Student loan forgiveness....

[adrianp89]

The income limits are definitely high. I thought I saw much lower limits than the $125k single / $250k married when the news broke.

$250k isn’t insane money for a family in a lot of parts of this country, but those people can certainly afford to pay back that last $10k that just got forgiven.

250k is top 5% of the country, which is only 6 million households.... and yeah it's easy to make payments for most them probably. The interest is really the problem. My mom struggled to get her law degree, struggled to make something out of it, by the time she was making decent money (still under 6 figures) the interest tripled the student loans and was a $2,000+/month payment. She quit her job and now makes 40k as an assistant at our local CC. Many factors went into this but primary was to get loans forgiven after ten years. 10k is absolutely nothing to her debt.

Banks and services got rich off student loans with absurd rates. When I can get a personal unsecured loan for 4% and the government wants 9% on a student loan there is something wrong. Cancel the interest charges and spread out the cost between the govt/service providers/banks.

 

[fireflymedic]

Well I worked in an industry that a degree was not needed. But I was passed over for promotions to people who had degrees. So why should I pay for your college degree so you can get promoted over me? Pay for your own degree!

 

[adrianp89]

Well I worked in an industry that a degree was not needed. But I was passed over for promotions to people who had degrees. So why should I pay for your college degree so you can get promoted over me? Pay for your own degree!

I can almost guarantee there was more in play than a degree, even if they told you that - it was an easy cop out. Degrees are nice to get into the building but come promotion time - your company already knows you and peers skillset and work ethic. 10 years into corporate America and not once have I seen a degree affect a promotion decision. More money at negotiations - yes; but finding the right guy - no.

 

[BigN8]

I can almost guarantee there was more in play than a degree, even if they told you that - it was an easy cop out. Degrees are nice to get into the building but come promotion time - your company already knows you and peers skillset and work ethic. 10 years into corporate America and not once have I seen a degree affect a promotion decision. More money at negotiations - yes; but finding the right guy - no.

I'd have to agree with this. I was up for promotion to replace my boss when he stepped down to prepare for retirement. He had an MBA from University of South Carolina. I had no college degree, but had some college and also had on my resume that I graduated from The Naval Nuclear Power Program. So they knew I was smart, just didn't have the pedigree printed on a piece of fancy paper.

 

[fireflymedic]

I can almost guarantee there was more in play than a degree, even if they told you that - it was an easy cop out. Degrees are nice to get into the building but come promotion time - your company already knows you and peers skillset and work ethic. 10 years into corporate America and not once have I seen a degree affect a promotion decision. More money at negotiations - yes; but finding the right guy - no.

I can guarantee your wrong. It was a county fire ems department. I had 10 years experience 6 at that department. He had like 5 years experience 1 at that department I was a paramediche he was only an emt. He mr business degree was #1 I was number 2 for promotion. If I recall correctly they gave me the lieutenant spot after he quit to move to a city department because he quit before a yr. Came around and promotion list was still good.

Maybe public business are different but government is so scared of getting sued. I guess thats why most all union growth is in government not private industry.

And just to stay on topic pay for your own degree. And the government shouldn't be buying votes with my money. That's all this is. Luckily there are more people without degrees in America than with so hopefully this will back fire and blow up in the man's facethat went on TV saying he wanted to pay off/down college loan debt

 

[Ohio]

I can guarantee your wrong. It was a county fire ems department. I had 10 years experience 6 at that department. He had like 5 years experience 1 at that department I was a paramediche he was only an emt. He mr business degree was #1 I was number 2 for promotion. If I recall correctly they gave me the lieutenant spot after he quit to move to a city department because he quit before a yr. Came around and promotion list was still good.

Maybe public business are different but government is so scared of getting sued. I guess thats why most all union growth is in government not private industry.

And just to stay on topic pay for your own degree. And the government shouldn't be buying votes with my money. That's all this is. Luckily there are more people without degrees in America than with so hopefully this will back fire and blow up in the man's facethat went on TV saying he wanted to pay off/down college loan debt

Agree, government jobs are very different than in the private sector. And also agree that making the people who didn't go to college, pay for those who did, is complete nonsense.

 

[TDroz99]

It’s a horrible idea, YOU made the choice to go to college and take on enormous loans…. Now DEAL WITH IT!
My wife paid over $100 thousand dollars to go to school for 8 years to become a public school teacher! Almost 25 years later and she busted her ass and finally paid them off, all by herself.
This sets a horrible precedent, it’s not how the real world works….. next thing you know we’ll start paying off stupid a**holes 30 year boat loans!
Grow up and be an adult!!

