Canceling $10k of student loan debt is stupid.

[Anonymous]

Too many of y’all are bitter af. Get some happiness in your life

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parents and students shouldn't be able to take out such huge loans for education, but community colleges and in-state schools should have ways to make them inexpensive or free from the start.

If kids want an expensive private education, they should have to pay before enrolling each semester with very limited loans allowed and no parent loans provided.

Exactly. People should know their place and stop trying to rise above it. Private schools used to be for the very brightest and mediocre rich kids, we should return to that.

wow

[Anonymous]

Anonymous wrote:Ah, seven pages of striver UMC, not quite wealthy, tears about middle class benefits. Sorry you aren't a shareholder able to grift off Trump and now aren't getting anything from Biden either.

lmaoooo so true!!!!

[Anonymous]

Anonymous wrote:This debt forgiveness business has turned me into a one-issue voter. I will not vote for anyone who runs on a platform supporting and promising student loan forgiveness.

--reliable Democrat voter for the last 30 years

This. Totally agree. Nobody is being forced to accumulate hundreds of thousands of debt, it's a choice.

[Anonymous]

Your monthly payment will not be lower! The 10K cancelling will lower the term.

[Anonymous]

Anonymous wrote:I still think people often miss the other view point. Colleges shouldn't be allowed to charge whatever they want. Most of the universities are so top heavy that they continue to raise fees in addition of having Billions of $s in endowment. Add the high overhead they charge on all the research funding and it doesn't look like a non-profit business anymore.

This. Million dollar football stadiums, gilded facilities for faculty, and all that administrative bloat.

It's madness. Even though we've been saving for college like crazy for our two young kids, we are dread the day when a college.loan officer looks at our family finances so they can fleece us for everything we got. It's robbery.

[Anonymous]

Anonymous wrote:Canceling any debt is stupid. You borrowed, you pay.

Yep. Students should only be allowed to borrow the max in a student loan. If their parents want to be stupid and take out private loans in their own name, that's on them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Canceling any debt is stupid. You borrowed, you pay.

Well, gee. It's not like the Government doesn't ever cancel loans, right? Would you rather they just do it for the very rich?

Tom Brady, Kanye West, Khloe Kardashian were part of $742 billion loan write off along with other multi-millionaire celebrities


Tom Brady, Kanye West, Khloe Kardashian, and other celebrities made headlines when $742 billion was forgiven in a $793 billion loan.

Brady has been a championship winning quarterback from the start of his career. He won a Super Bowl in his first year as a starter, and he never looked back.

Brady’s a seven time Super Bowl champion, winning more than any franchise ever has in the history of the league. He’s generated a massive net worth over his career too.

Several big names took loans from the PPP during this time including Tom Brady with his TB12 company, Kanye West with Yeezy LLC, Jay-Z, Khloe Kardashian, and Reese Witherspoon.

However, many of these billionaires and multi-millionaires had their loans forgiven. Out of 11.5 million loans given out for a total of $793 billion, $742 billion was forgiven.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

For me, canceling $10k of my debt would have halved my monthly payment. I’m one of the teachers who got screwed over under the last administration. I was supposed to have my debt entirely forgiven.

Why is your student loan my responsibility to pay off?

Because the ballooning of federal student loans was a product of ill-guided federal policy (under both Dems and Republicans), student loan debt is hindering US economic growth, and college graduates are a benefit to an industrial/post-industrial society not just a private benefit. Also, student loans are the product of the divesting of support from state governments for public education that prior generations benefitted from. Think of it as a scholarship for completing college rather than a forgiveness of loan. I don't have student loans--but it was federal and state policies that created the student loan mess and I'm all for having them help clean it up. It will benefit everyone--student loan holders and not.

A student loan that a person can't afford to pay off themselves is by definition something that does not even benefit the person holding the debt to a sufficient degree, much less others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I still think people often miss the other view point. Colleges shouldn't be allowed to charge whatever they want. Most of the universities are so top heavy that they continue to raise fees in addition of having Billions of $s in endowment. Add the high overhead they charge on all the research funding and it doesn't look like a non-profit business anymore.

This. Million dollar football stadiums, gilded facilities for faculty, and all that administrative bloat.

It's madness. Even though we've been saving for college like crazy for our two young kids, we are dread the day when a college.loan officer looks at our family finances so they can fleece us for everything we got. It's robbery.

No one is forcing anyone to pay the tuition at a school with million dollar stadiums. I hate that behavior as much as the next guy but it's still their decision to make. Schools should have the freedom to make investments how they see fit, even if I don't agree with those investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canceling any debt is stupid. You borrowed, you pay.

Well, gee. It's not like the Government doesn't ever cancel loans, right? Would you rather they just do it for the very rich?

