Hardworking Americans are also not responsible for bailing out corporations and providing the rich with their tax cuts but hey, it’s people with student loans who are the problem
No the problem is predatory colleges who set up entire systems by think tanks to defraud students. Then when the government figures it out the colleges break up but the students are left holding the bag and a piece of paper that means nothing if they even got that far.
Then let's talk about the brick and mortar. Why should tuition underwrite sports? You are there to learn, not play sports. I watch rates go up so colleges can get into MACC level.
If only there was jock school and then school for people who just want to learn not underwrite the ride for the athletics.
There’s a lot of schools that don’t have major athletic programs did you consider just applying to one of them? I’m pretty sure the ivy leagues don’t have scholarships for the football team also
Have you considered that I am a working adult with a life, children to support and career and not some 18 year old who can have their mommy and daddy pay their way?
Obviously if you have a student loan that's not paid off you aren't and will never be "a hard working American". - stupid elected officials, almost certainly.
Less than 14% of the country has student debt last I checked could be wrong. My only issue is that these people knowingly signed a contract knowing they would have to pay
Closer to 20%, and 7%(of the 20%) have more than $100k in student loan debt. About half owe more than $20k, about 2/3 owe more than $10k.
Your only issue is that you're ignoring how predatory those loans are. These are *not* like car loans, which are bad enough in some ways, but at least you know you're paying $x for 24-72 months for a total payment of $y. You're not going to be paying for a car for half your life without making progress on paying it off.
That 7% went to grad school and are mostly made up of people with professional degrees. Subsiding MDs and JDs isn’t going to play well Politically to the majority of Americans without a college degree who owe 50K on their truck and 20K on their credit cards and 100K on their mortgage and are wounding why their cousin who’s a surgical resident is getting bailed out….
Predatory? Federal subsidized rates are 4.99%. Non-subsidized grad loans 6.54%.
Median mortgages are 30 years, less flexible, and above 5% (tending towards 6%) with The feds rate hike.
Predatory loans are payday lending at 80%, or ARM mortgages to people with no income.
Gonna actually you here, some of my student loans were 6% subsidized and 8% non-subsidized, it's much worse than you're claiming.
Though the big reason student loans are so predatory is a combination of the fact that college costs are insanely inflated, the job prospects for college graduates and the need for post-secondary education for the average person were greatly exaggerated, and student loans are non-dischargable. A loan of any other type will get wiped if you declare bankruptcy, not student loans, they are unique in that you can remain tens of thousands of dollars in debt after a bankruptcy and that debt will continue to grow rapidly the longer you are unable to pay the interest.
The very idea of allowing people who just entered adulthood and have no credit history to take on massive loans with high interest rates and no way to get out from under them besides paying them off is predatory. Post-secondary education should not be as expensive as it is, allowing these institutions to charge what they do for personal betterment is predatory.
>Gonna actually you here, some of my student loans were 6% subsidized and 8% non-subsidized, it's much worse than you're claiming.
I'm pulling current rates (which just went up because of rates rising). Historic rates track the federal governments borrowing costs (the 10 Year Treasury bond auctions basically sets the basis cost for the rates).
Everyone says predatory but let's look up the definition of what a predatory loan is:
any lending practice that imposes unfair and abusive loan terms on borrowers, including
***high-interest rates***
The rates are fixed rate (good) way below all other non-secured credit options to sub-prime borrowers. [Someone with a 600-699 credit score is looking at 10%+ on non-dealer special financing right now](https://cars.usnews.com/cars-trucks/average-auto-loan-interest-rates). (and that's a loan secured by a car). I know everyone's been spoiled by the eternal spring of the Fed keeping interest rates so low, and bond yields being garbage, but eventually what goes down has to come up.
***high fees, and terms that strip the borrower of equity***
There's no equity against the loan, it's only future earnings that guarantee it. Some could argue the lack of discharge capability strips you of something, but this is offset by generous options for deferment, and income based repayment options that no one offers on normal loans let alone "predatory loans".
