braingenious »

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…

As a hypothetical, you’re arguing that society should have more sympathy for your wife’s family than GP’s partner’s family?

How exactly are we supposed to litigate a “wife’s family vs other wife/husband’s family” debate in these terms? Did the people working low-wage jobs spend time on food stamps? Section 8? Subsidized phone service?

If the answer is no, do you think that people working low-income jobs do not, on average, take advantage of public money in any way?

Re: Apply for student loan debt forgiveness

#85

Post by pb7 »

jabagonuts wrote: post #73

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.

It is definitely not the latter and that’s what makes it unfair. If it was fair, they would cut the same $10K check to everyone that had paid for higher education in the last X years and meets the income criteria.

Re: Apply for student loan debt forgiveness

#86

Post by OrangeMonkey »

jabagonuts wrote: post #73

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.

Or, alternatively, if this is actually legal.

Congress holds the powers of the purse and this is an executive order by a president a few weeks away from midterm elections. This is going to be litigated.

Re: Apply for student loan debt forgiveness

#87

Post by bastawhiz »

OrangeMonkey wrote: post #83
bastawhiz wrote: post #82

Earlier quoted context omitted.

Money went from the government's big pool of money to a thing the government decided was a good idea. That's literally how all government spending works. We can collectively decide through our system of democracy that education is a good thing and that the single largest source of unsecured debt is probably worth addressing and not have the argument of "but it doesn't affect that group of people." If you want to get…

What is your stance on "canceling" mortgage and credit card debt? Like college debt, it was taken on willingly and its hard to argue that consumers having more money to spend won't drive economic growth.

Those kinds of debt can be escaped. Sell your home and buy a new one. Declare bankruptcy.

Student loan debt is taken on by literal children with no credit with the promise of a good job and cannot be escaped under really any circumstances. Saying "well you just shouldn't have gone to college" is blaming kids for decisions their parents ultimately made.

Re: Apply for student loan debt forgiveness

#90

Post by rtp4me »

OrangeMonkey wrote: post #86
jabagonuts wrote: post #73

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.

Or, alternatively, if this is actually legal. Congress holds the powers of the purse and this is an executive order by a president a few weeks away from midterm elections. This is going to be litigated.

I agree. In fact, I don't think the President can forgive student debt loan - that is a job for Congress[0]

[0] https://www.heritage.org/the-constitution/commentary/can-bid...

Post reply on HN