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

[Anonymous]

Imagine if it were healthcare debt that that would be the better gift. Wipe all that clean.

[Anonymous]

You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

[Anonymous]

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Maybe have a start date, like Fall 2025, so everyone is on the same page going forward, and colleges can adjust their admissions calculations accordingly?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Maybe have a start date, like Fall 2025, so everyone is on the same page going forward, and colleges can adjust their admissions calculations accordingly?

Wouldn't that just incentivize every single eligible American to rack up $50k in student debt (regardless of whether there's much value to it) by Fall 2025?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Maybe have a start date, like Fall 2025, so everyone is on the same page going forward, and colleges can adjust their admissions calculations accordingly?

Wouldn't that just incentivize every single eligible American to rack up $50k in student debt (regardless of whether there's much value to it) by Fall 2025?

no, I mean, start a program that coincides with a date in the future. I used Fall 2025 as an example, but for rising Freshman in the fall of 2025, their families are means tested and monies can be granted for attendance at certain schools - probably public and HBCU's...and perhaps with some sort of service program attached to it, military/job corps/peace corps whatever.

[Anonymous]

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

Ofcourse it would - just like mortgage deductions retroactively include those good folks who paid of their houses in a few years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

Ofcourse it would - just like mortgage deductions retroactively include those good folks who paid of their houses in a few years.

Wouldn't the equivalent be if the Government said "we're going to pay off the mortgages of anyone who owes less than $100k left".

Then you'd have 1) all the renters and 2) all the responsible people who sacrificed luxuries to pay off their mortgages early ... feeling like idiots, and probably getting pretty angry.

The Government shouldn't run lotteries.

[Anonymous]

Anonymous wrote:The greater good people. Stop looking at your own individual situation. We are paying ourselves for DDs university I am OK with this one time deal.

People on DCUM are only about the greater good when they come out ahead.

Most of these people fussing about having paid their loans paid significantly less for their degrees and entered a significantly healthier job market/economy. You win some, you lose some.

I pay into social security every paycheck knowing full well I won't get anything when my time comes. Should my generation get to opt out of that scam?

[Anonymous]

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Where do you draw the line? Why 10 years? What about the people who paid there's off 10 years and 6 months ago? 11 years? 20 years? Do you see how stupid that is?

[Anonymous]

The problem is this language "(4) encourages the President of the United States, in taking such executive action, to ensure
that administrative debt cancellation helps close racial wealth gaps and avoids the bulk of Federal student debt cancellation benefits accruing to the wealthiest borrowers" in other words "eff graduate students" and "eff white women" b/c we don't care about gender wealth gaps - which exist. The gaps for white women lead households are almost identical to AA led households. If women hold 2/3rds of the debt, why not encourage the President to try and close gender wealth gaps?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Where do you draw the line? Why 10 years? What about the people who paid there's off 10 years and 6 months ago? 11 years? 20 years? Do you see how stupid that is?

You have to draw the line somewhere and 10 years would take the sting out of it for a lot of people.

[Anonymous]

Anonymous wrote:I work so hard to put my kids thru college. They went to state colleges because that is what we could afford. Why are we now responsible for the debt of people who spent more than they should have.

You’ve posted in this thread a dozen times. Get a life. Your Koch bros divide and conquer talking points are Zzzzz.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Where do you draw the line? Why 10 years? What about the people who paid there's off 10 years and 6 months ago? 11 years? 20 years? Do you see how stupid that is?

You have to draw the line somewhere and 10 years would take the sting out of it for a lot of people.

Or we could just draw the line at now, and not waste money paying people who clearly were able to make it work. And those people could suck it up and think about the country as a whole, and not just themselves.

[Anonymous]

Anonymous wrote:Since Republicans are all about pulling yourself up by the bootstraps I assume they will decline any such aid on principle.

Does not require GOP party support — Democrats are asking Trump to sign an executive order. Trump seems to understand the value of $1,200 checks with his name on them, isn’t this the same idea?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You punish every responsible borrower who paid off their own loans. Someone explain to me how this isn't the ultimate moral hazard. Why not include a 10-year look-back period with phased deductions for student debt already paid off in the past?

Where do you draw the line? Why 10 years? What about the people who paid there's off 10 years and 6 months ago? 11 years? 20 years? Do you see how stupid that is?

You have to draw the line somewhere and 10 years would take the sting out of it for a lot of people.

Or we could just draw the line at now, and not waste money paying people who clearly were able to make it work. And those people could suck it up and think about the country as a whole, and not just themselves.

So you'd penalize black and minority kids who worked while in school, went to cheaper schools and community colleges on purpose, and sacrificed luxuries to pay off their loans, while forgiving debt from a bunch of middle class white kids who went to liberal arts colleges they couldn't afford and partied while paying the minimum interest payments?

Those are the stories that will come out and that's pretty disgusting.