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Old 01-09-2021, 01:51 AM
 
29,523 posts, read 22,680,154 times
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Good chance of happening.

https://www.forbes.com/sites/adammin...nt-loan-pause/

Quote:
President-Elect Joe Biden’s transition team indicated on Friday that as one of his first act in office, he will direct the Department of Education to extend the existing moratorium on student loan payments, interest, and collections, and will push Congress to enact $10,000 in student loan forgiveness per borrower.
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Old 01-09-2021, 01:54 AM
 
10,130 posts, read 19,887,517 times
Reputation: 5815
I approve. The next generation is going to be saddled with so much debt thanks to Trump, the least that we can do is forgive a mere $10K in debt for them.

They will be paying our social security after all.
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Old 01-09-2021, 01:58 AM
 
761 posts, read 316,840 times
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Quote:
Originally Posted by atxcio View Post
I approve. The next generation is going to be saddled with so much debt thanks to Trump, the least that we can do is forgive a mere $10K in debt for them.

They will be paying our social security after all.
The next generation will have debt so we give them more? Sounds like the helpless attitude of someone in severe credit card debt....don’t look and keep charging.
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Old 01-09-2021, 02:02 AM
 
Location: Texas
316 posts, read 155,607 times
Reputation: 733
The problem with student loan forgiveness is that it doesn't solve the problem of too many people going to college to get worthless degrees. When there is a high supply and not enough demand, wages will be low for many who are stuck with degrees they cant use. Loan forgiveness simply eases the pain.

It also creates bad habits and teaches a bad lesson for the future. Many who have their loans forgiven will take needless risks in other areas of life like buying houses they cant afford. Forgiving student loans will likely lead to auto loan forgiveness, mortgage forgiveness, credit card debt forgiveness and failed investment forgiveness.
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Old 01-09-2021, 02:03 AM
 
10,130 posts, read 19,887,517 times
Reputation: 5815
Quote:
Originally Posted by 87Camarottop View Post
The next generation will have debt so we give them more? Sounds like the helpless attitude of someone in severe credit card debt....don’t look and keep charging.
Yup... the trump administration in a nutshell!!! Let the next administration pay. My point exactly.
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Old 01-09-2021, 02:15 AM
 
761 posts, read 316,840 times
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Quote:
Originally Posted by King_Henry View Post
The problem with student loan forgiveness is that it doesn't solve the problem of too many people going to college to get worthless degrees. When there is a high supply and not enough demand, wages will be low for many who are stuck with degrees they cant use. Loan forgiveness simply eases the pain.

It also creates bad habits and teaches a bad lesson for the future. Many who have their loans forgiven will take needless risks in other areas of life like buying houses they cant afford. Forgiving student loans will likely lead to auto loan forgiveness, mortgage forgiveness, credit card debt forgiveness and failed investment forgiveness.
Sounds like those that were responsible and paid themselves get the shaft. Congrats for paying your debt — now we are taking your tax money to pay for those that weren’t as responsible.
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Old 01-09-2021, 04:25 AM
 
Location: Cali
14,232 posts, read 4,601,138 times
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Very good.


An office secretary making $40,000/year and with only a HS diploma will now lend a hand to help pay off college loan for her boss/manager with a BA and earning $80,000/year
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Old 01-09-2021, 06:05 AM
 
59,125 posts, read 27,349,464 times
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Quote:
Originally Posted by Suburban_Guy View Post
"Eventually you will run out of OTHER peoples MONEY"!


Will they pay BACK all those who DID pay off their loans? Equal treatment and all!
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Old 01-09-2021, 06:10 AM
 
Location: My beloved Bluegrass
20,126 posts, read 16,173,562 times
Reputation: 28335
I agree with the pause and think it should remain for at least a year. The forgiveness is a little more iffy, but it’s not the worst idea - just glad it’s not still the originally thrown out $50,000 because they are going to do it one way or another.
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Old 01-09-2021, 06:14 AM
 
59,125 posts, read 27,349,464 times
Reputation: 14290
Quote:
Originally Posted by atxcio View Post
I approve. The next generation is going to be saddled with so much debt thanks to Trump, the least that we can do is forgive a mere $10K in debt for them.

