As a Democrat I CANNOT Support Biden after he forgives student debt

well actually wrote:

xzcvzcvx wrote:

College has become too expensive and should instead (public college) be heavily subsidized, as in Europe, because it is fundamental to our economy and to the success of individuals--even longevity. Free public college should be next. You think this harms those who paid their loans. I paid my loans and I don't object to this program in any way. It helps everyone by aiding the economy. Frankly, the level of debt only served the interests of banks and credit card companies. Try raising a family when college debt takes up much of your salary.

Try thinking about it this way:

"Homes have become too expensive and should instead be heavily subsidized because it is fundamental to our economy and to the success of individuals--even longevity. Free homes should be next. You think this harms those who paid their mortgage. I paid my mortgage and I don't object to this program in any way. It helps everyone by aiding the economy. Frankly, the level of debt only served the interests of banks and credit card companies. Try raising a family when a mortgage takes up much of your salary."

If you're honest with yourself, you would have a problem with that. What is the difference for you that makes this ok for college loans but not for mortgages?

Everydog wrote:

I can see value in all sides of this.

Way too many people have so much debt that it's a drop in the bucket. The Forgiveness for working in a Non-profit has caps on it, I believe. What I have seen is that the repayment rates for some with massive debt are so low that they will be forgiven when they die anyway.

For instance. I know someone with a bachelor's degree and a law degree and several dependents. Nearly 400K in debt, making when actually employed, around 75k for a non-profit. Paying 56 a month after massive loan consolidation loopholes when there is no moratorium or stop for intermittent employment. You might as well call this a school debt jubilee. Far from the only case. Who will pay for it?

The housing loan readjustments were scandalous too. People did short sales to friends and family and then sold the houses when prices went back up or enjoyed the new low basis.

I can't blame anyone who doesn't become a "take what you can get type", or at least try to balance it on the moral slippery slope. I am going to tell my kids to take out some deferred debt just in case some "socialism" gets thrown their/our way.

TheAdultInTheRoom wrote:

Everydog wrote:

I can see value in all sides of this.

Way too many people have so much debt that it's a drop in the bucket. The Forgiveness for working in a Non-profit has caps on it, I believe. What I have seen is that the repayment rates for some with massive debt are so low that they will be forgiven when they die anyway.

For instance. I know someone with a bachelor's degree and a law degree and several dependents. Nearly 400K in debt, making when actually employed, around 75k for a non-profit. Paying 56 a month after massive loan consolidation loopholes when there is no moratorium or stop for intermittent employment. You might as well call this a school debt jubilee. Far from the only case. Who will pay for it?

The housing loan readjustments were scandalous too. People did short sales to friends and family and then sold the houses when prices went back up or enjoyed the new low basis.

I can't blame anyone who doesn't become a "take what you can get type", or at least try to balance it on the moral slippery slope. I am going to tell my kids to take out some deferred debt just in case some "socialism" gets thrown their/our way.

The school gets paid no matter what. They charge the child $200k for the education and the government gives them $200k.

Then it's the government's problem to get the money from the child.

So long as the schools are playing with government monopoly money they have no incentive to control costs or behave in an ethical manner towards their customers/students.

joedlrt wrote:

Pizza Pizza wrote:

It's frustrating that the government continues to be reactionary instead of proactive, and it's frustrating that the American public is so fickle (I'm tired of seeing bumper stickers with "F-Biden," or "Don't blame me, I voted for Trump," or "Trump 20-24 years in prison," etc)

The government created a policy where government insured student loans were being handed out like candy to KIDS who were promised a better future through higher education. Colleges took complete advantage of the windfall and now a generation of Americans is strapped with absurd debt that could have been prevented with better policies.

Easy access to financing, unnecessary government handouts, and pro-oil policies created a high demand for unnecessarily large and expensive pickup trucks. Now those pickup truck owners are hurting at the pump and struggling to pay off the vehicles.

Obscenely low interest rates caused the housing market to overheat forcing people to pay completely unreasonable amounts for houses.

The debt that students are "strapped" with is not that different when adjusted for inflation and income than when I graduated. You know what? I paid it off right away with no issues. You want to know why it is not "absurd" debt, because over a person's lifetime, the individual who has a degree out earns their peers without a degree:

Here are the median lifetime earnings of full-time workers by level of education:
less than high school - $1.2 million
high school diploma - $1.6 million
some college, but no degree - $1.9 million, equal to about $47,500 annually
associate’s degree - $2 million, or about $50,000 per year
bachelor’s degree - $2.8 million, the equivalent of $70,000 annually
master’s degree - $3.2 million, or $80,000 annually
doctoral degree - $4 million, equal to $100,000 per year

The $30,000 in debt that a person accumulates going to school is a small price to pay compared to the additional $1.2 million it provides in lifetime earnings than if they did not get their degree. If someone told me I would get $1.2 million for a $30,000 investment, I would take that offer every time.

well actually wrote:

xzcvzcvx wrote:

College has become too expensive and should instead (public college) be heavily subsidized, as in Europe, because it is fundamental to our economy and to the success of individuals--even longevity. Free public college should be next. You think this harms those who paid their loans. I paid my loans and I don't object to this program in any way. It helps everyone by aiding the economy. Frankly, the level of debt only served the interests of banks and credit card companies. Try raising a family when college debt takes up much of your salary.

Try thinking about it this way:

"Homes have become too expensive and should instead be heavily subsidized because it is fundamental to our economy and to the success of individuals--even longevity. Free homes should be next. You think this harms those who paid their mortgage. I paid my mortgage and I don't object to this program in any way. It helps everyone by aiding the economy. Frankly, the level of debt only served the interests of banks and credit card companies. Try raising a family when a mortgage takes up much of your salary."

If you're honest with yourself, you would have a problem with that. What is the difference for you that makes this ok for college loans but not for mortgages?

tenpercent wrote:

well actually wrote:

Try thinking about it this way:

"Homes have become too expensive and should instead be heavily subsidized because it is fundamental to our economy and to the success of individuals--even longevity. Free homes should be next. You think this harms those who paid their mortgage. I paid my mortgage and I don't object to this program in any way. It helps everyone by aiding the economy. Frankly, the level of debt only served the interests of banks and credit card companies. Try raising a family when a mortgage takes up much of your salary."

If you're honest with yourself, you would have a problem with that. What is the difference for you that makes this ok for college loans but not for mortgages?

I agree with liberals on the notion that college is a total scam that price gouges 18 year olds...I also agree that our current "capitalistic" system is a total joke, leading to completely ridiculous income inequality...medical system is a joke, etc.

The difference is that their solution to all of these problems is to just give everything away for free.