Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you are basically saying "I borrowed, I told you that I'd pay back, but now I don't want to pay." I mean, are you okay with saying that? Does that not bother you?

That's basically what people and corporations declaring bankruptcy say. Yet that is legal.

THe US Government forgave $782 billion of loans to businesses (many of them owned by wealthy celebrities like Kanye West, Tom Brady and the President's son-iin-law JaredKushner). I didn't see much outrage over that.

Voluntarily taking out a student loan to major in gender theory and then unsurprisingly failing to pay your debts is not quite the same as trying to save the economy after being hit by a once a century plague, is it?

How were they saving the economy by giving corporate welfare to the rich and connected? Evaluations of the PPP program show that the vast majority of funds went to the business owners and shareholder rather than the workers. At least this student loan program is going to lower income young people with debt. That's fine with me.

If you’d majored in business or economics instead of theatre you’d understand who creates jobs in this country. You’d also have paid your loans off already all on your own and be all growns up.

I'm sure with your high quality undergrad degree, you are up on the 2022 NBER study that indicated that the PPP program spent a fortune saving very few jobs. They gave out $169k to $258,000k for each "job retained. And with your high quality undergrad degree, you would know that amount is equivalent to " 3.4 to 5.2 times median earnings, which means the amount stayed in Tom Brady's and Jared Kushner's pockets, rather than trickling down to their employees.
https://www.nber.org/papers/w29972

[Anonymous]

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

+1 The biggest problem I see on this thread is that people don't see the benefit of supporting other people in society who are less well-off than they are. All they can see is that if someone gets something, they want it too, even if they don't have the documented need for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

Yes. People will expect that this gravy train will continue and take out loans they expect other people to repay for them.

This statement is based on your own conjecture and absolutely nothing else. Just a straw man because you’re pissed off someone else got something you didn’t.

[Anonymous]

No it isn’t. This is taking a major weight off the shoulders of the once poorest students who struggle the hardest to repay student debt. 90% of the recipients of this forgiveness make under $75k and most make much less than that.

Trumps tax cut went to the wealthiest. Covid PPE loans since forgiven went in most cases to higher income people. We are constantly giving taxpayers funds to the wealthy and for once we have given a little bit to the folks who are hard up and it’s a horror to only folks without empathy for people whose lives are very very different than their own.

The US government was well intended in creating the student loan system, but they incentivized colleges and universities and for profit schools to prey on young people with no real grasp of the long term consequences of the debt they were taking on nevermind the stupid required 30 minute information sessions presented by financial aid ‘counselors’ every year. What kids heard was their parents and pastors and teachers and coaches and adult mentors of every stripe telling them ‘student loans are good debt’ when the wages weren’t rising in keeping with tuition and thus student loan debt and the promises made to entice the debtors weren’t coming true after graduation.

Generations of Americans have been duped into the college lie and their lives made fodder for student loan lenders. It is long past time to bring some relief and reform is needed next.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you are basically saying "I borrowed, I told you that I'd pay back, but now I don't want to pay." I mean, are you okay with saying that? Does that not bother you?

That's basically what people and corporations declaring bankruptcy say. Yet that is legal.

THe US Government forgave $782 billion of loans to businesses (many of them owned by wealthy celebrities like Kanye West, Tom Brady and the President's son-iin-law JaredKushner). I didn't see much outrage over that.

Voluntarily taking out a student loan to major in gender theory and then unsurprisingly failing to pay your debts is not quite the same as trying to save the economy after being hit by a once a century plague, is it?

How were they saving the economy by giving corporate welfare to the rich and connected? Evaluations of the PPP program show that the vast majority of funds went to the business owners and shareholder rather than the workers. At least this student loan program is going to lower income young people with debt. That's fine with me.

If you’d majored in business or economics instead of theatre you’d understand who creates jobs in this country. You’d also have paid your loans off already all on your own and be all growns up.

