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

[Anonymous]

My bet: Neither Trump nor Biden will mention or commit to this.

[Anonymous]

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Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Where do you draw the line? Why 10 years? What about the people who paid there's off 10 years and 6 months ago? 11 years? 20 years? Do you see how stupid that is?

You have to draw the line somewhere and 10 years would take the sting out of it for a lot of people.

Or we could just draw the line at now, and not waste money paying people who clearly were able to make it work. And those people could suck it up and think about the country as a whole, and not just themselves.

So you'd penalize black and minority kids who worked while in school, went to cheaper schools and community colleges on purpose, and sacrificed luxuries to pay off their loans, while forgiving debt from a bunch of middle class white kids who went to liberal arts colleges they couldn't afford and partied while paying the minimum interest payments?

Those are the stories that will come out and that's pretty disgusting.

This is not penalizing anyone who doesn't have debt. You dont have debt! No one is taking anything from you, they're simply giving to someone else. You sound like a petulant child whining about fairness.

+1. It's like older malcontents at the office whining about modern maternity leave. Because they didn't get it, why should life be better for younger mothers!

[Anonymous]

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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.

1. was the money you put aside taxed? did you get state deductions for these amounts?
2. if not a 529, did you use a savings account (most American dont even have 1 much less with enough to pay for college) because then you made money off of money
3. What sacrifices- no meals? no car- bus only? or do you mean no European or Caribbean vacations?

Student loans have daily compounding interest. Cant even compare what you paid to what someone owes.

[Anonymous]

Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

[Anonymous]

Anonymous wrote:Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

By the way, her alma mater is her "low cost" in-state public flagship University of Kansas.

[Anonymous]

Proposal doesn’t do far enough - all must be free!!!! Like Europe. Free now! No justice no peace! Silver or leAd

[Anonymous]

Anonymous wrote:My bet: Neither Trump nor Biden will mention or commit to this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

By the way, her alma mater is her "low cost" in-state public flagship University of Kansas.

When you defer payments, but still accrue interest, that’s what happens. When you pay interest only payments, that’s what happens. It’s all disclosed in the paperwork she signed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

By the way, her alma mater is her "low cost" in-state public flagship University of Kansas.

When you defer payments, but still accrue interest, that’s what happens. When you pay interest only payments, that’s what happens. It’s all disclosed in the paperwork she signed.

+1...and 2 minutes on her Twitter feed shows that she lives in Capitol Hill and has money management issues. But by all means, let's give her student loan forgiveness. She could live in a cheaper neighborhood, make sacrifices, and have paid off her reasonable amount of loans by now, but she hasn't. Wouldn't be surprised to see some international travel, etc if I dug a little deeper. So no, I don't feel bad that she deferred her payments to the max extent possible and has racked up a ton of interest. Maybe she should read the paperwork she signs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

By the way, her alma mater is her "low cost" in-state public flagship University of Kansas.

When you defer payments, but still accrue interest, that’s what happens. When you pay interest only payments, that’s what happens. It’s all disclosed in the paperwork she signed.

+1...and 2 minutes on her Twitter feed shows that she lives in Capitol Hill and has money management issues. But by all means, let's give her student loan forgiveness. She could live in a cheaper neighborhood, make sacrifices, and have paid off her reasonable amount of loans by now, but she hasn't. Wouldn't be surprised to see some international travel, etc if I dug a little deeper. So no, I don't feel bad that she deferred her payments to the max extent possible and has racked up a ton of interest. Maybe she should read the paperwork she signs.

+1000
Maybe she should take some tips from this smart JMU grad who buckled down and paid off $60,000 in student loans - by herself.

https://www.wusa9.com/article/news/local/virginia/heres-how-this-former-northern-virginia-student-paid-off-60k-in-student-loan-debt/65-31abafe8-61d9-44c6-8dc7-a8dc37d615e1

“The two-step process, I would say, is to increase your income as much as possible and decrease your expenses as much as possible, and that way you can free up as much cash in order to put towards your debt," Hayes said.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who cares if this depressed 30-something gal downing in student loan usury can never afford a house, marriage or children! Bootstraps!

By the way, her alma mater is her "low cost" in-state public flagship University of Kansas.

When you defer payments, but still accrue interest, that’s what happens. When you pay interest only payments, that’s what happens. It’s all disclosed in the paperwork she signed.

How much debt did the U.S. government accrue under Trump?

[Anonymous]

How much would this "cost"? I'm assuming around $800 to 900 billion.

I know it's just Federal $, so it's like it doesn't exist, but just curious about the sum. Obviously most have nowhere near $50K in Federal loans from undergrad; at least half of the 45 million have less than $15K outstanding.

[Anonymous]

Anonymous wrote:How much would this "cost"? I'm assuming around $800 to 900 billion.

I know it's just Federal $, so it's like it doesn't exist, but just curious about the sum. Obviously most have nowhere near $50K in Federal loans from undergrad; at least half of the 45 million have less than $15K outstanding.

Democrats have the magical power to give stuff away for FREE! Student loan debt will just be whooshed away!


But I bet their liberal elite buddies controlling our colleges and universities won't be happy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How much would this "cost"? I'm assuming around $800 to 900 billion.

I know it's just Federal $, so it's like it doesn't exist, but just curious about the sum. Obviously most have nowhere near $50K in Federal loans from undergrad; at least half of the 45 million have less than $15K outstanding.

Democrats have the magical power to give stuff away for FREE! Student loan debt will just be whooshed away!


But I bet their liberal elite buddies controlling our colleges and universities won't be happy.

Please link us to all your astute comments calling out the Fed giving trillions in corporate welfare over the last 6 months.

[Anonymous]

Anonymous wrote:

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

+1

I think it's more important to reform the system. This punishes people who managed to pay off their debt or who worked their way through school to avoid it.

+100