Bernie wants to cancel all of student loan debt (1.6T).

[nOOky]

Who's going to pay for the Department of Defense? Who's going to pay for the 2 trillion dollar(and rising!) tax cuts handed out to billionaires?

Why don't you ask the questions that actually matter?

Just saw this now.

https://www.msn.com/en-us/money/mar...andidates-please-tax-us/ar-AADlK8D?li=BBnbfcL

 

[dank69]

because we know most of it will go towards weed and beer and strippers, oh and iphones..

If we legalize and tax drugs and prostitution the government can recover a large chunk of it straight away. What's the problem?

 

[Blackjack200]

Personally I don't see why we need to cancel student debt at all. Why not just give ~$15,000 to every household in the US instead and they can spend it on whatever they want?

Because not everyone needs the same amount of relief. Like health care, some people need huge expenditures to treat serious conditions, and some people don't use health care at all for long periods of time (or, maybe ever).

 

[Muse]

Well, forgive my naevity but won't that impact institutions of higher learning? Who is that money owed to? The loans were made by whom? Will the US federal government pay off those loans? Don't get me wrong, I think we should do as much as we reasonably can to educate the populace.

 

[fskimospy]

Because not everyone needs the same amount of relief. Like health care, some people need huge expenditures to treat serious conditions, and some people don't use health care at all for long periods of time (or, maybe ever).

Sure, but when you're cancelling student loan debt what you're really doing is providing a lot of money to middle and upper middle class households while giving almost nothing to the poor, people who need the money much worse. Why leave them out of it?

 

[DrunkenSano]

I'm down with it if they send me a check to credit the tuition I had to pay off when I went to college.

 

[dank69]

I'm down with it if they send me a check to credit the tuition I had to pay off when I went to college.

I just don't get this mentality. I had student loan debt. I paid it off. I won't see a penny from this. None of that goes into the calculus behind whether or not I would support it. If it is good policy it shouldn't matter if it benefits me personally.

 

[ImpulsE69]

I'm down with it if they send me a check to credit the tuition I had to pay off when I went to college.

If you are a white male most non white males are going to laugh in your face for suggesting this.

 

[DrunkenSano]

If you are a white male most non white males are going to laugh in your face for suggesting this.

I am not a white male. Also, I think this idea spits on those who actually took jobs at the same time they were getting an education to pay it off in a sensible time because it was the responsible thing to do. Also, why do we pay for the tuition for students who went to college to party, received a useless paper degree, and now can't find a good job paying off their debt because they didn't bother to study while in school?

I just don't get this mentality. I had student loan debt. I paid it off. I won't see a penny from this. None of that goes into the calculus behind whether or not I would support it. If it is good policy it shouldn't matter if it benefits me personally.

Because the way I see this proposal, it looks more like vote buying than anything else. Why not just give people who make under $100,000 some sort of tax relief. However, the tax relief does not go to their bank account so they can irresponsibly spend it. Instead, the relief can only be applied to debt, whether it be student debt or house mortgage, something substantial that is also improving their life.

 

[Blackjack200]

Sure, but when you're cancelling student loan debt what you're really doing is providing a lot of money to middle and upper middle class households while giving almost nothing to the poor, people who need the money much worse. Why leave them out of it?

No, you're giving debt relief to poor and middle class families. Would it have made any sense if during the 2008-2009 financial crisis the fed had provided equal relief to healthy and insolvent banks alike?

 

[jackstar7]

I am not a white male. Also, I think this idea spits on those who actually took jobs at the same time they were getting an education to pay it off in a sensible time because it was the responsible thing to do. Also, why do we pay for the tuition for students who went to college to party, received a useless paper degree, and now can't find a good job paying off their debt because they didn't bother to study while in school?

Because the way I see this proposal, it looks more like vote buying than anything else. Why not just give people who make under $100,000 some sort of tax relief. However, the tax relief does not go to their bank account so they can irresponsibly spend it. Instead, the relief can only be applied to debt, whether it be student debt or house mortgage, something substantial that is also improving their life.