I'm sure with your high quality undergrad degree, you are up on the 2022 NBER study that indicated that the PPP program spent a fortune saving very few jobs. They gave out $169k to $258,000k for each "job retained. And with your high quality undergrad degree, you would know that amount is equivalent to " 3.4 to 5.2 times median earnings, which means the amount stayed in Tom Brady's and Jared Kushner's pockets, rather than trickling down to their employees.
https://www.nber.org/papers/w29972

Anyone who simultaneously hates both Tom Brady AND Jared Kushner must be completely insufferable. Your poor family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you are basically saying "I borrowed, I told you that I'd pay back, but now I don't want to pay." I mean, are you okay with saying that? Does that not bother you?

That's basically what people and corporations declaring bankruptcy say. Yet that is legal.

THe US Government forgave $782 billion of loans to businesses (many of them owned by wealthy celebrities like Kanye West, Tom Brady and the President's son-iin-law JaredKushner). I didn't see much outrage over that.

Voluntarily taking out a student loan to major in gender theory and then unsurprisingly failing to pay your debts is not quite the same as trying to save the economy after being hit by a once a century plague, is it?

How were they saving the economy by giving corporate welfare to the rich and connected? Evaluations of the PPP program show that the vast majority of funds went to the business owners and shareholder rather than the workers. At least this student loan program is going to lower income young people with debt. That's fine with me.

If you’d majored in business or economics instead of theatre you’d understand who creates jobs in this country. You’d also have paid your loans off already all on your own and be all growns up.

I'm sure with your high quality undergrad degree, you are up on the 2022 NBER study that indicated that the PPP program spent a fortune saving very few jobs. They gave out $169k to $258,000k for each "job retained. And with your high quality undergrad degree, you would know that amount is equivalent to " 3.4 to 5.2 times median earnings, which means the amount stayed in Tom Brady's and Jared Kushner's pockets, rather than trickling down to their employees.
https://www.nber.org/papers/w29972

Anyone who simultaneously hates both Tom Brady AND Jared Kushner must be completely insufferable. Your poor family.

Does that mean you didn't understand the results of the study? I'm sorry you spent $ on a college degree in business/economics that doesn't allow you to analyze research in those areas.

[Anonymous]

Anonymous wrote:No it isn’t. This is taking a major weight off the shoulders of the once poorest students who struggle the hardest to repay student debt. 90% of the recipients of this forgiveness make under $75k and most make much less than that.

Trumps tax cut went to the wealthiest. Covid PPE loans since forgiven went in most cases to higher income people. We are constantly giving taxpayers funds to the wealthy and for once we have given a little bit to the folks who are hard up and it’s a horror to only folks without empathy for people whose lives are very very different than their own.

The US government was well intended in creating the student loan system, but they incentivized colleges and universities and for profit schools to prey on young people with no real grasp of the long term consequences of the debt they were taking on nevermind the stupid required 30 minute information sessions presented by financial aid ‘counselors’ every year. What kids heard was their parents and pastors and teachers and coaches and adult mentors of every stripe telling them ‘student loans are good debt’ when the wages weren’t rising in keeping with tuition and thus student loan debt and the promises made to entice the debtors weren’t coming true after graduation.

Generations of Americans have been duped into the college lie and their lives made fodder for student loan lenders. It is long past time to bring some relief and reform is needed next.

+1 million

[Anonymous]

Anonymous wrote:

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

+1 The biggest problem I see on this thread is that people don't see the benefit of supporting other people in society who are less well-off than they are. All they can see is that if someone gets something, they want it too, even if they don't have the documented need for it.

No, we just understand the basic principle that nothing is free. Someone will have to pay for this and it’ll be rest of us not benefiting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

Yes. People will expect that this gravy train will continue and take out loans they expect other people to repay for them.

You're right but so what? Student loan debtors went through the 2008 recession and COVID. Guess what they saw? Republicans cutting taxes for the rich and dishing out bailouts to rich people whether they really had a company or just some paper LLC. Obviously if you're not demanding a bailout in the US for yourself you're going to be paying for someone else's instead.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

+1 The biggest problem I see on this thread is that people don't see the benefit of supporting other people in society who are less well-off than they are. All they can see is that if someone gets something, they want it too, even if they don't have the documented need for it.

