Two questions about Biden's student loan plan

It will be paid for through society as a collective helping educate our young. Why do you oppose this??

Not sure the details, but whatever they are I’m sure Mitch will be very receptive!

sparky polastry wrote:

Not sure the details, but whatever they are I’m sure Mitch will be very receptive!

The "details" are he does it by executive fiat and there's nothing the legislature can do about it. Isn't our system of government great?

It does nothing to educate people. He is talking about paying off debt of college educated people instead of giving the money to the poor who need it. Democrats should be disgusted that he would take money from the working class to give it to doctors and lawyers and accountants and engineers.

students voice wrote:

It will be paid for through society as a collective helping educate our young. Why do you oppose this??

That's a pretty simplistic view of the issue. And a childish way of framing it - surely you are well aware of the arguments against this debt forgiveness?

This is a windfall to a select group of people. Basically sending a small subset of the U.S. population a check for tens of thousands of dollars, almost on a whim. That is not the way the U.S. government is supposed to work.

Why not send everyone a check for $20,000? Don't people who didn't go to college, perhaps because of learning disabilities, emotional problems, hardships, racism, etc.. deserve checks for $20,000 too? Don't they need it even more than college educated people? Why don't you quit being such a selfish prick and demand $20,000 check be mailed to all the people of America, you elitist biffster!

Ncaa ruler wrote:

It does nothing to educate people. He is talking about paying off debt of college educated people instead of giving the money to the poor who need it. Democrats should be disgusted that he would take money from the working class to give it to doctors and lawyers and accountants and engineers.

Exactly. It's the usual liberal idiocy we've come to know - all good intentions, but ultimately misguided, unworkable and unfair.

What about the young people who decided to work hard and save, and even put off college for a year or two, and not use loans (like myself 25 years ago)? Or the parents with kids in college right now (like myself) who sacrificed A LOT of retirement money and decided to pay the huge tuitions and not have their kids need to take out loans? We basically just got shafted for doing what we thought was financially prudent. I was supposed to know this was coming and play the long game on the U.S. taxpayer? This is an absolute arbitrary windfall to some select group of people who likely don't even "need" it anywhere near as much as others (homeless people, anyone?). Basically a lottery ticket winner. Oh, well, stupid me. I should have guessed the days of living off the government teat were coming.

As someone who's been responsible and paid mine off

I'd like a check

I already prepaid my kids’ in state tuition.

Which begs the question, what happens to future loans? Are we setting a precedent? I can get a refund on my kids tuition. Perhaps I should have them take out loans to be forgiven.

The government didn’t force anyone to go to an expensive university. I get it that tuition is out of control, but this seems more like a bandaid than a permanent solution.

Rainy Day wrote:

I already prepaid my kids’ in state tuition.

Which begs the question, what happens to future loans? Are we setting a precedent? I can get a refund on my kids tuition. Perhaps I should have them take out loans to be forgiven.

The government didn’t force anyone to go to an expensive university. I get it that tuition is out of control, but this seems more like a bandaid than a permanent solution.

To the extent it's even a band-aid. How does this act to lower tuition? Colleges may even raise the tuition, knowing the government is going to pay off the loans.

I'm not one of those cynics who finds dark, ulterior motives in every decent intention, but part of this reeks of buying the votes of young, college educated voters which is a demographic the Democrats rely on more heavily than ever.

And yeah, I'm pissed off that I missed out on this sudden Robin Hood giveaway. I'm sure as hell not paying my kids' tuition next year. It's all forgiven loans from now on!

I have to be honest here.

I have about 20k left in student loans from 12 years ago. I arguably made enough income to have paid it off in full in about 7 years, but instead often paid the minimum amount and kept on living my life. Looks like Biden’s plan will wipe out half (10k) of what I have left. So I guess I can thank him for 2 vacations I took in the last 5 years instead of paying more down on those loans. I always figured I’d just keep paying small amounts until they were gone and/or legislation passed to forgive them.

The irony is I didn’t vote for Biden either.

What is the likelihood of this happening?

You are right about everything except it's not good intentions. It's pandering for votes. They want a 100% monopoly of voters from 18-30 and beyond.

They know this program would not help the country in any way. It's just to get votes. They are sinister and evil. They will do and say anything to get power.

