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

[Anonymous]

Anonymous wrote:Is this a negotiating tactic or just a DOA headline grab? I think the average student debt is only $30,000.

It's Chuck feeling the pressure from AOC, who's going to primary him in 2022. If it's just a hot air "headline grab" it further fuels AOC, who will label him a do-nothing establishment dinosaur.

https://en.wikipedia.org/wiki/2022_United_States_Senate_election_in_New_York

[Anonymous]

Anonymous wrote:Interest free loans. Done

Too easy. But I agree.

[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 have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

That’s a valid point if they had a choice, which they didn’t. You’re rewarding those who made bad choices and penalizing the responsible people, why is that hard to get?

[Anonymous]

Anonymous wrote:If senate dems were genuinely serious about this (and I contend they're not, they're all rich out of touch multi-millionaires themselves, with the same Wall Street donors and lobbyists in their ears), they would marry this $50K forgiveness to support for Trump's scotus nom. Because Trump may win in November, and if he does, he will have zero interest or motivation in any student forgiveness. So the only leverage they'll have for the next five years is right now. And Trump's scotus nom *is* going to get through, so what is the point of posturing for cameras for the next 6 weeks? All for nothing; pointless theatre while Main Street sinks deeper.

You do realize that much of their staff consists of underpaid college graduates, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

+1. I have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

That’s a valid point if they had a choice, which they didn’t. You’re rewarding those who made bad choices and penalizing the responsible people, why is that hard to get?

Because you’re completely illogical? If someone gets a graduate degree and the economy collapses because of the Great Recession or COVID or they get cancer or they get hit by a bus - what bad choice did they make exactly? Things happen beyond one’s control on occasion, unless you think you’re God...

[Anonymous]

Y’all gotta think much bigger. Free college education and full debt jubilee. At a minimum for African Americans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

+1. I have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

That’s a valid point if they had a choice, which they didn’t. You’re rewarding those who made bad choices and penalizing the responsible people, why is that hard to get?

I've brought this up before but nobody answered. If I run up $100,000 in debt buying whatever nice junk I want, I wouldn't have to pay any of it back if I declare bankruptcy. And this has been basically true since 1789. And it does penalize you even if you never took a loan, because the bank pays less interest on your savings and charges you more fees because of it. Does this bother you? If it does, why are you not complaining about it?

[Anonymous]

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

Medical debt isn't Fed issued and Fed owned.

[Anonymous]

Biden was non-committal to this $50K Fed loan forgiveness resolution.

[Anonymous]

How does having student loan debt mean I made a bad choice? I was able to get a great job with my Master’s degree. Not a bad choice at all. I was the first person to graduate high school in my family. I was able to go to college and graduate school with loans. I fail to see the bad choice I made other than being born to parents who were poor and didn’t finish high school.

[Anonymous]

"Well, if I were Donald Trump, I would take a look at the polls, remember I was elected on a populist wave and sign the [$50K federal student loan forgiveness] executive order as soon as I could find my pen. Then, I'd watch Schumer and Warren sweat as their great idea boosted my bid for reelection."

https://www.timesunion.com/news/article/Churchill-Student-loans-are-sinister-15578803.php

[Anonymous]

New polling shows a majority of republicans (53%) now support student loan forgiveness.

https://www.forbes.com/sites/adamminsky/2020/09/21/how-cancel-student-debt-went-from-a-fringe-idea-to-mainstream/

[Anonymous]

Anonymous wrote:How does having student loan debt mean I made a bad choice? I was able to get a great job with my Master’s degree. Not a bad choice at all. I was the first person to graduate high school in my family. I was able to go to college and graduate school with loans. I fail to see the bad choice I made other than being born to parents who were poor and didn’t finish high school.

Congratulations, that debt helped you better yourself. Now say thanks for the opportunity and pay it back.

[Anonymous]

Anonymous wrote:The problem with these ideas is it is just a band aid. What needs to change is how much colleges are over charging students. Yet no one spends anytime lobbying for that.

And PP, I agree. Those that have paid off their loans should get equal treatment, but that is just not how we seem to be running things right now.

I agree- so what’s the plan, forgive them now and then do the same thing in 10 years when a new crop of students has more debt? We need a long term solution.

I’m not unsympathetic- I borrowed quite a bit for undergrad and was super lucky to get a free ride for grad school and a job in my field afterwords to help pay them off. I can only imagine what a lot of recent grads, and others who have lost their jobs, are facing right now.

[Anonymous]

Anonymous wrote:Biden was non-committal to this $50K Fed loan forgiveness resolution.

I think $10-20k is more reasonable, especially considering there are plenty of others who will need help- childcare providers, municipalities, the unemployed to name a few.