Student Loan “forgiveness”

[Alias Detective 1,312]

The White House noted: "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."

 

Stupid idiots.  Bwahahahahahahah

[Alias Detective 1,312]

13 hours ago, mobb_deep said:

Yah I dunno. I don’t do politics, so you won’t get any bites from me on that one.

I only speak on my own personal experience, and my reflections later in life. I was a 19 year old, on my own financially, with a choice to either join the military or take out a loan if I wanted to “learn computers”. I’ve gone on to have a successful career, paid my loan, etc. etc. But it wasn’t without great sacrifice and some really dicey financial positions along the way. And this was all in the early 90’s, when the cost of education was much lower when adjusted to cost of living. 

Now having a teenager myself, I’d hate to see her go through the same hardship, and I ultimately believe a highly educated society is beneficial to all Americans. The more accessible education is, the better IMO.

Save more and put your kid through college if you are worried about her future financial burden.  To expect ME to split the cost with you - fock that.  I have 2 of my own to pay 100% for already.

[Hardcore troubadour 14,163]

1 hour ago, Alias Detective said:

The White House noted: "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."

 

Stupid idiots.  Bwahahahahahahah

95/96 and still owe 95 pct? That’s a you problem, not a we problem. Can liberals ever make a point without hiding behind black people? 

[mobb_deep 919]

1 hour ago, Alias Detective said:

Save more and put your kid through college if you are worried about her future financial burden.  To expect ME to split the cost with you - fock that.  I have 2 of my own to pay 100% for already.

Fair enough. I have had a CD for her since she was born, and definitely don’t feel it’s not my responsibility to help her. On the counter side, of all the things our government spends our tax dollars on, I believe education and healthcare should be priority. Just behind military/border protection and critical infrastructure. It’s to the benefit of all IMO. 

[jerryskids 6,161]

16 hours ago, mobb_deep said:

I’m torn on this one.

When I first heard the news, I was pissed and wanted a refund for the 15 years of .edu loans I paid.

Then I remembered how young and naive I was when I took out the loan, how my loan was sold to 4 different brokers, and how hard it was to keep current earlier on my career, and I can empathize. 
 

I feel like a basic BS/BA public education should be reasonably accessible, and is ultimately better for America as a whole. Advanced degrees and specialized fields should carry a higher price tag.

It is in most states:  in-state public universities.  I would not give a dime to anyone who went out of state or to a private college for their bachelor's, they made that bed.  Also none for grad school; you chose to keep going to school, now get a job and pay your loans. 

 

[Cdub100 3,685]

2 hours ago, Alias Detective said:

The White House noted: "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."

 

Stupid idiots.  Bwahahahahahahah

Diversity is our strength. 

[jerryskids 6,161]

2 hours ago, Alias Detective said:

The White House noted: "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."

 

Stupid idiots.  Bwahahahahahahah

That's a confusing stat, because in the link just prior to that 95% assertion is this paragraph:

Quote

The typical Black student borrower took out about $3,000 more in loans than their White peers; yet 20 years after starting school, the typical Black borrower owed about $17,500 more than their White peers (see Figure 1).  In that time, nearly half of White borrowers were student debt free (49 percent), while just a quarter of Black borrowers were able to pay off all of their loans (26 percent). 

So 26% of black students paid off their debt, but the typical student still owes 95%?  Perhaps they mean "typical student who hasn't paid off his debt yet"?   

 

[Hardcore troubadour 14,163]

I assume if you didn’t get a degree you still get this money? 

[Baker Boy 1,647]

This is not student loan forgiveness it is a student loan transferred to the American people.

[craftsman 1,045]

1 minute ago, Baker Boy said:

This is not student loan forgiveness it is a student loan transferred to the American people.

Yep. Hope it gets shot down. Biden does a lot of dumb things, tjis is simply another one. 

Go recession!!!

