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Asians in Consulting

Is anyone else really bothered by these canceling student loan debt proposals?

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Idm, I think it actually helps the country overall. Those who are salty are just being petty. This is for the good of everyone, by freeing debt, students can actually focus on wealth accumulation and savings. If they’re still in debt by 65 then, we’re fucked and our kids are fucked. I think we have to adopt that Asian mentality of the common good and drop the American/western notion of saving number one. Also I am 21, saved and paid off my loans during college. Graduated in spring 20, still have about -10k but I know it can/will be dealt with by spring 21. I think it’s all about perspective

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On principal i think its right, they would need to think through implications, when the govt took over the student loan process and made loans available to all, that incentivized colleges to raise tuition rates, i would also look to see if theres certain types of professions we would want subsidize as a government that are socially desirable and such make certain degree types of eligible, i would be happy to give student loan foregivness for social workers, scientists, those in the medical field, engineers, etc. given the shortfall of folks in those professions, not sure i would do it for all liberal arts majors, he likelihood of an english/lit major paying back their 100k loan is unlikely, i would prefer something like an expanded GI Bill, Public Service/Teachers provision- have people do public service for 1-2 years and loans are forgiven, this would provide loan foregiveness in a way thats not a blank check but would benefit society, and by keeping the timeline short - you would still allow people to repivot in their careers, id also rather see the govt cap interest rates to a lower level (near zero)

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No. It doesn’t affect me. If this helps another person move on with their life without the crushing weight of student debt, then I am happy for them.

likeuplifting
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I understand why people might be opposed to it. It sucks and it’s not fair. I paid off mine not too long ago as well and I’m just a smidge salty. But I’m just gonna suck it up and be happy that other people will get the opportunity that I didn’t. 😫 And sorry yeah you’re right about the numbers. I conflated it with the number of people, my bad. 🤭 Still doesn’t change my mind though. We passed a $2T stimulus relief package of which 560B went to individuals. I didn’t even get a check but oh well, hope it helped someone else. The idea is relieving student debt will allow young people to move forward — trickle up economics I guess. Or maybe even not forgive all of it, but a partial amount based on income or something. I’m open to different solutions.

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YES A TERRIBLE IDEA. First it would represent a transfer of money to some of the highest income Americans. The large majority of benefits would go to people who CAN afford to pay off their loans. The majority of working Americans don’t have a college degree and they are being asked to pay for the degrees of those people with higher incomes. Statistically the vast majority of student loan borrowers CAN afford to pay their student loans. They just DON’T WANT to. They want to live in a nice house and go on fancy vacations without having to repay what they CHOSE to borrow. Completely unfair to those people who sacrificed and worked hard to pay off their loans, while others made different PERSONAL CHOICES. Completely unfair for those who worked two jobs during college in order to keep their loan amounts low. Completely unfair for those who weighed their options and chose not to go to college or to not get an additional Master’s degree. Finally doesn’t fix the foundational problems which is that the tuition and cost of college in this country has vastly outpaced the cost of inflation without offering corresponding benefits. If you don’t cut bloated school administrators/costs, this problem is only going to resurface and ALL taxpayers will have to pay.

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I agree with your last point (that the forgiveness doesn't solve the root of the problem). However, economically speaking, the time and money we all invested in our educations generates a positive externalities to society as a whole, so seeing that redirected back to the people who made the investment makes sense to me. I also think the way he has loosely structured the plan isn't really to provide the most benefit to high earners who can afford their debt. Its geared toward people who graduated from community colleges or HBCUs. I cant recall all the specifics but my current understanding is that people not falling into those categories would be capped at 10k or something like that... I also believe I saw something about the benefit decreasing based on your income.

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Nope, I paid off the last of almost $200k in student loans earlier this year and I’m excited by an administration who’s looking to do the right thing for our students and young people. America will only benefit by having a more educated young population who won’t be straddled by overwhelming debt. I was lucky enough to be able to land a lucrative career (let’s be clear it’s 99% luck) that allowed me to pay off my debt but not everyone else is so lucky.

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No, why would it bother me? I don’t have any student debt anymore. No point wondering “what ifs” or anything.

likesmart
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A couple thoughts: 1. Well structured cancelling is good. Predatory lending needs to be punished 2. If the cost of cancellation is high beyond #1, then I start to think we need to go after other things. There’s a whole class of people (non college educated) who need attention. This is only (as a policy) going to further the divide between democrats and the rural, white voters

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Predatory lending is a thing in student loans. Not all of them, but I definitely wasn’t saying all of them were either... thought that was pretty clear in how I framed my opinion

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Because it does not solve the problem. What about the next generation of students? Should we forgive those loans now or later?

likesmart
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You make a good point, but I think there's still a case to be made to help this generation out a bit more. Three recessions in the past twenty years going back to the dot com bubble means that relatively few have savings. Hopefully that's an anomaly.

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The proposal doesn’t bother me but I’m concerned about who pays for this stuff and how that it may affect me. I could see myself supporting a reduction in interest rates or debt but not cancelling the entire debt.

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C4 that’s a fair argument. Technically I don’t believe Biden had made student loan forgiveness part of his campaign, though Warren and Sanders have. (Pls correct me if he has changed his stance though.) The other two candidates proposed the following ways to pay for this: - Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades. - Warren will tax the rich (ie ultra-millionaire class) Tbh seems ok to me. New taxes such as the ones outlined above don’t impact the average American. And out of self-interest, I am not going to fight for the 1% to get more tax cuts lol.

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We're in a knowledge economy now. Having a college degree is getting more important and necessary. Yet, the cost of college tuition is increasing 8x wages. It's a huge burden that's increasingly out of reach of usually young people who have already endured the after effects of the dot com bubble, the great recession and this pandemic within the past twenty years. Give them a break!

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So it's tricky right - it is, simply, unfair to people who have already paid off their debt. No matter the arguments for, this will always be true. That said, the immediate benefits to the economy and tackling generational debt would be massive. However, without foundational reform the the entire structure of higher education policy it will be a massive windfall followed by the same problem starting back up. Personally? It has to happen. There were countless opportunities to address it with better policies and every time Congress has failed us. Those better policies would now, on their own, be too little too late without a partial or full forgiveness of student debt. By ignoring the massive problem, I feel people need to stop complaining about the massive solution.

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I would disagree with that characterization of the issue. Solving the root problem cannot be used a barrier to the relief that is needed now. You wouldn't wait to prescribe medicine to treat life-threatening symptoms until after the underlying disease is fixed. The relief has to happen concurrently with the structural fixes, not after, because that kind of change will take time - time that we can no longer afford. Pausing student loan payments has, frankly, been far from a band aid. It's not a permanent fix, but being able to have $600+ back in the monthly budget has been nothing short of a lifesaver. It doesn't accomplish anything ling term, but what it has accomplished as far as interim relief has been huge. That is money going towards supporting family, floating local economies, tackling other debts, or even just building up a financial safety net.

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No problems whatsoever

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No, because although I paid mine off, I am not bitter enough to be angry that others may have it better than I do

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Hmm

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likefunny
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coming in hot with facts

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No.

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Not at all

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Got $50k left of my private student loans left. Paid $150k up to this point. I don't mind at all.

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I have student debt so it’d help me, but overall I’m against it except in special cases. Think people that knowing take out the loan have a responsibility to pay it back. That said colleges are insanely overpriced.

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I think it’s great. Young people will be able to spend more in the economy, but homes etc

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Nope

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No

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