Why is Biden extending the student loan repayment pause?

[Anonymous]

The problem with treating universities like commodities akin to luxury cars or purses is that no employer or graduate admissions committee cares about care you drive, but they certainly care what college you went to, or at least what opportunities you got.

[Anonymous]

Excellent points made by both the host and the guest.

[Anonymous]

Anonymous wrote:Excellent points made by both the host and the guest.

I’m not watching Fox.

[Anonymous]

Anonymous wrote:If you need that the federal government forgive your student loans you are a looser not matters what is your degree in and profession. Student loans forgiveness is so inmoral. I bet you those people a year after those loans get forgiven they will hold more debt that the erased loans.

To think that if you’d had educational opportunities you'd probably spell better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Excellent points made by both the host and the guest.

I’m not watching Fox.

Too bad. You missed a good discussion.

[Anonymous]

Anonymous wrote:A decent state school - think one of the UCs or Penn State - is realistically $40K+ per year once you live on campus and get a meal plan.

What kind of smart, working class kids can afford that? Absolutely none. And they should aspire to more than community college if they have the chops to succeed at a 4-year college.

Not to mention the crazy inflation at private universities.

Virginia has three or more decent state schools. I just put three kids through and it was about $23k per year. If finances are a concern stay in state unless another state is giving them a big scholarship. MS and AL are the only two states that are generous with merit money for OOS students. PA is famously expensive for in state. It’s citizens should raise hell over it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A decent state school - think one of the UCs or Penn State - is realistically $40K+ per year once you live on campus and get a meal plan.

What kind of smart, working class kids can afford that? Absolutely none. And they should aspire to more than community college if they have the chops to succeed at a 4-year college.

Not to mention the crazy inflation at private universities.

Virginia has three or more decent state schools. I just put three kids through and it was about $23k per year. If finances are a concern stay in state unless another state is giving them a big scholarship. MS and AL are the only two states that are generous with merit money for OOS students. PA is famously expensive for in state. It’s citizens should raise hell over it.

DP here. Pa’s is truly a mess. Pitt and Penn State are among the most expensive for instate (although they’re hardly state funded) in the US. Highest average student debt as well. All but a couple of the “true” state schools (PASSHE) are flailing due to state underinvestment and undesirability due to their locations. The best PASSHE school has a 50% 4 year graduation rate! To be honest the whole upper mid-Atlantic/northeast does not have affordable public universities. NJ’s situation is no better, nor is NH’s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pp your comment about boomers missss the larger issue. Before federal loans were so available, the cost to go was less. More federal loans and grants has only increased the cost for everyone because the new “zero” assumes you have gotten the loans. There shouldn’t be any more loans or forgiveness available until colleges and universities are forced to tighten their belts. If that doesn’t happen, all that will happen is tuition will continue to ride because the faucet if federal money will just keep flowing. College has been experiencing outpaced inflation for Decades because of the flow of federa money. We are now seeing the same issue across the economy broadly and we are upset. But the same economic forces (federal cash) have resulted in skyrocketing tuition. It wasn’t the intent but it is the outcome. And it needs to be stopped before any more money flows.

I agree that colleges should be held responsible and tighten their belts. But that would require a bipartisan solution and the GOP isn't playing ball on anything, since they are in the pocket of scam for-profit colleges and behemoth student loan churners like Liberty University.

The solution would be requiring colleges to hold risk retention on 10% of the loans they originate so that students, colleges, and the US taxpayers have aligned incentives. Then make a requirement that participation in federal student loans requires a freeze on tuition and fees for 5 years, after which cost may increase in line with inflation.

The 5 years of budget tightening will drastically downsize the mid-level administrators, plus the bloated salaries for university presidents and major sports coaches.

Colleges are already rewarded or dinged on their cohort default rate. I’d argue that should be more severe.

I am pretty sure the colleges with the worst default rates are local community colleges (no admissions bar) and local regional/commuter public universities (very low admissions bar). If you try to force them to raise their admissions bar you're going to get viral cries of racism very, very quickly.

The fact that you jump to that says a lot about you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pp your comment about boomers missss the larger issue. Before federal loans were so available, the cost to go was less. More federal loans and grants has only increased the cost for everyone because the new “zero” assumes you have gotten the loans. There shouldn’t be any more loans or forgiveness available until colleges and universities are forced to tighten their belts. If that doesn’t happen, all that will happen is tuition will continue to ride because the faucet if federal money will just keep flowing. College has been experiencing outpaced inflation for Decades because of the flow of federa money. We are now seeing the same issue across the economy broadly and we are upset. But the same economic forces (federal cash) have resulted in skyrocketing tuition. It wasn’t the intent but it is the outcome. And it needs to be stopped before any more money flows.

I agree that colleges should be held responsible and tighten their belts. But that would require a bipartisan solution and the GOP isn't playing ball on anything, since they are in the pocket of scam for-profit colleges and behemoth student loan churners like Liberty University.

The solution would be requiring colleges to hold risk retention on 10% of the loans they originate so that students, colleges, and the US taxpayers have aligned incentives. Then make a requirement that participation in federal student loans requires a freeze on tuition and fees for 5 years, after which cost may increase in line with inflation.

The 5 years of budget tightening will drastically downsize the mid-level administrators, plus the bloated salaries for university presidents and major sports coaches.

Colleges are already rewarded or dinged on their cohort default rate. I’d argue that should be more severe.

I am pretty sure the colleges with the worst default rates are local community colleges (no admissions bar) and local regional/commuter public universities (very low admissions bar). If you try to force them to raise their admissions bar you're going to get viral cries of racism very, very quickly.

I don’t think true. Tuition at community colleges is often less than the Pell Grants so for many families there’s no loan at all. There are also many knstitutionsl grants available snd many states offer free community college programs. Community colleges also house do many workforce training programs that a kid can transition to if they decide to leave a credit program.

You are wrong. Jill Biden's community college costs $23,000 per yr all-in. Pell Grant is only $640 to $6,400, if you even qualify for it. Millions of low and middle class community college alums have federal student loan debt. Most of them didn't even earn an associate's degree or credential.

[Anonymous]

https://wwmt.com/amp/news/state/enrollment-is-down-at-80-of-michigans-public-universities

Michigan public university enrollment, besides at UM, is down by 80%. Meanwhile, the college presidents of those universities make $300k+ to live in bumf*k nowhere where they’re located.

[Anonymous]

Anonymous wrote:If you need that the federal government forgive your student loans you are a looser not matters what is your degree in and profession. Student loans forgiveness is so inmoral. I bet you those people a year after those loans get forgiven they will hold more debt that the erased loans.

Do you mean LOSER? Student loan forgiveness has been around forever, btw. It’s part of the loan agreement.

[Anonymous]

Can someone break down how much of the $1.6 trillion is federal loans? And how much is undergraduate debt vs. master's and professional degrees?

[Anonymous]

For those of you who think student loans forgiveness is some mythical thing unlikely to ever happen, for the past year, borrowers who attended for-profit schools have gotten mass sums forgiven. And rightfully so, in my opinion, since they were truly scammed and had to continue paying for several years while waiting for their claims to be processed. ITT claimed it’s credits transfer—yes, they did transfer, to other ITT campuses.

[Anonymous]

I've switched from D to I already. If this happens, I'm switching to R.

[Anonymous]

Anonymous wrote:Can someone break down how much of the $1.6 trillion is federal loans? And how much is undergraduate debt vs. master's and professional degrees?

Something like 95% of that amount. There’s very little students underwritten by private lenders. Anything private these days is refinanced student loans.