Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it, it sucks when people get something for free that you worked for or did without. The maternity/ paternity leave at my work and my husband’s changed drastically since we had our first and we would have really enjoyed the extra 4-6 weeks with our baby.

It also sucks when people get off the hook for a decision they already made. Realistically, we’d have a better education system overall that made quality college affordable for all and not a caste system that rewards rich, privileged kids.

It also sucks that it’s forgiveness of student loans, not rent relief, subsidized daycare, free preschool, or forgiveness of medical debt. Especially medical debt because it’s hard to claim people made a choice or understood what the consequences would be.

However it’s a matter of practicality. I did not appreciate this until recently. Student loans are mostly held by the Dept of Ed - so there is one single payer to negotiate with and to handle the forgiveness. Additionally student loan debt overwhelmingly impacts women of color and a lot of people do have loan balances under $30k where $10 makes a big difference. It especially makes a big difference for people who dropped out after 1-2 semesters and don’t have any earning power to show for the debt. It is way too complicated to negotiate with dozens of health insurance companies and thousands of medical providers. It takes too long and costs a lot of administrative overhead to implement new federal programs and then they exists in perpetuity. A one time $10k forgiveness is actually less expensive for tax payers administratively, easiest to execute, and will make a significant impact to a population that needs help - women of color. The fact that it also helps middle class and UMC rich white kids is collateral damage.

$10k forgiveness is not the best solution. It’s a good enough bandage to a bigger, long term problem.

But that's precisely the points against it. People that would benefit the most from a $10k forgiveness typically have no problems paying the whole balance. The ones who are actually complaining and in real trouble are those with high five figure or six figure loans who can't make enough money to pay off the loans. To them, this $10k payment is inconsequential. It solves nothing. It's not even a bandage. The underlying problem is easy access to student loans backed by the government, resulting in excessively high tuition for degrees that do not provide sufficient economic value. The fix for this is to remove easy access to student loans backed by the government.

Do you really think congress is capable of a comprehensive solution? Any legislation would require votes from both parties in the Senate.

That may be, but it's no justification to waste money on something that doesn't contribute to solving the problem. In fact, this may worsen the problem: the schools will now know they can increase their tuition by $10k for a 4-year degree.

lol, federal student loans are a drop in the bucket for current students. Maxing out loans wont even pay for a state flagship now

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it, it sucks when people get something for free that you worked for or did without. The maternity/ paternity leave at my work and my husband’s changed drastically since we had our first and we would have really enjoyed the extra 4-6 weeks with our baby.

It also sucks when people get off the hook for a decision they already made. Realistically, we’d have a better education system overall that made quality college affordable for all and not a caste system that rewards rich, privileged kids.

It also sucks that it’s forgiveness of student loans, not rent relief, subsidized daycare, free preschool, or forgiveness of medical debt. Especially medical debt because it’s hard to claim people made a choice or understood what the consequences would be.

However it’s a matter of practicality. I did not appreciate this until recently. Student loans are mostly held by the Dept of Ed - so there is one single payer to negotiate with and to handle the forgiveness. Additionally student loan debt overwhelmingly impacts women of color and a lot of people do have loan balances under $30k where $10 makes a big difference. It especially makes a big difference for people who dropped out after 1-2 semesters and don’t have any earning power to show for the debt. It is way too complicated to negotiate with dozens of health insurance companies and thousands of medical providers. It takes too long and costs a lot of administrative overhead to implement new federal programs and then they exists in perpetuity. A one time $10k forgiveness is actually less expensive for tax payers administratively, easiest to execute, and will make a significant impact to a population that needs help - women of color. The fact that it also helps middle class and UMC rich white kids is collateral damage.

$10k forgiveness is not the best solution. It’s a good enough bandage to a bigger, long term problem.

But that's precisely the points against it. People that would benefit the most from a $10k forgiveness typically have no problems paying the whole balance. The ones who are actually complaining and in real trouble are those with high five figure or six figure loans who can't make enough money to pay off the loans. To them, this $10k payment is inconsequential. It solves nothing. It's not even a bandage. The underlying problem is easy access to student loans backed by the government, resulting in excessively high tuition for degrees that do not provide sufficient economic value. The fix for this is to remove easy access to student loans backed by the government.

So then families take out private loans instead?? I guess over time universities would find a way to reduce costs but it’s not going to happen immediately.

The government can phase out its backing of student loans over a number of years. Schools will *immediately* have to adjust to this reality because their financial office has to be able to predict who can attend their school next semester and how much they can afford to pay. To account for this decrease in future revenue, schools will immediately have to stop planning for improvement projects, starting with those with the least value to their core goal of education. The "arts" schools that prey on students with high tuition for useless degrees will immediately have to shift their business strategy - to either start improving their education value, or be prepared to close down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it, it sucks when people get something for free that you worked for or did without. The maternity/ paternity leave at my work and my husband’s changed drastically since we had our first and we would have really enjoyed the extra 4-6 weeks with our baby.

