Canceling $10k of student loan debt is stupid.

[Anonymous]

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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.

Oh whoop dee doo. So sad borrowers making 6 figures are not eligible for tax deductions on student loans. There will be income caps on loan forgiveness too.

[Anonymous]

Anonymous wrote: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.

I think the *parents* would get it if the still held the loan, but if it’s been truly transferred into the student’s name, probably not.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I think the *parents* would get it if the still held the loan, but if it’s been truly transferred into the student’s name, probably not.

Parent Plus loans are not likely to qualify. Though the specifics aren't out yet, it's most likely to be federal undergraduate student loans given to students. There may be specific additional programs forthcoming (e.g., I've seen some ideas around expansion of public forgiveness to include health professions making under a certain income to address some shortages in that area)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

I think the *parents* would get it if the still held the loan, but if it’s been truly transferred into the student’s name, probably not.

Parent Plus loans are not likely to qualify. Though the specifics aren't out yet, it's most likely to be federal undergraduate student loans given to students. There may be specific additional programs forthcoming (e.g., I've seen some ideas around expansion of public forgiveness to include health professions making under a certain income to address some shortages in that area)

He already announced. It counts.

[Anonymous]

How is it even legal for Biden to do this unilaterally? Seems like it shouldn’t be.

[Anonymous]

https://studentaid.gov/debt-relief-announcement/

[Anonymous]

I paid off my $12k of student loans. Guess I shouldn’t have. Sure would love $10k back. But I also didn’t get a worthless unmarketable waste of a degree and I don’t think that student loans are ”predatory”. I was 18; not 8.

[Anonymous]

Can my kids apply for the $10K loan forgiveness this year before they graduate?

[Anonymous]

Put me down as someone who thinks this is fine even though (a) my parents saved to pay for my college without loans; (b) I helped pay off my wife's undergrad loans before we were married; and (c) we're saving money to pay for our kids to go to college without needing loans.

I sort of think if you didn't take out any loans yourself, you don't get a say in whether this is fair or unfair, anyway, since those of us without loans are quite lucky in ways that themselves aren't fair. But I don't have any problem with people getting benefits that I don't get.

[Anonymous]

Anonymous wrote:Put me down as someone who thinks this is fine even though (a) my parents saved to pay for my college without loans; (b) I helped pay off my wife's undergrad loans before we were married; and (c) we're saving money to pay for our kids to go to college without needing loans.

I sort of think if you didn't take out any loans yourself, you don't get a say in whether this is fair or unfair, anyway, since those of us without loans are quite lucky in ways that themselves aren't fair. But I don't have any problem with people getting benefits that I don't get.

Same here. Also, when I went to school the "fees" (not even called tuition until later) were minimal. Public undergrad was basically free besides books and lab fees. My grad school cost what a middling undergrad does now, and my grad school loans were at 2% interest. I paid them off in a few years.

College costs have skyrocketed relative to wages, and a lot of us who didn't take loans or paid them off quickly, came up in very different economic circumstances.

[Anonymous]

Anonymous wrote:I paid my loans back like a responsible adult. Everyone else can do the same.

So much ahole entitlement mentality these days. This country is going down the toilet.

First it is $10k. Then they'll demand $20k. Then it's $40k. When does it end? What does forgiveness actually do to control costs of college? 5 years from now when you have another generation of whiny ass borrowers, what's going to stop them from demanding another round of forgiveness?

It never ends. Why don't you forgive my mortgage while you are at it? People who didn't take out loans or who paid their back also deserve something.

Lol, is this boomer satire? It's SO on point!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Put me down as someone who thinks this is fine even though (a) my parents saved to pay for my college without loans; (b) I helped pay off my wife's undergrad loans before we were married; and (c) we're saving money to pay for our kids to go to college without needing loans.

I sort of think if you didn't take out any loans yourself, you don't get a say in whether this is fair or unfair, anyway, since those of us without loans are quite lucky in ways that themselves aren't fair. But I don't have any problem with people getting benefits that I don't get.

Same here. Also, when I went to school the "fees" (not even called tuition until later) were minimal. Public undergrad was basically free besides books and lab fees. My grad school cost what a middling undergrad does now, and my grad school loans were at 2% interest. I paid them off in a few years.

College costs have skyrocketed relative to wages, and a lot of us who didn't take loans or paid them off quickly, came up in very different economic circumstances.

Agreed. I just looked up tuition/fees/room & board for my college, an Ivy I graduated from about 25 years ago, and my first year, the total cost was $28,000. The same school now totals nearly $80,000 a year -- which is the equivalent of 2 1/2 years when I was there. (Inflation would make $28,000 then the equivalent of $55,000 now, but still.) Would be ludicrous for me to object to forgiving loans for anyone 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:

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.

Oh whoop dee doo. So sad borrowers making 6 figures are not eligible for tax deductions on student loans. There will be income caps on loan forgiveness too.

So we reward those that took at debt for worthless degrees that can't pay it back? Wtf

[Anonymous]

Anonymous wrote:

Anonymous wrote:I paid my loans back like a responsible adult. Everyone else can do the same.

So much ahole entitlement mentality these days. This country is going down the toilet.

First it is $10k. Then they'll demand $20k. Then it's $40k. When does it end? What does forgiveness actually do to control costs of college? 5 years from now when you have another generation of whiny ass borrowers, what's going to stop them from demanding another round of forgiveness?

It never ends. Why don't you forgive my mortgage while you are at it? People who didn't take out loans or who paid their back also deserve something.

Lol, is this boomer satire? It's SO on point!

Gotta love Boomer logic:

"What does forgiveness actually do to control costs of college?"

"OK, then you're going to vote for people who want to control the costs of college?"

"No."

[Anonymous]

Up to $125,000 singles or $250,000/for couples is way, way too high.

What a joke.