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Now that Biden has become the President-elect do you think his plan for student loan forgiveness will pass?

likefunny
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I’ll play devils advocate here go with the government forgiving all student loans. Wiping them out so everyone has a clean slate. Now what? What incentive does the government have now to give federal student loans if they’re going to just wipe them out? Congress appropriates money to fund these programs each year. I would imagine there would be pushback on funding a program that will be wiped out again when there are other things that can be funded

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AS1 - I was definitely below poverty level and your generalization is just that! I wanted to improve my lot in life and not struggle as my parents did which incentivized me to apply myself in school to earn scholarships. This along with working/saving as soon as I was old enough allowed me to take only minimal loans to complete my degree. Then when I graduated, I lived well beneath my means to pay off my loans quickly.
People just want the easy way out. Those of us who struggled to even have enough to get by know the way out is making good decisions.

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If we do this now, it’ll set a precedent. 5 years down the road, those who incurred new debt will ask theirs to be forgiven because “they did it for the people before us”.

Two college students; one bought a used 2010 Camry out-of-pocket and the other got a 2020 Mercedes with a loan. Mercedes guy wants his loan forgiven saying he needed the car to go to school/work. How is that fair for the dude who bought a beat up Camry (and now needs a new car because his engine hit 200k miles and won’t start) while the Mercedes guy gets to keep his brand new car for free? What’s next, he asks for free car insurance?

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It amazes me the amount of people that have paid their loans off that don't want others to have their forgiven. As if you wouldn't have welcomed the forgiveness when you were still making payments.

likefunny

Pwc 7, I think most people on this thread that say they don’t think debt should be forgiven did also have to take debt out...

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Soooo, can the people who paid off their debt early get reimbursed?

likesmart

If you have a stable job you don’t need those additional protections. Going from 7% interest to 2.49 fixed isn’t anything to scoff at

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The funniest part to me is the people who say “it’s your fault for making a stupid decision and getting into debt” are the same people who give minimum wage workers a hard time saying “they should go to college to get a good job”

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People assume you have equal access to community colleges across the United States and that isn’t true.

Washington DC residents don’t even have a community college system since the US Congress which runs the District thinks it’s federal overreach for Washington DC to run a community college system - while allowing the US Govt to run the War College, the Naval College, etc. and a few more colleges right next door.

It’s the reason why high school graduates of the District end up carrying the highest amount of student loan debt in the nation.

I also remember clearly in the early 2010s of the community colleges around the country which fund off property taxes had budget cuts and there wait lists at my local community college system for classes.

At the same time - University of Phoenix and other for-profit colleges were lobbying against funding of community colleges and lobbying in state legislatures to de-fund the state university system during the Great Recession... yet not cutting K-12 education funding or other programs.

We allowed the for-profit system to use the federal student loan system, hi-jack the system, and use the federal loan system as funding for weapons of mass destruction through lobbying against community colleges and state university system to lead to large tuition raises and cuts in class sizes.

Wall Street loved this. Called this much needed “competition” in the higher education system.... What “competition”?

This was just the suction of money out of the system and onto the backs of those at the end of the lower end of spectrum and systematic oppression.

Help me understand why people shouldn’t be pist and want relief when the can is kicked down the road or when paywalls are erected to access to the middle class by the rich.

likefunny

I hope not, I paid mine within a year of graduating and others will be given hand outs. I would support reducing the interest rate instead.

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Yes, the interest rate absolutely needs to be lower

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No

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1. He doesn't have a plan to forgive student loan debt.

2. If he wanted to, he doesn't need it to pass anything. Can just order the Secretary of Education to cancel federal student loan debt.

likefunny

If a forgiveness plan is instituted, it only benefits people who kept loans under the “DOE” umbrella. For the prudent people who refinanced to pay less interest with a private lender, will now be negatively affected by getting no forgiveness. Most of the people in my social group have refinanced to private because (1) the debt is owed (2) the desire to pay less and (3) stable job with no chance that special forbearance/payment terms needed.

With the interest rate disparity in private vs. federal loans, the only reason to keep to really keep your loans with federal is if you will qualify for forgiveness or need a special payment plan like income based. So to me it seems like blanket forgiveness would benefit only certain people instead of the larger population of people who got student loan debt.