It also sucks when people get off the hook for a decision they already made. Realistically, we’d have a better education system overall that made quality college affordable for all and not a caste system that rewards rich, privileged kids.

It also sucks that it’s forgiveness of student loans, not rent relief, subsidized daycare, free preschool, or forgiveness of medical debt. Especially medical debt because it’s hard to claim people made a choice or understood what the consequences would be.

However it’s a matter of practicality. I did not appreciate this until recently. Student loans are mostly held by the Dept of Ed - so there is one single payer to negotiate with and to handle the forgiveness. Additionally student loan debt overwhelmingly impacts women of color and a lot of people do have loan balances under $30k where $10 makes a big difference. It especially makes a big difference for people who dropped out after 1-2 semesters and don’t have any earning power to show for the debt. It is way too complicated to negotiate with dozens of health insurance companies and thousands of medical providers. It takes too long and costs a lot of administrative overhead to implement new federal programs and then they exists in perpetuity. A one time $10k forgiveness is actually less expensive for tax payers administratively, easiest to execute, and will make a significant impact to a population that needs help - women of color. The fact that it also helps middle class and UMC rich white kids is collateral damage.

$10k forgiveness is not the best solution. It’s a good enough bandage to a bigger, long term problem.

But that's precisely the points against it. People that would benefit the most from a $10k forgiveness typically have no problems paying the whole balance. The ones who are actually complaining and in real trouble are those with high five figure or six figure loans who can't make enough money to pay off the loans. To them, this $10k payment is inconsequential. It solves nothing. It's not even a bandage. The underlying problem is easy access to student loans backed by the government, resulting in excessively high tuition for degrees that do not provide sufficient economic value. The fix for this is to remove easy access to student loans backed by the government.

Do you really think congress is capable of a comprehensive solution? Any legislation would require votes from both parties in the Senate.

That may be, but it's no justification to waste money on something that doesn't contribute to solving the problem. In fact, this may worsen the problem: the schools will now know they can increase their tuition by $10k for a 4-year degree.

lol, federal student loans are a drop in the bucket for current students. Maxing out loans wont even pay for a state flagship now

Well, gee, if the government is providing backing for $10, you are surprised that the thing's cost rises to $15 or $20?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Getting a tax break is not the same thing as getting paid. In the former, you are just paying less into something, in the later, you are getting money that you never earned in the first place. It's the difference between carrying a bit less of the burden, and becoming a burden to be carried by others.

Are you the kind of person who doesn't believe tax cuts contribute to the deficit?

Don't be dense, of course tax cuts contribute to the deficit. Deficit = Expenses - Tax Revenue. Therefore, expenses also contribute to the deficit. But note that getting $10k loan forgiveness is being a part of the "Expense" side of the equation, which is different from getting a tax break, which is still on the "Tax Revenue" side. Again, these are not the same thing, or even the same in nature.

The term for spending via tax breaks is “expenditure.”

The Congressional Joint Committee on Taxation tracks them.

The biggest ones involve health insurance.

Go ahead, show me how the reduction in tax rates as enacted under Trump is tracked as "expenditure".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I get it, it sucks when people get something for free that you worked for or did without. The maternity/ paternity leave at my work and my husband’s changed drastically since we had our first and we would have really enjoyed the extra 4-6 weeks with our baby.

It also sucks when people get off the hook for a decision they already made. Realistically, we’d have a better education system overall that made quality college affordable for all and not a caste system that rewards rich, privileged kids.

It also sucks that it’s forgiveness of student loans, not rent relief, subsidized daycare, free preschool, or forgiveness of medical debt. Especially medical debt because it’s hard to claim people made a choice or understood what the consequences would be.

However it’s a matter of practicality. I did not appreciate this until recently. Student loans are mostly held by the Dept of Ed - so there is one single payer to negotiate with and to handle the forgiveness. Additionally student loan debt overwhelmingly impacts women of color and a lot of people do have loan balances under $30k where $10 makes a big difference. It especially makes a big difference for people who dropped out after 1-2 semesters and don’t have any earning power to show for the debt. It is way too complicated to negotiate with dozens of health insurance companies and thousands of medical providers. It takes too long and costs a lot of administrative overhead to implement new federal programs and then they exists in perpetuity. A one time $10k forgiveness is actually less expensive for tax payers administratively, easiest to execute, and will make a significant impact to a population that needs help - women of color. The fact that it also helps middle class and UMC rich white kids is collateral damage.