They will be paying our social security after all.
"The next generation is going to be saddled with so much debt thanks to Trump"

And you never whined when obama DOUBLED the debt. Why?

ALL spending bills originate in the HOUSE, and who has had control of the House? Guess where ALL this spending originated.

Things ADDED to the bill which was SUPPOSED to help those in need due to the virus that NANCY and her crowd ADDED to the bill.

> Make sure you try and count the 000000000’s!
> Behind your little $600 check.... relief check you will receive:
>
> 1. $300,000,000 for Migrant and Refugee Assistance pg.. 147
> 2. $10,000 per person for student loan bailout
> 3. $100,000,000 to NASA, because, who knows why.
> 4. $20,000,000,000 to the USPS, because why not
> 5. $300,000,000 to the Endowment for the Arts - because of it
> 6. $300,000,000 for the Endowment for the Humanities/ because no one even knew that was a thing
> 7. $15,000,000 for Veterans Employment Training / for when the GI Bill isn't enough
> 8. $435,000,000 for mental health support
> 9. $30,000,000,000 for the Department of Education stabilization fund/ because that will keep people employed (all those zeros can be confusing, that’s $30 BILLION)
> 10. $200,000,000 to Safe Schools Emergency Response to Violence Program
> 11. $300,000,000 to Public Broadcasting / NPR has to be bought by the Democrats
> 12. $500,000,000 to Museums and Libraries / Who knows how we are going to use it
> 13. $720,000,000 to Social Security Admin / but get this only 200,000,000 is to help people. The rest is for admin costs
> 14. $25,000,000 for Cleaning supplies for the Capitol Building / I kid you not it's on page 136
> 15. $7,500,000 to the Smithsonian for additional salaries
> 16. $35,000,000 to the JFK Center for Performing Arts
> 17. $25,000,000 for additional salary for House of Representatives
> 18. $3,000,000,000 upgrade to the IT department at the VA
> 19. $315,000,000 for State Department Diplomatic Programs
> 20. $95,000,000 for the Agency of International Development
> 21. $300,000,000 for International Disaster Assistance
> 22. $90,000,000 for the Peace Corp pg. 148
> 23. $13,000,000 to Howard University pg. 121
> 24. $9,000,000 Misc. Senate Expenses pg. 134
> 25. $100,000,000 to Essential Air carriers pg. 162. This of note because the Airlines are going to need billions in loans to keep them afloat ($100,000,000 is chump change.)
> 26. $40,000,000,000 goes to the Take Responsibility to Workers and Families Act This sounds like it's direct payments for workers pg. 164
> 27. $1,000,000,000 Airlines Recycle and Save Program pg. 163
> 28. $25,000,000 to the FAA for administrative costs pg. 165
> 29. $492,000,000 to National Railroad Passenger Corporation (Amtrak) pg. 167
> 30. $526,000,000 Grants to Amtrak to remain available if needed through 2021 pg. 168 (what are the odds that doesn't go unused) Hidden on page 174 the Secretary has 7 days to allocate the funds & notify Congress
> 31. $25,000,000,000 for Transit Infrastructure pg. 169
> 32. $3,000,000 Maritime Administration pg. 172
> 33. $5,000,000 Salaries and Expensive Office of the Inspector General pg. 172
> 34. $2,500,000 Public and Indian Housing pg. 175
> 35. $5,000,000 Community Planning and Development pg. 175
> 36. $2,500,000 Office of Housing
> What DOES ALL of this have to do with the Virus????
> (Are you angry yet? Well I am!
> I wonder how many Democratic Legislators were responsible for these tag on’s that Nancy Pelosi and Chuck Schumer insisted before agreeing?
> Who in the world continues to elect these idiots!! The endowment for the humanities, you have got to be kidding me!
>
How does this make you feel?
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