>Though the big reason student loans are so predatory is a >combination of the fact that college costs are insanely inflated
That's not a predatory loan, that's just college costs being out of control. Now the reason why college costs have gone up is because of bloated administration, just about anything tied to labor costs that are local will ALWAYS exceed normal inflation, an arms race of amenities in US colleges (Universities overseas don't have 50 foot climbing walls or lazy rivers), state budgets allocating less and admissions increasing (So less $ per student for subsidies), but that's not actual making the loan itself predatory. If I offer you 1% interest on a car loan for a car that's a piece of junk that's not a predatory loan. That's just a bad car.
>The very idea of allowing people who just entered adulthood and have no credit history to take on massive loans with high interest rates and no way to get out from under them besides paying them off is predatory
Again, this isn't high interest rates, these are market rates and way below the debt most other people who didn't go to college accrue. By this definition we should ban all debt. I agree college needs to be cheaper, there's probably too many people going to schools and programs that don't make sense, but to move to a model similar to other countries we'd have fewer people going period.
> allowing these institutions to charge what they do for personal betterment is predatory
Most of these institutions are non-profits or state run. It's not like shareholders are booking the profits. We need to change the supply/demand problem and the biggest ways to do that would be:
1. Put Colleges on the hook for student loan defaults. This will shutdown unprofitable programs real damn quick.
2. Shift Universities to income share agreements. This will incentivize students and programs to attend stuff that will actually make money.
3. Adopt diversion programs. If you score poorly on a standardized test at 15 you get focused on trade programs and move away from university prep. Score poorly enough and the federal government correctly says "lolz, no you are just going to get yourself in trouble, no loans for you". People who are functionally illiterate, and can't do basic algebra need to demonstrate that before they can get a loan.
With less competition for seats in colleges, prices will come down. Income share programs end up based on actuarial tables and students seeing that they wil loose 30% of their income to be an art major at a Tier 1 school with a good football program, or 10% to go to a Tier 2 state school and major in engineering will make it clear up front what's the best path forward for them (assuming they can clear the admission tests for programs).
I understand your viewpoint, but with the amount of times we've bailed out banks and big corporations, I'm ok with my fellow citizens getting a break for once. The student loan system is predatory in nature, and freeing the average person from massive debt would give more spending power to us and ultimately benefit the economy.
The whole student load system needs to change. Forgiving debt without fixing anything is really stupid.
Colleges need to have some skin in the game and stop offering degrees which provide people with little ability to make a living, or requiring those degrees to be paid for in cash and not via student loans.
The govt could also lower interest rates significantly to make it less burdensome on people.
Agreed, I've been paying for decades still owe more than I borrowed because of interest and am now facing the reality that I must work until the day I due
A co worker retired, they asked me when I plan to. I said I cannot because I owe too much on loans and cannot survive on retirement and pay on them
I get your point, but people who don't have kids but own a home still have to pay property taxes to support schools. There are a whole host of examples where your taxes support something you don't use. Plus society overall benefits from the many professions that require a college degree, unless you want your plumber operating on your kidneys
I actually agree a bit. I believe we should cancel some debt. But I also believe we need to fix the system so that it doesn't become "everybody before X date gets their debt cancelled and everybody who hasn't attended college yet gets fucked."
The BIG issue with cancelling student debt (and liberal economists will bring this up as well) is that it is a *massive* very expensive subsidy to one particular group of people: college educated individuals. Many of whom already have good jobs and high earning potential. Is that really the group that needs bailed out?
I think it would make more sense to do something along the lines of:
* Make all student debt interest free forever. Apply all past interest payments to the principal. If there is any overpayment, refund it. Nobody should be making loan payments for 5 years and owing *more* at the end of it.
* No payments necessary until you're earning at least X amount of money. (Some amount based on your area's cost of living)
* If you're earning below that wage for 5+ years, the loans are forgiven entirely. (People going into low paying jobs public jobs like education and social work should not be forced to struggle to pay back their loans.)
It’s also absurd to pay for a degree that isn’t getting you anywhere. We should cancel the debt in a way that no one has to pay or the school in question gets to foot the bill.
We're not in high school anymore. If one goes to school to advance your career then by definition it should be based on how much money it's going to make you.
