Reply to Canceling $10k of student loan debt is stupid.

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Reply to "Canceling $10k of student loan debt is stupid."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

As a lawyer you have a higher income than most.[/quote]

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. [/quote]

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.[/quote]

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.  [/quote]

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