student debt forgiveness

User Forum Topic
Submitted by scaredyclassic on June 24, 2019 - 4:55pm

maybe im getting old and conservative but the dem. cries to just wipe the slate clean with no systemic change are so dumb i could vote republican

Submitted by spdrun on June 24, 2019 - 6:27pm.

What they should be doing is encouraging states to set up good/cheap public universities. If NY (one of the most expensive states in the US) can do public university for $6-7k per year or even less, so can Oklahoma.

Submitted by scaredyclassic on June 24, 2019 - 6:48pm.

it's difficult for me to wrap my head around how this would actually work. so like everyone graduating next year and every graduate before gets everything forgiven, but everyone taking out current loans gets nothing forgiven? that seems insane.

but it would be even more insane to forgive the loans prospectively too.

you just don't "forgive" huge loans without a compelling reason. seems much more reasonable to simply reinstate bankruptcy for student loans. then lenders will think twice. it's all income based repayment anyway. no ones starving. it's just inhibiting growth.

I would assume such a thing wouldn't happen, but compared to trump being elected, it seems, well, highly plausible. I mean, a lot of people have a lot of debt. id vote for it if I had debt.

but why in the fuck did I pay cash for my kids schooling? now I still have one more year left on the middle one and 4 on the young un. should they be loading up on at least 50k in debt? if the interest is accruing in school, you'd want to have the Total balance be under 50k.

seems like a not unreasonable hedge to have some debt.

my student loan balance is 500.00. we paid off my wife's in cash. STUPID.

why didn't we just forgive everyone's mortgage debt in 2008? that seems equally plausible. although a home has some value, while a college education generally, lets face it, is useless for many

Submitted by FlyerInHi on June 25, 2019 - 12:34am.

Scaredy, are you against it because you won’t benefit?

Student debt is inhibiting growth. Young people seem to be in a slump. Car ownership is decreasing. They don’t have savings to buy houses and all the money paid to rent is inhibiting consumption.

I’m very OK with the bold proposal if it gets young people to vote. Trump promised and says all kinds of shit. Just follow his example. You don’t have to be realistic. Just promise whatever to get votes and into office.

Submitted by AN on June 25, 2019 - 1:18am.

Mortgage is inhibiting growth. Lets pay off everyone's mortgage too. Free home for everyone. I'm down for that. It'll definitely fix the homeless issue once and for all.

Submitted by AN on June 25, 2019 - 1:21am.

FlyerInHi wrote:
Trump promised and says all kinds of shit. Just follow his example. You don’t have to be realistic. Just promise whatever to get votes and into office.
Lets copy a buffoon. OMG, LoL.

Submitted by flu on June 25, 2019 - 8:08am.

... looks like the far left have fallen off a cliff....The country is run by fridgy people on both extremes... lol ...

Submitted by FlyerInHi on June 25, 2019 - 9:17am.

flu wrote:
... looks like the far left have fallen off a cliff....The country is run by fridgy people on both extremes... lol ...

Why? It could be a brilliant strategy to get votes; then after you win, nominate the Supreme Court justices you want.

If Bernie presses the right buttons, Americans just might elect him. Good on him.

Submitted by The-Shoveler on June 25, 2019 - 9:18am.

Can those who paid for their collage out of pocket get a refund?

Can I get a refund on my mortgage?

Submitted by carlsbadworker on June 25, 2019 - 10:06am.

The-Shoveler wrote:
Can those who paid for their collage out of pocket get a refund?

Can I get a refund on my mortgage?

Sorry, you're out of luck for being evil rich people who like saving, unlike the rest of us.

Submitted by carlsbadworker on June 25, 2019 - 10:13am.

AN wrote:
Mortgage is inhibiting growth. Lets pay off everyone's mortgage too. Free home for everyone. I'm down for that. It'll definitely fix the homeless issue once and for all.

Amazon charges money for goods they sell is inhibiting growth. Make it free to anyone as everyone hates Jeff Bezos anyway, including his wife.

Submitted by FlyerInHi on June 25, 2019 - 10:51am.

I like the concept. Education feels like it should be free. It’s not like consumption of products or services you enjoy. I think there will be a lot of buy-in from young people and their parents.

Add rent control to the proposal and Bernie will get lots of votes. There should be a formula where rents are capped so people can get an apartment for 1/3 their salaries.