[Strike 4,800]

On 8/31/2022 at 11:56 PM, mobb_deep said:

I only speak on my own personal experience, and my reflections later in life. I was a 19 year old, on my own financially, with a choice to either join the military or take out a loan if I wanted to “learn computers”. I’ve gone on to have a successful career, paid my loan, etc. etc. But it wasn’t without great sacrifice and some really dicey financial positions along the way. And this was all in the early 90’s, when the cost of education was much lower when adjusted to cost of living.

The government is largely responsible for the massive rise in cost of a college education.  We should be trying to remove their influence, not give them more.

https://www.google.com/search?client=firefox-b-1-d&q=government+involvement+in+rising+price+college

[RLLD 3,928]

I still have doubts this ever happens.  I doubt the Democrats care if it actually happens.  This move is purely to buy votes.

I think they already know its outside of their authority, as both Biden and Pelosi have already stated.

So they do this to buy some voters, and when it eventually gets stopped they point their finger at Republicans as the reason.

Its pure political theatre.

 

[jerryskids 6,161]

29 minutes ago, Strike said:

The government is largely responsible for the massive rise in cost of a college education.  We should be trying to remove their influence, not give them more.

https://www.google.com/search?client=firefox-b-1-d&q=government+involvement+in+rising+price+college

This.  Best case, colleges won't increase tuition because of this aid.  More likely though, based on historical actions, they'll increase fees for the future.

[craftsman 1,045]

1 minute ago, jerryskids said:

This.  Best case, colleges won't increase tuition because of this aid.  More likely though, based on historical actions, they'll increase fees for the future.

It's up to the people to stop buying it. Not the goverment to get involved.

[Baker Boy 1,647]

When we make the college’s guarantee the student Loans of their students all of this will stop.

[Strike 4,800]

22 minutes ago, craftsman said:

It's up to the people to stop buying it. Not the goverment to get involved.

Did you look at any of the links I provided?  The government is already involved, and it's largely because of their involvement that college is so expensive to begin with.  But even with the government sticking their head in to it, it's still very possible to get a college degree without incurring significant debt.  A lot of college students just don't care about the cost.  They think of it as an entitlement instead of an investment in to their future.

[craftsman 1,045]

3 minutes ago, Strike said:

Did you look at any of the links I provided?  The government is already involved, and it's largely because of their involvement that college is so expensive to begin with.  But even with the government sticking their head in to it, it's still very possible to get a college degree without incurring significant debt.  A lot of college students just don't care about the cost.  They think of it as an entitlement instead of an investment in to their future.

Yeah. The government should get uninvolved. 

And a lot teenagers are stupid these days because their parents treat them as children instead of the adults that they are.

 

[Strike 4,800]

Just now, craftsman said:

Yeah. The government should get uninvolved. 

And a lot teenagers are stupid these days because their parents treat them as children instead of the adults that they are.

No.  Not all parents are that savvy when it comes to college/finance.  Remember, we have a lot of poor people in this country and even a lot of rich people live paycheck to paycheck.  We need to have high school classes in basic money management.  I'm not sure we need a class in it but high school should offer some type of seminar/class on paying for college.  Maybe integrate it as a chapter in the basic money management class but not all kids need that information.  A good portion of kids shouldn't go to college and should be focused on skills/trades.  These are the things we would do if we actually cared about our students and didn't just use them as pawns in a political game.

[Shooter McGavin 618]

My daughter applied for her forgiveness this weekend.  Thanks Biden!

[craftsman 1,045]

5 minutes ago, Strike said:

No.  Not all parents are that savvy when it comes to college/finance.  Remember, we have a lot of poor people in this country and even a lot of rich people live paycheck to paycheck.  We need to have high school classes in basic money management.  I'm not sure we need a class in it but high school should offer some type of seminar/class on paying for college.  Maybe integrate it as a chapter in the basic money management class but not all kids need that information.  A good portion of kids shouldn't go to college and should be focused on skills/trades.  These are the things we would do if we actually cared about our students and didn't just use them as pawns in a political game.

