Sen. Chuck Schumer and Sen. Liz Warren just proposed forgiving $50,000 in student debt

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is so unfair to groups that are most subject to over-policing and go to failing schools. They are much less likely to even be in a position to run up $50,000 in student loan debt.

I couldn’t disagree with this anymore.

Because it's a Conservative Inc. divide and conquer lie. The folks most likely to have ruined credit history and default/delinquent loans are poor blue collar whites and poor minorities (especially Blacks) who never finished their degree.

And they don't have "$50,000 in university debt," they most frequently have $10K to $20K from a few semesters at their local community college or regional commuter university. And fyi, max limit on federal loans for 2- and 4-year colleges for a dependent student is $31,000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is so unfair to groups that are most subject to over-policing and go to failing schools. They are much less likely to even be in a position to run up $50,000 in student loan debt.

I couldn’t disagree with this anymore.

Because it's a Conservative Inc. divide and conquer lie. The folks most likely to have ruined credit history and default/delinquent loans are poor blue collar whites and poor minorities (especially Blacks*) who never finished their degree.

And they don't have "$50,000 in university debt," they most frequently have $10K to $20K from a few semesters at their local community college or regional commuter university. And fyi, max limit on federal loans for 2- and 4-year colleges for a dependent student is $31,000.

especially Black men*

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So Schumer and Warren are trying to buy votes?

They are so out of touch.

Nope. It’s Trump who will have the power to sign it and approve it.

Why does he not share in the blame? Or is Trump just a dumb figurehead POTUS?

Absolutely nothing is going to happen in the Senate this year. A third of the senators are busy running for re-election. There is going to be a massive fight over the Supreme Court nominee that will take away from everything else. This is about the 2020 election. Sen. Warren is trying to help senators and Biden in the suburbs.

This is terrible policy and regressive, not progressive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is so unfair to groups that are most subject to over-policing and go to failing schools. They are much less likely to even be in a position to run up $50,000 in student loan debt.

I couldn’t disagree with this anymore.

Because it's a Conservative Inc. divide and conquer lie. The folks most likely to have ruined credit history and default/delinquent loans are poor blue collar whites and poor minorities (especially Blacks) who never finished their degree.

And they don't have "$50,000 in university debt," they most frequently have $10K to $20K from a few semesters at their local community college or regional commuter university. And fyi, max limit on federal loans for 2- and 4-year colleges for a dependent student is $31,000.

No sir. They didn’t borrow $50,000
But now they owe more than they’ve ever borrowed- despite paying off the principal amount years ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My neighbor paid zero for their kids college, but the sure took some nice European vacations and got new cars every couple of year.

My kids graduated with no debt, we didn't take a vacation some years because we had no extra money, and I am drive a 9 year old car.

But the neighbors kid now gets the loan forgiven?

Yup.

Families who can afford annual Euro vacations and luxury cars do not qualify for Federal student loans -- their EFC is too high. Your spammed talking points are corny and cringe.

[Anonymous]

Anonymous wrote:Imagine if it were healthcare debt that that would be the better gift. Wipe all that clean.

I believe -- and someone correct me if I'm wrong -- Warren and Schumer are asking Trump to EO up to $50K in Federal student loans Note: most of the 45 million borrowers hold nowhere near $50K in loans.

Medical debt isn't held by the Fed, it's held by thousands and thousands of different private and public entities. Medical debt can also be discharged in bankruptcy and falls off credit report after 6 to 8 years, depending on the state. Student loans follow you (and parents, if they co-signed) to the grave. They are modern usury.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I work so hard to put my kids thru college. They went to state colleges because that is what we could afford. Why are we now responsible for the debt of people who spent more than they should have.

The “debt” is really just an obligation to the federal government.

The US government can theoretically forgive liabilities owed at any time and it does not affect taxes, spending, etc. This is the definition of funny money. The federal government created money out of thin air, gave it to the university, and the student promised to pay it back. If it’s canceled, it’s as if it never excisred from a budgetary standpoint.

It’s just another form of fiscal stimulus.

Well put.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

Why would you expect that? You no longer have student loans.

It's a troll. Just ignore. They spam the same talking point in every thread.

I'm not a troll and I'm not the poster of this question. I paid off my student loans and so did my DH. We made sacrifices in order to do so. Every single person I know with large student loans has them as a result of poor decisions regarding which college to attend/major in or because they take every deferment possible/spend their money otherwise. Those who actually paid off their loans need to receive a benefit as well.

+1000
This is completely absurd.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work so hard to put my kids thru college. They went to state colleges because that is what we could afford. Why are we now responsible for the debt of people who spent more than they should have.

The “debt” is really just an obligation to the federal government.

The US government can theoretically forgive liabilities owed at any time and it does not affect taxes, spending, etc. This is the definition of funny money. The federal government created money out of thin air, gave it to the university, and the student promised to pay it back. If it’s canceled, it’s as if it never excisred from a budgetary standpoint.

It’s just another form of fiscal stimulus.

Well put.

Great, so the thousands of dollars of REAL money that I have so far paid for my kids’ college will be reimbursed to me, right? Because there’s nothing “funny” at all about the sacrifices our family (and so many others) have already made in order to pay off our student loans and those of our children. I expect to be fully reimbursed if this goes through.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So Schumer and Warren are trying to buy votes?

They are so out of touch.

Nope. It’s Trump who will have the power to sign it and approve it.

Why does he not share in the blame? Or is Trump just a dumb figurehead POTUS?

Absolutely nothing is going to happen in the Senate this year. A third of the senators are busy running for re-election. There is going to be a massive fight over the Supreme Court nominee that will take away from everything else. This is about the 2020 election. Sen. Warren is trying to help senators and Biden in the suburbs.

This is terrible policy and regressive, not progressive.

Completely agree. I would never vote for anyone who supports this.

[Anonymous]

I got hazed and so the hazing must continue forever.

[Anonymous]

Insider Higher Ed reports the "up to $50K" executive order would wipe away all debt for 75% of the 45 million in student loan borrowers. I presume nearly all of the remaining 25% is graduate and professional degree debt?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My neighbor paid zero for their kids college, but the sure took some nice European vacations and got new cars every couple of year.

My kids graduated with no debt, we didn't take a vacation some years because we had no extra money, and I am drive a 9 year old car.

But the neighbors kid now gets the loan forgiven?

Yup.

Families who can afford annual Euro vacations and luxury cars do not qualify for Federal student loans -- their EFC is too high. Your spammed talking points are corny and cringe.

Absolutely not true. Virtually any student can take out a federal student loan; family income only effects whether it’s subsidized or unsubsidized.

[Anonymous]

Who needs to ever practice financial and personal responsibility ever again? The govt will provide for all. Stupid me for paying off loans I took out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Since Republicans are all about pulling yourself up by the bootstraps I assume they will decline any such aid on principle.

Does not require GOP party support — Democrats are asking Trump to sign an executive order. Trump seems to understand the value of $1,200 checks with his name on them, isn’t this the same idea?

He’ll sign it in the lame duck.

I think this flew over people's heads: it's not imminent, they want the next president to sign it in 2021:

Senate Democrats Chuck Schumer and Elizabeth Warren are calling on President Trump to cancel $50,000 in federal student loan debt next year. The senators unveiled a resolution that asked the president as of 2021, whether it be former Vice President Joe Biden or current President Trump, to “take executive action to broadly cancel federal student loan debt” as the country faces a pandemic and both a “historic public health and economic crises.”