Why is Biden extending the student loan repayment pause?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

The household wealth that has exploded is the boomer household wealth. Boomers don't owe student loans because the Great Generation adequately funded public universities. Of course the boomers then cut funding for those very public universities and gave themselves a tax cut.

It isn’t just “boomers” - I hate that term - that will rebel against cancellation of debt. It is gen X who have paid 20 of their 30 years of loans during more than one economic down turn without pause. It is those who have kids who are saving like crazy and wondering why. It is those who couldn’t/didn’t go to college. It is those who chose to go to a cheaper college or worked their way through school. This is a death sentence for any president that pushes this through. I can only imagine the commercials of young women in bikinis on the lawn of some fancy school with the line “this is the debt you are paying for” while they show the blue collar worker schlepping away. Biden would be an idiot to pass this and think he has any chance at re-election.

The bolded isn't possible anymore.

Also, this narrative that all college students are lazy freeloaders is really rich.

What world do you live in that you cannot work your way through school? You do not have to go to a 60k private college. Many people start at community college then onto a state school while paying for it themself. The problem is that people, probably like yourself, are too entitled and do not understand delayed gratification enough to take this route. It is possible and many people still do it.
Good luck with your debt. Those that support this and expect their debt to be forgiven only show their financial ignorance but their complete immaturity.

Go look up how much public universities and community colleges cost in Illinois, Pennsylvania, Maine, New Hampshire, New Jersey and many other places and come back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“Forgiveness” is a very misleading word with student debt. Nothing disappears. The debt, including interest, still has to be repaid. What changes is who pays. The person who made the commitment, signed the note and received the benefits is relieved of the responsibility. The debt is shifted to people who had nothing to do with the commitment and received none of the benefits. Does this sound fair to you?

Good luck in the midterms, Democrats. You will need it.

I have been saying this for months.

It is "Redistribution of debt." So tired of the euphemisms the Democrats use to "sell" crappy policies.

Actually they’re attempting to purchase votes with their crappy policies.

This, exactly. It’s a blatant attempt to vote grab. Hopefully Americans are smarter than this.
DP

Tens of millions sold their votes for debt-fueled tax cuts over the past 50 years. That was also "buying votes." Stop pretending like this doesn't happen in every American election since 1980.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The Dems garner votes by giving away money and entitlements. Always have. That’s their shtick. Free stuff to the masses in exchange for feel good news stories and votes. Hence, let’s forgive student debt while not addressing the core issue: colleges cost too much now due to bloated administration costs and increased demand from “qualified” applicants that have inflated GPAs and no standardize test score requirements.

What is it called when Republicans routinely give massive tax breaks to the wealthy and to corporations?

PS. I do agree that colleges cost too much.

If you are referring to the tax reform bill of 2017, do some research.

https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/
IRS data proves Trump tax cuts benefited middle, working-class Americans most

https://www.thecentersquare.com/national/studies-trump-tax-cuts-helped-lower-income-families-build-back-better-helps-wealthier-americans/article_ce0796dc-56c2-11ec-bc54-2fe72e894bb7.html
Studies: Trump tax cuts helped lower income families, Build Back Better helps wealthier Americans

https://www.bloomberg.com/news/articles/2020-10-27/the-trump-tax-cut-wasn-t-just-for-the-rich
The Trump Tax Cut Wasn’t Just for the Rich

https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html
Face It: You (Probably) Got a Tax Cut

Leading off with an oped from the Hill. Very convincing

And noting that you cannot dispute it. So.......

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

The household wealth that has exploded is the boomer household wealth. Boomers don't owe student loans because the Great Generation adequately funded public universities. Of course the boomers then cut funding for those very public universities and gave themselves a tax cut.

It isn’t just “boomers” - I hate that term - that will rebel against cancellation of debt. It is gen X who have paid 20 of their 30 years of loans during more than one economic down turn without pause. It is those who have kids who are saving like crazy and wondering why. It is those who couldn’t/didn’t go to college. It is those who chose to go to a cheaper college or worked their way through school. This is a death sentence for any president that pushes this through. I can only imagine the commercials of young women in bikinis on the lawn of some fancy school with the line “this is the debt you are paying for” while they show the blue collar worker schlepping away. Biden would be an idiot to pass this and think he has any chance at re-election.

The bolded isn't possible anymore.

Also, this narrative that all college students are lazy freeloaders is really rich.

