Why is Biden extending the student loan repayment pause?

[Anonymous]

Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

[Anonymous]

Anonymous wrote:Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

Let’s break this down. The kids who ultimately end up enrolling at elite universities, regardless of their major (note that donut hole kids may turn down elite schools for a full scholarship or instate tuition elsewhere) graduate with little debt. The kids who enroll parents are either paying full fare or getting nearly full financial aid.

The most indebted kids went to the following schools, according to data available online: UIUC, Drexel, Pitt, Penn State, UNH and Rutgers. At least that was the list last time I checked.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

Let’s break this down. The kids who ultimately end up enrolling at elite universities, regardless of their major (note that donut hole kids may turn down elite schools for a full scholarship or instate tuition elsewhere) graduate with little debt. The kids who enroll parents are either paying full fare or getting nearly full financial aid.

The most indebted kids went to the following schools, according to data available online: UIUC, Drexel, Pitt, Penn State, UNH and Rutgers. At least that was the list last time I checked.

If Biden forgives student loans, you can bet that the parents of rich kids at elite schools will stop paying for their kids' education based on the expectation that Biden will forgive loans again. No one going forward will pay anything but the bare minimum on their student loans. Colleges will likely raise tuition with the expectation that Biden will forgive student loans again. Biden will have to forgive loans year after year. If he doesn't, he'll face the wrath of progressives and angry students/parents who understandably want their free handout. Keep in mind that Biden and/or Democrats won't hold the White House forever. What then? Be weary of unintended consequences.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

Let’s break this down. The kids who ultimately end up enrolling at elite universities, regardless of their major (note that donut hole kids may turn down elite schools for a full scholarship or instate tuition elsewhere) graduate with little debt. The kids who enroll parents are either paying full fare or getting nearly full financial aid.

The most indebted kids went to the following schools, according to data available online: UIUC, Drexel, Pitt, Penn State, UNH and Rutgers. At least that was the list last time I checked.

If Biden forgives student loans, you can bet that the parents of rich kids at elite schools will stop paying for their kids' education based on the expectation that Biden will forgive loans again. No one going forward will pay anything but the bare minimum on their student loans. Colleges will likely raise tuition with the expectation that Biden will forgive student loans again. Biden will have to forgive loans year after year. If he doesn't, he'll face the wrath of progressives and angry students/parents who understandably want their free handout. Keep in mind that Biden and/or Democrats won't hold the White House forever. What then? Be weary of unintended consequences.

So you think UMC families will stop saving money on the assumption that their kid's future loans will be forgiven? That's fine for them to take a risk like that and saddle their kids with loans. Apparently a lot of MC and UMC don't save anyways.

[Anonymous]

Universities need to hold their own paper so they reap what they confer in terms of value of their education.

All these people who think Europe is great; schools their are like our community colleges in terms of physical plant at least.

Use your state schools if your folks aren’t rich.

Stop this hand out mentality/ it is as immature as the worthless area studied by so many kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

Let’s break this down. The kids who ultimately end up enrolling at elite universities, regardless of their major (note that donut hole kids may turn down elite schools for a full scholarship or instate tuition elsewhere) graduate with little debt. The kids who enroll parents are either paying full fare or getting nearly full financial aid.

The most indebted kids went to the following schools, according to data available online: UIUC, Drexel, Pitt, Penn State, UNH and Rutgers. At least that was the list last time I checked.

If Biden forgives student loans, you can bet that the parents of rich kids at elite schools will stop paying for their kids' education based on the expectation that Biden will forgive loans again. No one going forward will pay anything but the bare minimum on their student loans. Colleges will likely raise tuition with the expectation that Biden will forgive student loans again. Biden will have to forgive loans year after year. If he doesn't, he'll face the wrath of progressives and angry students/parents who understandably want their free handout. Keep in mind that Biden and/or Democrats won't hold the White House forever. What then? Be weary of unintended consequences.

So you think UMC families will stop saving money on the assumption that their kid's future loans will be forgiven? That's fine for them to take a risk like that and saddle their kids with loans. Apparently a lot of MC and UMC don't save anyways.

