Canceling $10k of student loan debt is stupid.

[Anonymous]

Biden and the Democratic Party are going to bitterly regret this decision when it completely blows up and they lose Spectacularly in the next two elections.

—30 year Dem

[Anonymous]

Anonymous wrote:Biden and the Democratic Party are going to bitterly regret this decision when it completely blows up and they lose Spectacularly in the next two elections.

—30 year Dem

I disagree. The ham-fisted framing the Rs are doing on this "all you truck drivers are paying for rich people's gender studies degrees" are easy targets for better framing. And it was the right thing to do given the economic pressures on the generations of student loan holders.

-Another 30 year Dem.

[Anonymous]

What really should be done is a change in the bankruptcy laws. Right now, it's insanely difficult to get student loans discharged in bankruptcy. We should NOT go back to the 1970s when too many doctors and lawyers declared bankruptcy as soon as they graduated and before they started earning any money. But, it should be that after some period of time, if it looks like you can never pay your student loans off, you can declare bankruptcy. If that happened, banks wouldn't hand out student loans as easily as they do now.

And if the "educational institution" you borrowed money to attend goes under you shouldn't have to pay off the loans. So many people borrowed money to attend programs like Trump's hotel "school." They get nothing, but the banks can still collect.

[Anonymous]

Anonymous wrote:Biden and the Democratic Party are going to bitterly regret this decision when it completely blows up and they lose Spectacularly in the next two elections.

—30 year Dem

Wow, 30 years as a democrat then after student loans you're voting for the party of Jewish space lasers, fascism, and forced birth. Makes perfect sense.

[Anonymous]

It is a meaningful accomplishment. Easy for you to come up with solutions that do not have to pass muster in the current political climate. I think the administration’s recent policy wins are impressive,

[Anonymous]

Anonymous wrote:What really should be done is a change in the bankruptcy laws. Right now, it's insanely difficult to get student loans discharged in bankruptcy. We should NOT go back to the 1970s when too many doctors and lawyers declared bankruptcy as soon as they graduated and before they started earning any money. But, it should be that after some period of time, if it looks like you can never pay your student loans off, you can declare bankruptcy. If that happened, banks wouldn't hand out student loans as easily as they do now.

And if the "educational institution" you borrowed money to attend goes under you shouldn't have to pay off the loans. So many people borrowed money to attend programs like Trump's hotel "school." They get nothing, but the banks can still collect.

Predatory loans/for-profit schools were addressed in earlier legislation. Biden's adjustments to Income Based Repayment plans will really prevent the need for bankruptcy--that's actually the smartest part of his changes in my opinion. The 10k forgiveness is a one time thing--like a lot of the financial assistance in the pandemic--the IBR reform will make a difference for everyone going forward.

[Anonymous]

Right-wing troll here: I could actually get behind student loan reform that involves significant debt forgiveness under the following conditions: 1. It includes an aggressive attempt to claw back written-off funds from the endowments of the universities that were essential in the exploitative structure of the student loan system; 2. Bigger forgiveness for lower income levels but less relief for higher ones. Sorry, $100k crowd, you don’t need further assistance after the Biden giveaway; and 3. Provides some sort of token payment to those with low incomes that DID pay their loans back, something on the order of $5k or something. Again, if you paid your loan back and are now making $100k you got what you paid for. But if you paid it back on a lower income you should participate in the relief too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Well-targeted relief for the class of people most affected by the underlying problem. It will take congress--not an executive order--to solve the underlying problem. SO look at who you are voting for and question them about their platforms for that.

Biden says 95% of student loan borrowers are eligible. That's not "targeted".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Well-targeted relief for the class of people most affected by the underlying problem. It will take congress--not an executive order--to solve the underlying problem. SO look at who you are voting for and question them about their platforms for that.

Biden says 95% of student loan borrowers are eligible. That's not "targeted".

87% of them make less than 75k a year.

[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.

The 1%er has spoken

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

Nice try though.

You went to a $200K undergrad and law school, congrats you are a 1%.

Boo hoo you hang with .1%ers and feel poor.

[Anonymous]

Anonymous wrote:Biden and the Democratic Party are going to bitterly regret this decision when it completely blows up and they lose Spectacularly in the next two elections.

—30 year Dem

I agree.

- older dem

[Anonymous]

Anonymous wrote:What about my daughter? She starts college next year. Where is her 10K for school?

Where are all the people who get this free money demanding equity for everyone?
Oh, I guess they just want it for themselves.

Take out a loan, get it forgiven at graduation

[Anonymous]

Anonymous wrote:Nanny again- with that $10k, I could go to a trades school and it would change my life.

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What about my daughter? She starts college next year. Where is her 10K for school?

Where are all the people who get this free money demanding equity for everyone?
Oh, I guess they just want it for themselves.

Take out a loan, get it forgiven at graduation

That PP's daughter is doubly screwed, because the colleges are going to accelerate their tuition increases now, banking on the promise of another round of write-downs (which is what "forgiveness" really is). The college make even more money, and taxpayers will foot the bill.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

yes the do... 800 or 900 per month X 12 months = 10,000 per year X 3 years = 30,000. So yes, I paid off my student loans in approximately 3 years. I still have all the cancelled checks and statements to prove it.
You just don't like the fact that someone can actually pay off their debt making a normal salary.

$30,000 is not $35,000 plus interest. Your math does not add up. If you paid back your student loans for 36 months, you would know how much you paid each month.