Student loan forgiveness....
- Thread starter Willence
- Start date
Responsibility. You take it or you enable people to not take it. Simple.
Yes, $250K for families.
Also extending payment pause through EOY.
This is a pretty obvious vote purchase using Dems favorite drug - OPM.
Just like corporate subsidies and tax breaks...
Also, I haven't seen this 250k number anywhere. Got a link?
I listened to this podcast episode a while back featuring the Purdue University President. He has some interesting (and I think good) ideas regarding higher education. Worth a listen on your next long car ride, flight, etc
The big one I liked was the “Back a Boiler” program where “investors” can loan students money. For example, a chemical engineering student will get a lower interest rate than a French literature student due to a higher starting salary/lower risk of default.
Standard defense. Corporate tax breaks aren't fair so we're going to provide a really dumb, unfair handout to those that so desperately need it most - college educated people making up to $250K.
Just call it what it is - buying votes.
It's all over twitter links on TMB.
You call it buying votes I call it sound policy. You call corporate subsidies and tax breaks good policy, I call it buying votes.
Get it?
I don't call those good policy. So no, I don't get it.
Walk me through how this is sound economic policy vs. what I proposed earlier (which actually addresses the root cause of the problem)? Hell, just walk me through how it is sound economic policy in a period of high inflation, low unemployment and runaway government spending?
This is your issue. You think I am for tax subsidies which are really just tax breaks to try and control behavior? HELL NO. There should be no business taxes of any kind. I believe @scotchtiger feels the same way. So I am against ALL of it. None of this crap should be permitted. Both sides do it but Democrats are so much worse about it because they actually think it's "good policy." That's just insane!
And it is 100% about buying votes.
no need to over think this ...
This is terrible ... terrible policy ... terrible idea ... I dont support it at all ... how could any responsible person support this?
I could possibly get behind it ... maybe ... if the Federal Govt got out of the student loan business and/or capped tuition costs ... first.
This is just so irresponsible ...
This is terrible ... terrible policy ... terrible idea ... I dont support it at all ... how could any responsible person support this?
I could possibly get behind it ... maybe ... if the Federal Govt got out of the student loan business and/or capped tuition costs ... first.
This is just so irresponsible ...
If anything, cancel the interest but still pay back the loan. All these kids willingly borrowed the money, therefor, they should be expected to pay it back.
This is something I could get on-board with to resolve this problem. I'm a mortgage banker. I see the avalanche of debt so many people have. I know it's a problem. College costs a sinful amount of money. That being said, just absolving this isn't the answer.
Reading some of the reasonable alternatives (interest rate reduction for example) just highlights how mindblowingly stupid this idea is. The resident libs kind of have to defend it, but it’s terrible policy and blatant vote buying.
Has an executive order (with no congressional approval) ever cost more than $300 BILLION? This has to be a record.
Has an executive order (with no congressional approval) ever cost more than $300 BILLION? This has to be a record.
Why should I have to pay for you to go on vacation?
Student loan forgiveness will cost more the first year than the inflation reduction act saves in 10 years. The bills will not be allowed in the same press briefing room at the same time. F*cking people are better than gutter salesmen.
I'll be interested in seeing the actual details. But I have never been a fan of student loan forgiveness.
As someone who will have well over 300K in student loans when I graduate from dental school in 4 years (and who is unaffected by this forgiveness due to parent compensation and being after the deadline by 3 days) I would like to say that my orthodontists school cost 1100 a year when he was there in the 60s. Adjusted for inflation, it’s about 8,000 a year now. My first year alone cost around 84K.
That is an unreal number, and I would gladly participate in federal government programs that would forgive some of that. Even with the income of a dentist, that will take me forever to pay back with interest.
That is an unreal number, and I would gladly participate in federal government programs that would forgive some of that. Even with the income of a dentist, that will take me forever to pay back with interest.
He is good for people who have no financial discipline, his ideas about using credit are just dumb.
Good read on the whole plan. I wasn’t even aware of some of the other parts of their plan
I'm not defending it because I graduated with 0 debt but I don't feel it's my place to speak for people with different circumstances.
Having said that, I don't like it in general unless it's much more targeted. For example, I have a friend I've known since childhood(a conservative btw) who due to some hard knocks in life now owes triple the amount of the original loan and he's probably paid the principal three times over. He'll never pay that off and it's a huge anchor around his neck that prevents him from enjoying a decent standard of living. In a case like that, I certainly think he should qualify for forgiveness.
Beyond that, I'd narrow it down to a much narrower band of people - maybe if you've been paying on it for 10 years and you still owe 25,000+ and make less than $80,000 for example.
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Part I - Government buys support
Part II - Government takes over and becomes even more involved in things it has no business in
Part III - We are all subject to whatever the government wants to do because they control our well being
No thank you sir! Reasonable people can disagree I suppose but I want nothing to do with the government in any way and I certainly don't want them further meddling in the affairs of the people in this country. They have caused many financial disasters, under-educated our people, destroyed dreams, brought about ruin to our cities and generally impaired the prosperity and future success of the people in this nation.
the $10k forgiveness will wipe out the debt for a 3rd of all holders. that's good and all, but the one part of this plan that is flying under the radar that is probably the most important is the IDR changes which mean no more interest accruals. that's going to be huge for borrowers to get out from underwater on their debt obligations.
it is pretty entertaining that right after Marjorie Taylor Green made the rounds on TV today complaining about debt forgiveness being a handout, it came out that her own company received $186K in PPP loans. She never paid it back because the debt was forgiven.
my company got $150K, never spent a dime of it, and I paid it back with an additional $6K of interest.
F that trick.
One has nothing to do with the other but feel free to keep going with that. The PPP loans were to keep companies in business and people employed at a time when the government forced to shut down. Not to mention the fact that it was handled in such a way that it was incredibly damaging to the tax returns the small businesses and affected their creditworthiness in a dramatic way because they have to show the loss of the investment to make the PPP loan forgivable but not the income from the loan when it is forgiven. So it creates a fake tax situation where businesses look like they lost their *** when they didn't. It's intellectually dishonest to make a comparison between the two. But I know that won't stop you from doing it. The government does not do anything well. Not one thing except screw things up with amazing proficiency.
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Here’s a novel thought - honor your contracts.
My loan originated as a mortgage, but it now identifies as a student loan. Can I get some of that forgiveness $ now?
Boomers who ***** the loudest came up working a summer job to pay for an entire year of college. The fvcked America up and blame the youth.