Student loan forgiveness

[TheGunner]

You don't think you are paying for Trump's bankruptcies? Banks need to make a profit. So when people like Trump are discharged from billions in debt, they make it up with higher fees, higher overdrafts, etc. You think they shrug their shoulders and say "well I didn't need that half a billion dollars."

Nice circular reference….no I don’t think the banks are profiting off of me. Zero credit card debt, no overdraft fees.

I’m still waiting for you to explain how last years graduates from Harvard, Yale and the like with their MBAs and other graduate degrees deserve a break from the tax payers.

 

[Peabodius]

Nice circular reference….no I don’t think the banks are profiting off of me. Zero credit card debt, no overdraft fees.

I’m still waiting for you to explain how last years graduates from Harvard, Yale and the like with their MBAs and other graduate degrees deserve a break from the tax payers.

I already said I don't support student loan forgiveness. People should be able to bring student loans into bankruptcy, where a judge can decide if they can't afford the debt.

I'm still waiting for you to explain why it's immoral for a Harvard graduate to have debt forgiven but if a billionaire has billions in debt erased you will vote for him for President and fly his flag in your yard.

 

[TheGunner]

I already said I don't support student loan forgiveness. People should be able to bring student loans into bankruptcy, where a judge can decide if they can't afford the debt.

I'm still waiting for you to explain why it's immoral for a Harvard graduate to have debt forgiven but if a billionaire has billions in debt erased you will vote for him for President and fly his flag in your yard.

Because it’s the same bankruptcy process that you just advocate for above…that’s a bit hypocritical isn’t it?

In the end, I am fine with people in dire straits to have their college debts absolved, but that’s not what the Democrats are panning for. The only concern is that many people would not offer loans to students, who upon graduation, could seek bankruptcy to have that debt eliminated, then have a clean start, debt free.

IMO, you should have to at least work 10-12 years before seeking bankruptcy. I have also said I am a proponent of low interest rates (even zero interest rates) with an incentive to pay back loans and businesses with matching grants to incentivize repayment.

But none of the above is what Democrats and Biden are proposing. Do you know why that is?

 

[Peabodius]

Because it’s the same bankruptcy process that you just advocate for above…that’s a bit hypocritical isn’t it?

I advocate for bankruptcy as an option for anyone who needs it. You advocate for bankruptcy for billionaires and demand that struggling graduates pay their loans. Who's the hypocrite?

 

[TheGunner]

I advocate for bankruptcy as an option for anyone who needs it. You advocate for bankruptcy for billionaires and demand that struggling graduates pay their loans. Who's the hypocrite?

Read my updates response…I said 10-12 years students could seek backruptcy. Allowing bankruptcy out of college allows someone to walk away from debt after graduation, essentially no intent of repayment.

I also believe bankruptcy terms themselves are little easy on Billionaires and I think if someone ever gets to the point of being rich, they should be expected to pay back passed bankruptcies (or at least a percentage of them)

 

[Peabodius]

Read my updates response…I said 10-12 years students could seek backruptcy. Allowing bankruptcy out of college allows someone to walk away from debt after graduation, essentially no intent of repayment.

I also believe bankruptcy terms themselves are little easy on Billionaires and I think if someone ever gets to the point of being rich, they should be expected to pay back passed bankruptcies (or at least a percentage of them)

I also like the idea of making loans lower or zero interest. Presumably it would mean the government buying out the debt from banks, so it's not a perfect solution. But it's a better solution than someone being in forbearance and racking up more interest when they already can't afford the debt. And it doesn't take people off the hook for the money they borrowed.

Your proposal for billionaires is tricky, because it's currently all done through corporations to shield their personal wealth. They also have tremendous leverage over the legislators who could actually make something happen. But in theory I'm with you.

See, push the partisan stuff to the side, and there's a lot of stuff we can agree on. I like it.

 

[TheGunner]

I also like the idea of making loans lower or zero interest. Presumably it would mean the government buying out the debt from banks, so it's not a perfect solution. But it's a better solution than someone being in forbearance and racking up more interest when they already can't afford the debt. And it doesn't take people off the hook for the money they borrowed.

Your proposal for billionaires is tricky, because it's currently all done through corporations to shield their personal wealth. They also have tremendous leverage over the legislators who could actually make something happen. But in theory I'm with you.

See, push the partisan stuff to the side, and there's a lot of stuff we can agree on. I like it.

I try to be reasonable, I think the idea of giving “all” students a break from their debt is absurd.

50% of the students currently paying back their debt make >$86k. That’s a rich kids bail out.

from another thread, there is an article stating….

What Biden ignores is that the moratorium on repaying student loans is exacerbating the “unprecedented economic disruption.” Inflation represents too much money chasing too few goods; consumer demand is high, and supply is low, thanks to pandemic disruptions, supply-chain issues, etc. One of the reasons consumer demand is so high is because no one has had to make a student-loan payment in two years!