What world do you live in that you cannot work your way through school? You do not have to go to a 60k private college. Many people start at community college then onto a state school while paying for it themself. The problem is that people, probably like yourself, are too entitled and do not understand delayed gratification enough to take this route. It is possible and many people still do it.
Good luck with your debt. Those that support this and expect their debt to be forgiven only show their financial ignorance but their complete immaturity.

Go look up how much public universities and community colleges cost in Illinois, Pennsylvania, Maine, New Hampshire, New Jersey and many other places and come back.

[Anonymous]

I think the $10K write-off is fine with similar income (AGI) thresholds as the Covid-19 stimulus checks. However, I'd also like the federal debtors to have any and all interest accrued written off, too. There is no justifiable reason for vigorish on these federal loans. It's predatory usury, especially when most 18 y/o kids, especially the poorest, are graduating high school actually testing at middle if not primary school benchmarks.

[Anonymous]

Anonymous wrote:I think the $10K write-off is fine with similar income (AGI) thresholds as the Covid-19 stimulus checks. However, I'd also like the federal debtors to have any and all interest accrued written off, too. There is no justifiable reason for vigorish on these federal loans. It's predatory usury, especially when most 18 y/o kids, especially the poorest, are graduating high school actually testing at middle if not primary school benchmarks.

The interest funds pell grants. Millennials had horrific interest rates, but kids entering college in the last three years will have very low ones (I was “will have” because they have yet to experience interest).

[Anonymous]

The 10k was meant for Americans who have NOT finished college. They dropped out for whatever reason. It's essentially 1-2 years at a community college. Probably more like one semester these days. There are people with degrees making minimum wage.

[Anonymous]

Biden needs to rebrand forgiveness — call it a write-off instead. Republicans love write-offs. And in addition, write-off all the interest. Bait heartless knuckle-dragging Republican grifters into DEFENDING usury. Whip up commercials featuring working class whites in flyover country who were forced to try community college during the Great Recession (but didn’t graduate) and retired widows getting their social security garnished for decades old student debt which has ballooned because of interest. Grandma long ago paid off the principal but is on track to die owing student loan debt because of interest. Not on Joe and Jill’s watch. *chef’s kiss*

[Anonymous]

Anonymous wrote:Biden needs to rebrand forgiveness — call it a write-off instead. Republicans love write-offs. And in addition, write-off all the interest. Bait heartless knuckle-dragging Republican grifters into DEFENDING usury. Whip up commercials featuring working class whites in flyover country who were forced to try community college during the Great Recession (but didn’t graduate) and retired widows getting their social security garnished for decades old student debt which has ballooned because of interest. Grandma long ago paid off the principal but is on track to die owing student loan debt because of interest. Not on Joe and Jill’s watch. *chef’s kiss*

You really can’t spin this. It’s a blatant transfer of money to those who least need it. Law firm associates will just buy the new BMW a little faster. The fundamental problem is that federal loans encourage endless tuition hikes. Biden should address the underlying problem: runaway tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden needs to rebrand forgiveness — call it a write-off instead. Republicans love write-offs. And in addition, write-off all the interest. Bait heartless knuckle-dragging Republican grifters into DEFENDING usury. Whip up commercials featuring working class whites in flyover country who were forced to try community college during the Great Recession (but didn’t graduate) and retired widows getting their social security garnished for decades old student debt which has ballooned because of interest. Grandma long ago paid off the principal but is on track to die owing student loan debt because of interest. Not on Joe and Jill’s watch. *chef’s kiss*

You really can’t spin this. It’s a blatant transfer of money to those who least need it. Law firm associates will just buy the new BMW a little faster. The fundamental problem is that federal loans encourage endless tuition hikes. Biden should address the underlying problem: runaway tuition.

You’re a nitwit troll. What kind of BMW do poverty class students at Jill Biden’s Delaware Technical Community College and Northern Virginia Community College drive? Median federal loans of former students: $9,000 - $11,000. And 75% never graduated.

Source: https://collegescorecard.ed.gov/school/?130907-Delaware_Technical_Community_College-Terry

[Anonymous]

When's Biden going to do this? I have a trip to Greece planned for the fall but I'd like to add Hawaii as well. My parents haven't been there in a while. Hurry up! These college degrees have destroyed my life!

