Why is Biden extending the student loan repayment pause?

[Anonymous]

Anonymous wrote:Great tweet. But it really captures what a scummy political hack JD is. He knows damn well there are hundreds of thousands of poor families in Ohio impacted by student loans. His billionaire donors told him to be against it, so he’s against it.

I disagree. Seems JD knows a little more about the holders of this debt than you do.

The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt.

https://www.savingforcollege.com/article/who-owes-the-most-student-loan-debt

[Anonymous]

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

Most voters are absolutely against loan forgiveness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

Most voters are absolutely against loan forgiveness.

I know, but I think most voters could stomach $10k of debt being removed if it was coupled with sensible policies moving forward.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sure, forgive the deadbeat losers who can’t meet their financial obligations and then what, eliminate loans going forward?

Again, stop attaching morals to this sort of thing.

You don’t get to tell others what to do genius. And while there are some sob stories amongst the deadbeats the vast majority exercised absurdly poor judgement saddling themselves with a debt they can’t service. These people are imbeciles who never should have gone to college in the first place. Taking out 200k in loans to be an unemployable gender studies major requires an extraordinary level of stupidity. And sure, the colleges are culpable but not the taxpayers.

Well said.

I daresay you don't consider your neighbor's mortgage to be even remotely your problem, so why do you think your student loans should be your neighbor's problem?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

Most voters are absolutely against loan forgiveness.

I know, but I think most voters could stomach $10k of debt being removed if it was coupled with sensible policies moving forward.

No, we wouldn't.
Most voters never went to college. And, many who did scrimped and saved to pay their loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

NOVA CC is $8,000/year in tuition alone.

[Anonymous]

Anonymous wrote:Great tweet. But it really captures what a scummy political hack JD is. He knows damn well there are hundreds of thousands of poor families in Ohio impacted by student loans. His billionaire donors told him to be against it, so he’s against it.

JD wants to bite off the hand that fed him. He advocates against outlawing pay day loans in his book.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Great tweet. But it really captures what a scummy political hack JD is. He knows damn well there are hundreds of thousands of poor families in Ohio impacted by student loans. His billionaire donors told him to be against it, so he’s against it.

I disagree. Seems JD knows a little more about the holders of this debt than you do.

The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt.

https://www.savingforcollege.com/article/who-owes-the-most-student-loan-debt

Nice misleading right wing think tank talking points. Take out the post-bachelor’s debtors — you have over 30 million poor families. You know, the same poor “white trash” JD got filthy rich off of from his memoir and movie deal and now right wing (Pop Inc.) grifting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 institutional 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.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

Most voters are absolutely against loan forgiveness.

I know, but I think most voters could stomach $10k of debt being removed if it was coupled with sensible policies moving forward.

No, we wouldn't.
Most voters never went to college. And, many who did scrimped and saved to pay their loans.

+1 Biden is trying to buy the votes of a very small percentage of Americans at the expense of the vast majority. The vey idea of loan forgiveness is absurd. Change the regulations and allow the deadbeats to file for bankruptcy and be held accountable for their idiotic life choices.

[Anonymous]

Not everyone with student debt finished college.

[Anonymous]

Why are DeVry and Liberty still accepting students and their accompanying form of payment-loans?

[Anonymous]

Yeah. This is a crappy bandaid not a fix.
Let them discharge their debt.
Lenders will stop giving money away like free candy.
Colleges will no longer have a limitless revenue stream
Trade schools need to be emphasized starting in high school.
Businesses need to be financially responsible for training their workforce
Families shouldn’t be shouldering all of the burden as they are now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Great tweet. But it really captures what a scummy political hack JD is. He knows damn well there are hundreds of thousands of poor families in Ohio impacted by student loans. His billionaire donors told him to be against it, so he’s against it.

I disagree. Seems JD knows a little more about the holders of this debt than you do.

The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt.

https://www.savingforcollege.com/article/who-owes-the-most-student-loan-debt

Nice misleading right wing think tank talking points. Take out the post-bachelor’s debtors — you have over 30 million poor families. You know, the same poor “white trash” JD got filthy rich off of from his memoir and movie deal and now right wing (Pop Inc.) grifting.

30 million poor families? Where? Based on what evidence? People with bachelor's degrees are poor? People with associate's degrees are poor?

[Anonymous]

Anonymous wrote:Yeah. This is a crappy bandaid not a fix.
Let them discharge their debt.
Lenders will stop giving money away like free candy.
Colleges will no longer have a limitless revenue stream
Trade schools need to be emphasized starting in high school.
Businesses need to be financially responsible for training their workforce
Families shouldn’t be shouldering all of the burden as they are now.

They are. We’ve got Phelps and Edison here in the DC area at least. Until UMC families are willing to send their kids to them why should anyone else? Also, right wing pundits send their kids to elite liberal colleges to major in history or English.