Does $10K student loan forgiveness help you? How old are you? (colleges, elementary school)

[codeninja]

Originally Posted by cowboyxjon

Won’t help me at all, but I expect a ‘thank you’ from the deadbeats who it will help.

Those "deadbeats" pay taxes too, so they're contributing to this just like you are. But, I get your point.

[cowboyxjon]

Originally Posted by codeninja

Those "deadbeats" pay taxes too, so they're contributing to this just like you are. But, I get your point.

Actually, since there are so many out there who agree with and feel entitled to this, maybe I’ll change my mind.

I think my mortgage payment is annoying and the cost of living in my city has gone up quite a bit since I bought my house in 2010, so maybe I can lobby to have some of that debt shifted to taxpayers as well. I mean it’s just really not fair that the cost of living has risen. I could use that extra money for something else.

[modest]

Originally Posted by cowboyxjon

Actually, since there are so many out there who agree with and feel entitled to this, maybe I’ll change my mind.

I think my mortgage payment is annoying and the cost of living in my city has gone up quite a bit since I bought my house in 2010, so maybe I can lobby to have some of that debt shifted to taxpayers as well. I mean it’s just really not fair that the cost of living has risen. I could use that extra money for something else.

You have a tangible asset to sell, so do I. I can go out front and pick up the dirt in my hand that is worth $600k+. If you don't like your mortgage, call a realtor and someone will be more than happy to take it off your hands $30k above asking. You didn't create that value on your own. The wonderful city of Denver and Golden did, by creating a habitat with our tax dollars that is desirable and safe.

"Skills" learned in college are mostly dubious and very intangible. And no, I'm not just talking about the English Lit majors. A lot of people did their best to try to put those to use, but it didn't pay off. And truth be told, a lot of those people probably didn't belong in college to begin with. But what options do they have? You can't make a living bagging groceries when you're also strapped with $30k of unforgivable debt. And if you're not smart enough to put the education to use, you're probably stuck somewhere in the middle drowning.

If you or I make bad decisions on our credit cards, auto loans, or mortgages, the banks have assets to collect and we can file for bankruptcy, ride it out for a few years, and be almost back to normal in five years. You can't do that with student loans, there is no reset button. You are screwed for life. We should not be treating people that way, like student loans are a prison sentence for the rest of your life. People did not commit a crime, they were literally trying to improve their lives.

But let it be known, student loan forgiveness is not the permanent solution here, it is just a band aid. The real issue is aligning our educational system better with the jobs of the future. If I pay to go to school, do moderately well, and graduate, then I need to be able to get a job that pays me accordingly for that investment. If that opportunity does not exist for my chosen field, or if I'm not the best candidate for a particular program, then that needs to be sussed out long before I'm accruing $30k of debt that I can never get rid of.

[codeninja]

Originally Posted by cowboyxjon

Actually, since there are so many out there who agree with and feel entitled to this, maybe I’ll change my mind.

I think my mortgage payment is annoying and the cost of living in my city has gone up quite a bit since I bought my house in 2010, so maybe I can lobby to have some of that debt shifted to taxpayers as well. I mean it’s just really not fair that the cost of living has risen. I could use that extra money for something else.

Do what you want. Everybody is still going to be paying taxes just like you.

[redguard57]

I paid off my loans 8 years ago. But I support the forgiveness because I am not a sociopath who wants other people to suffer because I did.

Also my college was much cheaper by virtue of me going in a more favorable time.

[fnh]

(The mortgage interest deduction is a handout to homeowners, year after year after year, so there's that. The more money you borrow to buy a home, the more the taxpayers are subsidizing you.)

We are still paying my spouse's (law school) student loans but would be ineligible for forgiveness since our income exceeds the limit (if post-secondary loans are included). At ~50 years old now, the annual tuition at our respective state flagship universities during the late 80s/early 90s was only around $2K per year.

I'm fine with the loan forgiveness for others, though, especially at $10K. There have been so many demonstrated instances of predatory loans, and of nightmarish loan servicers, and of people who followed rules to the letter yet were still denied their contractual loan forgiveness. (Also, what was the rationale behind Republicans blocking student loans from being refinanced like other loans?)

I view this as backfilling education funding after years of declining government support and cost-shifting onto students. I appreciate having this benefit flow toward low- and middle-class households primarily. If you are someone who is upset by it, were you equally upset by the massive handouts recently given to the very wealthy and corporations?

[Rocko20]

Originally Posted by codeninja

Those "deadbeats" pay taxes too, so they're contributing to this just like you are.

If they pay taxes, they have a job, which means they can pay their debts. Now whether they want to pay their debt is another question.

Originally Posted by codeninja

It's all for show. Biden promised to do something and he did the least he could do. Technically, he gets to say he did something, even if it was next to nothing.

It won't stop the next student from taking out a $30K annual loan for a liberal arts degree, but it will certainly help politicians get re-elected.

[TexasLawyer2000]

Originally Posted by Rocko20

It won't stop the next student from taking out a $30K annual loan

The median outstanding student loan debt is around $25k. There's not a whole lot of people taking out $30k loans. If they are, one has to wonder what school they're going to.... probably some low quality online education.

[Rocko20]

Originally Posted by TexasLawyer2000

The median outstanding student loan debt is around $25k.

Wrong.

In 2021 the average student loan debt per borrower is $39,351

https://en.as.com/latest_news/what-i...us-graduate-n/

A 2022 high school graduate could expect to borrow $39,500 for their bachelor’s degree

https://www.nerdwallet.com/article/l...dent-loan-debt

[Athair]

So there’s agreement that student loans lead to bad financial circumstances for a large population… so what restrictions are they implementing, alongside the debt cancellation, to reduce the negative impact these loans have? After all, ‘forgiveness’ implies wrongdoing… so shouldn’t the focus also be on reducing the occurrence of wrongdoing in the first place?