What is going on with student loans?

[Anonymous]

Anonymous wrote:

Sounds to me you are pissed people whose families were poor enough to get a Pell Grant were able to go to college and earn a decent living. They deserve debt relief IMO, to say nothing of how dumb it is to equate the max income with the people getting the relief, who by definition have incomes LOWER than the max.

[Anonymous]

Anonymous wrote:

I am sorry this is the dumbest take. You think that this is a one-to-one ratio scenario?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do people really not realize this will benefit everyone? I paid off $100k of student loans (yes I made bad decisions, yes I came from a family who didn’t go to college, yes, I had to work three jobs well into my thirties to pay that off).

This helps everyone- it will stimulate the economy. This is a good thing.

I agree we need college tuition reform, desperately.

How - exactly - will this benefit families like mine, who have scrimped and saved for years in order to pay our kids’ tuitions? Will we be seeing reimbursement for all the money we’ve worked hard for and shelled out to colleges? No? Didn’t think so. GTFO with your “benefits everyone” nonsense.

If you can afford to pay full college tuition for multiple children you are extremely privileged. And yet you need to keep a victim mentality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do people really not realize this will benefit everyone? I paid off $100k of student loans (yes I made bad decisions, yes I came from a family who didn’t go to college, yes, I had to work three jobs well into my thirties to pay that off).

This helps everyone- it will stimulate the economy. This is a good thing.

I agree we need college tuition reform, desperately.

How - exactly - will this benefit families like mine, who have scrimped and saved for years in order to pay our kids’ tuitions? Will we be seeing reimbursement for all the money we’ve worked hard for and shelled out to colleges? No? Didn’t think so. GTFO with your “benefits everyone” nonsense.

DP My parents were extremely financially responsible, saved a ton, lived below their means, and they could not afford to pay my tuition back in 2002. Fortunately, I got a merit scholarship, and it was fine. I did have to take out loans for grad school but that got me a good job with a good salary.

The ability to save enough for college is a privilege you should be grateful for, not bitter about. I honestly don't even buy that you are genuinely upset, you know very well that $10k is not that much and that the people struggling to pay that back are really struggling.

DP- It’s fine that they are repaying loans…. But WHAT NOW? Tuition costs are bloated because administrative costs have swelled. Administrators put pressure on professors to inflate grades and reduce demands so the end outcomes are kids who partied for 4 years and learned little. They aren’t actually that much more desirable to employers.

So we now just continue to subsidize this system? Tell non-college graduates to help foot the bill for kids to go party for 4 years. Things need to change and this cannot become the new norm.

As has already been stated, 70% of federal income taxes come from individuals earning six figures. They will be fine. We have a progressive tax system for a reason.

It used to be you could get a good job without a college degree, which is why a lot of older folks don't have one. These days that is not the case. Those that were able to get good jobs without college are also privileged in a way.

Cool… But the middle class is STIlL paying. And NOT getting other services. Right? You can’t just endlessly tax. But especially not for (2nd unanswered question) the college degrees that are less respected and increasingly more expensive to put admin salaries and perpetuate the exploitive university systems. I’m fine with government subsidizing collegiate education…. But actual education… not frat parties and fancy gyms and “student services” disguised as education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Sounds to me you are pissed people whose families were poor enough to get a Pell Grant were able to go to college and earn a decent living. They deserve debt relief IMO, to say nothing of how dumb it is to equate the max income with the people getting the relief, who by definition have incomes LOWER than the max.

This tweet is referring to non-pell grant recipients, genius.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do people really not realize this will benefit everyone? I paid off $100k of student loans (yes I made bad decisions, yes I came from a family who didn’t go to college, yes, I had to work three jobs well into my thirties to pay that off).

This helps everyone- it will stimulate the economy. This is a good thing.

I agree we need college tuition reform, desperately.

How - exactly - will this benefit families like mine, who have scrimped and saved for years in order to pay our kids’ tuitions? Will we be seeing reimbursement for all the money we’ve worked hard for and shelled out to colleges? No? Didn’t think so. GTFO with your “benefits everyone” nonsense.

If you can afford to pay full college tuition for multiple children you are extremely privileged. And yet you need to keep a victim mentality.

DP.
I guarantee you that there are PLENTY of "privileged" people among those that get these funds.
They just chose to party, go on vacation, and buy new cars instead of prioritizing their education.

