Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

As a lawyer you have a higher income than most.

[Anonymous]

Anonymous wrote:This program will help me. Last bit of a loan I have is at $16K right now. I could have paid it off years ago. I'll likely pay the $6K when the 10K drops.

Thanks POTUS.

We have put in $93k.
We have $104k left! (Now 94k).

We did not borrow $197k….

The government has had plenty of money from us in interest. $50k.

[Anonymous]

This program will help me and I don’t feel guilty. If the PSLF program wasn’t such an arbitrary mess all of my loans would be paid off because of 10+ years at a nonprofit. Once the $10,000 is forgiven I’ll pay off the remaining $7,000 and be done.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:I hope this backfires big time in November for Dems. Truly stupid move 3 months before the election. How is it fair to working class families - who gave up college dream - because couldn't afford tuition?

Not that many in the dems base. Non college educated typically don't have a college dream and vote R anyway.

Yeah, but a lot of those purples states, margin is very thin. I am sure there are enough people like me (who voted for D in 2020) willing to cross the line in 24

That why Rep Ryan (D) of Ohio was against it.

MSNBC Morning Joe = source ?

Rep Ryan's mouth per cnn

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I hope this backfires big time in November for Dems. Truly stupid move 3 months before the election. How is it fair to working class families - who gave up college dream - because couldn't afford tuition?

Not that many in the dems base. Non college educated typically don't have a college dream and vote R anyway.

Yeah, but a lot of those purples states, margin is very thin. I am sure there are enough people like me (who voted for D in 2020) willing to cross the line in 24

That why Rep Ryan (D) of Ohio was against it.

MSNBC Morning Joe = source ?

Rep Ryan's mouth per cnn

Senators Vance and Oz are going to owe POTUS, big time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:Ok, so I survived cancer and I don't see why other people can't do the same. Why is the government working on curing cancer for these lazy people.

Yes, that is a really dumb argument and...

+1 million. I think people need to look inside themselves and think about why they want people to suffer the same thing they found difficult.

Democrat thesaurus: Hard work/personal responsibility/smart choices/sacrifice = suffering

Republican Thesaurus: individual borrowing forgiveness = bailout, freeloading; tax cuts for billionaires and handouts to corporations = “incentivizing competitiveness”

Such a crock of bullshit.

+1 Democrats--as part of a once in a century pandemic support, will spend $300 bn to do partial student loan forgiveness for people with lower incomes who borrowed to improve their opportunities for employment
Republicans-as part of a once in a century pandemic support, did loan forgiveness for nearly $800 bn to "small businesses" which were mostly well-connected Republicans and rich owners like Reese Witherspoon and Tom Brady and Jared Kushner.

+1 Exactly. Those people had hundreds of thousands, often millions of loans forgiven EACH. And there were a ton of sham companies that were created to get loans and have loans forgiven. If you haven't been moaning about the unfairness of this program for years then you really don't have any rights to complain about the student loan forgiveness that 87% goes to LMC and MC borrowers.

+2 They've already documented that $80 bn of those benefits went to businesses that were fraudulent (so basically outright theft of taxpayer dollars). I really don't get why people don't get mad about this, but are all triggered when loans to poor students get their debt forgiven. It's like people accept that the rich get richer, but the poor should remain poor.

I did not know this. Outrageous. What is being done about it, if anything?

[Anonymous]

I paid 35,000 of in three years after I graduated making 62,000.

I didn't eat out, or go to the movies, I lived is a crappy cheap apartment, and I didn't buy a new car.
I paid around 800 - 900 per month over aprox 3 years.

Where is my refund? I sacrificed and kept my word. The excuse everyone is using is that people don't make enough to pay off their debt. my debt was 50% of my gross pay (more of my net pay) and yet, I paid it off. Why can't other people do the same?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

The 1%er has spoken

A true 1%er doesn’t have student loans. Grew up middle class to boot.

Nice try though.

[Anonymous]

There are two kinds of people: those who think I struggled so you should too, and those who think I don’t want others to struggle like I did.


But why should I struggle and pay off my loans only to them be forced to also take on the burden of someone else through government taxes used to pay off the other persons loans?

Saying I simply want others to struggle because I did is a gross mischaracterization.

After I paid off my loans, I started saving money for my children.... BECAUSE I DON"T WANT OTHER PEOPLE TO STRUGGLE LIKE I DID. I simply CAN NOT afford to pay for everyone's college. I can pay for mine and then my children. I already "paid it forward."

[Anonymous]

Anonymous wrote:

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

As a lawyer you have a higher income than most.

Which is why my complaint isn’t about the person making $50k getting loan forgiveness. I want them to get help, even if they took out $200k in loans for a degree in art history. The system is badly broken.

My complaint is about people who have the means (you know, people making $100k as individuals) who simply chose not to pay them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ok, so I survived cancer and I don't see why other people can't do the same. Why is the government working on curing cancer for these lazy people.