$10k forgiveness is not the best solution. It’s a good enough bandage to a bigger, long term problem.

But that's precisely the points against it. People that would benefit the most from a $10k forgiveness typically have no problems paying the whole balance. The ones who are actually complaining and in real trouble are those with high five figure or six figure loans who can't make enough money to pay off the loans. To them, this $10k payment is inconsequential. It solves nothing. It's not even a bandage. The underlying problem is easy access to student loans backed by the government, resulting in excessively high tuition for degrees that do not provide sufficient economic value. The fix for this is to remove easy access to student loans backed by the government.

Do you really think congress is capable of a comprehensive solution? Any legislation would require votes from both parties in the Senate.

That may be, but it's no justification to waste money on something that doesn't contribute to solving the problem. In fact, this may worsen the problem: the schools will now know they can increase their tuition by $10k for a 4-year degree.

lol, federal student loans are a drop in the bucket for current students. Maxing out loans wont even pay for a state flagship now

Well, gee, if the government is providing backing for $10, you are surprised that the thing's cost rises to $15 or $20?

They are simultaneously working on college affordability through legislation--some achievements have already been made legislatively.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

[Anonymous]

In response to folks conflating privately held debt with student debt...

Correct me if I'm wrong but student loan debt is disanalogous to privately held debt. Privately held debt is an arrangement between two willing parties. Student loan debt was issued given unwilling (debatable) tax "revenue" where A (the government) is forcing B (the tax payer) to pay for C's (the student debtor) education then A is telling B don't worry about it, C doesn't need to pay it back while the B and B's posterity will suffer the consequences of higher future taxes to plug the gap. This seems very different from a private debt arrangement.

Let me know if I'm missing something here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

I don't have any student loans! (I had one 8500 graduate student loan that I paid off years ago). Nor do my kids! I just think they make sense for society and think people who don't notice all the preferential treatments they also get in tax breaks just can't see the difference between a federal government deciding to forgive loans it gave out and other forms of debt.

[Anonymous]

I’ve paid off all my student loans do this doesn’t affect me, but are people eligible who’ve consolidated loans? Or had their parents’ Parent Plus loans transferred to them? Just curious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

I don't have any student loans! (I had one 8500 graduate student loan that I paid off years ago). Nor do my kids! I just think they make sense for society and think people who don't notice all the preferential treatments they also get in tax breaks just can't see the difference between a federal government deciding to forgive loans it gave out and other forms of debt.

Once again, student loan borrowers DO GET PREFERENTIAL TREATMENT. THEY GET TAX BREAKS OF UP TO $2500 PER YEAR. You want student loan borrowers to double dip in treatment now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

I don't have any student loans! (I had one 8500 graduate student loan that I paid off years ago). Nor do my kids! I just think they make sense for society and think people who don't notice all the preferential treatments they also get in tax breaks just can't see the difference between a federal government deciding to forgive loans it gave out and other forms of debt.

What? Tax breaks for 401ks, IRAs, 529s, etc. are not "forms of debt". They are savings vehicles. There is a huge difference. The government - quite rightly - wants to incentivize savings so it offers tax breaks for those that do. When people save, it lessens the burden on government to support. Conversely, student loans are people asking for money where they have not saved. I'm actually floored that you cannot see the difference there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

I agree, we should eliminate bankruptcy and bring back debtors prisons. Maybe airline executives would do a better job with that incentive. Or are you only talking about 18 year old kids being forced to make life altering decisions?

+1, what about real estate developers who hold subcontractors and municipalities hostage by simply refusing to pay and just letting the lawyers negotiate their debts down when they eventually get sued? Banks that play fast and loose with leverage and then ask for bailouts during downturns. Shouldn't all these people be in jail? They should be forced to pay back every penny, right?

yes. i would love it if they were all in jail.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

I don't have any student loans! (I had one 8500 graduate student loan that I paid off years ago). Nor do my kids! I just think they make sense for society and think people who don't notice all the preferential treatments they also get in tax breaks just can't see the difference between a federal government deciding to forgive loans it gave out and other forms of debt.

Once again, student loan borrowers DO GET PREFERENTIAL TREATMENT. THEY GET TAX BREAKS OF UP TO $2500 PER YEAR. You want student loan borrowers to double dip in treatment now.

check the income requirements. Once you start making a reasonable income by DC standards, your benefit goes away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Bless your heart. If I thought about it as a scholarship for finishing college, I would be wealthy. I finished a PhD with zero debt by working my A$$ off and I am not getting a scholarship for graduating college and grad school. I understood the impact of taking out $100k worth of loans on my future, even at 18.
Explain how it benefits me or my children? I have been saving for their college since before they have been born, not hoping for loan forgiveness. I have worked jobs I don't particularly liked, lived in a house that is less than dcum standards, and driven by many a starbucks to save a dollar so that they can have a college education. Again, how is giving away 10k when there is no other clean up of the college cost mess included benefiting anyone but the people before them? I don't understand the logic.