 

[Boiler Buck]

Who will vote to get rid of Medicare and social security how long will that line be

Agree. Since that is the case......If we are going to tax more, let it be to cover the obligations of SS & Med that are going broke.
No new programs.

 

[IndySouthsider]

While the above is true, there are many Democrats (like AOC) asking for the government to just help everyone with a student loan pay down their debt.

Free money hand outs so people can buy more Starbucks lattes. Feel the Bern…helping the government “Bern” through its cash.

The money is gone. Student loan forgiveness won’t give the person a nickel.

 

[tjreese]

Who will vote to get rid of Medicare and social security how long will that line be

if they want to pretend that was my money and was invested back to the time it was taken, I and many would have a lot more money. Can you beat 3.5% on an investment over all those years? What if you die early?

 

[SKYDOG]

if they want to pretend that was my money and was invested back to the time it was taken, I and many would have a lot more money. Can you beat 3.5% on an investment over all those years? What if you die early?

Just don’t die early as you will be cheated. We don’t have any life insurance because I don’t want to bet against myself. Lol!

 

[SIBoiler2]

if they want to pretend that was my money and was invested back to the time it was taken, I and many would have a lot more money. Can you beat 3.5% on an investment over all those years? What if you die early?

My sister passed last June. She was 64 and planned to retire in November when she turned 65. She had been paying since she was 16. I'd consider that being cheated.

 

[tjreese]

My sister passed last June. She was 64 and planned to retire in November when she turned 65. She had been paying since she was 16. I'd consider that being cheated.

there are a certain amount of people that start paying into soc usually around 18 and die sometime in the next half century. Had your sister had a choice and made it to 64, she would have left something behind particularly if she had a decent return over all those years. Now, if business didn't have to pay half for those working for someone and that they got the half of the soc paid from a business in wages, that amount would grow even larger. I'm suppose to get my first check in a little over 3 weeks...

 

[SIBoiler2]

there are a certain amount of people that start paying into soc usually around 18 and die sometime in the next half century. Had your sister had a choice and made it to 64, she would have left something behind particularly if she had a decent return over all those years. Now, if business didn't have to pay half for those working for someone and that they got the half of the soc paid from a business in wages, that amount would grow even larger. I'm suppose to get my first check in a little over 3 weeks...

Don't spend it all in one place!!!😉

 

[tjreese]

Don't spend it all in one place!!!😉

I'll try not, but with this inflation increasing so quickly, and the gas prices being so high, I may not be able to afford to go to more than one place. I hope the place I go has safety pins. That is an easy fix on my tattered clothes and to pin in my waist line from cutting back. Thank God you and I got some practice cutting back when Jimmy Carter was president.

 

[SIBoiler2]

I'll try not, but with this inflation increasing so quickly, and the gas prices being so high, I may not be able to afford to go to more than one place. I hope the place I go has safety pins. That is an easy fix on my tattered clothes and to pin in my waist line from cutting back. Thank God you and I got some practice cutting back when Jimmy Carter was president.

Ahhh, the good old days. Carter was incompetent but he was a nice likable guy who actually had a brilliant mind. Biden is also incompetent but he's a mean dolt that I wouldn't trust for a second.

 

[GABoilermakers]

I also like the idea of making loans lower or zero interest. Presumably it would mean the government buying out the debt from banks, so it's not a perfect solution. But it's a better solution than someone being in forbearance and racking up more interest when they already can't afford the debt. And it doesn't take people off the hook for the money they borrowed.

Your proposal for billionaires is tricky, because it's currently all done through corporations to shield their personal wealth. They also have tremendous leverage over the legislators who could actually make something happen. But in theory I'm with you.

See, push the partisan stuff to the side, and there's a lot of stuff we can agree on. I like it.

I have six figure MBA debt from Northwestern that I was happily paying until March 2020 or whatever it was. I fully understood what I was signing up for and have no financial difficulties paying them back on the scheduled plan.

With that said, the US Treasury (via the dept of education) owns my debt. The same treasury that basically empowers the Federal Reserve to print money at 0%.

I think it’s ridiculous that the federal student loan rate is 6%. That rate is set by congress and can be changed. I’ve been saying for years that the rate for those making full payments, on schedule, should have the rate reduced to 0% (or something much lower than 6%). It’s a simple compromise and would help many individuals.

 

[TheGunner]

I have six figure MBA debt from Northwestern that I was happily paying until March 2020 or whatever it was. I fully understood what I was signing up for and have no financial difficulties paying them back on the scheduled plan.

With that said, the US Treasury (via the dept of education) owns my debt. The same treasury that basically empowers the Federal Reserve to print money at 0%.

