Student Debt Forgiveness

He forgave the last $6k of my debt so he's a homie

Student debt is not "forgiven," it's transferred to the American people, who in turn pay for it. It's called moral hazard, you subsidize stupid decisions you get more of them.

@Skibum690 I will play along and comment on your discussion. THE UNDENIABLE REALITY… Has never been about Trump or Biden, or the Republicans or Democrats; both are the faces of the same coin. “More like 0.1% of regular ass humans tricking the rest of us into fighting among ourselves while they rob us blind.” ~ SanchoRG, Texas ~ Nov, 2021 THE UNDENIABLE REALITY “It is the sufferings of the many which pay for the luxuries of the few.” Wealth inequality in the world, also known as the wealth gap, is the unequal distribution of assets among residents of the world. When can we start talking about the fact that exorbitant profits are merely unpaid fair wages? An ideal distribution of the world’s wealth is one that assures that no individual human being is entirely without the means of housing and sustenance. Most of our past and current “Economic Systems” Kingdoms, Feudalism, Capitalism etc etc create Poverty, Greed, Violence, Disease, and Environmental Destruction "There is enough in the world for everyone's need, but not enough for everyone's greed." ~ Frank Buchman aka (Franklin Nathaniel Daniel Buchman) ~ Decorated by the French and German governments for his contributions to Franco-German reconciliation after World War II. ~ Born June 4, 1878 Pennsburg, Pennsylvania ~ Died August 7, 1961 Freudenstadt, West Germany

It's how he bought the elections in 2022, he's going to try it again in 2024. Corrupt to the core.

Anyone who accepts that handout is a commie who is not man enough to pay off his own debts.

Meanwhile, colleges just keep jacking up tuition, far exceeding the rate of inflation, because they know students will get student loans. Fuck them. Students don’t need private suites, gourmet food and a bunch of expensive sports teams and clubs. If they want to go to a school with all that, they can pay for it themselves.

“Anyone of the wealthy 1% who accepts/takes/steal handouts from the government is a commie/ConMan/capitalist who is not man enough to pay/work his own debts” There FTFY People

You got all these new state of the art sports stadiums. Start going after these school with all this money. Harvard has a endowment north of 30 billion dollars. Let them pay for this shit instead of us giving them tax breaks. Fuck outta here. I don't blame these high school kids for getting brainwashed and duped into going to college no matter what. It's a fucking scam. But at the same time you gotta stop the bleeding. This like giving a blood transfusion before you apply the torniquet.

The US Naval Academy (and perhaps the other service academies as well) somewhat dictate your choice of majors. 65% of majors must be in engineering and if too many students declare Political Science for example, they guide you towards a different major. It may sound harsh and “un-American” but if the US tax payer is going to foot the bill for college students then perhaps a similar model to Annapolis might be considered. Major in gender studies, art history and social justice at your expense. No loans

“Justice will not be served until those who are unaffected are as outraged as those who are.” ~ Benjamin Franklin

Sounds like a fringe example, and not representative. A look at the distribution of beneficiaries likely shows student debt relief skewed more to lower incomes and lower net worth. Contrast this with the Trump tax cuts, which gave huge windfalls to millionaires and billionaires across the board.

“Freedom and justice cannot be parceled out in pieces to suit political convenience. I don’t believe you can stand for freedom for one group of people and deny it to others.”

Funny how Biden can eliminate some student debt with the stroke of a pen but needs Congress to do anything about the border.

If they are going to be forgiving debt for college debt, in the interest of fairness they need to give subsidies to small businesses that hire trainees and apprenticeship programs, let’s spend the money on needed jobs, like plumbers, electricians, and other useful trades, instead of paying off student loans for lawyers, potters and useless studies like liberal arts, and other programs that don’t benefit our society and allow young people to avoid responsibility. If you want to take liberal arts courses, pay for it on your own.

@twentyfive - Bullseye. Biden's debt forgiveness is a transfer from plumbers and carpenters to gender studies majors. @wld4tatas - Biden's planned debt forgiveness goes to a lot of people (like lawyers and doctors) who require extra years of education but have much higher earning potential. What was actually enacted was a small fraction of that. Oh, and IRS data shows the Trump tax cut disproportionately benefited lower, not higher incomes.

