What is going on with student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm sure the Democratic base loves this, but presumably most Democrats are going to vote for Biden anyways.

This will, however, turn off a lot of Independents who Democrats and Biden desperately need right now.

Speaking as an independent, I don't love this or hate it.

What I'll be voting for is abortion. Like so many others.

I'm an independent, and I'll be voting based on the debt repayment. I guess we all kind of have a slight lean one way or the other.

How lucky for you that "debt repayment" is the most pressing issue of your life right now. Mine is bodily autonomy, preserving our democracy, and leaving a planet that is livable for my children.

[Anonymous]

Anonymous wrote:Here's an idea. Make universities carry the student loans. Get gov out of it. If a student defaults, get the university to have some skin in the game. That'll change the dynamics.

+1

There are lots of ways that will address the problem of tuition and debt. Let's do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sure the Democratic base loves this, but presumably most Democrats are going to vote for Biden anyways.

This will, however, turn off a lot of Independents who Democrats and Biden desperately need right now.

+1

I know several democrats that are seriously pissed about this debt forgiveness.

So do I -- but they're pissed at the huge PPP loan forgiveness for millionaires and billionaires, not the small fry who are catching a rare break.

[Anonymous]

Anonymous wrote:Here's an idea. Make universities carry the student loans. Get gov out of it. If a student defaults, get the university to have some skin in the game. That'll change the dynamics.

+100

Then they'd actually have to care about providing a service which has a return on investment instead of churning out graduates with Masters in Medieval Basket Weaving (MMBW).....

[Anonymous]

The entire student loan industry (industry meaning mostly fedgov) these days is a giant subsidy program for the higher education cartel. The federal government assumes all the risk and funnels money through students directly to these institutions, which hoard wealth unlike nearly any other comparably sized institutions. And do it without practically any risk.

[Anonymous]

Anonymous wrote:The entire student loan industry (industry meaning mostly fedgov) these days is a giant subsidy program for the higher education cartel. The federal government assumes all the risk and funnels money through students directly to these institutions, which hoard wealth unlike nearly any other comparably sized institutions. And do it without practically any risk.

I’ve been saying this for 60 pages….

[Anonymous]

I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

[Anonymous]

He doesn't care that he doesn't have the authority to do this. Half a trillion dollars...... That is a massive amount of money for the president to unilaterally apportion.
When the courts overturn this, as they undoubtedly will, he will just say, "I tried." What a bunch of BS.
Worst president and worst administration EVER!


Biden student loan handout to cost roughly $500B, according to Committee for a Responsible Federal Budget

President Biden's federal student loan forgiveness plan will cost U.S. taxpayers between $440 and $600 billion over the next 10 years, according to the Committee for a Responsible Federal Budget.

The Committee for a Responsible Federal Budget settled on a central estimate of approximately $500 billion.

Biden, however, touted the program as a fulfillment of his campaign promise to cancel $10,000 in student debt. Democrats had initially stated that the White House lacks the authority to unilaterally cancel debt and that the president must go through Congress.

"People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress," House Speaker Nancy Pelosi said in 2021.

Biden himself doubted his authority to cancel debt through executive order last year.

"I don’t think I have the authority to do it by signing the pen," he said in February.

https://www.foxbusiness.com/politics/biden-student-loan-handout-cost-roughly-500b-committee-responsible-federal-budget

[Anonymous]

Anonymous wrote:I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

ITA. And, this will not play well for Biden or the Dems.

If he thinks this is such a great move, why doesn't he have Congress pass this into law? Because... he knows it would NEVER pass. Many Democrats are criticizing this move. The votes are not there and Biden knows that. Good luck to the Dems in swing districts. This will cause voters to swing toward the Republicans. Good.

[Anonymous]

Anonymous wrote:I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

You were fortunate enough to be able to pay off your loans. Someone else getting help that you didn't actually need is not punishing you. Are you five? Surely your worldview and ability to reason are more mature than a child screeching "it's not fair!" because someone else got something they didn't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

You were fortunate enough to be able to pay off your loans. Someone else getting help that you didn't actually need is not punishing you. Are you five? Surely your worldview and ability to reason are more mature than a child screeching "it's not fair!" because someone else got something they didn't.

Actually it may be "punishing" everyone else if it leads to even higher inflation, increased taxes or reduced public services somewhere else, after all, the money doesn't come out of thin air, yes?

[Anonymous]

Anonymous wrote:I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

So many self—proclaimed “hustlers” on this thread.

[Anonymous]

Is there a 60 page thread on the $700b in PPP loans that were forgiven? Or are y’all just mad at poor and middle class folks?

[Anonymous]

Anonymous wrote:Is there a 60 page thread on the $700b in PPP loans that were forgiven? Or are y’all just mad at poor and middle class folks?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m SO DISGUSTED with the loan forgiveness. There just aren’t words. The government needs to stop incentivizing colleges to charge exorbitant amounts.

I really hustled and worked like mad to pay off my loans. Policies that punish responsible people are shameful.

So many self—proclaimed “hustlers” on this thread.

What do you call it when someone works 2 jobs, budgets, and cuts out on fun to pay off their debt? We can go with responsibility if you prefer.