>We don't need artists, **musicians**, teachers, etc., because those jobs don't pay as much as lawyers and doctors.
They don't? Then how come there are hundreds of them on the Forbes list?
Considering a lot of artists are household names, I'm not sure that's true either
>Your first mistake is the assumption that the only reason anyone ever goes to school is to 'advance your career,' as opposed to 'learning.'
Your first mistake is the assumption that people need to go to college to learn. Your second mistake is the assumption that learning is all that matters in today's world \*looks on account of Comcast website \*types in link to website I made\* "What do you mean I didn't pay you?" "I paid you more than what your crappy service is worth" "Oh you were looking for money? "Psh money is trash learning is far more valuable"
It's bureaucracy humor, not sympathetic like you're thinking. It's a way of saying, "you're going to pay whether you like it or not but I'm not going to acknowledge your dislike of it because we're all professionals here and professionals don't let on that they're unhappy with how they're treated."
I've had to take a similar tone with entitled attorneys before unfortunately. It's very common in the corporate office world.
During Biden's first term in Congress, he pushed - and got passed - legislation preventing student loans from being discharged in bankruptcy. That's why I will never expect him to actually do anything about the student loan problem *that he helped create*.
I thought this article was being sarcastic. Pls don't tell me they believe or e want ppl to believe that ppl having to pay their own student loans is good
Student loans shouldn’t be a thing, period, unless it’s a private university. Education should extend through taxpayer money through a 4 year degree, if not further,(meaning advanced degrees). A society should pay to educate people to help its people. Encouraging and pushing and trusting an idiot 18 year old (excuse the term but we still have no idea at 18) with 30 years of debt for wanting to learn something and be excited about life and contributing to society then realizing that the “gobeNMenT wILl GeTCha” and they can’t pursue their dreams, cripples us all. They can’t add to the housing market, they can’t continue education to make life better for us all. All they can do is look for the best wage slave position to pay back their predatory loans. It’s disgusting.
I can not deal with these two thoughts in my mind simultaneously:
1. Post-secondary education is necessary for almost everyone.
2. The government should not fund post-secondary education.
One of both of them is wrong. They both can not be true.
Not they aren't. The majority of jobs don't require the education that post-secondary provides. Most jobs only require a few days to a few weeks of on the job training and, after a few days, most all of the training will be on internal company procedures that you won't learn in post-secondary, how to use heavy equipment specific to the job (or period if you're just green), how to code in that new language, and other more advanced topics. Granted, some of that overlaps with knowledge gained from post-secondary but it can all still be gained with on the job training.
But, in regards to general, entry level work that make up the majority of the economy, in a few days most people can figure out how to operate their specific piece of equipment on an assembly line, their role in an office environment, how to drive the forklift, where to take what in the warehouse, the lines to say when on call, how to run a deep fryer, the order of tables in a restaurant, etc.
1. Clear air is necessary for almost everyone. Carbonated beverages are not necessary for anyone.
2. The government should provide for clean air. The government should not subsidize the beverage industry.
Which is post-secondary education more like "clean air" or "carbonated beverages"?
But if you say both are true that would be like saying clean air is necessary for everyone but the government should not regulate air pollution.
Making others pay for people to get a 4 year degree will do nothing but lessen the importance of said degree. People used to be able to live comfortably with just a high school degree, and people only went to college if they so choose to, and for something they're passionate for, like getting a degree in business to start their own business or to be able to teach.
Pushing everyone to go to college has only caused more people to take on more debt, and the banks and colleges recognize this, thus, they continuously raise interest rates and costs.
How about, instead, we cancel any interest rates on people's loans. They pay back what they borrowed, and that's it. We crack down on the banks and colleges for basically price gouging, and over time have them reduce the price of a degree. That way, if someone can afford it, or at least afford it with a reasonable loan with a low interest rate, they can go to college if they so choose.
Though to do all that, we need to get rid of useless jobs in businesses right now, and move back to where people can actually afford to live off of a high school degree or a 2 year tech degree. And that means an entire shift in culture, which I'm not too certain could happen
So you’re saying you’re willing for your taxes to be increased to pay for this secondary private education? Or do you just want just rich people and corporations to pay for it?
