Sen. Warren proposes to cancel student loan debt

[digiram]

How about we just cut their debt to it's principal balance, all interest accrued removed, all interest paid goes to reduce their principal.

Anytime we're talking about putting more money into regular folks hands, I'm all for it. It all flows back into the economy, but it does kind of suck for those that were being responsible and paid off their debts.. ahem..Unless, I get that money back to

 

[s0me0nesmind1]

Warren just bought a whole bunch of votes. It will be interesting to see what the next offer is and who makes it.

Free College!

Whats next?

Free UBI!
Free Healthcare!
Free SHIT paid by taxes paid by <insert rich class - not my class I don't want to pay lololol>
YOU GET A FREE iPHONE! YOU GET A FREE iPHONE! WE ALL GET FREE iPHONES!


It isn't hard to grab the attention and votes of low intelligent subhuman morons when that's all you do is yell FREE SHIT YO!

 

[fskimospy]

How about we just cut their debt to it's principal balance, all interest accrued removed, all interest paid goes to reduce their principal.

Anytime we're talking about putting more money into regular folks hands, I'm all for it. It all flows back into the economy, but it does kind of suck for those that were being responsible and paid off their debts.. ahem..Unless, I get that money back to

That was kind of my original point. Instead of forgiving student debt specifically we should make it some sort of monetary grant to everyone below a certain income threshold.

 

[fskimospy]

Free College!

Whats next?

Free UBI!
Free Healthcare!
Free SHIT paid by taxes paid by <insert rich class - not my class I don't want to pay lololol>
YOU GET A FREE iPHONE! YOU GET A FREE iPHONE! WE ALL GET FREE iPHONES!

It isn't hard to grab the attention and votes of low intelligent subhuman morons when that's all you do is yell FREE SHIT YO!

I think this is at least the start of a good and smart policy. I won't be going back to college and I've never had a single dollar of student loans in my life.

Why do you think this grabs my attention?

 

[s0me0nesmind1]

That was kind of my original point. Instead of forgiving student debt specifically we should make it some sort of monetary grant to everyone below a certain income threshold.

Great, another glass ceiling. I've heard that has worked wonders for building prosperity.

 

[Luna1968]

OH LOOK !!! a politician promising free shit to get your vote!!

 

[fskimospy]

Great, another glass ceiling. I've heard that has worked wonders for building prosperity.

Glass ceiling? Nah, just the standard gradient where as someone's income goes up the amount of government help they get goes down.

I mean if it's really important to people we can give the same amount of money to everyone regardless of income but we're probably just making things needlessly more expensive without much additional return.

 

[Vic]

Free College!

Whats next?

Free UBI!
Free Healthcare!
Free SHIT paid by taxes paid by
YOU GET A FREE iPHONE! YOU GET A FREE iPHONE! WE ALL GET FREE iPHONES!


It isn't hard to grab the attention and votes of low intelligent subhuman morons when that's all you do is yell FREE SHIT YO!

Kind of off topic, but I wonder how many of those complaining about student loan debt forgiveness now got mortgage debt forgiveness just a few years ago? Probably a high number considering that Rush, Hannity, and Beck told their audiences to stop their mortgage payments because the housing market was never going to recover due to Obama's 'socialist' policies.

 

[dainthomas]

I'd like to know where the money is going to come from? Military? Big business? (good luck). Taxes? Along with Kang's give everyone $1k a month plan, this too will fail. It looks like Trump is going to have an easy ride to a 2nd POTUS, as he labels the left as a bunch of loons.

Exactly zero conservatives asked where the $1.5T was coming from for the tax scam. Loan forgiveness would have cost the same. Obviously it would need to be coordinated with some sort of government funded post-secondary education (or tweak of the bankruptcy code) so we don't end up in the same spot in fifteen to twenty years.

 

[Luna1968]

If promising to enact policies that help people is 'buying votes' then we need a lot more politicians buying votes. Have we really forgotten that this is what government is SUPPOSED to do?

Also, it's odd that I never hear Republican promises for debt financed tax cuts to be 'buying votes'.

in your world its giving free crap out on the working mans dime.

 

[fskimospy]

in your world its giving free crap out on the working mans dime.

It says a lot about the character of modern conservatives when they have no problem going $1.5 trillion more in debt to give the richest people in society even more money while raising taxes on the middle class long term. When confronted with the idea of the same $1.5 trillion to educate the next generation though, they hate that.

Not particularly Christian of you, haha.

 

[Blackjack200]

Kind of off topic, but I wonder how many of those complaining about student loan debt forgiveness now got mortgage debt forgiveness just a few years ago? Probably a high number considering that Rush, Hannity, and Beck told their audiences to stop their mortgage payments because the housing market was never going to recover due to Obama's 'socialist' policies.

Who got mortgage debt forgiveness? I was upside down on my mortgage for almost a damn decade, I would have been all over that.

 

[Vic]

Exactly zero conservatives asked where the $1.5T was coming from for the tax scam. Loan forgiveness would have cost the same. Obviously it would need to be coordinated with some sort of government funded post-secondary education (or tweak of the bankruptcy code) so we don't end up in the same spot in fifteen to twenty years.

I've said it before, I'll say it again. The only time 'conservatives' get upset about govt 'free stuff' is when they're not getting it.

Meanwhile, the BK code is everything that is wrong with student lending. As it is now, the fact that student loan debt can't be discharged through BK allows for non-performing loans to be kept on the performing side of the balance sheet instead of being charged off. If they were treated like normal consumer debt, the entire student loan market would have imploded a long time ago.

