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Will Joe Biden cancel student loans?

Mai72

Lifer
Sep 12, 2012
10,480
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Joe initially wanted to pay off $10k for all student loan borrowers. Schumer and Warren have called for much more aggressive measures. They want to eliminate $50k of student loan debt for each borrower I've even heard that Warren wants to eliminate 100% of studen loan debt. To just wipe the slate clean. IMO, if they go ahead and get rid of student loan debt they need to go after the cost of college, because we will just find ourselves back in this mess within another decade. I think it's redicilous that colleges are charging full price for college credits when their campuses are closed. A class on Zoom is not even close to going to a class on campus.


 
Nov 8, 2012
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Nope. Only a moron would. Thankfully, Biden isn't that stupid.

It is essentially attempting to buy votes in a nut-shell. The problem is - that morons don't understand - is that it will piss off a much larger majority. I sincerely don't think Biden is stupid enough to randomly forgive loans.
 

EduCat

Senior member
Feb 28, 2012
344
41
91
Nope. Only a moron would. Thankfully, Biden isn't that stupid.

It is essentially attempting to buy votes in a nut-shell. The problem is - that morons don't understand - is that it will piss off a much larger majority. I sincerely don't think Biden is stupid enough to randomly forgive loans.
Lol a politician actually improving peoples lives does indeed get votes. It would be a blessing to a lot of people. We should be educating our populace for free and to the best of our ability.
 

Mai72

Lifer
Sep 12, 2012
10,480
1,099
126
Nope. Only a moron would. Thankfully, Biden isn't that stupid.

It is essentially attempting to buy votes in a nut-shell. The problem is - that morons don't understand - is that it will piss off a much larger majority. I sincerely don't think Biden is stupid enough to randomly forgive loans.
Well this will depend on the state of our economy. If he feels like student loans are affecting the economy in a negative way, I could see Biden taking some type of action.

What kind of action? Only time will tell...
 

uclaLabrat

Diamond Member
Aug 2, 2007
4,399
584
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Net benefit of that is its essentially a tax break that will go straight back into the economy. Bad news is a lot of folks on the poor end of the spectrum or, more specifically, the ones who never went to college that the democrats need to do a better job connecting with, that won't see any benefit.
 

BUTCH1

Lifer
Jul 15, 2000
19,646
1,264
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I don't like it, I sure wish when I was younger I could have gone for four years and not wind up paying for it. Not exactly fair to everyone who DIDN'T mindlessly take on a massive amount of debt because it looked like too much of a gamble.
Maybe some basic guidance needs to be taught before anyone thinks they'll automatically get the required job needed to pay off these massive loans.
 
Feb 25, 2011
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I don't like it, I sure wish when I was younger I could have gone for four years and not wind up paying for it. Not exactly fair to everyone who DIDN'T mindlessly take on a massive amount of debt because it looked like too much of a gamble.
Maybe some basic guidance needs to be taught before anyone thinks they'll automatically get the required job needed to pay off these massive loans.
"Would it be fair to the people the trolley has already killed, to divert it now?"
 

BUTCH1

Lifer
Jul 15, 2000
19,646
1,264
126
Net benefit of that is its essentially a tax break that will go straight back into the economy. Bad news is a lot of folks on the poor end of the spectrum or, more specifically, the ones who never went to college that the democrats need to do a better job connecting with, that won't see any benefit.
And another huge amount of debt added to the deficit, no thanks, you went, you pay. My neighbors kid, (when he was 18) racked up $40K in loans to be a music producer, he's still living at the house 10+ years later paying on it, he works for a local beverage distributor.
 
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BUTCH1

Lifer
Jul 15, 2000
19,646
1,264
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"Would it be fair to the people the trolley has already killed, to divert it now?"
This is the thing, $$ just doesn't just fall out of the either, if those loans are forgiven the government will have to pay it
all back to the banks that underwrote all of it. If you want to go that route than I want the $1,300/month I can collect now on SS boosted to $2,000/month. To make up the amount that I WOULD have been entitled to IF I got a free collage
education.
 

SmCaudata

Senior member
Oct 8, 2006
684
794
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It would be fine to forgive after 10 years of income based repayment for everyone while going after the cost of college in some way and make this retroactive for anyone that's done it.

OR

Student loan interest should be 100% tax credit, not a deduction. It shouldn't phase out with income.
 

fskimospy

Elite Member
Mar 10, 2006
71,134
20,806
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Net benefit of that is its essentially a tax break that will go straight back into the economy. Bad news is a lot of folks on the poor end of the spectrum or, more specifically, the ones who never went to college that the democrats need to do a better job connecting with, that won't see any benefit.
Yes, this exactly. If cancelling student loans is a thing you want to do, better to take that exact same amount of money and just give it to all Americans, let them do what they want with it.

In addition, any move to cancel student loans needs to come with the abolition of student loans or the problem will just come back. Canceling student loans fundamentally means publicly funding higher education. I’m down with that! If we are going to do it though just do it, don’t do this weird dance where people run up debt hoping it’s cancelled later.
 

