Could Student debt forgiveness boost home sales and entrepreneurship ?

[ddeemo]

Originally Posted by J746NEW

When money is printed as handouts to the evil rich in the stock market, everyone is punished with that as well by inflation.
The evil rich in America are by far the beneficiaries of most policies in this country, since, well, they own the government.

Just what defines "evil rich", does that mean anyone that has more than you determine is evil? I guess Pelosi is evil since she has a net worth north of $140M.

When the money supply is expanded, it is an attempt to increase demand, reduce unemployment and grow the economy. Currently, interest is near zero - inflation is of little concern That does not sound like "everyone is punished"

[Roselvr]

Originally Posted by Roselvr

So far, one person in the article below has more then $30,000 in debt, bought a house since she doesn't have to pay her loan right now. Another woman with $68k in student loan debt has paid down credit cards and is trying to save for a house while not having to make payments. I wonder how she will even qualify for a mortgage with that kind of debt.

Less than 11% of people with federal student debt are repaying their loans during Covid

- Here’s what life is like without the monthly payments.

We're going to be hearing about people with student loans that bought houses during the time their loan was on hold because I see that Biden has removed the hold, effective in September, so the payments should start some time in the fall.

I saw another article that says more and more people are graduating with student loan debt in the 6 figures. It floors me to read that going to a school like Penn university can cost $70,000 a year. More student loan borrowers carry six-figure balances


Biden Removes Student Loan Forgiveness From Budget Proposal

The White House has reportedly removed several key provisions from the administration’s upcoming budget plan, one of which was a student debt forgiveness proposal that progressives say is already several months overdue.

Progressives have been especially frustrated with Biden, however, for having discussed but not followed through on the prospect of forgiving student loans for months. The left began advocating for Biden to cancel student debt weeks before his presidency started — but, despite making some moves indicating he might do so, Biden is now stepping back previous pledges on the matter.

During his presidential campaign, Biden supported canceling up to $10,000 in student loan debt per borrower. After taking office, Biden made a couple of moves earlier in the year signalling that he may go even bigger, with his chief of staff hinting in April that forgiveness of up to $50,000 could be on the table.

For months, the Biden administration has said that it is exploring the legality of canceling student debt via executive order — a matter of great exasperation for advocates of debt cancellation who have repeatedly pointed out that it’s something the president could do with the stroke of a pen.

But the fact that Biden has postponed action on the proposal for so long and has now removed it from the upcoming budget proposal implies that Biden may be skeptical of the proposal altogether.

“The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,” Biden told the New York Times.

[SuiteLiving]

Originally Posted by Roselvr

We're going to be hearing about people with student loans that bought houses during the time their loan was on hold because I see that Biden has removed the hold, effective in September, so the payments should start some time in the fall.

I saw another article that says more and more people are graduating with student loan debt in the 6 figures. It floors me to read that going to a school like Penn university can cost $70,000 a year. More student loan borrowers carry six-figure balances


Biden Removes Student Loan Forgiveness From Budget Proposal

Sanity! Thanks

[galaxyhi]

College debt cancellation or reduction has to HAPPEN first.

I don't think any president, any congress will just do that.

NY has a "free college" program, but only for tuition, only if you jump through all 150 hoops, and only for NY residents.

I think that's as close as any "cancellation" is going to get.

I cannot help it if a student signs away his/her life for 4 years of partying, "getting some", aloneg with hopefully an education.
And then to sign away $150k to get a degree in underwater left handed basketry that will pay $25k/yr.

And, while I never finished my degree, what about me? Or others who don't go to college? Do they get a bonus of $50k if $50k is forgiven for college students?
Do the parents who paid for their kids college get a credit back too?

And who is going to pay for the cancellation or reduction? I've never had kids, I spent a mere 13 years in elementary schools, so if I've paid 13 years of school taxes, for the next generation, why should I pay more? And with a senior school tax discount, I wouldn't.
Why should I subsidize college costs?

If I attended college to finish a degree, excepting the above mentioned state Program, would I get it free? Because others got it "free" or "reduced"?

Why should the "working stiffs"...who do jobs not needing a college degree subsidize those foolish enough to sign their lives away for a sheepskin?

Why should any taxpayer subsidize college students?

Lastly, before we go cancelling or reducing college debt, we need to do something about the GREED in colleges.
Colleges saw the fed backing of student loans as a payoff..let's build brand new dorms, new stadium s, new computer rooms, whatever they wanted. Let the money roll in.

And to "fool" the students (I experienced this one semester at community college) into signing small bits of loans at a time..."need $ for tuition? Sign here". "Need $ for books? Sign here". "Need $ for housing? Sign here". And so on. (I did sign, and ended up with a whopping$13k+, just for ONE semester... commuting to the community college! I didn't sign up again for THAT kind of debt! And meanwhile an ambitious college president was busy turning a two year Jr college into a bigger institution.. working towards an expanded curriculum heading for a 4 yr college status. Improvement is nice, but...

None of the above are gripes..just points I find in contention of "cancellation" or reduction of college debt.

If people sign their lives away for a sheepskin, let THEM pay the piper!!!
(And maybe make it better understood what the amount they sign for will mean in a future payment vs what pay they can expect for the degree they are signing for.)

But I go back to what I said above: it has to HAPPEN first, before we can "spend" the benefits, or determine what benefits will arise from such a program.

Best...

[prospectheightsresident]

I'm also curious to the impact that such a cancellation would be on people's tax bill. Would the cancellation be taxed? If so, this would very well be a negative for many in terms of being prepared for home ownership, at least in the short term.

[anononcty]

Home sales don't need boosting. There's not much to boost

[skeddy]

Progressives feel it's about time those with no college degrees pay for those who do have them.