Biden cancels $10,000 in federal student loan debt for most borrowers

[candide]

The middle-class will be the main beneficiary. It may explain why GOP politicians are so angry, as it is a key electoral target for them.

https://www.marketwatch.com/story/goldman-sachs-has-run-the-numbers-on-student-loan-relief-heres-their-assessment-11661417918?siteid=yhoof2

[Chomper Higgot]

2 hours ago, nauseus said:

The Democrats are rather quiet about their own - quelle surprise.

Because Democrats are not accepting loan relief themselves while at the same time hypocritically bleating about others getting some loan relief.

 

 

[LarrySR]

5 hours ago, Henryford said:

If they didn't waste their time and the country's resources taking <deleted> liberal degrees they would earn enough to pay off their debt. Why should hard working Americans pay for someone's degree in media studies.

One really should attend a proper Christian conservative university like Jerry Falwell Liberty University.

In science class you can learn how god created the universe in 6 days around 6,000 years ago. 

[EVENKEEL]

How is 10K reduction going to benefit a person owing say 100K? If you can't repay a 100K loan, what good will the 10K reduction really do?

 

Realistically for the majority this 10K is meaningless.

[Chomper Higgot]

39 minutes ago, EVENKEEL said:

How is 10K reduction going to benefit a person owing say 100K? If you can't repay a 100K loan, what good will the 10K reduction really do?

 

Realistically for the majority this 10K is meaningless.

Most people holding student debt ate nowhere near your figure of $100K.

 

https://www.forbes.com/advisor/student-loans/average-student-loan-statistics/

 

https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

[habanero]

On 8/24/2022 at 8:05 PM, EVENKEEL said:

What we need are students who are smart enough not to get caught up in the student loan scam.

 

I don't see anything being done to battle the high cost of education. I don't see much in the way of apprenticeship programs.

 

This loan forgiveness is just a skooby snack for the progressives.

It is nothing but vote buying.

[nauseus]

3 hours ago, Chomper Higgot said:

Because Democrats are not accepting loan relief themselves while at the same time hypocritically bleating about others getting some loan relief.

 

 

But they have taken and benefitted from PPP "loans" too. Of course those that have  are hardly likely to bleat about their own leader's latest giveaways. 

[Mac Mickmanus]

5 minutes ago, habanero said:

It is nothing but vote buying.

I don't think that the people who have already repaid their debt would be inclined to vote for him because of that and neither would the people who pay tax and didn't go to University 

[Mac Mickmanus]

2 hours ago, LarrySR said:

One really should attend a proper Christian conservative university like Jerry Falwell Liberty University.

In science class you can learn how god created the universe in 6 days around 6,000 years ago. 

They also only allow sexual relationships between married Males and Females and they also offer conversion therapy courses for gay students 

[ozimoron]

37 minutes ago, habanero said:

It is nothing but vote buying.

Like a 2.5 trillion tax reduction to companies and the rich isn't? Is all tax relief vote buying?

[ozimoron]

29 minutes ago, Mac Mickmanus said:

I don't think that the people who have already repaid their debt would be inclined to vote for him because of that and neither would the people who pay tax and didn't go to University 

Really? Do you think think a dem voter is going to change their vote because their education made them rich enough to pay off their student debt and now they feel aggrieved? One thing the GOP really worries about is the younger vote. This bill helps them.

 

Most Americans support student loan forgiveness, poll finds

 

The poll found more than half of past student loan borrowers and voters who never borrowed student loans believed some or all student debt should be eliminated. 

 

https://thehill.com/changing-america/enrichment/education/3614404-most-americans-support-student-loan-forgiveness-poll-finds/

Edited August 26, 2022 by ozimoron

[Mac Mickmanus]

7 minutes ago, ozimoron said:

Really? Do you think think a dem voter is going to change their vote because their education made them rich enough to pay off their student debt and now they feel aggrieved? One thing the GOP really worries about is the younger vote. This bill helps them.