I think it’s ridiculous that the federal student loan rate is 6%. That rate is set by congress and can be changed. I’ve been saying for years that the rate for those making full payments, on schedule, should have the rate reduced to 0% (or something much lower than 6%). It’s a simple compromise and would help many individuals.

My case and point.

Thank you for providing me an example of why a bailout should not be granted.

 

[GABoilermakers]

My case and point.

Thank you for providing me an example of why a bailout should not be granted.

I agree. I think the whole thing is nonsensical. All I’m saying is that lowering the rate from 6% should be considered as an alternative to simply cancelling the debt. It makes no sense that the Dept of Education sets rates a 6% (especially for those that aren’t delinquent) when they’re printing money at 0%

 

[BNIBoiler]

I have six figure MBA debt from Northwestern that I was happily paying until March 2020 or whatever it was. I fully understood what I was signing up for and have no financial difficulties paying them back on the scheduled plan.

With that said, the US Treasury (via the dept of education) owns my debt. The same treasury that basically empowers the Federal Reserve to print money at 0%.

I think it’s ridiculous that the federal student loan rate is 6%. That rate is set by congress and can be changed. I’ve been saying for years that the rate for those making full payments, on schedule, should have the rate reduced to 0% (or something much lower than 6%). It’s a simple compromise and would help many individuals.

If I remember correctly, during the Obama administration, the dems in Congress proposed a bill lowering student loan interest rates. Naturally, the repubs didn't want it. I guess lowering the the student loan interest rate meant more taxes for the rich. Imagine that. There is no way the current repubs will go for lowering the interest rate. That means helping the middle class.

 

[GABoilermakers]

If I remember correctly, during the Obama administration, the dems in Congress proposed a bill lowering student loan interest rates. Naturally, the repubs didn't want it. I guess lowering the the student loan interest rate meant more taxes for the rich. Imagine that. There is no way the current repubs will go for lowering the interest rate. That means helping the middle class.

You’re just making shit up to be divisive and clearly have no idea what you’re talking about on this subject. Go do some research on how rates are set, who sets them, and how often they’re updated.

 

[TheGunner]

I agree. I think the whole thing is nonsensical. All I’m saying is that lowering the rate from 6% should be considered as an alternative to simply cancelling the debt. It makes no sense that the Dept of Education sets rates a 6% (especially for those that aren’t delinquent) when they’re printing money at 0%

I agree on a lower interest rate

 

[PurdueFan1]

I agree on a lower interest rate

What about 0% interest rates? And if someone falls on hard times, being able to defer or change the payment timelines?

A 0% rate might incentivize folks who were hesitant because of exorbitant rates to go to school and the amount owed would always just be the amount owed.

 

[BNIBoiler]

You’re just making shit up to be divisive and clearly have no idea what you’re talking about on this subject. Go do some research on how rates are set, who sets them, and how often they’re updated.

Not making it up.

Republicans in Senate Block Bill on Student Loan Rates (Published 2012)

Republicans oppose the Democrats’ approach to paying for the program, which reduces some student loan interest rates.

www.nytimes.com

 

[TheGunner]

What about 0% interest rates? And if someone falls on hard times, being able to defer or change the payment timelines?

A 0% rate might incentivize folks who were hesitant because of exorbitant rates to go to school and the amount owed would always just be the amount owed.

How many people have been paying on 0% since the Pandemic?

I said back in 2019-20 I think students should be able borrow at low rates (at treasury bonds + 0.5-1.0%). I have also stated that people who make their payments, keep the low rate, those that don’t get bump to the normal rate. If you get downsized, the loan gets paused for six months (max of 2 times).

I think there is a smart approach to student debt, but bailing out dumb decisions isn’t one of them. I do believe that an individual should be able to claim bankruptcy after 15 yrs.

 

[GABoilermakers]

Not making it up.

Republicans in Senate Block Bill on Student Loan Rates (Published 2012)

Republicans oppose the Democrats’ approach to paying for the program, which reduces some student loan interest rates.

www.nytimes.com

You found an article that’s almost 10 years old. These rates are essentially changed/evaluated every year by each congress. Democrats and Republicans set these rates. Quit trying to Balkanize and politicize everything. You sound ridiculous and it invalidates any credibility.

 

[BNIBoiler]

You found an article that’s almost 10 years old. These rates are essentially changed/evaluated every year by each congress. Democrats and Republicans set these rates. Quit trying to Balkanize and politicize everything. You sound ridiculous and it invalidates any credibility.

The point is that the repubs blocked the bill that would have lowered the interest rates. They don't want lower interest rates. The Dept. of Education sets the rates. Then Congress passes those rates. To permanently lower or raise the rates, or set the rate at 0%, Congress and the Senate has to pass a bill for the President to sign.

