Nice. Since I paid mine back 100%, where do I get my $33k refund + 21 years interest ?
Not only you won't get it back, you're helping pay the cancellation.
Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
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Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#22There’s a sentiment which isn’t really being expressed here so far.
I don’t begrudge people who are less fortunate and need help.
I don’t enjoy my food any less because someone who is hungry can get free food from a food bank.
There are so many ways that the government has helped the more successful. I for one was a beneficiary of PPP loan forgiveness (not by my choice but an election of my managing partner).
This attempts to balance the scales of what type of support people get who are going through different situations and at different times with different needs isn’t particularly productive. It might feel good in some self centered bitter way, but it doesn’t speak to whether this is a policy measure that has a positive effect on many people and is a net benefit to the economy as a whole.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#23At least this loan forgiveness seems to be targeted at low-income people. That’s much better than the government’s blanket pause on student loan payments for almost two years, which saved many rich people tens of thousands of dollars in interest.
That is a bad thing. Making intelligent decisions about career choices is now punished because you have to pay for people who didn't? Yay equity.
Your intelligent career decisions won't insulate you from the under-educated voters putting a despot and charlatan into power. An educated populace is better for everyone.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#24Earlier quoted context omitted.
Of course root causes should be addressed (chiefly, I believe that tuition should be gratis for public universities), but in the meantime I think this is a perfectly fine policy. It achieves three goals: • Gets people talking about higher education payments. • Eases the financial burden of higher education for some. It should be all , but this is still objectively better than none , provisionally. • Provides good pub…
>Provides good publicity for the political party more inclined to do anything about the root causes (Democrats). This is not only illegal but morally wrong, though.
I disagree — enacting a policy people like and find useful is inherently good publicity.
If your city mayors’ initiatives improve your local library, this will make people who visit the library like the mayor more. This doesn’t make improving the library immoral or unethical.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#25Some thoughts: 1) Biden's polling numbers must be abysmal with key demographics if he's doing this 7 months out from the election. 2) This does nothing to solve the underlying problems which are that loans are handed out with absolutely zero check to see if they'll get paid back, and that they aren't dischargable in bankruptcy.
The blatant vote-buying will continue until the polls improve.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#26My biggest issue with these cancellations is that they don't seem to be fixing the underlying issue at all — that you can't default on your student loans. Lenders are incentivized to loan as much out as possible because their risk is so low, and so there is no reason to NOT approve a $150,000 loan to a student earning a degree which will realistically net them $40,000 a year. As soon as you let borrowers default, the…
The issue is that universities are a huge block of democratic support. If you allow people to default on student loans, then banks are going to be much more hesitant to issue them. That, in turn, will reduce universities' revenues. Furthermore, the entire premise of federal student loans is that they're not technically spending. Of course if they allow these loads to be defaulted, then this is ultimately a spending p…
The easiest solution here is to compare data to countries that allow student loan defaults. AFAIK this is most of countries. There should be good data if the issue is real, or hypothetical, or political lobby based.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#27Schools are not getting the feedback they need to be useful and political tricks like this further distorts the feedback loop. We should really take a few minutes to consider what this means for not just our future but our future generations. I think arguments that go along the lines of "I worked extremely hard to minimize my loans and now I felt betrayed" is missing the bigger evil lurking in the shadows: schools in…
> "out of all the things I can do, what should I be doing right now?"
I mean aren't you really asking "What should I be doing X years from now"?
If you're looking at your feet you're only going to notice you've walked up to the edge of a cliff moments before you get there. I mean, even with re-education you're taking long term training now in hopes it will work out in the future.
So, pretty much you've said nothing interesting here other than survival of the fittest, which didn't work out great in the past when the unfit were destitute but still alive to cause problems like crime and vagrancy. Is part of your great plan in making things better just unaliving these people?
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#28Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#29Buying votes in defiance of SCOTUS, and just shifting the $$ burden to responsible taxpayers.
How ver (D)emocratic of him.
Re: Biden Announces $7.4B in Student Debt Cancellation for 277,000 Americans
#30Some thoughts: 1) Biden's polling numbers must be abysmal with key demographics if he's doing this 7 months out from the election. 2) This does nothing to solve the underlying problems which are that loans are handed out with absolutely zero check to see if they'll get paid back, and that they aren't dischargable in bankruptcy.
2) I'm pretty sure that would be in the hands of congress, in which, is completely broken at this moment.