[Anonymous]

Well, I took out $100000 in student loans and have paid over a $100000 back, but still owe five figures b/c interest. My student loan payments are $2000/month. I will likely not get any forgiveness b/c on paper I make too much money - but I have to live in an expensive area to make the salary to pay back the loans, and I am a single parent. My story is pretty common. Even if the policies do not benefit me, there are a lot boomers and genX with debt because of high interest rates, and they can't retire, or save to retire. Eventually, the government is going need to grapple with that. Yes, we need to reform tuition, and make college affordable for Zees, but the vast majority of debt held is graduate school debt, mostly by women.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

The household wealth that has exploded is the boomer household wealth. Boomers don't owe student loans because the Great Generation adequately funded public universities. Of course the boomers then cut funding for those very public universities and gave themselves a tax cut.

It isn’t just “boomers” - I hate that term - that will rebel against cancellation of debt. It is gen X who have paid 20 of their 30 years of loans during more than one economic down turn without pause. It is those who have kids who are saving like crazy and wondering why. It is those who couldn’t/didn’t go to college. It is those who chose to go to a cheaper college or worked their way through school. This is a death sentence for any president that pushes this through. I can only imagine the commercials of young women in bikinis on the lawn of some fancy school with the line “this is the debt you are paying for” while they show the blue collar worker schlepping away. Biden would be an idiot to pass this and think he has any chance at re-election.

The bolded isn't possible anymore.

Also, this narrative that all college students are lazy freeloaders is really rich.

What world do you live in that you cannot work your way through school? You do not have to go to a 60k private college. Many people start at community college then onto a state school while paying for it themself. The problem is that people, probably like yourself, are too entitled and do not understand delayed gratification enough to take this route. It is possible and many people still do it.
Good luck with your debt. Those that support this and expect their debt to be forgiven only show their financial ignorance but their complete immaturity.

Go look up how much public universities and community colleges cost in Illinois, Pennsylvania, Maine, New Hampshire, New Jersey and many other places and come back.

This. I was in disbelief how much my IN STATE friends and family were paying for state schools there.

And let's not forget this - working your way through school affect future earnings potential. You don't want to be in school for 10 years through your 20's funneling money for school and a) not saving for retirement at all or at max amounts; 2) putting off buying a house . . . not to mention delaying life decisions like marriage and kids.

SOMETHING has to give. And it has got to start with the price tag for schools. THere is no reason for them to be as costly as they are. It is crippling our future generations.

[Anonymous]

Anonymous wrote:Well, I took out $100000 in student loans and have paid over a $100000 back, but still owe five figures b/c interest. My student loan payments are $2000/month. I will likely not get any forgiveness b/c on paper I make too much money - but I have to live in an expensive area to make the salary to pay back the loans, and I am a single parent. My story is pretty common. Even if the policies do not benefit me, there are a lot boomers and genX with debt because of high interest rates, and they can't retire, or save to retire. Eventually, the government is going need to grapple with that. Yes, we need to reform tuition, and make college affordable for Zees, but the vast majority of debt held is graduate school debt, mostly by women.

What graduate school did you go to? In VA my son paid $20k tuition and earns $85,500 plus $7k in bonuses first year out with a MS. The school paid half his tuition and $800 month for him to be a GA. He worked 20 hours a week at a campus job. This resulted in no debt and no cost to me. $100k seems like a bad gamble on your part. I agree with $10k forgiveness but come on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well, I took out $100000 in student loans and have paid over a $100000 back, but still owe five figures b/c interest. My student loan payments are $2000/month. I will likely not get any forgiveness b/c on paper I make too much money - but I have to live in an expensive area to make the salary to pay back the loans, and I am a single parent. My story is pretty common. Even if the policies do not benefit me, there are a lot boomers and genX with debt because of high interest rates, and they can't retire, or save to retire. Eventually, the government is going need to grapple with that. Yes, we need to reform tuition, and make college affordable for Zees, but the vast majority of debt held is graduate school debt, mostly by women.

What graduate school did you go to? In VA my son paid $20k tuition and earns $85,500 plus $7k in bonuses first year out with a MS. The school paid half his tuition and $800 month for him to be a GA. He worked 20 hours a week at a campus job. This resulted in no debt and no cost to me. $100k seems like a bad gamble on your part. I agree with $10k forgiveness but come on.

For every GA who gets a half scholarship, there are 30 other graduate students who are paying full freight.

Good for your kid but.....get stuffed. What's your solution for the other 30 students?