Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

So you would have rather stayed in debt? Maybe you should have given up on processing payroll and gone on welfare while you were at it.

But that’s exactly the lesson of this bailout. Why hustle and even try to pay off my loans if the government will just eventually bail me out anyway?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

If it is was hard for you--why can't you find it within yourself to be happy that it won't be equally hard for those that come after you?

+1 Benefits change over time. I don't hear many elderly arguing that they don't want Social Security because they weren't able to pay in at the beginning of their employment, or because their parents paid for their retirement on their own without help.

+2 If you look back at when FDR did the New Deal, critics were complaining about the socialist idea of guaranteed income for the elderly (aka Social Security) in much the same way some people on this thread are whining now. Now it's something people accept as part of the way to keep the elderly out of poverty.

But Social Security doesn't come and go based on political expediency. Anyone who goes to college on loans after this handout doesn't get the same benefit. In fact, they are likely to be penalized by institutions betting on another round of handouts in the future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

So you would have rather stayed in debt? Maybe you should have given up on processing payroll and gone on welfare while you were at it.

But that’s exactly the lesson of this bailout. Why hustle and even try to pay off my loans if the government will just eventually bail me out anyway?

They're not paying off all of it--just $10K, which will still leave many students with a lot of debt. And we've just had a once-in-a century pandemic that has hit a lot of families hard. Keep in mind that of the $793 billion approved for 11.5 million loans for the PPP programs for small businesses (even most of it went to wealthy business owners, well-connected people), $742 billion was forgiven. But very few people complained when the government paid off loans to businesses for some reason...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

If it is was hard for you--why can't you find it within yourself to be happy that it won't be equally hard for those that come after you?

+1 Benefits change over time. I don't hear many elderly arguing that they don't want Social Security because they weren't able to pay in at the beginning of their employment, or because their parents paid for their retirement on their own without help.

+2 If you look back at when FDR did the New Deal, critics were complaining about the socialist idea of guaranteed income for the elderly (aka Social Security) in much the same way some people on this thread are whining now. Now it's something people accept as part of the way to keep the elderly out of poverty.

But Social Security doesn't come and go based on political expediency. Anyone who goes to college on loans after this handout doesn't get the same benefit. In fact, they are likely to be penalized by institutions betting on another round of handouts in the future.

There have definitely been threats to social security--you just aren't aware of them--Senator Ron Johnson suggested cutting Social Security as mandatory spending last week. I don't know why you see one group of people getting a benefit for making choices that develop their human capital and ability to be gainfully employed as harmful to future students. It just sounds like you're making a weak argument that if *everyone*who*ever* attended* and will attend *college can't get this benefit it should be given to no one.
https://www.washingtonpost.com/national-security/2022/08/03/ron-johnson-medicare-social-security/https://www.cnbc.com/2017/12/26/political-reality-stands-in-way-of-medicare-social-security-cuts.html

[Anonymous]

Anonymous wrote:

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.

How many students start college and don't finish. Many of them are the ones who all all of this money. They don't have a degree and pay the minimum on their loans because they don't make enough. They shouldn't have been pushed toward college to begin with. There is nothing wrong with telling your kids what you can and can't afford so you can figure out what a plan for them is.

[Anonymous]

Just like democratic policies towards COVID didn’t reduce COVID, forgiving this debt won’t actually address the cost of college. I’m now convinced democrats are as stupid and terrible as republicans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

If it is was hard for you--why can't you find it within yourself to be happy that it won't be equally hard for those that come after you?

+1 Benefits change over time. I don't hear many elderly arguing that they don't want Social Security because they weren't able to pay in at the beginning of their employment, or because their parents paid for their retirement on their own without help.

+2 If you look back at when FDR did the New Deal, critics were complaining about the socialist idea of guaranteed income for the elderly (aka Social Security) in much the same way some people on this thread are whining now. Now it's something people accept as part of the way to keep the elderly out of poverty.

Social security isn’t remotely like debt relief. Social security requires workers to pay essentially a tax to receive a later benefit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

If it is was hard for you--why can't you find it within yourself to be happy that it won't be equally hard for those that come after you?

+1 Benefits change over time. I don't hear many elderly arguing that they don't want Social Security because they weren't able to pay in at the beginning of their employment, or because their parents paid for their retirement on their own without help.

