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What is the rationale behind forgiving $250 billion in student debt?

What is the rationale behind forgiving around $320 billion in student debt?

  • Students entered into a legal agreement and should pay their debts

    Votes: 30 83.3%

  • Students were misled because they did not get the jobs they wanted

    Votes: 4 11.1%

  • $250 billion is not a lot of money so it does not have to be paid back

    Votes: 1 2.8%

  • Why should working people without college debt have to rescue deadbeats?

    Votes: 23 63.9%
  • Total voters
    36
Gimmesometruth said:
Uh, the idea of "govt buying votes", via welfare, an argument you have made numerous times, inherently includes matters of race, my forgetful friend.

But of course, when your memes are skewered, you do tend to grasp on to anything to distract from your losing point.
Click to expand...
Cite a post of me making that argument or that the maturity to withdraw the claim.
 
Gimmesometruth said:
Funny that, there are far more low income whites on welfare than low income blacks, yet low income whites vote far and a way .....wait for it.....GOP.
Click to expand...
A national conundrum.
Why do you think that is? And, how do you know that to be true?
 
Gimmesometruth said:
Uh, the idea of "govt leader buying votes", via welfare, an argument you have made numerous times, inherently includes matters of race, my forgetful friend.

But of course, when your memes are skewered, you do tend to grasp on to anything to distract from your losing point.
Click to expand...
I hope this discussion doesn't turn into an argument over race and racism.
 
NatMorton said:
Where did I say "welfare" in that post or in any way imply there was a racial angle to their vote buying?
Click to expand...
You were discussing "another federal aid package", ie, "welfare".

that was just a few months ago. Are you seriously going to keep denying that you don't argue govt aide is used for vote buying?
 
jaypatriot said:
Biden is considering cancelling $321 billion in federal student loans.
That's a lot more than the estimated reduction in federal debt projected as a result of the recently signed Inflation Reduction Act. And no one can figure out if the cancellation of that debt is inflationary or not.
Keep in mind these are college students getting a higher education so they can become responsible adults.
Full disclosure: I am biased because a few years ago I paid off a $64,000 student loan debt for a doctoral program. And it hurt.

How do people worried about our financial future feel about all of that?


Student loan forgiveness decision will come ‘before Aug. 31,’ Biden administration confirms: What you need to know​

Published Thu, Aug 11 202212:42 PM EDTUpdated 3 Hours Ago

Aug. 31 is an important date for millions of Americans with federal student loans — it’s not just the day the pause on payments is set to expire, but also the deadline by which President Joe Biden will decide on broader federal student loan forgiveness.
CNBC has reported that White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, but the administration has yet to confirm such plans.
More than 40 million Americans carry student loan debt. A wide-scale student loan cancellation of $10,000 per borrower would forgive a total of $321 billion of federal student loans and eliminate the entire balance for about 11.8 million borrowers, according to the Federal Reserve. The average borrower would receive $8,478 in student loan forgiveness.

www.cnbc.com

Student loan forgiveness decision will come 'before Aug. 31,' Biden administration confirms: What you need to know

White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, CNBC reported.
www.cnbc.com www.cnbc.com
Click to expand...
I disagree with cancelling student debts, however I do support a significant reduction for in demand degrees...people majoring in basket weaving can pay more.
 
jaypatriot said:
I hope this discussion doesn't turn into an argument over race and racism.
Click to expand...
Every time you and your sort discuss "welfare" it becomes arguments about "vote buying" directed at minorities.
 
Gimmesometruth said:
How do I know low income whites vote GOP?
Are you seriously challenging that fact?
Click to expand...
Not to be picky, but I think you need to distinguish between low income and lower middle class income earners.
And I am not making a statement about race.



Do lower middle class Americans vote Republican or Democratic?
  • While people at the very bottom of the income level vote Democratic, a majority of white people in the lower middle class (those earning from $30,000 to $50,000) vote Republican. Of the ten states with the lowest household median income in 2008, nine voted Republican.
Why Does the (White) Lower Middle Class Vote Republican

https://www.huffpost.com/entry/why-does-the-white-lower-_b_8442162
 
Gimmesometruth said:
Every time you and your sort discuss "welfare" it becomes arguments about "vote buying" directed at minorities.
Click to expand...
Me and 'my sort'. I belong to a lot of different sorts.
But I won't get into a tit-for-tat with you.
Politicians don't care who they can pay for their votes.
 
Indlib said:
I disagree with cancelling student debts, however I do support a significant reduction for in demand degrees...people majoring in basket weaving can pay more.
Click to expand...
How about underwater photography.?
People like doing that too.
 
jaypatriot said:
Biden is considering cancelling $321 billion in federal student loans.
That's a lot more than the estimated reduction in federal debt projected as a result of the recently signed Inflation Reduction Act. And no one can figure out if the cancellation of that debt is inflationary or not.
Keep in mind these are college students getting a higher education so they can become responsible adults.
Full disclosure: I am biased because a few years ago I paid off a $64,000 student loan debt for a doctoral program. And it hurt.

How do people worried about our financial future feel about all of that?


Student loan forgiveness decision will come ‘before Aug. 31,’ Biden administration confirms: What you need to know​

Published Thu, Aug 11 202212:42 PM EDTUpdated 3 Hours Ago

Aug. 31 is an important date for millions of Americans with federal student loans — it’s not just the day the pause on payments is set to expire, but also the deadline by which President Joe Biden will decide on broader federal student loan forgiveness.
CNBC has reported that White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, but the administration has yet to confirm such plans.
More than 40 million Americans carry student loan debt. A wide-scale student loan cancellation of $10,000 per borrower would forgive a total of $321 billion of federal student loans and eliminate the entire balance for about 11.8 million borrowers, according to the Federal Reserve. The average borrower would receive $8,478 in student loan forgiveness.

www.cnbc.com

Student loan forgiveness decision will come 'before Aug. 31,' Biden administration confirms: What you need to know

White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, CNBC reported.
www.cnbc.com www.cnbc.com
Click to expand...
How long ago did you get your student loan?
 