MrSquished

Diamond Member
Jan 14, 2013
8,868
4,448
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I want to college and paid my student debts. State college so it wasn't that bad at all. I would not give two shits if they forgived some student debt. Are we only allowed to be happy for things that benefit us directly? What a country.
 

SmCaudata

Senior member
Oct 8, 2006
684
794
136
I want to college and paid my student debts. State college so it wasn't that bad at all. I would not give two shits if they forgived some student debt. Are we only allowed to be happy for things that benefit us directly? What a country.
Nope. Same here.
 
Nov 8, 2012
18,486
3,868
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Lol a politician actually improving peoples lives does indeed get votes. It would be a blessing to a lot of people. We should be educating our populace for free and to the best of our ability.
If your concern is with improving the lives of people that need it - then canceling student loan debt is certainly not the way silly buns.
 

fskimospy

Elite Member
Mar 10, 2006
71,134
20,806
136
If your concern is with improving the lives of people that need it - then canceling student loan debt is certainly not the way silly buns.
It would certainly improve people’s lives, anyone who says differently is insane or stupid.

If the argument is that there are better ways to use the same money to improve lives this is true, but really at this point anything is better than nothing, which is what republicans are looking for.

This is the problem we face with so many dumb arguments like this. It’s not like the options are ‘do the broad based investment America needs’ or ‘cancel student loans’. It’s most likely ‘cancel student loans or do nothing’. In that case cancel away.
 
Nov 8, 2012
18,486
3,868
136
This is the thing, $$ just doesn't just fall out of the either, if those loans are forgiven the government will have to pay it
all back to the banks that underwrote all of it. If you want to go that route than I want the $1,300/month I can collect now on SS boosted to $2,000/month. To make up the amount that I WOULD have been entitled to IF I got a free collage
education.
Or simply if you luckily timed things right. Imagine how someone feels if they got a work-bonus last year and decided instead of spending it on hookers and blow like they normally do - they instead decide to change their personality and become more responsible.

What does that teach anyone? It teaches them that don't worry about being responsible - someone else will pick up our mess for us.
 

BoomerD

No Lifer
Feb 26, 2006
56,303
4,726
126
I want to college and paid my student debts. State college so it wasn't that bad at all. I would not give two shits if they forgived some student debt. Are we only allowed to be happy for things that benefit us directly? What a country.
I'm not a fan of forgiving student loan debt...but, how about forgiving loans made for students who attended state colleges and universities, and NOT those who attended private and for profit universities?
 

MrSquished

Diamond Member
Jan 14, 2013
8,868
4,448
136
Or simply if you luckily timed things right. Imagine how someone feels if they got a work-bonus last year and decided instead of spending it on hookers and blow like they normally do - they instead decide to change their personality and become more responsible.

What does that teach anyone? It teaches them that don't worry about being responsible - someone else will pick up our mess for us.
I know it's like if we stop predatory lending now what will that teach all those folks that got predatory lended back in the day! Or those folks that worked for a lower minimum wage back then will resent those folks making more minimum wage now? How about all those women resentful for not having the right to vote most of their lives while all these younger women get it!

It's like your bullshit argument that democrats don't do anything for minorities, while ignoring reality.
 

MrSquished

Diamond Member
Jan 14, 2013
8,868
4,448
136
I'm not a fan of forgiving student loan debt...but, how about forgiving loans made for students who attended state colleges and universities, and NOT those who attended private and for profit universities?
It should maybe be based on income.

I'm well aware that people who come after me may benefit more from progress than I have in some ways, if it happens. Although this country is going backwards in many ways. But I'm not gonna hold it against them too much.
 

sactoking

Diamond Member
Sep 24, 2007
6,795
1,536
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American: "I don't like canceling student debt because even though it will greatly help the economy it won't directly help me. But I'm all for tax breaks for billionaires that don't help the economy one bit because some day I may be a billionaire too!"

Narrator: "They never had any chance of becoming a billionaire."
 

fskimospy

Elite Member
Mar 10, 2006
71,134
20,806
136
American: "I don't like canceling student debt because even though it will greatly help the economy it won't directly help me. But I'm all for tax breaks for billionaires that don't help the economy one bit because some day I may be a billionaire too!"

Narrator: "They never had any chance of becoming a billionaire."
It is amazing and depressing how Americans love deficits caused by tax cuts for billionaires but hate deficits caused by money for regular people.
 
Nov 8, 2012
18,486
3,868
136
American: "I don't like canceling student debt because even though it will greatly help the economy it won't directly help me. But I'm all for tax breaks for billionaires that don't help the economy one bit because some day I may be a billionaire too!"

Narrator: "They never had any chance of becoming a billionaire."
Lol "helps the economy" argument is just grand.

It helps the top 30-40% and at no point is it guaranteed to be spent in a way that is helpful.

Va. Simply handing the LOWER 40% money where they can use it to improve their lives and help drive the economy.

Also just using the phrase "helps the economy" to drive an argument for massively increasing our debt is just fucking batshit insanely stupid.
 
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