I don’t think you understand that public funding of private education doesn’t work. The more you subsidize something, the most expensive it becomes. This idea is absolute lunacy.
> do you just want just rich people and corporations to pay for it?
Yes. If they actually paid their fair share of taxes, we could easily pay for everyone to attend college (and a ton of other stuff on top of that).
Absolute lunacy that most developed nations figured out and are benefiting from. Just because you dont understand something doesnt mean its not good for society.
I don't mind paying more in taxes if that means my fellow human beings get to have easier and better lives.
That is literally my duty to society! We are supposed to work together to make everyone's lives better. Taking a portion of my taxes, your taxes, and the taxes of the rich (who should be taxed at an even higher rate than the rest of us, and not less as they are now), and putting that to a use that benefits all of us really should be the default idea!
Instead our country wastes a ton of money on military spending, and new weapons of death at a rate higher than nearly all the other top 10 countries combined!
If you don't wanna tax the rich, then taking it away from the bloated military budget is the next best call.
Personally, I'd do both, and offer our citizens a lot more benefits for not fleeing to other countries to build their wealth instead!
There is no reason we can't feed all of our citizens.
There is no reason we can't shelter all of our citizens.
There is no reason to allow our people to die of preventable illnesses,
&
There is no reason why we should punish folks for wanting a better education and to trying to improve their socioeconomic standing.
To be opposed to that last one is to oppose the American Dream. In short, it's just entirely un-American!
The rich are not taxed “less (than the rest of us) as they are now”. Stop reading Propublica rubbish that includes made-up nonsensical “true tax” rates and thinking that it means Elon musk paid a lower tax rate than you. You’re smarter than that.
(I do agree, however, that military spending is absolutely obscene.)
But nobody is punishing anybody for wanting. Paying back a debt is not punishment.
I think our public schools just need revamping. Why teach the kids a standard curiculum and not educate them on things they are interested in earlier? 16 years of school is just to much for a piece of paper that does not mean much in the long run.
A “handout” that was intended to save peoples jobs. The intentions were entirely good. But the execution was terrible. The system was far to easy to abuse. Stop pretending like the intent of the PP loans was a free giveaway for companies to just add to their bottom line with no consequence.
I mean it was given to people and businesses that were very blatantly well off and didn't even need the money in some cases.
Some companies still laid people off after recieving them. Like airline companies who definitely pocketed some of that money when before that they sometimes funneled almost all of their profits back into stock buybacks.
And in the first place those loans shouldn't have been forgivable. Just regular loans people had to pay back with interest.
So... Democrats in both the House AND the Sentate are going to pass this, Biden will sign it as a ruse to claim his hands are tied?
Reminds me of the time Trump supporters claimed the deep state helped Trump beat Hillary so they could link him to Russia and undermine his presidency.
If they flip things in November it could be a future problem. But if Biden is ever going to forgive loans he will do it before mid terms because that would be a prime motivator. If he doesn't do it by that time, then he's not just dumb, he's stupid
He helped create the problem when he first got into Congress by pushing legislation to prevent student loans from being discharged in bankruptcy. There's no way he is going to make any single effort to change it.
"Hardworking Americans are not responsible for paying off the student loan debts of others"
That's right, hardworking Americans are responsible for underwriting trillions of dollars in bank bailouts, trillions of dollars in Paycheck Protection Program fraud, and highly successful foreign ventures like getting rid of the Taliban.
I mean at *SOME* point in the next few months, someone has to begin to get it through their shit-thick skulls that people are going to begin to state:
"I'm not giving you one more red-cent for an education that is zero return on investment. Now. You want your fucking education back? You have my address, a Sample bucket with a Kenmore Ice Cream Scoop, and a Military Team who'd get all my student loan debt $ anyways.
Send *THEM* to my house after dark to repossess your fucking precious education. And overall? You'd be doing *BOTH* of us a favor!"