Honestly I would just settle for interest rates that aren’t predatory. No reason why interest rates being given out to 18 year olds trying to get an education should be 6% like wtf

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Student loans are one of the only debts you can’t discharge in bankruptcy, so I don’t really think there is that much of an increased risk when they can garnish your wages and do whatever else the hell they want to make sure they’re getting paid.

And from a moral standpoint, I don’t think people trying to better themselves and get an education should be hit with interest rates that high.

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how about home mortgage forgiveness? I could leverage up and then get some good relief.

likefunnyuplifting

The eviction memorandum is being treated like a government sponsored rent forgiveness. If the courts won’t evict you, then you “don’t” need to pay you rent. I would not recommend doing this, but small landlords are going under as some shady people have stopped paying rent during this time.

He’ll forgive your student loan and tax 60% of your income.

likefunny

You wouldn’t be on here if his tax plan affected yo

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There has been some people talking about an executive order he might be able to pass to forgive $50,000. Don’t know the details, but credible people who understand government have said it’s a possibility

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I don’t think the loans should be forgiven at all, but I especially don’t think people who chose to go out of state or to private colleges should get any assistance

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Given the current stage of the covid impacted economy it would be terrible timing to pass it now

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I think he will forgive loans up to a certain amount and there will be a phase out to them. I think he’s good on his word. Now if it will pass in the senate is another thing.....but at the very least we need to close unis, destigmatize not having a college degree while pushing vocational career training, and slash interest on fed loans.

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Lol this is something I have an internal struggle with. The fiscally conservative side of me does not like the idea of complete loan forgives. But the other side that has 40k in student loans is like well I wouldn’t mind if the gov came in and forgave some of it.

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Forgive the interest. But make them pay the principal amount of the loan. Full loan forgiveness? Yeah okay, Peggy.

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And remove the income limit. Who cares if you make $120,000 a year, if you are paying $12,000 in interest? You should be able to deduct it.

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Biden is not President Elect. Pennsylvania’s Secretary of State’s changing the voting laws to allow ballots 3 days after the election has been declared (by the courts) as unconstitutional. Califiornia’s Governor Gavin Newsom’s sending out mass mail in ballots with no identification requirements have been declared unconstitutional (by the courts). The voting machines used in the Michigan and Georgia elections were connected to the internet and shown to have glitches that two other states rejected them for those reasons, and those two states official still choose to use them knowing they violated election laws (the lawsuits are still pending, but the evidence is overwhelming). Shall I continue?

Not to mention the video of Biden admitting to have the “most extensive and best voter fraud organization ever” the week before the election. Not sure how all the illegal activity will play out, but every citizen of this country should be concerned about what took place during this last election.

likefunnysmart

No point in arguing with Spring Ridge. They fell down a fake news rabbit hole and they’re too comfortable to get out. Logic, common sense, and critical thinking don’t exist within them anymore, if it ever did.

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For some reason the election platform to get rid of student debt always reminded me of middle school when people would run for class president and make promises like free vending machines in the lunch room! Wishful thinking!

likefunny

Typical libs. Gimme gimme gimme.

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Typical internal auditor

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people should pay their own bills.

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Even as a person with $49k in debt paying $1k every single month on top of rent, food, car, etc., I don’t think just wiping out student loan debt is a good idea. It’s not fair to the people who have been paying extra this whole time and just everyone has different situations. My parents helped me pay a big chunk of my school (a private university). And my debt is going to get wiped out just the same as someone who went to community college first (like I wish I’d done) whose family wasn’t in as good of a position as mine to? I feel like instead the focus should be on controlling/lowering interest rates and especially tuition.

My school was sooo expensive even with scholarships and working a consistent 20-25 hrs/week and that shitty school was NOT worth all that money. I refinanced my federal loans so the interest rate dropped from 6-7% to about 4.5 and that still seems high AF. And my private loans, which you typically can’t get refinanced, are around 5% too. I can’t imagine what it’s like for the people that go to these schools with no type of financial support. The cost of higher education has ballooned way out of control imo. And college has become too much of a societal expectation to reliably get anywhere career-wise for it to be so damn expensive.

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1. He’s not president, he’s President Elect (so much for that college education you put yourself into debt over)
2. If you think college debt loans are going to be negated, I’ve got a bridge to sell you
🤦🏻‍♂️

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I absolutely despise Trump, but RC1 isn’t wrong. At this point, I would welcome recounting every single vote if it shut everyone up. And the partisan media can suck a fat one.

smart

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