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U.S. forgives 40k student loans

reuters.com

391–400 of 483 posts

Re: U.S. forgives 40k student loans

#391

Earlier quoted context omitted.

Maybe it is, but it has to start somewhere. This is where it starts, what's the problem with that?

The problem is that the people it benefits the most are disproportionately in the upper classes (they took out the most debt). Student loan forgiveness doesn't do what most people think it will do. https://knowledge.wharton.upenn.edu/article/how-student-loan...

or you know we could just make student loan eligible for bankruptcy.... then just let the courts deal with it as usual.

Re: U.S. forgives 40k student loans

#392
post #112

Earlier quoted context omitted.

What then is the point of the article? To tout something implemented by another administration? I haven't been employed by the taxpayers so who cares?

Comments like these boggle my mind. This is news. This is reporting. Literally taking what is done and sharing it with the masses: X did Y. That's it. Did you know this happened before this article? No. Does your caring change the fact that it's news? No. "What's the point of the article?" To inform. That this needs to be questioned is upsetting.

It is news to me yes and yet, by any definition of news I understand, a measure taken in 2007 is continuing is not. To further make my point, the original commenter felt the need, correctly I think to clarify that the article is not discussing a new policy! "What's the point of the article?" is a short way of asking both what the author wishes to communicate, why and most importantly what the intention is. I had hoped my asking the question in the first place would be a clue that I dont buy that it is just "to inform"

Re: U.S. forgives 40k student loans

#393
I wont support any loan forgiveness. I worked my but off to work fulltime and pay tuition at the sate university. It took 6 years of hard work for a 4 year degree. I graduated with no debt. That my hard work might make me no better off than those who took the easy route, infuriates me.

Re: U.S. forgives 40k student loans

#394
post #385
post #247

Earlier quoted context omitted.

People are skeptical of the federal government getting involved because of decades of propaganda and underfunding. Bad roads? Well, Congress and the states won't raise the fuel tax. Bad education? Congress lets loans go to shite diploma mills that have owners who make big campaign contributions. Just look at how underfunded (intentionally) the IRS is. How audits are primarily focused on the bottom 50% of earners, whi…

> Bad roads? Well, Congress and the states won't raise the fuel tax. We overbuilt infrastructure based on Government accounting practices that don't adhere to Generally Accepted Accounting Principles (GAAP or US GAAP). Representatives get elected based on promises of new roads and highways, not on successful stewardship of what we have. People realize this misaligned incentive, that isn't propaganda. > Bad education?…

1. Govt Reps get elected for a lot of things. Maintaining our roads, bridges and infrastructure are always buzzwords during elections.

2. Your link to Brookings just reinforces the issue. For profit schools account for 10% of students, borrow more often compared to public school students, and borrow more money. The Fed link shows that these students default more; they also are higher in pure dollar terms when it comes to Pell grants and Stafford loans. There's no good defense for profit schools.

3. Our tax to GDP has been constant for decades. Wow. I guess that wouldn't coincide with the Republican and Grover Norquist's efforts to "drown the baby in the bath tub?" A tax code can be "progressive" in theory while in practice it's regressive since the wealthy can shelter so much of their income. By underfunding the IRS, we're leaving money on the table. That's what the rich want, and since they largely control Congress, that's what they get.

4. If you look at trust in government, it was in the mid 70% range up until 1960. So obviously all the people in 1950 were so scarred by how poorly the British Parliament treated us in the 1700s. The drop in trust dropped during the Vietnam War when both parties continually lied to the American people, and since then has hovered in the 30% range for 40 years. But it's pretty clear that one party has had a platform for over 40 years to diminish the accomplishments of the Federal Government (except the Military), to starve it of funds, to politicize it's agencies. The other party sees the Government as a solution to many problems that are simply too large for individuals to solve.

Re: U.S. forgives 40k student loans

#395

I know every European seems to ask this of every American but what is the resistance to a welfare state? if you look at a government as investing in its citizens like a VC fund, then providing education and medical care is sensible, and some will turn out fine and others will be Bezos and then you can get your investment back via tax. I am honestly trying to avoid the flame war here - but I do it know how else to fra…

I work hard and always have. I wont be happy if it leads to zero advantage over those who dont.

Re: U.S. forgives 40k student loans

#396
post #368

Earlier quoted context omitted.

>Maybe we shouldn't call it a direct punishment, but they're certainly coming out of the scenario worse off than their counterpart. It's hard for me not to sound flippant when I say this, but -- this is life. As far as I'm concerned, anyone who has the means to pay off their student loans themselves practically won the lottery and they should be thankful they're not totally fucked like those who need the forgiveness.…

>As far as I'm concerned, anyone who has the means to pay off their student loans themselves practically won the lottery and they should be thankful they're not totally fucked like those who need the forgiveness. Let me share my personal experience with you so I can try to shed some light on our varying interpretations of what "won the lottery" means. I went to college full-time, four days a week, and was a commuter.…

No post body was provided.

Re: U.S. forgives 40k student loans

#397

Earlier quoted context omitted.

>Maybe we shouldn't call it a direct punishment, but they're certainly coming out of the scenario worse off than their counterpart. It's hard for me not to sound flippant when I say this, but -- this is life. As far as I'm concerned, anyone who has the means to pay off their student loans themselves practically won the lottery and they should be thankful they're not totally fucked like those who need the forgiveness.…

Why do you want to encourage people to make bad financial decisions

The massive information asymmetry involved in the student loan system means these kind of black and white judgements not particularly useful.

Re: U.S. forgives 40k student loans

#398
Whether it be healthcare, housing, or education, the government always responds to rising costs by subsidizing demand rather than helping increase supply or fix incentive structures. Really frustrating but almost inevitable because subsidizing demand is the one "solution" that sounds good to almost everyone involved. The suppliers make more money, some consumers benefit short-term, few understand that this just drives prices up further. Anyone have ideas on ways this cycle could end?

(I realize this article isn't what it seems, but I'm still taking the opportunity to discuss this issue)

Re: U.S. forgives 40k student loans

#399
post #309

Earlier quoted context omitted.

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

No. The previous guy installed people in the DOE that made it virtually impossible to forgive the loans even after they jumped through all the hoops to qualify under the law. All Biden's administration is doing here is ungumming people who were eligible years ago. This is cleanup from the prior administration

I'm aware. and but these things are being trotted out by people as 'look hes (biden) done so much!!'

when in reality: hes done jack shit except what already is suppose to happen!

I promise you biden's PR group is the force behind these articles.

Re: U.S. forgives 40k student loans

#400
post #309

Earlier quoted context omitted.

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

He still has time to do loan forgiveness "helicopter money" style. But even if all we got was an expansion of targeted relief programs I think it totally counts as fulfilling his talking point. The issue with student debt is that for some people there's no way out, but generally speaking college-educated people are more well-off and forgiving all debt would be a regressive stimulus that targets the wealthier side of…

this isn't targetted relief. this is shit that was already suppose to be done.

also regressive stimulus are not even a thing. maybe you're thinking of regressive taxes? which still wouldn't be right.

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