Submitted by scaredyclassic on June 25, 2019 - 10:38am.

on the other hand, I can see the argument that banks got bailed out for making hugely bad decisions at taxpayer expense, and individual people benefitted greatly. It was done to "prop up" the system, as if the system is so weak that if it tries to correct itself, as capitalism is supposed to do, it would break?

I guess you could make the same argument on a micro scale, for individual dumb students, that was made on a macro scale for the nation, for the really dumb (or maybe smart, but at least non risk averse, banks) our system of infinite growth is in peril and we need a "reset".

maybe it's no different, at bottom. throwing money at a systemic problem to benefit a few at everyone's expense to prop up a corrupt and idiotic system.

I had expected to buy my house cheaper, and I'm certain I would have, had the gov not interfered with harp or harp or whatever it was

I mean, I was pretty angry at the time at the I think 7k incentive flat tax credit given to people to buy a house by the fed gov. right after id bought a house and was ineligible for it. it's just the difference with the student loan thing is that the problem is directly ongoing, like even the day after you cut the check, because people are still borrowing like crazy, with the expectation they'll get a reset.

at least with Wall Street they took all the money and shut up for a while, at least till the next "emergency".

Submitted by scaredyclassic on June 25, 2019 - 10:39am.

I suppose it's ok to just say whatever you need to to get elected.

Submitted by FlyerInHi on June 25, 2019 - 10:50am.

scaredyclassic wrote:
I suppose it's ok to just say whatever you need to to get elected.

I think we need to separate getting elected and actually passing laws.

Scaredy, the financial bailout burns you. It’s a fact that it happened and you have the right to be angry. However, student loan forgiveness is just a proposal. Just take it as electioneering. Don’t worry about it until it happens.

Submitted by scaredyclassic on June 25, 2019 - 11:10am.

but if there's an actual chance of it happening, I need to have my kids get some debt. what are the Vegas odds on this happening? I wonder if you can "pre-borrow" some money and get it forgiven?

Submitted by The-Shoveler on June 25, 2019 - 11:19am.

Maybe they could just limit it to people with worthless degree's that have no hope of ever paying off the loans.

That way we could encourage more people to get worthless degree's that have no real market value.

Submitted by scaredyclassic on June 25, 2019 - 11:45am.

what if we just took prior students debt and added it to new students debt; we could just double the price of school currently. that would make sense in terms of encouraging consumption, since the newer students are still in school and not consuming yet. we can deal with the problem of their double debt later.

Submitted by FlyerInHi on June 25, 2019 - 12:05pm.

scaredyclassic wrote:
but if there's an actual chance of it happening, I need to have my kids get some debt. what are the Vegas odds on this happening? I wonder if you can "pre-borrow" some money and get it forgiven?

I think that given enough time and debt accumulation, there is a high chance of something being done. But there will be a catch such as some kind of national service.

Submitted by scaredyclassic on June 25, 2019 - 8:52pm.

i dont think i can win this one.

if i got a loan for say 50k, the interest accrues on the 50k while in school at 7 percent. so im already in the hole for maybe 15k at graduation on the first 50k. so basically im spending 15k for a shot at a 50k free ride, minus whatever after tax return i get on the 50k lying around. so I need about 3-1 odds on it to break even.

I just cannot believe there's a real chance this passes in any way that would actually benefit me.

id say odds are worse than 3 to 1 ill get debt forgiveness, more like 20-1, so looks like a pass.

if i could get the subsidized loan w zero interest then id do it.

I still have a very very small loan balance after taking out my first law school loan 27 years ago. my loans are so old I could've declared bankruptcy on them back in the old days...

we did pay off my wife's balance with a big check 5 years ago or so. but who could've really predicted this?

its such obviously palpable bullshit, but then again, pretty much everything is bullshit nowadays. so, whatever.

id prefer ubi

Submitted by temeculaguy on June 26, 2019 - 12:14am.

I'm down with subsidies/grants/discounts for majors that we need for our economy. Forgiving student loan debt for someone who borrowed six figures to get a degree in social justice or "insert here" cultural studies doesn't make sense to me. STEM, nurses, doctors, okay I'm in, we need them and they are in short supply. But I run into people with 6 figure debt, from a private liberal arts college and they majored in women's studies! I have a cousin whose debt is equivalent to the cost of a house and her degree merits her a job that pays $20 an hour. I have another relative who is a social worker with a MSW and a debt of 200k and makes 60k. We need her, but did she need to go to a 50k a year private school, her industry doesn't care where her MSW is from. Where's the ROI analysis by the lender, it's like economic laws are ignored when it comes to college. I have another cousin in debt for 20k, went to a state school and now works for Tesla, now that's an ROI I can get behind.I have two nephews with minimal debt from reputable UC and CS schools in engineering, I'd invest my money in them, they will make it back. Case in point, a berkely engineering degree and a Berkely community activism degree are not the same, thus should not be subsidized the same. I'll ask Brian, what would China do?