+2 If you look back at when FDR did the New Deal, critics were complaining about the socialist idea of guaranteed income for the elderly (aka Social Security) in much the same way some people on this thread are whining now. Now it's something people accept as part of the way to keep the elderly out of poverty.

But Social Security doesn't come and go based on political expediency. Anyone who goes to college on loans after this handout doesn't get the same benefit. In fact, they are likely to be penalized by institutions betting on another round of handouts in the future.

There have definitely been threats to social security--you just aren't aware of them--Senator Ron Johnson suggested cutting Social Security as mandatory spending last week. I don't know why you see one group of people getting a benefit for making choices that develop their human capital and ability to be gainfully employed as harmful to future students. It just sounds like you're making a weak argument that if *everyone*who*ever* attended* and will attend *college can't get this benefit it should be given to no one.
https://www.washingtonpost.com/national-security/2022/08/03/ron-johnson-medicare-social-security/https://www.cnbc.com/2017/12/26/political-reality-stands-in-way-of-medicare-social-security-cuts.html

But the initial argument was that we should ignore criticism because this one time bailout is like Social Security. So, now the bailout is nothing like Social Security?

[Anonymous]

Anonymous wrote:Just like democratic policies towards COVID didn’t reduce COVID, forgiving this debt won’t actually address the cost of college. I’m now convinced democrats are as stupid and terrible as republicans.

If you fix that problem, you can dangle future bailouts for votes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m trying to applaud this but I just can’t. I have a business degree. I processed payroll at a big company during the day and worked as a waitress a few nights a week. I paid off my loans 2 years ago. Now I wish I had not bothered with the waitressing.

If it is was hard for you--why can't you find it within yourself to be happy that it won't be equally hard for those that come after you?

+1 Benefits change over time. I don't hear many elderly arguing that they don't want Social Security because they weren't able to pay in at the beginning of their employment, or because their parents paid for their retirement on their own without help.

+2 If you look back at when FDR did the New Deal, critics were complaining about the socialist idea of guaranteed income for the elderly (aka Social Security) in much the same way some people on this thread are whining now. Now it's something people accept as part of the way to keep the elderly out of poverty.

Social security isn’t remotely like debt relief. Social security requires workers to pay essentially a tax to receive a later benefit.

There are freebie components to social security. Spouses who do not have their own benefit still get spousal- NO income requirement. Same for medicare- they get free hospitalization with NO or limited fica contribution. Medicare has IRMAA for Part B- premium is based on income so Part A -hospitalization should be charged for the grifters.

[Anonymous]

My kids who have graduated from college in the last 10 years and are now reaching $125K feel that threshold is too high. They have said they have plenty of room in the budget to pay their loans. Go figure.

I wish a good reporter would create a matrix to compare various loans: student loan, car loan, and mortgage, with the latter two having something that can be repossessed!

[Anonymous]

Anonymous wrote:"K. But the Europeans are not dumb enough to think that “college is for everyone.” As a result they can develop highly skilled tradesmen and educate their relatively small number of academically superior students for free. You’re right, this is a very effective model. But it requires a separate vocational tract for most high school students and national entrance exams. You still cool with this?"

It also requires trade unions that ensure high quality working conditions, pay, and benefits for these tradespeople. You still cool with this????

This!

I’m German and Americans live in a fantasy in regards to what “free” college in Germany means. “free” college is only for those who academically earned it, mail y the deciding factor when you are 11 years old as to weather you are worth to be on the college track.

Americans could not handle that. They believe everyone is ENTITLED to everything no matter if you are qualified or earned it or not.

[Anonymous]

This is nothing like social security. Everyone will get old. If social security is not around when I'm old, at least I can say it took care of my parents and grandparents. This loan forgiveness is paltry and pandering. It does nothing to fix the actual cost of college in this country. Do you guys see the other thread on here with people hustling to save hundreds of thousands just for undergrad? And what about kids who don't come fromf families that can do that? The financial aid donut is real.

[Anonymous]

Per the Wall Street Journal this loan forgiveness will cost each American $2000.

[Anonymous]

Focusing only on 10k is a red herring. This makes real fixes to the interest and lowers the IBR repayments for a lot of people. This is a very good plan.