 

[GABoilermakers]

The point is that the repubs blocked the bill that would have lowered the interest rates. They don't want lower interest rates. The Dept. of Education sets the rates. Then Congress passes those rates. To permanently lower or raise the rates, or set the rate at 0%, Congress and the Senate has to pass a bill for the President to sign.

And who controls congress, the senate, and the Oval? Who controls the Dept of Education? That’s right. Democrats.

Point is, both parties could help improve this situation. Instead they both find it more useful to make the situation worse because it works people up.

 

[BNIBoiler]

And who controls congress, the senate, and the Oval? Who controls the Dept of Education? That’s right. Democrats.

Point is, both parties could help improve this situation. Instead they both find it more useful to make the situation worse because it works people up.

The Dems don’t control the Senate. That is where any student loan forgiveness or student loan interest reduction/0% will be halted.

 

[TheGunner]

The Dems don’t control the Senate. That is where any student loan forgiveness or student loan interest reduction/0% will be halted.

Most would disagree on your definition. The Democrats have control, but it is not filibuster proof. The last time that happened was during Jimmy Carters administration.

Redirect Notice

www.google.com

 

[GABoilermakers]

The Dems don’t control the Senate. That is where any student loan forgiveness or student loan interest reduction/0% will be halted.

What are you talking about? Of course they do. 50/50 with the Vice President is control.

 

[BNIBoiler]

What are you talking about? Of course they do. 50/50 with the Vice President is control.

You forgot about the new Dixiecrats. Manchin and Sinema.

 

[GABoilermakers]

You forgot about the new Dixiecrats. Manchin and Sinema.

Got it. So Democrats need a bunch of left wing progressives to lower student loan rates? Otherwise it’s republicans fault?

Funny how refusing to end the filibuster to pass outlandish left wing spending plans makes one a Dixiecrat in 2022. 🙄

 

[PurdueFan1]

How many people have been paying on 0% since the Pandemic?

I said back in 2019-20 I think students should be able borrow at low rates (at treasury bonds + 0.5-1.0%). I have also stated that people who make their payments, keep the low rate, those that don’t get bump to the normal rate. If you get downsized, the loan gets paused for six months (max of 2 times).

I think there is a smart approach to student debt, but bailing out dumb decisions isn’t one of them. I do believe that an individual should be able to claim bankruptcy after 15 yrs.

I don’t know, how many?

I’m Just spit balling here. A way to keep folks on the hook but not rake them over the coals. All it takes is something like a medical situation to financially ruin someone and student loan debt goes on the back burner. All ideas should be on the table, for sure.

 

[BNIBoiler]

Got it. So Democrats need a bunch of left wing progressives to lower student loan rates? Otherwise it’s republicans fault?

Funny how refusing to end the filibuster to pass outlandish left wing spending plans makes one a Dixiecrat in 2022. 🙄

No, we need more repubs to care about the middle class instead of caring for the wealthy.

 

[GABoilermakers]

No, we need more repubs to care about the middle class instead of caring for the wealthy.

Student loan forgiveness is almost entirely about the wealthy. Dems giving handouts to upper class elites. As the usual.

 

[BNIBoiler]

Student loan forgiveness is almost entirely about the wealthy. Dems giving handouts to upper class elites. As the usual.

That is not true. Upper class elites don’t need student loans. If some wealthy folks have student loans, so be it. Most student loans are middle class folks. I’ve had student loans and I’m not part of the upper elite. AI’ve known, attended school with, work with etc. several folks that had student loans and they are far from wealthy.

 

[GABoilermakers]

That is not true. Upper class elites don’t need student loans. If some wealthy folks have student loans, so be it. Most student loans are middle class folks. I’ve had student loans and I’m not part of the upper elite. AI’ve known, attended school with, work with etc. several folks that had student loans and they are far from wealthy.

Professionals/doctors and those with masters degrees own like 60% off the debt. The top quintile owns 30% of loan debt. Of course this benefits the elite class. Just look at the data instead of anecdotes.

 

[tearsforfears]

Professionals/doctors and those with masters degrees own like 60% off the debt. The top quintile owns 30% of loan debt. Of course this benefits the elite class. Just look at the data instead of anecdotes.

He doesn’t believe or understand data. He’s very stupid.

 

[tearsforfears]

That is not true. Upper class elites don’t need student loans. If some wealthy folks have student loans, so be it. Most student loans are middle class folks. I’ve had student loans and I’m not part of the upper elite. AI’ve known, attended school with, work with etc. several folks that had student loans and they are far from wealthy.

Great job getting that Roe v Wade discussion shut down with your disgusting comment. Why do you enjoy embarrassing yourself so much? You’re dumb, aren’t you?