An idea for student loan forgiveness (unemployed, salary, millionaire, dollar)
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I went to college, took out loans, and am still paying them back. However, I don't disagree there needs to be student loan reform or even discharge. Should there be accountability from the individual, yep! But that's not always how it goes. I continuously see the ridiculous argument that if you borrow it you pay it back. If that were truthful, then should we remove bankruptcy protections? Why allow that same student to pay there tuition with a credit card and they can discharge it in bankruptcy, but student loans are treated differently? I also hear something to the effect "I paid my debt, so where's my refund?" The ego behind that statement.
I said lower the interest rates. Make them pay it, but allow for it to actually happen. There’s been 0% interest for over two years now. Clearly it can be done.
Mortgages can also be 0% Just banks will go bankrupt.
Are you college educated and actually holding the belief that 0% interest rates have no cost associated with them or no one taking on the burden? Learn about the time value of money, at the very least
Mortgages can also be 0% Just banks will go bankrupt.
Are you college educated and actually holding the belief that 0% interest rates have no cost associated with them or no one taking on the burden? Learn about the time value of money, at the very least
My private student loan rates were under 2% for quite some time. Had I taken out the same loans as GradPLUS loans, I might be paying 12.5%. I am fairly close to paying it off now at the low rate I have, but wouldn’t be anywhere near with the 12.5% rate. I see no problem with forgiving loans if a person would already have paid off the loan but for the ridiculous interest rates.
I see no problem with forgiving loans if a person would already have paid off the loan but for the ridiculous interest rates.
Cool! Can you pay off my house too? If they can be let off the hook, why shouldn’t I or all of us? Don’t draw the line at college students, the rest of us want some of that action if we’re going to start forgiving debt. We ALL have it and knew what we were getting into when we acquired it. If grown ace college students get bailed out, I want to get bailed out too.
If your answer to, “Can you pay off MY house too?” is “hell no”, then my answer is the same to student loans. Btw, I paid mine off so do I get my money back if your homies get bailed out?
Last edited by SerlingHitchcockJPeele; 06-03-2022 at 01:35 PM..
I think I have a compromise that everyone could agree with.
Make it an opt-in on the tax forms.
"Do you want to contribute towards student loan forgiveness?"
"If yes, how much?"
There we go. Everyone who wants to pay for other people's student loans can opt-in and put some money in, and the rest of us can ignore the question and leave it checked 'No.'
In fact, I'd like this to be true for all taxes.
"Do you want to fund the FBI?"
"If yes, how much?"
"Do you want to fund congress salaries?"
"If yes, how much?"
Let us just decide what we want to fund and what we each think it is worth. I guarantee you that the government would become much more efficient and much more responsive very quickly...
Those who want a strong military can put as much as they want into it. Those who want social programs can put as much as they want into it. Those of us who think the government's primary job is to take our money and just burn it for no reason can put as little into taxes as we want.
If the US Government wants, I can whip up a Google form for this lickity split, and I won't even charge a consulting fee.
Have not read this whole thread but the title gave me a brainstorming idea that is fare for EVERYBODY.
Yes! forgive the student loans as they just made a little mistake with their young brains thinking gender studies and identification will set them on a path of wealth. These poor people need forgiveness.
Step one, cancel all student debt.
Step two, add a couple lines to the 1040 tax form
Question 1 "Did you take out a student loan. If "no" continue to next section!
If yes "is it paid off?
If yes, continue to next section
If no, how much is owed?
After stating amount, that sum will be added to your
taxes or you can pay it back in monthly installments.
There it is. Fair for everybody.
Then people like me who couldn't afford (or didn't even want to) go to collage wouldn't have to pay, those who payed off their loans wouldn't have to pay and those who were smart enough to chose real courses and responsible enough to be continually paying for their choices wouldn't have to pay up for these worthless idiots who chose the wrong choices so they could party away their time and buy a car with their loans.
Cool! Can you pay off my house too? If they can be let off the hook, why shouldn’t I or all of us? Don’t draw the line at college students, the rest of us want some of that action if we’re going to start forgiving debt. We ALL have it and knew what we were getting into when we acquired it. If grown ace college students get bailed out, I want to get bailed out too.
If your answer to, “Can you pay off MY house too?” is “hell no”, then my answer is the same to student loans. Btw, I paid mine off so do I get my money back if your homies get bailed out?
I get it, it's all about "me". Something that's perhaps good for society, is not even a consideration or not, because it's all about how it benefits me, or how it's fair to me. I see the avenue you're coming from, there.
I never had any student debt, myself. I only went to (local) college for a couple of years, and it was all on scholarship. But, I think cancelling a huge chunk of student debt, would be hugely beneficial for a whole lot of people that hugely need it (in terms of equity), and in general would be a positive thing for society, which I am a member of.
