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

[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.

[Anonymous]

Anonymous wrote:

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.

If only college (or your parents) had helped you developed empathy. You should consider suing.

[Anonymous]

Anonymous wrote:

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.

The "up to $50k" fed loan forgiveness throws folks off, very few have anywhere near that much in fed loans from undergrad:

— 9 mil owe less than $5k
— 16 mil owe less than $10k
— 26 mil owe less than $20k

So up to $20k forgiveness would clear out debts of 50-60% of borrowers, where as Warren & Schumer's up to $50k forgiveness would wipe out the loans of 75%.

[Anonymous]

Only 13% of Fed undergrad borrowers have original principals exceeding $40k. However, interest over the years can put many in that over $40k bucket.

36% ... < $10,000
24% ... 10,001– $20,000
22% ... $20,001– $40,000
10% ... $40,001– $60,000

[Anonymous]

[Anonymous]

Anonymous wrote:

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.

No way. I have student loans. I’m not fat or old on 100 medications.
You shut me down I shut you down. It’s all equal!!!