I also don't get why student loans, unlike any other type of debt I can think of, aren't indexed based on ability to pay. No bank in their right mind would lend to a major credit risk individual trying to buy a house well above their means (the so called "NINJA loans," no income, no job or assets) the same rate they'd loan to Microsoft. Therefore, why wouldn't a bank cut more favorable terms to an MIT computer engineer with AI specialty as an Oberlin LGBTQWTFLOL+++ studies grad? Tuition won't differ greatly between them; the former will make multi-6-figures as a 22 year old, the other likely $10/hour at Starbucks which won't even cover their cell phone and marijuana monthly budget. Shit, go a step further and index it to GPA. Sub-3.0 to 3.0-3.5 to 3.5+ with a 25 basis point drop for every category up.

i'm just keeping count. the number currently stands at 2 regarding the things sleepy and hair sniffing pedo has done at the helm as potus that can be considered as positives: -a gradual increase of the level of beauty at the strip clubs and street-walking scenery via latina migrants -He forgave the last $6k of my debt so he's a homie

Forgive the debt of every working stiff who had to buy a car or truck to get to work. Fair right?

SkiDumb just proves why he earned his title “dumb” by projecting his cut and paste policy from right wing media. Nothing remotely is middle of the road from his raging posts, just a constant bashing of the left, which I enjoyed when Obama and Trump were in office. It’s just gotten extremely exhausting and fatigued to hear the polarizing comments, when politicians are just doing what they’re suppose to do. Do I agree with loan forgiveness? Hell no. But It was one of the things Biden promised during his campaign 4 years ago, so no surprise here!

"If they are going to be forgiving debt for college debt, in the interest of fairness " It's not about fairness. It's about buying votes. Blue collar workers in the trades are typically Republican voters with Conservative values. Biden and the democrat party do not like them and do not want them unless they something other than white, heterosexual, Christians who drive trucks and own guns. The opposite of my last 9 words are typically the underemployed idiot democrat base who graduate with useless degrees. "Biden's planned debt forgiveness goes to a lot of people (like lawyers and doctors) who require extra years of education but have much higher earning potential." No, it does not. It. Does. Not. Those people are specifically excluded from the student debt forgiveness program because they got degrees which earn money. Why? Because Communism - "from each according to his ability, to each according to his need." are you a smart, hard-working, doctor who saves lives and improves outcomes? Fuck you, then. We are going to tax you extra and give it to a lesbian dance theorist who is $150,000 in debt and blogs on TikTok. Are you a business major who worked hard to pay off his student loans, and worked harder to take risks and take out business loans to start a small business which now employs 150 people with 401(k)s and vision/dental/medical insurance? Yes?! Well, asshole, we are going to jack up your corporate tax to pay off the $200,000 debt (most of the loans used for a party pad and leased Escalade) of this anthropology grad working at Starbucks. I agree there is malfeasance and negligence by colleges and universities in jacking up tuition and offering useless degrees, but punishing the people who provide value in our society while rewarding idiots who want to shirk their financial responsibilities and delay adulthood is not the American way. The best thing for the whole of society is to let those people live with Mom and Dad. The parents can share in their failures. There is no reason that I should have to.

The example provided was a teacher in Massachusetts, a state in the top 5 for most expensive to live in and highest teacher salaries, making 135K and living in a house valued at 1.1M. This is clearly a skewed example, most Americans have lower income and net worth (when I said lower, I meant lower than this teacher in MA). An analysis by Penn Wharton showed the original proposal had about 2/3 of the benefits going to households making 88K or less per year. https://budgetmodel.wharton.upenn.edu/issues/2022/8/26/biden-student-loan-forgiveness For what's actually been implemented to date, I can't find a good breakdown by income but reports indicate that the lion's share went to the middle class (vs. high/low incomes). We know a large chunk went to borrowers enrolled in Public Service Loan Forgiveness programs, including teachers, law enforcement professionals and social workers. Nationwide, the vast majority of these people have lower incomes than the 135K example of the MA teacher. https://www.cbsnews.com/news/student-loan-forgiveness-9-billion-125000-borrowers-who-they-are/

^ Highly pared back from the Democrats' original (Warren/Schumer) proposal, and anecdote is chosen to tell a story, it is not data. College students on the whole make more money; that makes broad forgiveness a redistribution from those who make less to those who make more. A lot of "low income" people are only temporarily so...a doctor or a lawyer is "low income" for a few postgrad years, then their salary skyrockets. It's misleading. It is, like many Biden spending policies, a vote buy, a wealth transfer from his opponents to his supporters (like all the green crap or reparations are).

^ What wealth was transferred from which opponents for student debt relief ?

^ From the American people via inflation and debt, which is issued at higher and higher interest rates. Debt service costs more than national defense.