I think money management should be taught from grade 1. And in every year following through high school. Logical money management. Not just numbers. Needs vs. wants, etc...How to spend on your own life development.

 

[Hardcore troubadour 14,163]

There’s no way the administrators at these colleges should be getting paid what they do. Nor is there a need for all of them. I worked at a college for a few years. I lost track of how many administrators there were. This should be a fun attack from my fan club. 

[Gepetto 1,192]

https://finance.yahoo.com/news/biden-cancels-1-2-billion-100001034.html

President Joe Biden’s administration announced that more than 150,000 borrowers will receive $1.2 billion in student loan forgiveness under a program unveiled in January seeking to provide relief for Americans who had been making payments for at least a decade.

The move – which benefits those enrolled in the government’s Saving on a Valuable Education (SAVE) plan – wipes out loans for those who borrowed less than $12,000 for their higher education. Other income-driven repayment plans also forgive balances, but only after 20 or 25 years of repayment.

“With today’s announcement, we are once again sending a clear message to borrowers who had low balances: If you’ve been paying for a decade, you’ve done your part, and you deserve relief,” said Education Secretary Miguel Cardona in a statement.

The latest round pushes the total relief approved by the Biden administration to nearly $138 billion, benefiting 3.9 million borrowers. That number could grow as more people become eligible for forgiveness under the SAVE program, which has 6.9 million people enrolled. Administration officials have declined to estimate how many borrowers will eventually see loans forgiven under the program.

Yet the efforts fall short of the president’s proposal for more sweeping student loan cancellation — as much as $20,000 in relief per borrower - that was struck down last year by the US Supreme Court. That forgiveness plan was estimated to cost $400 billion.

That disconnect may have eroded support for Biden, particularly among young voters who have also voiced frustration over his administration’s handling of issues including the war between Israel and Hamas militants in the Gaza Strip.

A plurality of Gen-Z voters – 43% — said Biden was doing too little to address student loans, according to a Bloomberg News /Morning Consult poll of swing-state voters released in December. Yet 46% of swing-state voters overall said they supported the administration’s student loan forgiveness programs, showing divides over the issue.

The Education Department may further expand loan forgiveness in the coming months, with Cardona telling reporters last week that it was pursuing new rules that could help additional borrowers.

While the administration has not yet revealed specifics of those new proposals, they’re expected to help borrowers facing financial hardship or substantial accrued interest, as well as those with older loans or who went to for-profit college programs with a history of providing little value.

Still, the White House wants to capitalize on the actions Biden has already taken. Borrowers who had their debt forgiven will receive an email from the president letting them know.

[RLLD 3,928]

On 9/1/2022 at 3:20 PM, Alias Detective said:

The White House noted: "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."

 

Stupid idiots.  Bwahahahahahahah

The expectation to pay what you owe is culturally insensitive.

[MLCKAA 512]

1 hour ago, RLLD said:

The expectation to pay what you owe is culturally insensitive.

Student debt burden doesn’t fall disproportionately on blacks borrowers.  Did they borrow student loan funds on terms that were less favorable than white borrowers?  No.  If after 28 years the average black borrower still owes 95% of their debt , then I’d say the inverse is truer:  the repayment burden falls disproportionately on white borrowers.

[RLLD 3,928]

8 minutes ago, MLCKAA said:

Student debt burden doesn’t fall disproportionately on blacks borrowers.  Did they borrow student loan funds on terms that were less favorable than white borrowers?  No.  If after 28 years the average black borrower still owes 95% of their debt , then I’d say the inverse is truer:  the repayment burden falls disproportionately on white borrowers.

Does not matter. If they cannot find the metrics they will make them up, accountability is culturally insensitive....

[Hardcore troubadour 14,163]

They will just spend it on 9 dollar lattes.  