Yes, that is a really dumb argument and...

+1 million. I think people need to look inside themselves and think about why they want people to suffer the same thing they found difficult.

Democrat thesaurus: Hard work/personal responsibility/smart choices/sacrifice = suffering

Republican Thesaurus: individual borrowing forgiveness = bailout, freeloading; tax cuts for billionaires and handouts to corporations = “incentivizing competitiveness”

Such a crock of bullshit.

+1 Democrats--as part of a once in a century pandemic support, will spend $300 bn to do partial student loan forgiveness for people with lower incomes who borrowed to improve their opportunities for employment
Republicans-as part of a once in a century pandemic support, did loan forgiveness for nearly $800 bn to "small businesses" which were mostly well-connected Republicans and rich owners like Reese Witherspoon and Tom Brady and Jared Kushner.

+1 Exactly. Those people had hundreds of thousands, often millions of loans forgiven EACH. And there were a ton of sham companies that were created to get loans and have loans forgiven. If you haven't been moaning about the unfairness of this program for years then you really don't have any rights to complain about the student loan forgiveness that 87% goes to LMC and MC borrowers.

+2 They've already documented that $80 bn of those benefits went to businesses that were fraudulent (so basically outright theft of taxpayer dollars). I really don't get why people don't get mad about this, but are all triggered when loans to poor students get their debt forgiven. It's like people accept that the rich get richer, but the poor should remain poor.

We can and should debate the merits of the PPP program. But, what happened yesterday was very different. Yesterday, the president transferred the debt of people who AGREED to repay it, to people who not only DID NOT agree to the debt, but who received none of the benefits of the debt. This is troubling policy and I suspect many purple states Democrats are going to get wiped out in November.

Really? Can you pull your credit report and it shows you now have someone else's debt? A pay stub showing your taxes went up?

Don’t take my word for it, take the famously conservative Post Editorial Board’s word for it: “It takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

As a lawyer you have a higher income than most.

Which is why my complaint isn’t about the person making $50k getting loan forgiveness. I want them to get help, even if they took out $200k in loans for a degree in art history. The system is badly broken.

My complaint is about people who have the means (you know, people making $100k as individuals) who simply chose not to pay them.

Well there are only about 4% of the people who are eligible to receive loan forgiveness that earn over 100k as individuals. And many of those had undergraduate loans and graduate loans and have paid back their balance many times over in interest. Many are in their 30s and 40s at this point and are finally making over 100k and likely have forgone other tax breaks because they were paying off student loans--like mortgage interest deduction, retirement deductions etc. To be sure, there's bound to be a few folks that slip in and get a 10k windfall that they don't really need, but this is actually a fairly well-targeted policy--esp. with its adjustments to income-based repayment and higher loan forgiveness for Pell grant recipients. Far better targeted on genuine LMC and MC than tax policies have been for just about ever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

As a lawyer you have a higher income than most.

Which is why my complaint isn’t about the person making $50k getting loan forgiveness. I want them to get help, even if they took out $200k in loans for a degree in art history. The system is badly broken.

My complaint is about people who have the means (you know, people making $100k as individuals) who simply chose not to pay them.

Well there are only about 4% of the people who are eligible to receive loan forgiveness that earn over 100k as individuals. And many of those had undergraduate loans and graduate loans and have paid back their balance many times over in interest. Many are in their 30s and 40s at this point and are finally making over 100k and likely have forgone other tax breaks because they were paying off student loans--like mortgage interest deduction, retirement deductions etc. To be sure, there's bound to be a few folks that slip in and get a 10k windfall that they don't really need, but this is actually a fairly well-targeted policy--esp. with its adjustments to income-based repayment and higher loan forgiveness for Pell grant recipients. Far better targeted on genuine LMC and MC than tax policies have been for just about ever.

A policy that does absolutely nothing to solve the actual underlying problem is what passes for “well targeted” these days? Sheesh, what a low bar.

[Anonymous]

Anonymous wrote:I paid 35,000 of in three years after I graduated making 62,000.

I didn't eat out, or go to the movies, I lived is a crappy cheap apartment, and I didn't buy a new car.
I paid around 800 - 900 per month over aprox 3 years.

Where is my refund? I sacrificed and kept my word. The excuse everyone is using is that people don't make enough to pay off their debt. my debt was 50% of my gross pay (more of my net pay) and yet, I paid it off. Why can't other people do the same?

Math major ?

Your numbers don't work out.

[Anonymous]

why should Pell GRANT recipients get more money"
They already got the GRANT which is free money to start with.

When you consider the GRANT ($5,500 per year) along with the forgiveness, then they are actually getting $22,000 + 20,000 = $42,000 of free money.

That is approximately 2 years of tuition room and board at an state school.