Happy Thanksgiving, dad.

 

[ch33zw1z]

Anyone who doesn't want their debt forgiven should be free to refuse the bailout.

 

[fskimospy]

No, you're giving debt relief to poor and middle class families.

Student loan debt is held disproportionately by higher income households. I can't see a good argument for giving them debt relief but not those much poorer. I bet those poor people have plenty of debt of their own they would like forgiven as well.

https://www.urban.org/urban-wire/which-households-hold-most-student-debt

Would it have made any sense if during the 2008-2009 financial crisis the fed had provided equal relief to healthy and insolvent banks alike?

Hmm, the fed did something not so different from that.

http://archive.boston.com/business/...irst_nine_banks_were_forced_to_take_bailouts/

 

[Blackjack200]

I am not a white male. Also, I think this idea spits on those who actually took jobs at the same time they were getting an education to pay it off in a sensible time because it was the responsible thing to do. Also, why do we pay for the tuition for students who went to college to party, received a useless paper degree, and now can't find a good job paying off their debt because they didn't bother to study while in school?

Does Universal Health Care spit in the face of people that went bankrupt paying medical bills? I guess we can never improve anything since things were shitty in the past. What's wrong with partying in college? And who decided that these degrees were useless?

Because the way I see this proposal, it looks more like vote buying than anything else.

Like promising things to people for their votes is cheating or something?

Why not just give people who make under $100,000 some sort of tax relief. However, the tax relief does not go to their bank account so they can irresponsibly spend it. Instead, the relief can only be applied to debt, whether it be student debt or house mortgage, something substantial that is also improving their life.

Because that doesn't solve the problem.

 

[UNCjigga]

"Public Service Loan Forgiveness" already exists. If it somehow vanishes without those of us already enrolled it will be a grim grim grim change for my financial future.

I thought DeVos scaled that back??? IIRC, the first people eligible after the 10/(15?) year vesting period should have started receiving payments last year—and that never happened. Plus, they made you jump through all kinds of hoops—and then the Trump Admin added more hoops. Suffice it to say we’ve pretty much reneged on that promise.

 

[soulcougher73]

Anyone who doesn't want their debt forgiven should be free to refuse the bailout.

They really should pull themselves up by the bootstraps. Any true red-blooded God fearing conservative would refuse a hand out. But alas the will all stick out their grubby hands with some FYGM attitude.

 

[Starbuck1975]

It's attached to a larger plan to make state school tuition free. Overall this seems like a decent plan as in my opinion we should restore funding to universities and abolish student loans entirely.

Regardless there seem to be plenty of better ways to spend $1.6 trillion, especially considering the fact that most of that debt is held by higher earning people.

When I was college aged, state schools were an affordable and viable option, even more so for in-state residents. There was also a healthy pipeline of kids that went into trade schools. Now, even state schools are going after that sweet sweet tuition cash cow.

I have no interest in forgiving school debt. I am very much in favor of making schools more accessible and affordable, and leveling the playing field by making teaching more attractive, especially to people in the sunset years of their careers.

 

[UNCjigga]

Just saw this now.

https://www.msn.com/en-us/money/mar...andidates-please-tax-us/ar-AADlK8D?li=BBnbfcL

Honestly, I wouldn’t give a f**k if the Kochs and others got to rename all the federal buildings in DC or have aircraft carriers named after them—as long as they pay their fair share in taxes.

 

[soulcougher73]

Sure, but when you're cancelling student loan debt what you're really doing is providing a lot of money to middle and upper middle class households while giving almost nothing to the poor, people who need the money much worse. Why leave them out of it?

They would be getting free schooling though, as well as everyone else. The poor could use that to better their situation? (hopefully). We have to start somewhere and you cant always appease everyone equally when implementing such a huge change.

 

[Maxima1]

I have no interest in forgiving school debt. I am very much in favor of making schools more accessible and affordable, and leveling the playing field by making teaching more attractive, especially to people in the sunset years of their careers.

