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Government needs to get out of the student loan business. All these kids getting degrees yet Americas education, compared to the rest of the world, has gone down hill.
Delinquency rates for student loans are now higher than those for credit cards, auto loans, home equity loans and mortgages.
Student debt is 1.4 trillion and 7% of GDP.
Glad, that our President and Congress wants to eliminate the student loan deduction.
The student loan deduction is in many ways a deduction for luxury foreign vacations for study purposes, deduction for living in luxurious apartments with resort amenities, deductions for several hundred a month latte, pastry and komboucha habits.
Can't wait until the garnishments start coming to these university graduates and they can't discharge the loans in bankruptcy. Hopefully, they won't be able deduct them anymore either!
But million dollar artwork on the wall, ice sculptures, private jets and yachts and much more - this stuff IS deductible by US business....and as a proud Republican you support it.
I think I get the idea. You are a country club Republican. Let them others eat cake....unless they want to buy something from you.
The Republican party is struggling to find ways to transfer the burden of this corporate tax cut to the middle and lower classes. I don't see how the OPs suggestion benefits more than five or ten percent of the population at most. If post #10 is true, 0%.
Most can agree that the student loan program is a mess. I found fault with some of Obama's college-related proposals preferring to see a move towards more German-style apprenticeship programs instead of a college-for-all approach.
The key, though, is to question whether eliminating student loan deductions is part of reforming educational funding OR primarily intended to support a tax cut for high-earners? Here, I think we all know the answer.
Why can't Donald from The Apprentice actually propose policy along those lines?
You are the only poster who has made sense in this babble of idiotic posts from the rest.
Some of the 4 year undergrad degrees are utterly useless and not worth the paper the diploma is printed on. Yet those philosophy and sociology degrees cost the same as the STEM degrees. Most of this mess is by government getting into the college loan business. They should get out of it and let the private sector fund the loans. The cost of education will go down, which up till now has far outstripped inflation. Only the appropriate students will be given loan since the lenders will make sure that they loan to students in fields where they can expect to be repaid.
I agree that the government can partner with the private industry and provide aid to students not appropriate for college or willing to go to college and start apprenticeship. Pay a stipend and learn manufacturing skills that can be used to produce high quality goods in this country. Just like the Germans do.
But million dollar artwork on the wall, ice sculptures, private jets and yachts and much more - this stuff IS deductible by US business....and as a proud Republican you support it.
I think I get the idea. You are a country club Republican. Let them others eat cake....unless they want to buy something from you.
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