Tom Brady, Kanye West, Khloe Kardashian were part of $742 billion loan write off along with other multi-millionaire celebrities


Tom Brady, Kanye West, Khloe Kardashian, and other celebrities made headlines when $742 billion was forgiven in a $793 billion loan.

Brady has been a championship winning quarterback from the start of his career. He won a Super Bowl in his first year as a starter, and he never looked back.

Brady’s a seven time Super Bowl champion, winning more than any franchise ever has in the history of the league. He’s generated a massive net worth over his career too.

Several big names took loans from the PPP during this time including Tom Brady with his TB12 company, Kanye West with Yeezy LLC, Jay-Z, Khloe Kardashian, and Reese Witherspoon.

However, many of these billionaires and multi-millionaires had their loans forgiven. Out of 11.5 million loans given out for a total of $793 billion, $742 billion was forgiven.

It's bad no matter who does it. It's a terrible way of doing things.

[Anonymous]

Anonymous wrote:I paid my loans back like a responsible adult. Everyone else can do the same.

So much ahole entitlement mentality these days. This country is going down the toilet.

First it is $10k. Then they'll demand $20k. Then it's $40k. When does it end? What does forgiveness actually do to control costs of college? 5 years from now when you have another generation of whiny ass borrowers, what's going to stop them from demanding another round of forgiveness?

It never ends. Why don't you forgive my mortgage while you are at it? People who didn't take out loans or who paid their back also deserve something.

+1000. Took out loans and repaid them. Paid off spouse’s loans as well. Guess it was a mistake to live frugally enough to honor our obligations.

[Anonymous]

Anonymous wrote:I still think people often miss the other view point. Colleges shouldn't be allowed to charge whatever they want. Most of the universities are so top heavy that they continue to raise fees in addition of having Billions of $s in endowment. Add the high overhead they charge on all the research funding and it doesn't look like a non-profit business anymore.

Colleges charge whatever they want BECAUSE OF THE DAMN GOVT. How do people not get this through their damn thick skulls? Govt caused the problem in the first place, now the solution is more govt?

Colleges could have never started raising tuition to whatever they want if access to credit by students were a lot more difficult. For years the federal govt backstopped student loans, so if the borrower defaulted, lender still got paid. The university already got theirs too. As always, the road to hell is paved with good intentions. Liberals demanded we have college access for all, and what the ended up creating was the monstrousity of a debt trap we have today for students. The constant pumping of liquidity into the credit market for student loans and the removal of risk, all courtesy of the govt, is the reason why tuitions have exploded. Colleges can raise to whatever they want because they know students can always get a loan. Lenders keep handing out loans because they know they'll always get their money back. Where's the risk?

Break the chain of easy credit and all of it implodes and free market economics takes over where prices will settle down only to what people can afford and what lenders will hand out. Get rid of all of the govt intervention in the market they caused the problem in the first place.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I still think people often miss the other view point. Colleges shouldn't be allowed to charge whatever they want. Most of the universities are so top heavy that they continue to raise fees in addition of having Billions of $s in endowment. Add the high overhead they charge on all the research funding and it doesn't look like a non-profit business anymore.

Colleges charge whatever they want BECAUSE OF THE DAMN GOVT. How do people not get this through their damn thick skulls? Govt caused the problem in the first place, now the solution is more govt?

Colleges could have never started raising tuition to whatever they want if access to credit by students were a lot more difficult. For years the federal govt backstopped student loans, so if the borrower defaulted, lender still got paid. The university already got theirs too. As always, the road to hell is paved with good intentions. Liberals demanded we have college access for all, and what the ended up creating was the monstrousity of a debt trap we have today for students. The constant pumping of liquidity into the credit market for student loans and the removal of risk, all courtesy of the govt, is the reason why tuitions have exploded. Colleges can raise to whatever they want because they know students can always get a loan. Lenders keep handing out loans because they know they'll always get their money back. Where's the risk?

Break the chain of easy credit and all of it implodes and free market economics takes over where prices will settle down only to what people can afford and what lenders will hand out. Get rid of all of the govt intervention in the market they caused the problem in the first place.

Agree.

Easy money policies caused the real estate bust about 14 years ago (which lasted for about 5 years), and easy money not subject to discharge in bankruptcy has enabled the business of higher education to fund constantly increasing tuition, fees, room & board, and books.

Unfortunately, individuals and families who needed to borrow funds to attend college are simply not wealthy or entitled enough to justify relief from the federal government.

[Anonymous]

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

I would be ok with wiping out accumulated interest over some reasonable amount but think the policy is misguided for multiple reasons including lack of efficacy on a macro or microeconomic level, equity (slap in the face to savers and those who never went to college because it was unaffordable) and moral hazard (and yeah, I know we bailed out the banks — that was dumb too, so why should we do another dumb thing?)

It isn’t enough to make me vote for Republicans— not by a long stretch — but it’s not my favorite cause of progressives.

Abolishing usury, on the other hand — I am ok with that.