I am with pp...... It is ludicrous and I hope the courts determine that a president cannot unilaterally take this action.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are large number of foreign students in US universities. Most of them take out loans as well to pay for tuition and accommodation expenses.
Does this order result in forgiven loans for foreign students as well? Will this create burden on American Tax Payers?

No, foreign students in the US cannot avail of US government loans. It's also not true that "most of them take out loans." In order to get a US student visa, they have to prove (with bank statements etc.) that they have enough money to pay for their tuition, room, board, and expenses for the duration of their degree program. Any that do take out loans are getting them from private lenders, so the loan forgiveness being discussed here does not apply to them.

In reality, foreign students are subsidizing US higher ed--both public and private colleges/universities.

Well you must be living with your head in the sand. International students create a lot of burden on US tax payers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Sounds to me you are pissed people whose families were poor enough to get a Pell Grant were able to go to college and earn a decent living. They deserve debt relief IMO, to say nothing of how dumb it is to equate the max income with the people getting the relief, who by definition have incomes LOWER than the max.

This tweet is referring to non-pell grant recipients, genius.

What are you talking about, GENIUS? Only Pell Grant recipients can get $20k in debt relief.

[Anonymous]

This is a big help to my son. He had to take $7500 in loans sophomore year and just got another $7500 for junior year. I wish he could get the full $10,000 forgiven, but I guess he can only get forgiven what he took last year? Still, I'm thrilled he will have that $7500 wiped off the books.

[Anonymous]

Anonymous wrote:
I guarantee you that there are PLENTY of "privileged" people among those that get these funds.
They just chose to party, go on vacation, and buy new cars instead of prioritizing their education.

Maybe, but not our family. We haven't gone on a vacation in years and I drive a 2002 car. But I wasn't able to save enough to add to my cash flow to send my kids to college (in state, public). They have to take loans. I'm very happy to get some of it forgiven, although of course I wish for the same help to be there for my current high schooler.

[Anonymous]

Anonymous wrote:Ah, but they do get *something.*

They get higher inflation, higher tuition for their kids, and they have the added benefit of their taxes paying for the loans that they didn't take.

They also can smugly post on the internet and claim victimhood.

[Anonymous]

Anonymous wrote:This is a big help to my son. He had to take $7500 in loans sophomore year and just got another $7500 for junior year. I wish he could get the full $10,000 forgiven, but I guess he can only get forgiven what he took last year? Still, I'm thrilled he will have that $7500 wiped off the books.

Bear in mind that it will be based on your income as his parent(s). But also Biden is aiming to improve the income-based repayment plan so that he'll only have to pay 5% of his discretionary income towards his loans and get forgiveness after 10 years, which is really not bad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
I guarantee you that there are PLENTY of "privileged" people among those that get these funds.
They just chose to party, go on vacation, and buy new cars instead of prioritizing their education.

Maybe, but not our family. We haven't gone on a vacation in years and I drive a 2002 car. But I wasn't able to save enough to add to my cash flow to send my kids to college (in state, public). They have to take loans. I'm very happy to get some of it forgiven, although of course I wish for the same help to be there for my current high schooler.

Are Banks and institutions going to write off the forgiven amount as bad debts? or Will they be sticking it to tax payers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are large number of foreign students in US universities. Most of them take out loans as well to pay for tuition and accommodation expenses.
Does this order result in forgiven loans for foreign students as well? Will this create burden on American Tax Payers?

No, foreign students in the US cannot avail of US government loans. It's also not true that "most of them take out loans." In order to get a US student visa, they have to prove (with bank statements etc.) that they have enough money to pay for their tuition, room, board, and expenses for the duration of their degree program. Any that do take out loans are getting them from private lenders, so the loan forgiveness being discussed here does not apply to them.

In reality, foreign students are subsidizing US higher ed--both public and private colleges/universities.

Well you must be living with your head in the sand. International students create a lot of burden on US tax payers.

Can you back that up? One of the reasons that US higher ed admits foreign students is for the money...

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is a big help to my son. He had to take $7500 in loans sophomore year and just got another $7500 for junior year. I wish he could get the full $10,000 forgiven, but I guess he can only get forgiven what he took last year? Still, I'm thrilled he will have that $7500 wiped off the books.

Bear in mind that it will be based on your income as his parent(s). But also Biden is aiming to improve the income-based repayment plan so that he'll only have to pay 5% of his discretionary income towards his loans and get forgiveness after 10 years, which is really not bad.

Well, our HHI is 130,000 (married) so I think he should qualify?