A good read on Student Loan Debt/Forgiveness

TheGunner

All-American
Gold Member
Aug 30, 2001
11,331
10,802
113
The lead statement from the attached article below.

Even modest student loan forgiveness proposals are staggeringly expensive and use federal spending that could advance other goals. The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on many of the nation’s major antipoverty programs over the last several decades.

There are better ways to spend that money that would better achieve progressive goals. Increasing spending on more targeted policies would benefit families that are poorer, more disadvantaged, and more likely to be Black and Hispanic, compared to those who stand to benefit from broad student loan forgiveness. Indeed, shoring up spending on other safety net programs would be a far more effective way to help low-income people and people of color.


But hey, let’s forgive the “poor” students debt (poor meaning feeling sorry for them versus being financially “poor”). Median household income on students paying debt is $86k. That means 50% make that much…or more.

Everyone please shed a tear and start saving your hard earned $$$ in case Brandon decides not for forgive these “poor” people’s debts

 
Last edited:
  • Like
Reactions: Indy_Rider

charlespig

All-American
Gold Member
Jun 20, 2014
5,075
5,678
113
I am not a fan of debt "forgiveness." Both parties enter into the transaction voluntarily. Why are we now shifting the burden to repay from the person borrowing, to the taxpayers?

If the government wants to go after, it should be the endowment funds for the Ivy League schools and all those with astronomical figures that they should be made to spend more to lower the tuition for their students.
 

purduepat1969

All-American
Sep 28, 2011
12,806
18,410
113
I am not a fan of debt "forgiveness." Both parties enter into the transaction voluntarily. Why are we now shifting the burden to repay from the person borrowing, to the taxpayers?

If the government wants to go after, it should be the endowment funds for the Ivy League schools and all those with astronomical figures that they should be made to spend more to lower the tuition for their students.
Yep, there are reasons why endowments were put in place. And not to rake students over the coals with high tuition. That's one of the reasons I love what Mitch Daniels has done at Purdue. He's provided a world class education at a VERY reasonable price.

Secondarily, if we're going to prioritize student loan forgiveness (which I don't support), we can't allow that to happen for those that chose private schools. They made the decision to go to these private schools, with a higher tuition, when lower cost state schools were available. I was accepted at Rose Hulman, and I really wanted to go there. But at the time, tuition was over $30K a year, while Purdue was only $8K. My family couldn't afford the $30K and I didn't want to go into massive debt. Choosing Purdue was the best decision I could have ever made. There's no way my earning power by going to Rose Hulman would have been any better than Purdue in the long run.
 

purduepat1969

All-American
Sep 28, 2011
12,806
18,410
113
I also read a comment on Twitter from someone who I thought had a pretty good idea.

The suggestion was that if you earn less than $100K per year, you can use your student load debt as a deduction on your income taxes. Maybe you allow $10K or $20K of deductions per year? It wouldn't be loan forgiveness, but it would help those who got in over their heads.
 

TheGunner

All-American
Gold Member
Aug 30, 2001
11,331
10,802
113
I also read a comment on Twitter from someone who I thought had a pretty good idea.

The suggestion was that if you earn less than $100K per year, you can use your student load debt as a deduction on your income taxes. Maybe you allow $10K or $20K of deductions per year? It wouldn't be loan forgiveness, but it would help those who got in over their heads.
RE Deduction…that’s better than complete “forgiveness”. But I also don’t believe that’s what Bernie and Elizabeth had in mind when they handed Biden the keys to the WH. They still need to get their “pint” to make their NH, Mass and NE Democrat elites happy.
 
  • Like
Reactions: purduepat1969

New Pal Boiler

All-American
Jun 30, 2010
16,441
18,437
113
Yep, there are reasons why endowments were put in place. And not to rake students over the coals with high tuition. That's one of the reasons I love what Mitch Daniels has done at Purdue. He's provided a world class education at a VERY reasonable price.

Secondarily, if we're going to prioritize student loan forgiveness (which I don't support), we can't allow that to happen for those that chose private schools. They made the decision to go to these private schools, with a higher tuition, when lower cost state schools were available. I was accepted at Rose Hulman, and I really wanted to go there. But at the time, tuition was over $30K a year, while Purdue was only $8K. My family couldn't afford the $30K and I didn't want to go into massive debt. Choosing Purdue was the best decision I could have ever made. There's no way my earning power by going to Rose Hulman would have been any better than Purdue in the long run.
I have 2 kids at Purdue and they made the same calculations that you and I did.

EDIT: not that I was accepted into Rose Hulman, or even Purdue engineering.
 

Indy_Rider

Senior
Feb 10, 2006
3,898
5,086
113
Bargersville, IN
Okay, fine, you want to say screw people that want to private schools, then you have to adjust admission standards at the public schools so they can get in and that is an option. Make it a preference to in state students, and you only accept out of state students if you have open slots after you accepted all the in state applicants. International students should be then after out of state if in spots are left.

You want to say they made their choice and deal with it. Well, I have, but coming out of highschool it was also the only option I had. The fact that I did graduate with a Purdue engineering degree ultimately shows I was capable, just didn't have the grades in highschool as I was one of those that matured late. I've also done well enough in my career to back up that I belonged in engineering. I make enough that I am not asking my debt to be wiped clean, but get off the holy than thou complaint against private schools. At least they are willing to give people a chance that the public universities aren't.
 

BoilerJS

All-American
Gold Member
May 29, 2001
8,000
3,254
113
I have 2 kids at Purdue and they made the same calculations that you and I did.

EDIT: not that I was accepted into Rose Hulman, or even Purdue engineering.
I want equity in student loan forgiveness.
All of us that have paid off our student debt or have fully paid for their children's education should get reimbursed for our expenses.
I'll compromise and take the actual debt paid and forgive any interest built up on the money I paid 40+ years ago.
 

BSIT

All-American
Feb 2, 2011
21,294
23,713
113
Poipu, HI
The lead statement from the attached article below.

Even modest student loan forgiveness proposals are staggeringly expensive and use federal spending that could advance other goals. The sums involved in loan-forgiveness proposals under discussion would exceed cumulative spending on many of the nation’s major antipoverty programs over the last several decades.

There are better ways to spend that money that would better achieve progressive goals. Increasing spending on more targeted policies would benefit families that are poorer, more disadvantaged, and more likely to be Black and Hispanic, compared to those who stand to benefit from broad student loan forgiveness. Indeed, shoring up spending on other safety net programs would be a far more effective way to help low-income people and people of color.


But hey, let’s forgive the “poor” students debt (poor meaning feeling sorry for them versus being financially “poor”). Median household income on students paying debt is $86k. That means 50% make that much…or more.

Everyone please shed a tear and start saving your hard earned $$$ in case Brandon decides not for forgive these “poor” people’s debts

What I don't like is the fact this indirectly rewards schools that produce worthless degrees
 
  • Like
Reactions: TheGunner