No, we just understand the basic principle that nothing is free. Someone will have to pay for this and it’ll be rest of us not benefiting.

Societal welfare is not a zero sum game. Forgiving these loans frees up borrower capital to invest in retirement savings, real estate, and the next generation’s education. You’re not a preschooler crying over their classmate getting more icing on their cupcake, so stop making your political opinions based on that mentality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So you are basically saying "I borrowed, I told you that I'd pay back, but now I don't want to pay." I mean, are you okay with saying that? Does that not bother you?

That's basically what people and corporations declaring bankruptcy say. Yet that is legal.

THe US Government forgave $782 billion of loans to businesses (many of them owned by wealthy celebrities like Kanye West, Tom Brady and the President's son-iin-law JaredKushner). I didn't see much outrage over that.

Voluntarily taking out a student loan to major in gender theory and then unsurprisingly failing to pay your debts is not quite the same as trying to save the economy after being hit by a once a century plague, is it?

How were they saving the economy by giving corporate welfare to the rich and connected? Evaluations of the PPP program show that the vast majority of funds went to the business owners and shareholder rather than the workers. At least this student loan program is going to lower income young people with debt. That's fine with me.

If you’d majored in business or economics instead of theatre you’d understand who creates jobs in this country. You’d also have paid your loans off already all on your own and be all growns up.

I'm sure with your high quality undergrad degree, you are up on the 2022 NBER study that indicated that the PPP program spent a fortune saving very few jobs. They gave out $169k to $258,000k for each "job retained. And with your high quality undergrad degree, you would know that amount is equivalent to " 3.4 to 5.2 times median earnings, which means the amount stayed in Tom Brady's and Jared Kushner's pockets, rather than trickling down to their employees.
https://www.nber.org/papers/w29972

Anyone who simultaneously hates both Tom Brady AND Jared Kushner must be completely insufferable. Your poor family.

Snort. Most people out of the New England area hate Tom Brady. And Jared Kushner...well, who outside his family likes him? (And if he had any ethics at all he would have not applied for a limited set of funds where he had a conflict of interest as a government employee with non-public information about how best to access those funds.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So many bean counters here who are unhappy about other people getting a so-called break while they “did everything right”. Cry me a river. You just want to screw everyone over because you’re bitter?

Maybe they had illnesses, disadvantages, dependents, or other circumstances that got in the way of paying the loans off. Maybe their parents didn’t help them out with cars or bills. Some people may have made out like bandits and others really needed it. Is it really worth all this solipsistic hand-wringing about what you did with your own loans? Can’t you see the broader policy implications of this?

+1 The biggest problem I see on this thread is that people don't see the benefit of supporting other people in society who are less well-off than they are. All they can see is that if someone gets something, they want it too, even if they don't have the documented need for it.

No, we just understand the basic principle that nothing is free. Someone will have to pay for this and it’ll be rest of us not benefiting.

Societal welfare is not a zero sum game. Forgiving these loans frees up borrower capital to invest in retirement savings, real estate, and the next generation’s education. You’re not a preschooler crying over their classmate getting more icing on their cupcake, so stop making your political opinions based on that mentality.

+1 Young people today carry so much more debt than the WWII and boomer generations. Those generations need to stop being so selfish and realize that the cost of higher ed has changed.

[Anonymous]

Maybe we should stop pushing all students into college like it's the only option. There are so many students going to college who shouldn't be there. They drop out and have no way to pay back their loans. They need other opportunities.

[Anonymous]

Anonymous wrote:Maybe we should stop pushing all students into college like it's the only option. There are so many students going to college who shouldn't be there. They drop out and have no way to pay back their loans. They need other opportunities.

And how can you do that without being accused of racism when a study shows most people opting for "other opportunities" are POC?

[Anonymous]

Anonymous wrote:Maybe we should stop pushing all students into college like it's the only option. There are so many students going to college who shouldn't be there. They drop out and have no way to pay back their loans. They need other opportunities.

All students aren't going to college. Only 60% of high schoolers go to higher ed, and many go to more vocationally oriented community college programs. That is not all.