 

Most Americans support student loan forgiveness, poll finds

 

https://thehill.com/changing-america/enrichment/education/3614404-most-americans-support-student-loan-forgiveness-poll-finds/

No, I don't think that a Dem voter is going to change their vote , just as a Republican isn't going to change their vote .

   I was thinking more about the undecided  floating voters , those who don't vote for one specific party all the time 

[Chomper Higgot]

10 hours ago, nauseus said:

But they have taken and benefitted from PPP "loans" too. Of course those that have  are hardly likely to bleat about their own leader's latest giveaways. 

So you don’t understand hypocrisy.

[Chomper Higgot]

10 hours ago, Mac Mickmanus said:

They also only allow sexual relationships between married Males and Females and they also offer conversion therapy courses for gay students 

But they don’t insist on pants being zipped up and they are awfully kind to the pool boy.

[Chomper Higgot]

10 hours ago, ozimoron said:

Like a 2.5 trillion tax reduction to companies and the rich isn't? Is all tax relief vote buying?

I think that’s actually an example of influence buying.

 

 

[JonnyF]

23 hours ago, ozimoron said:

 

The poll found more than half of past student loan borrowers and voters who never borrowed student loans believed some or all student debt should be eliminated. 

The debt isn't eliminated. It's just the repayments are passed on to people who didn't receive the education the loan paid for and didn't agree to take on the debt.

 

A bit like paying off everyone's mortgage and let people who rent foot the bill for it.

 

Like Robin Hood in reverse. Steal from those who didn't receive an education to pay off the debts of lawyers who attended Harvard.

 

Socialism. Biden style.

 

 

[EVENKEEL]

23 hours ago, ozimoron said:

Like a 2.5 trillion tax reduction to companies and the rich isn't? Is all tax relief vote buying?

This (biden's) is absolutely i your face vote buying. This is not about anything before. To do this (go back to the Trump era) is deflection. Come on man.

[placeholder]

 

1 hour ago, JonnyF said:

The debt isn't eliminated. It's just the repayments are passed on to people who didn't receive the education the loan paid for and didn't agree to take on the debt.

 

A bit like paying off everyone's mortgage and let people who rent foot the bill for it.

 

Like Robin Hood in reverse. Steal from those who didn't receive an education to pay off the debts of lawyers who attended Harvard.

 

Socialism. Biden style.

 

 

What nonsense. A tiny minority of those beneficiaries might have attended Harvard. Ivy league borrowers constitute under  1%  of all borrowers.

Biden’s Student Loan Plan Squarely Targets the Middle Class

The big winners from President Biden’s plan to forgive hundreds of billions of dollars in student loans are not rich graduates of Harvard and Yale, as many critics claim...

According to independent analyses, the people eligible for debt relief are disproportionately young and Black. And they are concentrated in the middle band of Americans by income, defined as households earning between $51,000 and $82,000 a year.

https://www.nytimes.com/2022/08/25/us/politics/biden-student-loans-middle-class.html?smtyp=cur&smid=tw-nytimes

[Hanaguma]

On 8/26/2022 at 7:35 PM, Chomper Higgot said:

Most people holding student debt ate nowhere near your figure of $100K.

 

https://www.forbes.com/advisor/student-loans/average-student-loan-statistics/

 

https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

Your article says the average student loan debt is about $30,000.

 

Yet this article says that the average college grad earns $22,000 per year MORE than a high school grad. In total, $800,000 over a lifetime.

 

https://money.com/wage-gap-college-high-school-grads/

 

So, why can't the person with a $30,000 debt pay it off with their extra $22,000 a year?  The numbers just don't add up.  Makes a person wonder what the actual motivation is for the scheme.   Democrats tend to disdain non-college educated voters, so it makes sense to take from them and give to those that Democrats favour- the so-called elite who have college degrees. 

[Hanaguma]

It is really pretty simple. You took out a loan. You used the service for which you took out the loan. Now, pay it back. 

 

That is kinda how life works. 

[placeholder]

6 minutes ago, Hanaguma said:

Your article says the average student loan debt is about $30,000.