I'm just saying that if Biden forgives student loans once, people can reasonably and understandably expect him to forgive student loans again. Based on that expectation, most people will be hesitant to pay anything more than the bare minimum on their student loans. I expect even ultra rich parents to be disinclined to pay off their kids' student loans. I mean, why would ultra rich parents pay off their kids' student loans when there is a chance that Biden will forgive student loans? Unfortunately, student loan forgiveness will cause colleges to raise tuition much faster than usual, and that alone will severely harm future generations of students, particularly if student loan forgiveness is a one time thing.

[Anonymous]

I have been avoiding grad school because I didn’t want to take out loans. A policy like this will make me rethink this decision and take out loans I never plan to repay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Black women are plagued by student loan debt:

https://www.washingtonpost.com/education/2022/04/03/black-women-student-loan-freeze/

Black women are the highest educated population among Black people in this country.

Not sure where this datapoint keeps coming from.

[Anonymous]

It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

[Anonymous]

Anonymous wrote:It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

So limit to undergrad only and limit the amount forgivable to reduce the likelihood that its private schools but like the other PP pointed out- private schools are more likely UMC cash or full rides.

[Anonymous]

Anonymous wrote:It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

That's exactly what the Washington Post said yesterday in an editorial piece.

https://www.washingtonpost.com/opinions/2022/04/08/student-loan-repayment-pause-makes-no-sense/

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

So limit to undergrad only and limit the amount forgivable to reduce the likelihood that its private schools but like the other PP pointed out- private schools are more likely UMC cash or full rides.

And, the cost for undergrad school will increase substantially as a result.
Why don't the liberals who want this so bad start working on a plan to reduce the actual costs of college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

That's exactly what the Washington Post said yesterday in an editorial piece.

https://www.washingtonpost.com/opinions/2022/04/08/student-loan-repayment-pause-makes-no-sense/

Thanks for posting. I hadn't read the piece, but it is really only common sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's really quite surprising that the people who *claim* to be for the "working man" are even considering this move as something beneficial.

The truth is that the majority of the loans are for graduate and advanced degrees. If they are "forgiven" it amounts to wealth distribution from the middle and lower class to the more wealthy.
So, this is not loan forgiveness as much as it is wealth distribution - and in the direction that most progressives would ordinarily decry.

That's exactly what the Washington Post said yesterday in an editorial piece.

https://www.washingtonpost.com/opinions/2022/04/08/student-loan-repayment-pause-makes-no-sense/

Common sense for Bezos maybe. Guess we will see during the midterms who is right.

Thanks for posting. I hadn't read the piece, but it is really only common sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe it would be better to stop so many kids from getting fruity degrees from expensive schools

Let’s break this down. The kids who ultimately end up enrolling at elite universities, regardless of their major (note that donut hole kids may turn down elite schools for a full scholarship or instate tuition elsewhere) graduate with little debt. The kids who enroll parents are either paying full fare or getting nearly full financial aid.

The most indebted kids went to the following schools, according to data available online: UIUC, Drexel, Pitt, Penn State, UNH and Rutgers. At least that was the list last time I checked.

If Biden forgives student loans, you can bet that the parents of rich kids at elite schools will stop paying for their kids' education based on the expectation that Biden will forgive loans again. No one going forward will pay anything but the bare minimum on their student loans. Colleges will likely raise tuition with the expectation that Biden will forgive student loans again. Biden will have to forgive loans year after year. If he doesn't, he'll face the wrath of progressives and angry students/parents who understandably want their free handout. Keep in mind that Biden and/or Democrats won't hold the White House forever. What then? Be weary of unintended consequences.

So you think UMC families will stop saving money on the assumption that their kid's future loans will be forgiven? That's fine for them to take a risk like that and saddle their kids with loans. Apparently a lot of MC and UMC don't save anyways.

I'm just saying that if Biden forgives student loans once, people can reasonably and understandably expect him to forgive student loans again. Based on that expectation, most people will be hesitant to pay anything more than the bare minimum on their student loans. I expect even ultra rich parents to be disinclined to pay off their kids' student loans. I mean, why would ultra rich parents pay off their kids' student loans when there is a chance that Biden will forgive student loans? Unfortunately, student loan forgiveness will cause colleges to raise tuition much faster than usual, and that alone will severely harm future generations of students, particularly if student loan forgiveness is a one time thing.

Completely disagree.

The rising cost of education has enabled the wealthy to horde opportunities.

They will continue to pay - if anything they would like to make college more expensive with less loan availability.

It’s an economic moat that benefits their gene pool.