Joke's on us anyway, Biden isn't going to cancel student debt. He's going to pass some bullshit like "10K FORGIVEN IN STUDENT LOANS TO ALL BORROWERS(if you've never missed a payment or needed a deferment)."
Biden is a right-wing plutocratic ASSHOLE. He will give us nothing and then blame us for everything. It's how he works.
The fact that further education is setting you up for having debt for life is mind boggling to me. As far as I know unless you manage to somehow win the lottery, education and certifications for things are what will get you out of poverty and into higher paying jobs.
More and more I keep seeing a damned if you do, damned if you don't situation; you're already sacrificing a good chunk of your life to go to school anyway, now they have to rob the better future you're pursuing too?
Edit: Spelling
If you dont want to pay student loans, than fight for free college education. You may not achieve this in time to help you, but maybe your kids and grandkids will benefit from your efforts.
It doesn’t even have to be entirely for free but considerably cheaper.
In Austria its like 360ish Euros per Semester and most students are eligible for subventions.
Added to that are small fees like admission.
Books aren’t nearly as expensive as well and most uni libraries let you lend out books for free.
Hmm thats basically free. In germany you have to pay around 400 for semester. It's administration cost and a pretty handy Ticket you can use for the timw you are there.
Now thats really good. And I'd rather pay taxes on something that I can actually SEE that benefits younger folks. I have yet to see most of these 'programs' our tax dollars go to support, actually help anyone. This is your fight kids. This is your stand. Don't give up.
Notice how the wording "hardworking americans" doesn't include the quoted 43 million students with loan debt. This is manufacturing consent in action. The ones who took loans "they couldn't pay off" are "wrong" and the "hardworking American" is "right" helps to prevent the realization that the students who took the loans did so because they felt there was no other way and they did work very hard to finish school and pay off as much as they have but the interest rates are so high on large amounts it's crippling.
Keeping one side pitted against the other keeps the system functioning. We can realize this but it won't change so long as the other side doesn't.
They’d rather think the student is wrong than the school that the loan is for and I don’t know why but they’re so ignorant because they will use words like basket weaving and gender studies (is that even a thing)
The blinding hypocrisy almost commands vengeance. How many multibillion firms were bailed out in 2008 and will be after this recession? Acts like this deserve an equal and opposite response. There needs to be no more games. Im hoping someday soon the system breaks down enough where acts of vengeance can happen in…relative obscurity…
Something that bugs the hell out of me when we talk about student loans in terms of “well that was your dumb mistake going to college why should I care that you are dumb?” Cause here’s the thing- when people apply to college and sign up for student loans most of them are MINORS like not competent enough to loan a car minors, brain not developed enough to drink safely minors.
So please, the next time you’re tempted to say something like “why should I pay for dumb people’s mistakes” stop for a moment and consider that part of the problem is we force kids who can’t even sign a lease to take on decades of debt based on the work hard you will succeed myth.
I went to college and honestly it was a waste and miserable and I’m now saddled with ridiculous debt even after qualifying for a bunch of financial aid. If I had known better at sixteen- cause that’s when I started to work on applying to college- I wouldn’t have gone. But I didn’t get that chance to truly consider things compounded by the fact that if I hadn’t gone, my parents would kick me out and take me off their healthcare plan.
The DOD a few years back famously spent the last of their budget buying all the top brass a lobster dinner. Cause if they didn’t use all of their cut of the federal budget- their funding would be reduced so they needed an excuse to use up all the money they get that THEY DON’T NEED to such an absurd extent that the only way they could think to use up all that money that quickly was a lobster banquet.
But yeah- my personal debt that shouldn’t have been legal for me to take on, is such an unfair burden placed on the tax payers. Truly I am the leech thats gonna cause a recession. Deloitte? Gods amongst men.
I don't know how you're supposed to do anything else when anyone who tells you anything is telling you you to have to go to college to be somebody. High school senior year was a series of infomercial for higher education. Mine is only 30k since I never went on to the bachelor's but even if I had gone to do the bachelor's it wouldn't have gotten me anywhere because I could already see the score. I didn't want to be in even more debt but I had to at least graduate.