 

Yet this article says that the average college grad earns $22,000 per year MORE than a high school grad. In total, $800,000 over a lifetime.

 

https://money.com/wage-gap-college-high-school-grads/

 

So, why can't the person with a $30,000 debt pay it off with their extra $22,000 a year?  The numbers just don't add up.  Makes a person wonder what the actual motivation is for the scheme.   Democrats tend to disdain non-college educated voters, so it makes sense to take from them and give to those that Democrats favour- the so-called elite who have college degrees. 

First of all, that's the average college grad. These graduates tend to be poorer. The kind that don't have rich parents with all sorts of connections.

Second, even if on average they will earn more than a high school graduate, what that figure doesn't take account of is skew. In their careers people generally start out earning less and over time earn more. But these loans need to be repaid when the borrowers are in the early phase of their careers. When they earn a lot less

Third even if on average they make more than a high school grad does that mean that they earn a lot? How do you think the working class has fared since the 1980's?

[placeholder]

8 minutes ago, Hanaguma said:

It is really pretty simple. You took out a loan. You used the service for which you took out the loan. Now, pay it back. 

 

That is kinda how life works. 

Really? Tell that to people who regularly declare bankruptcy.

[Hanaguma]

3 minutes ago, placeholder said:

First of all, that's the average college grad. These graduates tend to be poorer. The kind that don't have rich parents with all sorts of connections.

Second, even if on average they will earn more than a high school graduate, what that figure doesn't take account of is skew. In their careers people generally start out earning less and over time earn more. But these loans need to be repaid when the borrowers are in the early phase of their careers. When they earn a lot less

Third even if on average they make more than a high school grad does that mean that they earn a lot? How do you think the working class has fared since the 1980's?

The article I quoted said that the gap in earnings is $22,000 per year for people in their TWENTIES. That is a difference of more than $100,000 in their early career years.  

[Hanaguma]

7 minutes ago, placeholder said:

Really? Tell that to people who regularly declare bankruptcy.

Quote

 

I agree. People who declare bankruptcy should not recieve loan payoffs from the federal government.

[Bkk Brian]

6 minutes ago, Hanaguma said:

I agree. People who declare bankruptcy should not recieve loan payoffs from the federal government.

Trumps a master at not paying off loans, 6 businesses so far that declared bankruptcy because they couldn’t pay their bills.

 

How the Bankruptcy Laws Helped Donald Trump Stay Rich

[Hanaguma]

1 minute ago, Bkk Brian said:

Trumps a master at not paying off loans, 6 businesses so far that declared bankruptcy because they couldn’t pay their bills.

 

How the Bankruptcy Laws Helped Donald Trump Stay Rich

Off topic and completely irrelevant.  Unless you can tie the two subjects together...

[Bkk Brian]

Just now, Hanaguma said:

Off topic and completely irrelevant.  Unless you can tie the two subjects together...

bankruptcy......................try again

11 minutes ago, Hanaguma said:

I agree. People who declare bankruptcy should not recieve loan payoffs from the federal government.

 

[Hanaguma]

1 minute ago, Bkk Brian said:

bankruptcy......................try again

 

Nah, you are just letting the Bad Orange Man keep up his rent-free status in your head.   Heaving the old "but Trump....." around is getting a bit old, don't you think?

 

And if it would make you feel better, I would say , "yes, even Trump".

[Mac Mickmanus]

8 minutes ago, Bkk Brian said:

Trumps a master at not paying off loans, 6 businesses so far that declared bankruptcy because they couldn’t pay their bills.

 

How the Bankruptcy Laws Helped Donald Trump Stay Rich

Do you think that Trump/Students should pay back the money they burrowed ?

[placeholder]

16 minutes ago, Hanaguma said:

I agree. People who declare bankruptcy should not recieve loan payoffs from the federal government.

Bankruptcy laws are a government way of facilitating failure to not pay loans and to protect the borrower.. Interestingly enough, in 2005, the Republicans passed a law that made it virtually impossible for student loan recipients to use bankruptcy as a reason not to repay loans.