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U.S. forgives 40k student loans

reuters.com

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Re: U.S. forgives 40k student loans

#301

Post by stetrain »

hunterb123 wrote: post #139
marricks wrote: post #118

Earlier quoted context omitted.

45 million folks in the US have student loans so even some action for 3.6 million folks isn’t a large percentage.

So since it's only 8% it's fine? How many 8% increments can there be until we're allowed to be against this? I'm against any percentage of funneling taxpayer money to college administrators. Reduce tuition, don't rubber stamp federal loans while letting administrators increase costs.

Why not do both?

Forgiving past loans for graduated students does not put future money into the hands of college administrators unless you continue issuing and forgiving future loans.

Fixing the grift and providing relief to those who were grifted should be two sides of the same coin.

Re: U.S. forgives 40k student loans

#302

Post by gamblor956 »

nimbius wrote: post #269
_moof wrote: post #27

Please, please, please take note before commenting: These are being forgiven under the Public Service Loan Forgiveness program, created in 2007 (fifteen years ago), which eliminates your remaining debt after you've made ten years of payments while working in the public sector (government or non-profit). This has nothing to do with current debates around loan forgiveness.

Its an interesting piece of legislation to see, and strongly implies former senator Joe Bidens initial student debt legislation was beginning to have seriously negative repercussions at the federal level for employee retention and hiring not even 5 years into its inception. Back in 2005 Biden supported and stumped for a bill that stripped students of bankruptcy protections and led the country into a 1.7 trillion doll…

If you had actually read the article, you would have seen that the loans were forgiven under a student loan forgiveness program introduced in 2007.

Re: U.S. forgives 40k student loans

#303

Post by loeg »

SamuelAdams wrote: post #213
loeg wrote: post #107

Earlier quoted context omitted.

They'd actually have to underwrite on the basis of the value of a degree -- yeah, no one is going to lend money to the same people who wouldn't be able to repay their loans after graduation. That's good!

This is a slippery slope though. This effectively turns universities into career-training centers. Eventually enrollment in less-profitable subjects, like dance and art, will decrease, forcing colleges to drop it from their programming. Then suddenly we have a society that does not appreciate art or dance or whatever other subjects were dropped. This is the slippery slope - creditors get to decide what others know an…

> This effectively turns universities into career-training centers.

It's no change. That was already the premise of underwriting non-dischargeable loans.

> Then suddenly we have a society that does not appreciate art or dance or whatever other subjects were dropped.

Again, no change. If they were valued enough to support an expensive college degree, career prospects would be less dim.

Re: U.S. forgives 40k student loans

#304

Post by alfor »

So tired of government meddling in people's affairs.

So if you work for government you are eligible, in private business not!

That money is going to come out of someone else pocket. In this case it’s going to be more inflation and more taxes.

Where I live (Canada) the system is so complicated that 95% of people don’t even understand how it work. We have to run simulations of typical cases to trace graphs and make a decision.

Re: U.S. forgives 40k student loans

#305

Post by saila »

hunterb123 wrote: post #139
marricks wrote: post #118

Earlier quoted context omitted.

45 million folks in the US have student loans so even some action for 3.6 million folks isn’t a large percentage.

So since it's only 8% it's fine? How many 8% increments can there be until we're allowed to be against this? I'm against any percentage of funneling taxpayer money to college administrators. Reduce tuition, don't rubber stamp federal loans while letting administrators increase costs.

I'm all for contributing to admin salaries. I'd even go so far as to say state-funded schools shouldn't charge tuition at all.

That said, I have to agree that tuition definitely seems bloated and many admins make absurd salaries.

Until that's fixed, which seems unlikely in the near future, how do we fix the issue of massive debt that hangs over people for their whole lives?

The obvious solution would be to reduce tuition and other costs, but now we're in a loop. It seems like an intractable problem.

Re: U.S. forgives 40k student loans

#308

Post by stonogo »

colpabar wrote: post #69
endtime wrote: post #54

Earlier quoted context omitted.

That's where the 40,000 in the headline comes from. But the article also says this: > Several thousand borrowers with older loans will also receive forgiveness through income-driven repayment (IDR) forgiveness, plus another 3.6 million borrowers will receive at least three years of additional credit toward IDR forgiveness, the Education Department said in a statement.

I'll believe it when I see it. I vividly remember getting "credits" for $1 from fafsa, so if it's anything like that, it will be meaningless.

I think you might be misremembering, because the FAFSA is just the application you fill out to apply for student aid. Maybe the Department of Education issued the credits?

Re: U.S. forgives 40k student loans

#309

Post by jatone »

_moof wrote: post #27

Please, please, please take note before commenting: These are being forgiven under the Public Service Loan Forgiveness program, created in 2007 (fifteen years ago), which eliminates your remaining debt after you've made ten years of payments while working in the public sector (government or non-profit). This has nothing to do with current debates around loan forgiveness.

its 100% intentional on the administrations part. this is their 'creative' way of trying to not meet their campaign promise. highly annoying.

Re: U.S. forgives 40k student loans

#310

Post by dionidium »

tejohnso wrote: post #289
loourr wrote: post #12

It's crazy to cancel student loans and still keep issuing the exact same loans. If we believe the loans are unjust then the government should stop handing them out as the very first step.

I'm curious to know how these loans became such a political issue. It's unusual to take out a loan and then complain about having to repay it. That's how it is supposed to work. We don't typically reward people for digging themselves into a hole by bailing them out. Unless they're large corporations. We bail them out in certain cases. But I don't think that's a popular idea either.

The way this works is that you just have to define something to be a "necessity" in the public consciousness, because there's a prevailing intuition that it's illegitimate to be asked to pay for anything that fits that description. Medical bills are a necessity, so it's illegitimate to be asked to pay them. You have to go to college to get a good job, so it's illegitimate to be asked to pay for an education. You need a place to live, so high rents are also illegitimate. And so on.
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