 

[Dough]

Oh, they could pay it off, but it's hard with a new camper, boat, truck, and an ev on order. Current car doesn't have massage seats, wtf!

 

[AZMark]

This one is less egregious to me than the $10M a pop in PPP money to giant corporations that were never at any risk and will eventually pay it out to their owners once the government isn’t watching.

 

[Beachbummer]

Yes but 2 wrongs don't make a right. It's OK to think Both can be egregious, and both were wrong.

Any mass injection with no value created is inflationary by definition. At least when invested to fix roads or buy firefighting equipment we get value out of it for everyone, and at least PPP had clear terms from the start. This is rewarding those that picked wrong. While those that paid on time got nothing.

Why is it needs based and only to pay bsck loans? The guy that paid back loans and has mortgage isn't in the same boat? Just seems arbitrary to reward bad choices or favor a sliver of population is my complaint.

 

[Mesa50]

Yes but 2 wrongs don't make a right. It's OK to think Both can be egregious, and both were wrong.

Any mass injection with no value created is inflationary by definition. At least when invested to fix roads or buy firefighting equipment we get value out of it for everyone, and at least PPP had clear terms from the start. This is rewarding those that picked wrong. While those that paid on time got nothing.

Why is it needs based and only to pay bsck loans? The guy that paid back loans and has mortgage isn't in the same boat? Just seems arbitrary to reward bad choices or favor a sliver of population is my complaint.

What political group is primarily in charge of higher education? They keep saying we need to fix the out of control tuition rates, while the supposed saviors are the ones pulling the strings. They are creating a problem, and then pretending they are the only ones capable of saving you from your stupid decision to listen to them. What a cycle. Crime, poverty, tuition, etc. “Only we can save you from what we’ve created”.

 

[adrianp89]

Yes but 2 wrongs don't make a right. It's OK to think Both can be egregious, and both were wrong.

Any mass injection with no value created is inflationary by definition. At least when invested to fix roads or buy firefighting equipment we get value out of it for everyone, and at least PPP had clear terms from the start. This is rewarding those that picked wrong. While those that paid on time got nothing.

Why is it needs based and only to pay bsck loans? The guy that paid back loans and has mortgage isn't in the same boat? Just seems arbitrary to reward bad choices or favor a sliver of population is my complaint.

PPP certainly was a major cause to inflation. Lot's of fake businesses were set up and people took all sorts of loans that were forgiven. They catch them every now and then, usually because they went out and bought a Ferrari. That was real money being printed and handed out for free.

On the forgiveness end - this is money already not being paid and already saved in consumers pockets. The effect on inflation will be minimal and spread out over years (unlike $100,000 to support "Joe's JetBoat Lower Unit & Prop Repair")

 

[Mesa50]

PPP certainly was a major cause to inflation. Lot's of fake businesses were set up and people took all sorts of loans that were forgiven. They catch them every now and then, usually because they went out and bought a Ferrari. That was real money being printed and handed out for free.

On the forgiveness end - this is money already not being paid and already saved in consumers pockets. The effect on inflation will be minimal and spread out over years (unlike $100,000 to support "Joe's JetBoat Lower Unit & Prop Repair")

Where did the money come from, for federal student loans? Please further explain how taking money from taxpayers to give to someone else as a loan, and then saying you don’t have to repay the loan, has minimal effect on the deficit, and inflation. How are the loans already not being paid? Are you talking about default, or temporary deferment while still in college, military, or working a high needs government job like a title one school teacher? All loans in deferment, are still required to be paid back at a later date, so it’s not like they just were never planning on paying them back. This is just like the mortgage crisis from 2008-2012, but instead of the lender “banks” having foreclosure as a partial remedy and recouping part of the debt, the lender “taxpayers” are just watching the money being pissed away. The government will still demand that the loss be recovered. Many assume that funding for magical government programs are going to be extracted from someone besides themselves. That’s really the reason for not caring about student debt forgiveness.

 

[Murf'n'surf]

Americans can be bought very easily. There's nothing more to this.

