Is the Student Loan giveaway legal? (doctors, teaching, accepted, nurses)

[Rakin]

For now the program has been halted by the appeals court.

I just wonder what will happen in 2, 5 8 or 10 years from now. Will this become an annual expectation?

[jtab4994]

Originally Posted by Rakin

For now the program has been halted by the appeals court.

I just wonder what will happen in 2, 5 8 or 10 years from now. Will this become an annual expectation?

No, but it will be an election year expectation!

[redguard57]

Originally Posted by springfieldva

Unpopular? I haven't seen a poll but I would think that the vast majority of Americans do not qualify for this loan forgiveness and will not benefit from it all. Quite the opposite, actually. No one wants to be ordered to pay debts that do not belong to them.

Polls on the 10k forgiveness are split about evenly, but usually with approval slightly edging out disapproval. It's pretty partisan, but in comparison to other big initiatives, it polls about 5-8 points better than Obamacare did and far better than the GOP tax reform.

If a future president tries to restart payments, that president's approval among voters under 50 (and in not too long, 60) will go absolutely into the toilet. Democrats are dependent on young people so you can expect no Democratic president will ever restart payments. A Republican president will have to do it, but I doubt they will.

[redguard57]

Originally Posted by Rakin

For now the program has been halted by the appeals court.

I just wonder what will happen in 2, 5 8 or 10 years from now. Will this become an annual expectation?

Obviously yes, since forgiveness does not attack any symptoms. In a few years, the students going through now will be in the same boat as the borrowers in question.

It's the equivalent of wiping snot off of our noses but not treating the allergy.

[RPC324]

Originally Posted by redguard57

Obviously yes, since forgiveness does not attack any symptoms. In a few years, the students going through now will be in the same boat as the borrowers in question.

It's the equivalent of wiping snot off of our noses but not treating the allergy.

The larger plan does intend to amend schedules so that payments are not so painful. This includes new interest schedules that limit the timing and amount of accumulation and compounding, New charge-off timeline, and changes to the income-driven payment structure that demands a lower percentage of income as minimum payments.

More can definitely be done. I think that the loan guarantees to the academic institutions need tweaking, whether in the form of outright caps on guaranteed amounts, or requirement to meet some metrics in order to qualify for higher payment. My idea would be working with in-state tuition rates at public universities as a benchmark. Lower guaranteed income may force the bigger ticket universities to dip into their endowments and scholarship funds, explore more work-study options, or lower prices to remain competitive.

[skeddy]

I don't want any President, Republican or Democrat being able to make 500 billion dollar decisions without Congress approving it.

[Rocko20]

Originally Posted by Rakin

Will this become an annual expectation?

For votes, absolutely.

"Vote for me and I will forgive all your debt."

[tnff]

Originally Posted by redguard57

Polls on the 10k forgiveness are split about evenly, but usually with approval slightly edging out disapproval. It's pretty partisan, but in comparison to other big initiatives, it polls about 5-8 points better than Obamacare did and far better than the GOP tax reform.

If a future president tries to restart payments, that president's approval among voters under 50 (and in not too long, 60) will go absolutely into the toilet. Democrats are dependent on young people so you can expect no Democratic president will ever restart payments. A Republican president will have to do it, but I doubt they will.

Basically you acknowledge this is nothing more than a vote buying scheme.

[redguard57]

Originally Posted by tnff

Basically you acknowledge this is nothing more than a vote buying scheme.

So are tax cuts.

Not necessarily, but is it a policy in favor of a constituency? Yes.

We need to get college finance under control but no one seems to want to do that. The student loan problem is only one aspect of the overall college cost problem. This has been festering for a few decades now and no one addresses it. Now it is at crisis level and our failure to deal with it has brought about this result.

At a basic level we need to figure out why college is costing 25k+ per year.

[springfieldva]

Originally Posted by redguard57

Polls on the 10k forgiveness are split about evenly, but usually with approval slightly edging out disapproval. It's pretty partisan, but in comparison to other big initiatives, it polls about 5-8 points better than Obamacare did and far better than the GOP tax reform.

If a future president tries to restart payments, that president's approval among voters under 50 (and in not too long, 60) will go absolutely into the toilet. Democrats are dependent on young people so you can expect no Democratic president will ever restart payments. A Republican president will have to do it, but I doubt they will.

The individuals who would actually benefit from this are a relatively small fraction of the population. Whereas, the individuals who would be hurt by this is, well, everyone else.