I do think a better idea would be, just give everyone $50,000. Which you can then use to pay off that much student loan debt, or whatever other debt, or for help with a down payment in this ridiculous housing market.
I get it, it's all about "me". Something that's perhaps good for society, is not even a consideration or not, because it's all about how it benefits me, or how it's fair to me. I see the avenue you're coming from, there.
I never had any student debt, myself. I only went to (local) college for a couple of years, and it was all on scholarship. But, I think cancelling a huge chunk of student debt, would be hugely beneficial for a whole lot of people that hugely need it (in terms of equity), and in general would be a positive thing for society, which I am a member of.
I do think a better idea would be, just give everyone $50,000. Which you can then use to pay off that much student loan debt, or whatever other debt, or for help with a down payment in this ridiculous housing market.
Genuinely, do you believe a moron who has $50,000 in student loans to get their bachelors degree in eastern European rhythmic poetry would actually use a $50,000 government gift to pay off the debt? I suppose a “better idea” can appear that way when compared to similarly stupid ideas
I think I have a compromise that everyone could agree with.
Make it an opt-in on the tax forms.
"Do you want to contribute towards student loan forgiveness?"
"If yes, how much?"
There we go. Everyone who wants to pay for other people's student loans can opt-in and put some money in, and the rest of us can ignore the question and leave it checked 'No.'
In fact, I'd like this to be true for all taxes.
"Do you want to fund the FBI?"
"If yes, how much?"
"Do you want to fund congress salaries?"
"If yes, how much?"
Let us just decide what we want to fund and what we each think it is worth. I guarantee you that the government would become much more efficient and much more responsive very quickly...
Those who want a strong military can put as much as they want into it. Those who want social programs can put as much as they want into it. Those of us who think the government's primary job is to take our money and just burn it for no reason can put as little into taxes as we want.
If the US Government wants, I can whip up a Google form for this lickity split, and I won't even charge a consulting fee.
I’ve often wondered why there isn’t already an opt-in on tax form for people to voluntarily pay more taxes. It would be a fascinating social experiment. All those deca-millionaires and billionaires who make flippant remarks about having a lower effective tax rate than their secretary and how they think it’s unfair… ok then… pay more ya bs artist
I get it, it's all about "me". Something that's perhaps good for society, is not even a consideration or not, because it's all about how it benefits me, or how it's fair to me. I see the avenue you're coming from, there.
I never had any student debt, myself. I only went to (local) college for a couple of years, and it was all on scholarship. But, I think cancelling a huge chunk of student debt, would be hugely beneficial for a whole lot of people that hugely need it (in terms of equity), and in general would be a positive thing for society, which I am a member of.
I do think a better idea would be, just give everyone $50,000. Which you can then use to pay off that much student loan debt, or whatever other debt, or for help with a down payment in this ridiculous housing market.
First, it would take somebody incredibly privileged to take out 10s or 100s of thousands of dollars of student loans while pursuing a degree they didn't even bother to make sure would provide them a reasonable return on investment, so this equity you are talking about is specifically taking away from those who are disadvantaged (people who couldn't get into college, knew they couldn't pay the bills or had other limitations) and giving that money to the advantaged (those who had so little concern for money that they scoffed at the idea of worrying about $100,000).
You're basically talking about making a single mother working at McDonalds to pay the bills for her and her kids pay a bunch of extra taxes so some rich kid from the suburbs can go to an expensive university and party every day.
This is absolutely not what I would consider a positive thing for society.
Second, where exactly does this $16,500,000,000,000 come from to give everyone $50K? That's 16.5 trillion dollars... You know how much we would have to tax people in order to get $50,000 to give to everyone?
$50,000 each. Yes, in order to give each person $50,000 we need to tax each person $50,000. Or the equivalent.
And no, the top 1% don't have it to give, unless you want to completely destroy the economy and crash the majority of publicly traded companies out there by forcing the 1% to sell 50% of all of their holdings and assets so the US government can take the money to redistribute. And even this wouldn't work since the markets would crash immediately even before they could sell 10% of their holdings since there would be an enormous influx of supply and a corresponding decrease of demand.
You could possibly cover 50% of this by taking every single thing the top 1% have (leaving them naked and with nothing) and having the government slowly sell the assets as the increased supply can be absorbed. Even so, I think the vast majority of the 1% would immediately relocate assets out of the country and suddenly you don't even have the tax base you used to have, much less the $16.5 trillion you wanted to give away.
Of course this ignores the massive amount that the government would take to administer such a project.
There is no magical money tree solution to any of this.
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