I also have a cousin that has a PHD and didn't pay a nickel or take on any debt because her parents were poor, her major has no economic value or public benefit, no job prospects other than becoming a professor and continuing the cycle, which she became.

College loans, grants, scholarships, etc. defy economic laws of supply and demand and that is the real problem. Throwing money at it is but a short term remedy. Evaluating earnings vs cost as a factor in loans would solve the problem. We apply it to people asking to borrow money for a business, but not for higher education, which is essentially the same thing.

Submitted by FlyerInHi on June 26, 2019 - 11:18am.

Scaredy, the post has a good editorial.
Richer kids will benefit more. But I’m ok with whatever plan gets a Democrat into the White House.

https://www.washingtonpost.com/opinions/...

Submitted by Astrid Rey on June 26, 2019 - 1:02pm.

I already paid my student loans so I would not be happy about seeing others get a handout. If we are going to give away money to support education why not just give an equal amount to everyone with a college degree?

I'm not really serious about that but it would be more fair than giving money only to people that have loans.

Submitted by The-Shoveler on June 26, 2019 - 4:29pm.

LOL I like Andrew Yang’s free money Idea even better, everyone gets a 1K a month regardless.

I could drive a new car every year LOL.

FREE!!!!!

Submitted by gzz on June 26, 2019 - 5:54pm.

Glad I never paid off my student loans then! At 2.8% fixed until I am in my mid 50s, why bother?

When I graduated I figured in a 30 year period at least one period of high inflation would effectively wipe them out. Who would have thought we’d instead see prolonged 1.5% inflation but a 78 year old socialist do it instead.

I’m feelin’ the Bern! Bring back the SALT while you're at it.

Submitted by gzz on June 26, 2019 - 6:05pm.

Astrid, if Bernie pays off my student loans I’ll take you out for a deluxe organic vegetarian dinner at People’s Co-op Garden Cafe. We’ll both be winners then! And I’m talking about apps, smoothies, entree, wine, and a desert. Socialism never tasted so good.

http://www.obgardencafe.coop/

(Seriously the food is really good and the airy building design and mix of indoor outdoor and rooftop seating is great. I am not even vegetarian. They have eggs and dairy so it isn’t just rabbit food.)

Submitted by scaredyclassic on June 26, 2019 - 8:09pm.

am i included?

are drinks free too?

Submitted by gzz on June 27, 2019 - 8:40pm.

No scaredy, you still have student loans. Offer only open to those who paid their student loans off early and don't qualify for Bernie Bucks.

Submitted by scaredyclassic on June 27, 2019 - 9:25pm.

my payoff is preelection, actually in 3 months. not sure if i qualify...

Submitted by flu on June 27, 2019 - 9:50pm.

scaredyclassic wrote:
maybe im getting old and conservative but the dem. cries to just wipe the slate clean with no systemic change are so dumb i could vote republican

I think it's pretty much guaranteed Trump will win his second term.

Democrats are too busy trying make everyone a victim and trying to give our free money at the cost of others that work.... The economy won't tank enough before 2020 to motivate people to pick someone else...

Submitted by FlyerInHi on June 28, 2019 - 4:06am.

flu wrote:

Democrats are too busy trying make everyone a victim

Omg, are you serious? The biggest victim of all is Trump. He echos the perceived victimhood of his supporters.

Maybe Trump will win a second term. But that would be because the deplorables have been enabled.

BTW, blaming the rise of Trump on Democrats is victimhood at its best. Nobody made people vote for Trump — they voted and are responsible on their own. They are like crybabies “she made me do it!”

Last week, I had dinner with a friend — an old Mormon guy who is a real estate investor. He did his mission in Chile, speaks fluent Spanish and is an all around cool guy. He said that Christianity or the culture of Christianity is all about victimhood — it’s always someone else’s fault!

flu wrote:
give our free money at the cost of others that work.... .

I have a solution. Just tariff China, Europe and all the unfair trading partners and you have $ billions for Americans. See, it’s so easy, you wouldn’t believe!

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