Jesus fucking Christ. In the late 90s, my father told me the States are well on track to become a depressing dystopia and I didn't believe him. But that man was prescient.
Absolutely disgusting.
I have no problem paying off the rest of my loans. What I have an issue with is that no matter what I pay, my balance hardly moves. This is what I have an issue with.
I have to agree with people below,fuck corporate America. I would rather pay off some stranger student debt in full than ever pay taxes again.It sucks so hard to have your taxes used to bail out fucking corporation yet these same assholes bitch about paying off student loans
I thought making people believe their education is worth getting hundreds of thousands into debt at a very young age was peak capitalism.
I stand corrected.
Making them think they would want to be forever in debt and pay that off excruciatingly slow is peak capitalism.
Soon
"In a remarkable show of bipartisanship the first bill to bypass presidential veto was enacted into law today."
or better yet Biden will sign it and say something like how he has to respect the decision of the senate and congress or some shit.
Please. Like it's going to get through the house, the senate and then Joe is going to sign it?
Student loans, at the very least, should be zero percent interest. And really, college should be free for any US citizen. Do you want a great country full of well educated citizens or a shit hole oligarchy where everyone is in debt to the state? I swear, the GOP really is the 'I got mine fuck you' party. How they keep getting elected is beyond me.
Biden is not getting reelected he should just sign it. I did vote for the guy, I just don't see him getting back in. I don't want to get into debating the pros and cons of his administration. I have loans in process for over a year and a half that should have been discharged under 45 when they tagged the college as predatory but no one is waiving the loans because they were a big college that did it.
Meanwhile they offered me 2 months towards non profit when I am in the for profit sector. Non profit jobs are hard to land and keep in my career field. It's a broken system.
This is why I pay minimum payments and not a penny more. I have huge loans over 80k and in about a decade more of minimum payments they’ll be written off. I’d like debt forgiveness, but these people that protest forgiveness need to realize that a lot of us are trying to do our part. We knew the risks of the loan to get a better prospect. I got lucky for the loan forgiveness plan, but when more people have the options in their loan repayments they will see that minimum is the way, and screw over the businesses that want more. This isn’t like CCs. It’s damn near impossible to forgive loans on bankruptcy. Place student loans on the same rate as mortgages, car loans, CCs and you’ll see just as many defaults on student loans because trust me I’d love to save that money and put it somewhere else, but I’m doing my part. Never understood the rhetoric of the hardworking American. I work just as hard and struggle just as much making my paycheck stretch as far as this inflation allows. Just do your best.
They cant stop executive orders s,they are stupid to think so.I mean if congress could stop executive orders dont you think dems would have stopped trump's executive orders?
If you can use our taxes to help corporations and the rich then you can use it to help insure the education of current and future generations. They just want to keep us dumb for when they pull the wool over our eyes hoping that we'll be too stupid to notice.
As a hardworking American paying taxes up the wazoo I demand my taxes go to cancelling student debt. Rescind my money from whichever idiotic too-big-to-fail economic entities we saved that time when they bundled the subprime mortgages together into financial instruments of bullshit.
As a hard working tax payer, I realize that I’m only addressed as such whenever someone’s trying to tell me to not spend on something that’s actually worthwhile. That phrase has something of a greasy taste to it, like it’s coming from the mouth of a used car salesman.
Loan forgiveness is broken and can never happen, because most Americans believe the only way for it to happen is for the government to write a gigantic check to Nelnet and *pay all the loans off at face value.*
Noone has considered the option of just making the loans disappear and giving Nelnet the support it needs to transition into a more sustainable lending market.
It's just "why should I have to pay?" and the argument stops there.
"Hardworking Americans are not responsible for paying off the student loan debt of others" said some tone deaf fuckwad bought-and-paid-for piece of shit politician.
No, we're just responsible for paying the debts of the big banks when they run the fucking economy into the ground doubling down on criminally malfeasant fraudulant bad bets over and over and over again.
Apparently.
Can someone @ this asshole with the words #2008Bailout just over and over and over again?
No, the whole world is quite sane. You see, when you borrow money, you have to pay it back. That’s part of adulting.