Teaching is already really attractive at cc or uni level. Almost all the cc instructors here have unnecessary Ph'Ds, and the competitiveness of the positions is intense. However, there should be WAAAAAAY more online classes. Shit like that would drastically reduce the cost of education and cuts out the massive waste of time a lot of the campus experience can have.

 

[Luna1968]

They really should pull themselves up by the bootstraps. Any true red-blooded God fearing conservative would refuse a hand out. But alas the will all stick out their grubby hands with some FYGM attitude.

how long did you jack off to have that sewage of a reply pop in your acne infested head?

 

[JSt0rm]

https://www.washingtonpost.com/busi...ory.html?noredirect=on&utm_term=.c38e6b6ab965

Bernie wants to eliminate all college loan debt, while in the process making college and trade school tuition free. IMO, it sounds great in theory but it always comes back to the same question. Whose going to pay for this? Thoughts?

IMO, Bernie is going to face some fierce opposition, and it's going to give Trump ammunition. Imagine if Bernie were to face Trump in the election. He's going to paint Bernie as some type of socialist loon who wants to steal your money, so he can pay for these expensive programs. Still, something needs to be done. $1.6T is redicilous. Let's start with not giving everyone a student loan. We could also start with educating the masses on how finances work, and why taking out $50k in student loan debt isn't a smart decision. Anyway, his solution might work in the short term. Especially if college becomes free.

Bernie's solution:

since 2001 we have spent 5.9 trillion on the eternal wars in the middle east. 1.6 trillion? Imagine the economic boost if we removed student loans from people. Imagine the economic boost if we moved to a single payer system. We would be the greatest society on the planet.

 

[JSt0rm]

baby boomers had cheap edu. And then when they got placed in power they cranked up the prices to make money off the millennial. And they are now pissed at millennials for not buying thier shitty over priced house and starting a family.

 

[DrunkenSano]

Does Universal Health Care spit in the face of people that went bankrupt paying medical bills? I guess we can never improve anything since things were shitty in the past. What's wrong with partying in college? And who decided that these degrees were useless?

How does my suggestion not improve anything when those people are still getting a payout but so are others who are perhaps more deserving? Why is someone who spent their free time working jobs pay off their student tuition not as deserving to relief funds than someone who just built up the debt without putting in the same effort at the person who worked and studied at the same time? Instead of leaving out the responsible and hard working people, they should be rewarded as well. And you seriously don't see what's wrong with going to college or university just to party instead of studying? Really? With free tuition, you are now going to school on someone else's dime, which means you should be more responsible on how you use that time and money. If it was your own money, sure, feel free to throw it away by partying and getting a C average.

Like promising things to people for their votes is cheating or something?

I'm not saying it's cheating, but if you're going to do it, do it in a fair and more balanced manner that promotes work ethics and a more responsible attitude.

Because that doesn't solve the problem.

How does it not? Relief is being supplied to those who are not wealthy and my suggestion does so in a much more responsible manner, it also benefits those who also worked hard when they went to school and continued to work hard after they graduated to pay off the student debt they had. Now, they receive relief to pay off other debt so they can improve their life in a quicker pace. Instead of waiting for their house mortgage to be paid off in 30 or 15 years, now it's 10 or 5 years.

 

[TheVrolok]

I thought DeVos scaled that back??? IIRC, the first people eligible after the 10/(15?) year vesting period should have started receiving payments last year—and that never happened. Plus, they made you jump through all kinds of hoops—and then the Trump Admin added more hoops. Suffice it to say we’ve pretty much reneged on that promise.

Not as far as I'm aware, this been a lot of talk of curtailing future enrollment/forgiveness, but I'm not sure anything has been officially done yet. For those already in the program, I'm not aware of any specific changes.

I can appreciate the complexity of this discussion and how there can be significant variation between everyone's individual financial situation. I am obviously incredibly biased (as someone in the PSLF program), but having the program somehow vanish into the aether would be a massive detrimental change to my financial future. I have made a number of life decisions based on the fact the PSLF exists, and to change that now would be ... something.