student loan foregiveness: BULLISH

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Submitted by gzz on July 6, 2022 - 3:32pm

https://www.cnbc.com/2022/07/06/biden-ad...

Those monthly loan payments count against DTI and limit the mortgage amounts people can get.

They are also a psychological burden on young buyers.

Hopefully Biden will go with 50k in automatic forgiveness, no application required.

Income cutoffs are impractical. You are going to give someone with a $99,999 income a 50k loan forgiveness, but then say "sorry you get nothing" to someone who makes a dollar more?

You going to have the Dept of Education massively staff up and then start processing millions of applications for forgiveness? All just to stop a small number of high income borrowers from getting BidenBux? And these high income borrowers are both more likely to vote and more likely to be swing voters than low income student loan debtors.

Much easier to just cut balances by 50k a borrower, which can be done by a single programmer.

Submitted by scaredyclassic on July 6, 2022 - 5:09pm.

I doubt it'll be 50k.

5-10, maybe.

Submitted by The-Shoveler on July 7, 2022 - 7:24am.

I would definitely feel like a sucker dweeb if I had worked my ass off through college or worst spend 2-3 years in Afghanistan so I would not have student debt.

Submitted by The-Shoveler on July 7, 2022 - 7:24am.

dup

Submitted by scaredyclassic on July 7, 2022 - 12:11pm.

The-Shoveler wrote:
I would definitely feel like a sucker dweeb if I had worked my ass off through college or worst spend 2-3 years in Afghanistan so I would not have student debt.

On the scale of being a sucker, not as bad as dying in Afghanistan in a purposeless national adventure. But, still, a sucker.

Submitted by evolusd on July 7, 2022 - 12:12pm.

I have not read too much about this, but I hope that the government will significantly change the way higher education is financed. They've created such a huge supply of money to 'finance' college with debt, it seems schools have been able to raise prices exponentially, fattened up admin staff, financed capital projects and grew endowments on the backs of college student borrowers.

College system needs to be financed differently, IMO.

Submitted by flyer on July 7, 2022 - 8:28pm.

We've gladly paid off various types of loans for many people we know, or who are affiliated with organizations we trust. Happy to do that.

Even though the people receiving the "Biden Bux" will actually be paying for them in the future in some way, shape or form, I'd rather pass on a government give away to people we don't know.

Submitted by Navydoc on July 7, 2022 - 8:25pm.

Will they reimburse me for the debt I already paid back? Didn't think so....

Education is such a scam. Why did I need three semesters of calculus to go to medical school? If you put a gun to my head and said "solve this integral!" I would say "go ahead and pull the trigger, because I don't remember how to do it". But I got my three semesters in! What a waste of my time. I could have learned everything I needed to do well in med school in 1 year, but I got my undergraduate degree! Couple that with the huge number of people who graduate with useless degrees and I really believe we need some sort of education reform. I understand the necessity to "learn to think", and not all of my undergraduate courses were a waste, but we need to figure out how to do this more efficiently, and therefore less costly. That to me seems much more useful than loan forgiveness.

Submitted by sdduuuude on July 9, 2022 - 10:27am.

flyer wrote:
We've gladly paid off various types of loans for many people we know, or who are affiliated with organizations we trust. Happy to do that.

Even though the people receiving the "Biden Bux" will actually be paying for them in the future in some way, shape or form, I'd rather pass on a government give away to people we don't know.

... taking god-knows-what classes. Should the government really be investing in Lesbian Studies degrees ? What is the break-even on that ?

Submitted by sdduuuude on July 9, 2022 - 10:28am.

evolusd wrote:
I have not read too much about this, but I hope that the government will significantly change the way higher education is financed. They've created such a huge supply of money to 'finance' college with debt, it seems schools have been able to raise prices exponentially, fattened up admin staff, financed capital projects and grew endowments on the backs of college student borrowers.

College system needs to be financed differently, IMO.

+1

Classic government problem solving ... ends up making the original problem worse.

Submitted by scaredyclassic on July 9, 2022 - 12:18pm.

Navydoc wrote:
Will they reimburse me for the debt I already paid back? Didn't think so....

Education is such a scam. Why did I need three semesters of calculus to go to medical school? If you put a gun to my head and said "solve this integral!" I would say "go ahead and pull the trigger, because I don't remember how to do it". But I got my three semesters in! What a waste of my time. I could have learned everything I needed to do well in med school in 1 year, but I got my undergraduate degree! Couple that with the huge number of people who graduate with useless degrees and I really believe we need some sort of education reform. I understand the necessity to "learn to think", and not all of my undergraduate courses were a waste, but we need to figure out how to do this more efficiently, and therefore less costly. That to me seems much more useful than loan forgiveness.

Law schools worse ... But really, the degree has little to do with training. It's just a weeding out process.