As each pertains to the question, every poll choice answer is dumb, so I pass.
 
jaypatriot said:
Spoken like a true Liberal/Progressive/Democrat.
Damn the federal deficit. Full speed ahead!
Why not forgive car loans, mortgages, consumer credit loans, etc.?
Why stop at student loans?
Click to expand...
I'd be happy to volunteer an answer if you can, with a straight face, explain all the "bailing out" corporations received in 2008-9ish?
Some random Joe that works two jobs having his car repossessed is lunacy.
Repubs have no issues with it-- socialize the losses, capitalize the profits. Rich get richer, poor get poorer.

For example, the US spends about 30k per year to house an inmate, on average among the states. I 1000% think we'd save tax dollars if we cut checks in half that amount so people had some agency in how they choose to live. UBI, for example.
 
jaypatriot said:
Me and 'my sort'. I belong to a lot of different sorts.
But I won't get into a tit-for-tat with you.
Politicians don't care who they can pay for their votes.
Click to expand...
LOL....tries in vain to counter my argument about (1) whether low income whites vote GOP and (2) whether cons make argument about vote buying, failing at both.....and then tops it off with an argument that "pols don't care about buying votes", a feeble attempt to counter other cons making that argument in this thread.

How does one go thru life ignoring everything around him on these subjects?
 
As gimmesometruth pointed out, the 3.9 billion that was actually forgiven was for students who were scammed out of money at pay for profit institute, ITT. This is similar to pay for profits like Trump University, and DeVry. The part that bothers me is government subsidizing the loans. They should put the recipients of the school's profits on the hook for that.

I don't know whether the rest of the ambitious relief will ever see the light of day, but those students who were scammed are entitled to some compensation or loan forgiveness (from those whom benefited). The rest of that amount, would be better served towards some kind of earned scholarships, or award help based on income and location, IMO.
 
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Doppelgangirl said:
I'd be happy to volunteer an answer if you can, with a straight face, explain all the "bailing out" corporations received in 2008-9ish?
Some random Joe that works two jobs having his car repossessed is lunacy.
Repubs have no issues with it-- socialize the losses, capitalize the profits. Rich get richer, poor get poorer.

For example, the US spends about 30k per year to house an inmate, on average among the states. I 1000% think we'd save tax dollars if we cut checks in half that amount so people had some agency in how they choose to live. UBI, for example.
Click to expand...
Corporate welfare is a really big topic. Especially now that the bullshit IRA law is now in play. Do you think this is good place to discuss it?
 
jaypatriot said:
How do people worried about our financial future feel about all of that?
Click to expand...

I'm certainly worried about having a generation shackled with burdensome debts that will inhibit spending, family formation, and consumption, some of the main drivers of our economy and society.
 
Aletheia said:
As gimmesometruth pointed out, the 3.9 billion that was actually forgiven was for students who were scammed out of money at pay for profit institute, ITT. This is similar to pay for profits like Trump University, and DeVry. The part that bothers me is government subsidizing the loans. They should put the recipients of the school's profits on the hook for that.

I don't know whether the rest of the ambitious relief will ever see the light of day, but those student's who were scammed are entitled to some compensation or loan forgiveness (from those whom benefited, IMO).
Click to expand...
My feeling is that for profit and non-profit schools have covered themselves well enough so that they will never be liable to their students because those students did not get the jobs they wanted. Or were promised by ITT.
ITT is an aberration. And $3.9 billion is a pittance compared to over $1 trillion in total student debt.
 
jaypatriot said:
Keep in mind these are college students getting a higher education so they can become responsible adults.
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Exactly...so why should they be saddled with ridiculous amounts of debt? Student loan rates are very high, they have historically been deceptive in practice, and, if I'm not mistaken, are one of only two kinds of debts which cannot be discharged in bankruptcy (the other being taxes owed). Society has been telling kids for decades they need a college education, then requires them to take out high interest rate loans, often do not make clear the full terms of the loan in order to make more money, and this is being done on brand new adults who have very limited financial means.

Quite frankly, the current system of student loans is disgusting and one could argue perhaps even predatory.
jaypatriot said:
Full disclosure: I am biased because a few years ago I paid off a $64,000 student loan debt for a doctoral program. And it hurt.
Click to expand...
Good for you...why do you care what anyone else does? I'm in the exact same situation as you, where my wife and I paid off tens of thousands of dollars in student loan debt. And while we were able to do it without much of a hassle, are you saying you want other people to hurt just because you did? How is that a rational or valid argument?

My parents went to school in buildings that had no air conditioning...should we remove all air conditioning from schools to make sure kids today don't have air conditioning just because our parents didn't? How does that make any sense at all?
jaypatriot said:
How do people worried about our financial future feel about all of that?
Click to expand...
I feel great. One of the biggest problems American society has is an extreme power disparity, so often predicated by wealth, a disparity that mountains of student loan debt only exacerbates.

"But, Slyfox!" you may whine, "these young adults made the decision to accept these loans!". Sure they did...at an extremely high interest rate in order to get a job to be a contributing member of society because that was the only way they could afford to go to college. It's absolutely disgusting the amount of debt we saddle our younger generations with, all to make the already wealthy more money. If college isn't free for those who wish to attend, then there should be a cap which ensures basement level interest rates on student loans. Or some kind of rule which states if the money is paid back within a certain amount of time (let's say 7 years from origination date), then no interest is charged.
 
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