 

[Vic]

Who got mortgage debt forgiveness? I was upside down on my mortgage for almost a damn decade, I would have been all over that.

Millions of people got mortgage debt forgiveness. All you had to do was trash your credit with a foreclosure. Which would stay on your credit longer than it took for the housing market to recover.
But remember that Rush, Hannity, Beck, etc were telling their audiences that the housing market wouldn't recover, or would take 20 years to recover, etc.
But as the housing market actually took less than 7 years to recover, you made the smart move. But a lot of people who listened to those 'conservative' talking heads didn't. Because they heard the govt was giving out 'free stuff' and had to get in on that.

 

[Mai72]

I just wanted to bring up the real issue. Universities are charging way too much for a 4-year degree. We need to get to the root of the matter. Paying off student loan debt is like putting a bandaid on a huge cut. We need other solutions.

I just ran across this video on why Universities are in trouble. Business Insider put out an article on why many tech companies are ditching the college degree requirement. To work at Google and Apple you no longer need a degree. Maybe this will have an impact on college tuition. Especially if more companies take this approach.

 

[Blackjack200]

Millions of people got mortgage debt forgiveness. All you had to do was trash your credit with a foreclosure. Which would stay on your credit longer than it took for the housing market to recover.

Oh, haha, not sure I would call losing your house "mortgage forgiveness".

 

[Blackjack200]

I just wanted to bring up the real issue. Universities are charging way too much for a 4-year degree. We need to get to the root of the matter. Paying off student loan debt is like putting a bandaid on a huge cut. We need other solutions.

I just ran across this video on why Universities are in trouble. Business Insider put out an article on why many tech companies are ditching the college degree requirement. To work at Google and Apple you no longer need a degree. Maybe this will have an impact on college tuition. Especially if more companies take this approach.

Ron Howard Voice: It didn't have an impact on college tuition.

 

[Vic]

Oh, haha, not sure I would call losing your house "mortgage forgiveness".

It most definitely was debt forgiveness when you owed $100k-$200k+ more than your house was worth, and got to live in that house for 2-3 years (often longer) without making a mortgage payment before your lender could foreclose.
I wouldn't know anything about this stuff though, I only managed a late stage loss mitigation dept for a mortgage servicer from 2009 to 2013.

 

[Moonbeam]

Overall some sort of student loan forgiveness seems like a smart move to me. I've never understood why if you fuck up and take out an ill-advised business loan when you're 35 and it fails you're allowed to start over but if you fuck up and take out an ill-advised student loan when you're 18 you're screwed for life.

From an economic and public policy standpoint it makes little sense to create a system where people make high stakes financial decisions at the age of 18 that, if made poorly create lifelong financial burdens.

Fundamentally, sOmeOnesmind1 suffers from the disease of competitive hatred. In striving to become better than others, he resorted to looking down on them thus allowing himself to be more deserving. You always see this in the competitively sick. In order to justify their selfish self interest not to help others, they always assign blame. One can justify ones true selfish motives behind the notion that the poor are poor because they are undeserving of being other than that. They see it as cosmic justice. Thus they can live in the fantasy that they and they alone deserve what they have. They earned it by successfully competing. And they are right. It is a path open to anybody who doesn't get knocked on their ass becoming a winner at being competitively sick.

The thing about real winners, however, is that they want everybody to win. The true reward for having capacity and competence is that one can carry a bigger load and support a larger number of people.

 

[Blackjack200]

It most definitely was debt forgiveness when you owed $100k-$200k+ more than your house was worth, and got to live in that house for 2-3 years (often longer) without making a mortgage payment before your lender could foreclose.
I wouldn't know anything about this stuff though, I only managed a late stage loss mitigation dept for a mortgage servicer from 2009 to 2013.

There was no extra assistance to homeowners that wasn't available before the crisis, and lenders could usually pursue borrowers for losses beyond the portion of the principal they were able to recover through the sale of the house.

 

[Muse]

She seems to be unafraid to imagine using the power of government to make major changes nationally. Her proposed breakup of large tech companies comes to mind.

 

[Vic]

There was no extra assistance to homeowners that wasn't available before the crisis, and lenders could usually pursue borrowers for losses beyond the portion of the principal they were able to recover through the sale of the house.

Lol?

 

[digiram]

That was kind of my original point. Instead of forgiving student debt specifically we should make it some sort of monetary grant to everyone below a certain income threshold.

Yah, that's kind of the problems with social programs, right? If you're extremely poor you can get medicaid, foodstamps, etc. Once you reach a certain threshold, you get screwed..sort of. I wouldn't want to be in their position, but It would be better to give everyone a proportional cut. Alright, this is kind of going off topic. My bad.

 

[s0me0nesmind1]

Oh, haha, not sure I would call losing your house "mortgage forgiveness".

No shit. Fucking moron should try not paying off his car loan, see where his debt forgiveness is.

Reality: The car will be reclaimed by the debt owner - It will be sold at it's actual value (not the value purchased). Plus fees (auction fees, towing fees, tons more from what I hear)...

In the end there will be a big fat bill sent to you - even though the actual property was reclaimed.

I suspect the same occurs when a house is foreclosed on - but apparently Vic is too dumb to understand how debt works.

 

[jackstar7]

I only managed a late stage loss mitigation dept for a mortgage servicer from 2009 to 2013.

Did everyone miss this? I'm confused by the replies.