Submitted by scaredyclassic on July 9, 2022 - 12:19pm.

sdduuuude wrote:
evolusd wrote:
I have not read too much about this, but I hope that the government will significantly change the way higher education is financed. They've created such a huge supply of money to 'finance' college with debt, it seems schools have been able to raise prices exponentially, fattened up admin staff, financed capital projects and grew endowments on the backs of college student borrowers.

College system needs to be financed differently, IMO.

+1

Classic government problem solving ... ends up making the original problem worse.

It is a pretty clear example of bad gov action. The least the colleges could do is pay their damn adjuncts decently

Submitted by LAAFTERHOURS on July 9, 2022 - 7:15pm.

The entire college system is broken and debt relief on federal only loans is not ok. If Joe is going to forgive student debt, do it across private as well. Otherwise don't give relief to anyone.

On the college topic, I pissed away 80-100K in college partying like I was in Animal House. I learned nothing but street smarts. 4 years of French language (8 total with high school) and while I can read it, I cant speak it. I have already prepped my oldest that she will be going to whichever college provides her the most or pays for her entirely if she gets an athletic ride.

I am not for handouts unless you work for them. Stop handing out "free" money and bailing everyone out. This includes the CA gas rebate/ handout.

Submitted by LAAFTERHOURS on July 9, 2022 - 7:16pm.

sorry double post

Submitted by gzz on July 10, 2022 - 12:37pm.

Navy, I wrote my law school third-year paper on why the third year of law school should be optional. The two big points is that it hurts lawyers by making them pay $30k in tuition rather than earn maybe 75k in salary, and hurts the middle class by driving up the price of legal services.

Got a B+.

I don’t think mass loan repayment is a particularly good policy for the reasons everybody has mentioned.

It is less of a giveaway to the rich than PPP, but the biggest student loan debts are generally doctors, dentists, and lawyers. And a lot of the rest, middle class and poor people with large debts, aren’t actually paying them back. They either defaulted, are on a forgiveness plan, or have income based repayment of 200 or less a month.

So grading loan forgiveness on a curve, it isn’t that bad an economic policy. The best economic policy is to buy the top copyrights and patents and release them into the public domain, and to cut incomes taxes and replace them with Georgist land value taxes and Pigovian pollution taxes. Won’t happen of course!

Submitted by flyer on July 10, 2022 - 5:30pm.

Glad to see these comments.

Everyone in our family, including my wife and myself have multiple degrees, including our daughter who is an MD, financed via a combo of sources, including the grandparents plan to put all of the kids in the family through college from the day they were born.

I realize not everyone has these options, and I'm all for those IN NEED receiving assistance in financing an education, or receiving full or partial rides for degrees that will pay off in real life, providing that's the goal, but, imo, that's not something you can adequately document when it comes to government handouts, and that's where I have a problem.

Submitted by Navydoc on July 11, 2022 - 11:29pm.

Oh I know it's about weeding, but do they have to pull weeds for FOUR YEARS? You know if you have what it takes to get through med school if you can do well (very well) in your freshman chemistry class. If I was going to wash out in the first year I could have used that time to change my education goals to something more achievable. In my case I could have saved 3 years of Penn State tuition. Guess it could have been worse, I could have gone to a place like Lehigh, Muhlenburg or Dickenson and paid 5 times more for the same education.

Submitted by sdrealtor on July 11, 2022 - 11:42pm.

Have to laugh. Many of my friends went to those schools as premed but most dropped quickly. But then again they didn’t pay for college. I went to a state u back east, aced freshman chemistry easily and was initially a chem major. That is until O chem.

Submitted by scaredyclassic on July 12, 2022 - 7:15am.

Navydoc wrote:
Oh I know it's about weeding, but do they have to pull weeds for FOUR YEARS? You know if you have what it takes to get through med school if you can do well (very well) in your freshman chemistry class. If I was going to wash out in the first year I could have used that time to change my education goals to something more achievable. In my case I could have saved 3 years of Penn State tuition. Guess it could have been worse, I could have gone to a place like Lehigh, Muhlenburg or Dickenson and paid 5 times more for the same education.

You are the weed. Student debt is the pesticide. The four years is to see if you're a hardy weed. Life itself is a weed whacker.

I am a very obstinate weed ...

Submitted by an on July 12, 2022 - 7:37am.

scaredyclassic wrote:
Navydoc wrote:
Oh I know it's about weeding, but do they have to pull weeds for FOUR YEARS? You know if you have what it takes to get through med school if you can do well (very well) in your freshman chemistry class. If I was going to wash out in the first year I could have used that time to change my education goals to something more achievable. In my case I could have saved 3 years of Penn State tuition. Guess it could have been worse, I could have gone to a place like Lehigh, Muhlenburg or Dickenson and paid 5 times more for the same education.