You are not directly benefitted by many of the ways society gives out tax breaks, credits, benefits etc. but you want to participate in that society. You are getting some benefits somewhere--most PhD programs are subsidized by master's and undergraduate programs to pay for RAships, TAships and their associated benefits such as tuition remission, health insurance credits, stipends. This is because society values having experts and recognizes that PhD programs represent a long investment that may not make financial sense. Government agencies allow that sort of distribution of costs to reflect that--but it's not particularly "fair" on any individual level.

In your savings for your kids, did you benefit from the tax break of a 529 plan? Those tend to privilege those who have a HHI of 100k or higher a year, which is far above the median. Why should all the those making 60k pay for your tax break? (Because whether we call it a credit, a break, forgiveness, etc. it's all coming from the same pot).

I'm sure since you have finished a PhD (as have I) you have had the good fortune of more intelligence than average--I trust you can be aware that not everyone had the same intellectual resources to work with. You likely (though not necessarily) have some family background that helps you (even if your parents didn't go to college, and didn't contribute financially to your undergraduate education, they likely had higher than average intelligence if they have a kid who completed a PhD) I think it is problematic that we have drifted into being a society that encourages families to believe that every kid--regardless of their aptitude--will do better if they go to college, and I have no problem with correcting that. I am glad that the student loan forgiveness is being built on an earlier initiative for far greater investment in community college which makes sense for more students. I see the loan forgiveness as an effort to help clean up some of the mess that the government contributed to around college costs/encouragement of 4 year college for all, and I want it followed up with continued investment in community college, greater support for trade education and on-the-job training, and significant public investment in excellent 4 year colleges rather than treating it primarily as an individual good that people purchase.

Thank you. There are so many ways people are benefiting from government handouts. They are mad about $10k in forgiveness but paid for their kids education with a 529 that they got a tax break for. Ugh make it make sense!!!

Wealthy people somehow dont see tax breaks as handouts. They can bemoan 10k a kid while ignoring how much they aren't paying on not only their 529s, but their IRAs and 401ks not to mention their mortgage deductions.

You get tax breaks for paying student loans in the same way you get a tax break for paying a mortgage dum dum. What you call for would be like a home owner not only being able to write off mortgage interest, but also getting a portion of their mortgage principal reduced. That's not the same like you are trying to equate. Jeez you are really obtuse and willfully ignore the fact that millions of student loan borrowers already get tax breaks for borrowing.

I don't know how you can be this obtuse-- as adults you are also getting all sorts of "layered tax breaks." For having a kid--Maternity/paternity leave, child tax credit + dependent exemption+ 529 education benefit (for education at any level K-graduate)+ public school funding+ many other potential programs and credits that may come into play. The tax breaks for student loans are currently of miniscule value for most people--and a tiny portion of loans are subsidized. No one is getting more money back than they are paying in.

Conversely, the people getting social security/medicare right now get far more than they ever paid into the system--even inflation adjusted and with the time value of money.

This disparity is true on the state level. Connecticut, California, NY, MA, Wisconsin, Minnesota, Washington all pay vastly more in federal income taxes than they receive in federal funding.

Keep crying and moving the goal posts.

First you tried to claim that everyone who gets tax breaks for 401ks, IRAs, 529s etc. were getting 'handouts' and that that was a reason for student loan forgiveness. Then when it was pointed out that people paying student loans already DO get tax breaks for paying loans, you tried to move the goal posts to claim that upwards of $2500 per year in deduction is 'a miniscule drop in the bucket'.

Stop being a whiny entitled loser and pay your bills. Forgiveness is not the same as tax breaks in other areas. Student loan borrowers already get tax breaks, duh. Now you want to double dip because you are entitled and lazy.

I don't have any student loans! (I had one 8500 graduate student loan that I paid off years ago). Nor do my kids! I just think they make sense for society and think people who don't notice all the preferential treatments they also get in tax breaks just can't see the difference between a federal government deciding to forgive loans it gave out and other forms of debt.

Once again, student loan borrowers DO GET PREFERENTIAL TREATMENT. THEY GET TAX BREAKS OF UP TO $2500 PER YEAR. You want student loan borrowers to double dip in treatment now.

check the income requirements. Once you start making a reasonable income by DC standards, your benefit goes away.

Yup- this isn’t going to benefit the big law attorneys in this area, it’s the teachers, govt employees, nurses, etc.