Joe jackpot wrote:

I have to be honest here.

I have about 20k left in student loans from 12 years ago. I arguably made enough income to have paid it off in full in about 7 years, but instead often paid the minimum amount and kept on living my life. Looks like Biden’s plan will wipe out half (10k) of what I have left. So I guess I can thank him for 2 vacations I took in the last 5 years instead of paying more down on those loans. I always figured I’d just keep paying small amounts until they were gone and/or legislation passed to forgive them.

The irony is I didn’t vote for Biden either.

Except the joke is on you, you will pay a lot more than the 10k he saved you in ADDITIONAL TAXES that he adds.

tell me wrote:

What is the likelihood of this happening?

It virtually has to happen for Biden to appease his base.

I am not paying anything more than the bare minimum at least for the next 4 years.

name check wrote:

Joe jackpot wrote:

I have to be honest here.

I have about 20k left in student loans from 12 years ago. I arguably made enough income to have paid it off in full in about 7 years, but instead often paid the minimum amount and kept on living my life. Looks like Biden’s plan will wipe out half (10k) of what I have left. So I guess I can thank him for 2 vacations I took in the last 5 years instead of paying more down on those loans. I always figured I’d just keep paying small amounts until they were gone and/or legislation passed to forgive them.

The irony is I didn’t vote for Biden either.

Except the joke is on you, you will pay a lot more than the 10k he saved you in ADDITIONAL TAXES that he adds.

Except if he paid them off, he still would owe the extra 10k anyway. I was actually in a similar boat. I considered not paying them off just in case Lizzie Warren got in. But once the 'moderate' Joe Biden won I figured time to do the right thing and pay them off.

I paid my way through college, I am almost finished paying my kids through college, and now through my taxes I get to pay for your college also. Seems fair.

otter wrote:

I paid my way through college, I am almost finished paying my kids through college, and now through my taxes I get to pay for your college also. Seems fair.

Be happy your kids and grandkids won't be saddled with insurmountable college debt for useless degrees. It's a small price to pay.

I'm sorry you repaid what was probably a whole $3500 in students loans for yourself when you finished school in 1978, but the tuition system *must* be reformed. The government can't subsidize loans and make them non-dischargable any longer. Education prices skyrocketed and gullible kids were tricked into thinking they needed to borrow money for useless degrees. It has shackled a generation into lifelong debt. It should have never been possible.

ryan evans wrote:

otter wrote:

I paid my way through college, I am almost finished paying my kids through college, and now through my taxes I get to pay for your college also. Seems fair.

Be happy your kids and grandkids won't be saddled with insurmountable college debt for useless degrees. It's a small price to pay.

I'm sorry you repaid what was probably a whole $3500 in students loans for yourself when you finished school in 1978, but the tuition system *must* be reformed. The government can't subsidize loans and make them non-dischargable any longer. Education prices skyrocketed and gullible kids were tricked into thinking they needed to borrow money for useless degrees. It has shackled a generation into lifelong debt. It should have never been possible.

Look at this guy. They trained him to speak the language.

" saddled with insurmountable college debt"

"shackled a generation into lifelong debt"

When they can get you talking like that, they know you'll never question the solution being proposed. They worked wonder on this one.

Quasi-Boom wrote:

ryan evans wrote:

Be happy your kids and grandkids won't be saddled with insurmountable college debt for useless degrees. It's a small price to pay.

I'm sorry you repaid what was probably a whole $3500 in students loans for yourself when you finished school in 1978, but the tuition system *must* be reformed. The government can't subsidize loans and make them non-dischargable any longer. Education prices skyrocketed and gullible kids were tricked into thinking they needed to borrow money for useless degrees. It has shackled a generation into lifelong debt. It should have never been possible.

Look at this guy. They trained him to speak the language.

" saddled with insurmountable college debt"

"shackled a generation into lifelong debt"

When they can get you talking like that, they know you'll never question the solution being proposed. They worked wonder on this one.

You do realize they're loaning tens of thousands of dollars to kids with no collateral or means to pay it back, right?

The whole system only works because the loans aren't dischargeable through bankruptcy. Corrupt bankers lending money to subprime borrowers in the housing bubble never had it so good.

Brainwashing not required. It is a predatory system to exploit the unrealistic expectations of dumb kids. It should have been abolished long before now.