You are the weed. Student debt is the pesticide. The four years is to see if you're a hardy weed. Life itself is a weed whacker.

I am a very obstinate weed ...

if everyone's a weed, then no one is a weed.

Submitted by scaredyclassic on July 12, 2022 - 9:56am.

that sounds true. Everyone is a weed or no one is a weed.

Or maybe, if weed then no weed.

but maybe it's also true that no one is a weed but people are still designated as weeds. The weeding process isn't to remove actual weeds, but perceived weeds.

Or maybe just the system needs to designate weeds and non-weeds to justify itself. i guess we could substitute the word loser for weed.

kinda like my hillside is covered with california buckwheat, a native plant. My neighbor paid some landscapers a lot of money to tear all his out--weed?

all our ornamental plants are technically weeds.

Ca buckwheat is not a weed. Or is it?

i am thinking of joining the San Diego Bonsai Club.

One of my proudest accomplishments is no student debt for 3 kids; if Biden just gives every debtor 50k, it'll make me sad. My wife says I shouldnt be so petty.

In conclusion, I'd say no one is a weed.

Submitted by an on July 12, 2022 - 10:04am.

scaredyclassic wrote:
that sounds true. Everyone is a weed or no one is a weed.

Or maybe, if weed then no weed.

but maybe it's also true that no one is a weed but people are still designated as weeds. The weeding process isn't to remove actual weeds, but perceived weeds.

Or maybe just the system needs to designate weeds and non-weeds to justify itself. i guess we could substitute the word loser for weed.

kinda like my hillside is covered with california buckwheat, a native plant. My neighbor paid some landscapers a lot of money to tear all his out--weed?

all our ornamental plants are technically weeds.

Ca buckwheat is not a weed. Or is it?

i am thinking of joining the San Diego Bonsai Club.

One of my proudest accomplishments is no student debt for 3 kids; if Biden just gives every debtor 50k, it'll make me sad. My wife says I shouldnt be so petty.

In conclusion, I'd say no one is a weed.


Not `or` but `then`.

Submitted by scaredyclassic on July 12, 2022 - 12:08pm.

an wrote:
scaredyclassic wrote:
that sounds true. Everyone is a weed or no one is a weed.

Or maybe, if weed then no weed.

but maybe it's also true that no one is a weed but people are still designated as weeds. The weeding process isn't to remove actual weeds, but perceived weeds.

Or maybe just the system needs to designate weeds and non-weeds to justify itself. i guess we could substitute the word loser for weed.

kinda like my hillside is covered with california buckwheat, a native plant. My neighbor paid some landscapers a lot of money to tear all his out--weed?

all our ornamental plants are technically weeds.

Ca buckwheat is not a weed. Or is it?

i am thinking of joining the San Diego Bonsai Club.

One of my proudest accomplishments is no student debt for 3 kids; if Biden just gives every debtor 50k, it'll make me sad. My wife says I shouldnt be so petty.

In conclusion, I'd say no one is a weed.


Not `or` but `then`.

maybe it's more of a venn diagram. weeds, and non-weeds overlap, and in the middle, is humanity.

Submitted by an on July 12, 2022 - 12:56pm.

scaredyclassic wrote:
maybe it's more of a venn diagram. weeds, and non-weeds overlap, and in the middle, is humanity.

We all are human.

Submitted by Coronita on July 12, 2022 - 1:15pm.

.

Submitted by Coronita on July 12, 2022 - 1:15pm.

#FuckLuxuryCondos
#PayMyCollegeBills

Submitted by scaredyclassic on July 12, 2022 - 3:08pm.

an wrote:
scaredyclassic wrote:
maybe it's more of a venn diagram. weeds, and non-weeds overlap, and in the middle, is humanity.

We all are human.

Yep. We are all part of one race. the rat race.

Submitted by an on July 12, 2022 - 4:07pm.

scaredyclassic wrote:
an wrote:
scaredyclassic wrote:
maybe it's more of a venn diagram. weeds, and non-weeds overlap, and in the middle, is humanity.

We all are human.

Yep. We are all part of one race. the rat race.


Nah, some lucky few have unplugged from the Matrix.

Submitted by The-Shoveler on July 12, 2022 - 4:23pm.

an wrote:

Nah, some lucky few have unplugged from the Matrix.

Coronita maybe?

Submitted by The-Shoveler on July 12, 2022 - 4:23pm.

dup

Submitted by scaredyclassic on July 12, 2022 - 7:57pm.

an wrote:
scaredyclassic wrote:
an wrote:
scaredyclassic wrote:
maybe it's more of a venn diagram. weeds, and non-weeds overlap, and in the middle, is humanity.

We all are human.

Yep. We are all part of one race. the rat race.


Nah, some lucky few have unplugged from the Matrix.

I'm always careful to get my recommended daily allowance of Blue Pill.

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