 

[adrianp89]

Where did the money come from, for federal student loans? Please further explain how taking money from taxpayers to give to someone else as a loan, and then saying you don’t have to repay the loan, has minimal effect on the deficit, and inflation. How are the loans already not being paid? Are you talking about default, or temporary deferment while still in college, military, or working a high needs government job like a title one school teacher? All loans in deferment, are still required to be paid back at a later date, so it’s not like they just were never planning on paying them back. This is just like the mortgage crisis from 2008-2012, but instead of the lender “banks” having foreclosure as a partial remedy and recouping part of the debt, the lender “taxpayers” are just watching the money being pissed away. The government will still demand that the loss be recovered. Many assume that funding for magical government programs are going to be extracted from someone besides themselves. That’s really the reason for not caring about student debt forgiveness.

The money has already been spent - it went to the schools 10,20,30,40,50 years ago. This isn't taking money from tax payers today, it's writing it off. The loans haven't been paid for 2 years. Even before then tons of people were delinquent or did their own forbearance. Even the people that did pay monthly - a lot had pretty small payments. People with their loans on hold for the past two years have already increased spending to the economy (increasing inflation), and having it forgiven won't increase spending further (no change on inflation). Having payments resume will result in less consumer spending (decreasing inflation). People with 100% forgiveness are going to spend as they were the past two years (no change on inflation). However these people will not be re-paying their loans... which were probably under $100 a month for 30 years.... that $100 a month is nothing compared to the grand scheme. (Slow inflation over time)

It's funny to me how upset people get about this, but don't care about the money we send over-seas, or the way over spent military budget, or as discussed PPP which made a lot of people rich for no reason.

 

[CanTex]

PPP was intended to prevent massive layoffs at the onset of COVID - I support the intent of the program...even though I have close friends with businesses that received $250k+ payouts who never intended or planned layoffs. PPP to them was a government hand-out. Yes...during COVID there were winners and losers.

Forgiving student loans for a discrete group of individuals without change to the process will only create an expectation of loan forgiveness down the road for future college loan holders.

 

[gt5pilot]

I worked for a small business who was the recipient of the PPP (and I no longer work for them) - they received almost $750k and "hired" family members (some in college and no where near the business) as "Project Managers" to make the numbers...they day after the money was forgiven, those people were mysteriously not needed any more. I was severely disappointed and began asking questions, ultimately leading to me leaving the group.

 

[adrianp89]

PPP was intended to prevent massive layoffs at the onset of COVID - I support the intent of the program...even though I have close friends with businesses that received $250k+ payouts who never intended or planned layoffs. PPP to them was a government hand-out. Yes...during COVID there were winners and losers.

Forgiving student loans for a discrete group of individuals without change to the process will only create an expectation of loan forgiveness down the road for future college loan holders.

Agreed with everything 100%. The move is purely to buy votes. The right way to do this would to essentially nuke the current tuition loan system and re-build it. Then announce that the govt failed students then do a forgiveness. Still would piss people off, but probably not as much.

 

[Mesa50]

The money has already been spent - it went to the schools 10,20,30,40,50 years ago. This isn't taking money from tax payers today, it's writing it off. The loans haven't been paid for 2 years. Even before then tons of people were delinquent or did their own forbearance. Even the people that did pay monthly - a lot had pretty small payments. People with their loans on hold for the past two years have already increased spending to the economy (increasing inflation), and having it forgiven won't increase spending further (no change on inflation). Having payments resume will result in less consumer spending (decreasing inflation). People with 100% forgiveness are going to spend as they were the past two years (no change on inflation). However these people will not be re-paying their loans... which were probably under $100 a month for 30 years.... that $100 a month is nothing compared to the grand scheme. (Slow inflation over time)

It's funny to me how upset people get about this, but don't care about the money we send over-seas, or the way over spent military budget, or as discussed PPP which made a lot of people rich for no reason.

I care about all the wasteful spending you mentioned. Sending money overseas, makes me cringe. The oil for food program made Kofi Annan’s family rich. Then there is Halliburton and the Cheney family. The loan guarantees sent to Ukraine from 6 -7 years ago made the Biden family rich. “If you don’t fire the prosecutor, you ain’t getting the money”….Quid pro Joe. I don’t like corruption, regardless of which side is involved. I regret having voting for both parties at any given moment, based on what they do. I’m not just going to wildly and blindly stand behind my choice, if they do something stupid. Stupid moves, seem to be the main platform of the current group in charge. If you want to argue the merits of a good political plan for re-election, and buying votes, it’s actually great timing.

 

[adrianp89]