[jerryskids 6,161]

2 hours ago, Gepetto said:

 

A plurality of Gen-Z voters – 43% — said Biden was doing too little to address student loans, according to a Bloomberg News /Morning Consult poll of swing-state voters released in December. Yet 46% of swing-state voters overall said they supported the administration’s student loan forgiveness programs, showing divides over the issue.

 

LOL, the oldest Gen Z'er is 27, they are maybe 5 years out of college.  And payments were on hold during big chunks of Covid, IIRC.  Have they been traumatized by student loan debt?   

[nobody 2,461]

Biden's handlers are going back to the well for the election cycle.

[Cdub100 3,685]

Dumb this is money that could go to Israel or Ukraine. 

[Strike 4,800]

1 hour ago, Cdub100 said:

Dumb this is money that could go to Israel or Ukraine. 

Or me.

[Cdub100 3,685]

14 minutes ago, Strike said:

Or me.

No, Ukraine and Israel are far more important than you or any American citizen for that matter. 

[5-Points 3,184]

5 hours ago, Gepetto said:

https://finance.yahoo.com/news/biden-cancels-1-2-billion-100001034.html

President Joe Biden’s administration announced that more than 150,000 borrowers will receive $1.2 billion in student loan forgiveness under a program unveiled in January seeking to provide relief for Americans who had been making payments for at least a decade.

The move – which benefits those enrolled in the government’s Saving on a Valuable Education (SAVE) plan – wipes out loans for those who borrowed less than $12,000 

Apparently that education wasn't very valuable if you can't find a job that allows you to pay back the money you borrowed. 

[seafoam1 2,522]

9 minutes ago, 5-Points said:

Apparently that education wasn't very valuable if you can't find a job that allows you to pay back the money you borrowed. 

The people who get that loan forgiveness will all spend the rest of their lives looking for handouts. 

[5-Points 3,184]

11 hours ago, seafoam1 said:

The people who get that loan forgiveness will all spend the rest of their lives looking for handouts. 

Well apparently their degrees are useless so they'll prolly need handouts. But they can post on message boards all day and tell everyone how educated they are. So they have that going for them. 

[seafoam1 2,522]

20 minutes ago, 5-Points said:

Well apparently their degrees are useless so they'll prolly need handouts. But they can post on message boards all day and tell everyone how educated they are. So they have that going for them. 

mdcack and pimpledoosh know that all too well. 

Glad I didn't fall into that crap when I was in my 20's and 30's. Being an actual adult early on helped me tremendously in life. 

[TBayXXXVII 2,390]

18 hours ago, jerryskids said:

LOL, the oldest Gen Z'er is 27, they are maybe 5 years out of college.  And payments were on hold during big chunks of Covid, IIRC.  Have they been traumatized by student loan debt?   

They're hoping that over time, any money they borrowed would be forgiven and/or, tuition retroactively will be voided.  Hence, they'll never have to actually pay the money.

[Cdub100 3,685]

3 hours ago, 5-Points said:

Well apparently their degrees are useless so they'll prolly need handouts. But they can post on message boards all day and tell everyone how educated they are. So they have that going for them. 

dEMoCrAts aRe MoRe EdUcAtEd 

[TBayXXXVII 2,390]

15 hours ago, 5-Points said:

Apparently that education wasn't very valuable if you can't find a job that allows you to pay back the money you borrowed. 

That's exactly it.  In my opinion, if the school sold it's program at a higher cost than the field you're going into, it should be the school who pays off the loan.

[Maximum Overkill 1,363]

It takes a while to pay off those Liberal Arts degrees when you make $30,000 a year as a substitute teacher or dreamer.

[5-Points 3,184]

3 hours ago, TBayXXXVII said:

That's exactly it.  In my opinion, if the school sold it's program at a higher cost than the field you're going into, it should be the school who pays off the loan.

The school offered the program. The idiot who signed up for it and took loans out to pay for it should be on the hook for paying off the loan. 

If we're going to start letting stoopid people off the hook for doing stoopid sh!t, we're going to have a lot more stoopidity in this country.