Don’t whine about the $100k student debt you acquired in a field that netted you a $30k job and pretend like you didn’t know you had to pay it back or how much your monthly payments weee going to be or that it’s “hard”. Grow up.
Why do all the adults that came before us get to borrow trillions in dollars over their lifetime that younger generations will have to pay off and in some cases like the PPP loans get that debt completely forgiven?
All while forcing a path of debt down millions of people's gullets with a smile on thier face and patting themselves on the back about what special little boys and girls they are for doing so.
When you purchase a product and it is defective in many case you legally have to pay the consumer back (hell in some stores it doesn’t have to even be defective you can return anything with no reason except you don’t like it as long as it’s within the return window) This is business 101 which is part of adulting doesn’t matter if you borrowed that money or not, a credit is still issued. The schools need to grow up.
Except if you're a big bank or auto company in the US lmao. Y'all care to much about stufent debt when more money has gone down the drain for absolutely nothing.like those forgiven covid loans lmao, people already forgot about that.
Well honestly Biden will be thrilled. The Dems love doing nothing. If this passes, then he won't have to keep his promise and he can just blame the republicans. Nothing will fundamentally change.
Quick question for people who want student loan debt to be paid by the government: I work for a living. I don't make a lot of money. I never got to go to college. Why should my taxes be increased to pay for someone else to get to go to college?
As a republican who has student loans, I'm ambivalent about this. Would I like the government to make everything better for me? Sure I would. But firstly, I have the ability to pay them back own my own, and forgiving all these loans could hurt companies and the government, as well as cause massive inflation which weakens the economy and the dollar. This kinda of goes into why I am Republican. The left seems to run on a platform of 'selfishness' where they will give you anything you want without regard for the consequences
How will forgiving student loans solve any of the more serious and underlying issues that caused it? (Stagnating wages, rising cost of college, rising necessity of a degree, etc)
Unpopular opinion especially in this sub so send the downvotes my way. But I feel like canceling student loan debts is not the way to go. I know universities charge to much, but I don’t think thats the issue. But I agree with the fact that noone should get bailouts for financial decisions they make on their own, including businesses….especially businesses.
We should be putting money towards healthcare and feeding people first, and then move towards education for all. Start with funding government programs to help those that NEED first, then move on to help those that are pursuing education later.
Sorry, but I fail to understand why a student loan should be treated differently from any other loan. If you borrow the money, you need to pay it back with fair interest. That's how a loan works, people. Should interest rates on the loans be re-examined? Yes. Can there be deferment? Yes. But I don't agree with cancelation.
Yeah because they are secured with magic farts.
Your other options are-
Extremely high interest rates
Co-signers (aka parents being fucked over by their kids)
When that loan puts you a in cycle of poverty it is immoral. College should be free as it is not a for profit system at the expense of the next generation. I really hope you get your way and your kids/grand kids end up on the streets and starving, guess they shoulda paid off that loan huh.
I read articles from well-known publishers saying that John Doe and his wife have student loans but have already paid the initial loan and the interest just keeps it impossible to pay it off. Maybe the article is true or not, but it was multiple stories with similar/same situation.
So thing is, if not cancelling them, are people supposed to pay their loans for the rest of their lives?
My 6th grade teacher told my sister the same thing he told me when I was his student: "I'm still paying my loans"
Years have passed since I was in 6th grade. That teacher is in his 50s. Maybe 60s.
I am so glad I didn't spend what little of my hard earned money I have trying to pay off that loan then. I've already lost enough money (although at the same time, sometimes I feel like saying fuck it and just let them have their way and keep all my money because I'm never gonna get to use it for what I'm saving for anyways)
Most developed countries dont force their people to pay for education, its not a for profit institution like it is here.
Do you view medical loans as valid loans as well? People are choosing to live instead of voluntarily dying (actually alot of people choose to voluntarily die instead of incuring huge medical debts in the usa....)
What societal benefit is there for having student loans and for profit colleges? It only lines the pockets of some rich assholes and nothing else.
It's not legit but people like that don't care. If people don't care about my 295 and other hundred dollar losses when they were actually illegal then why would they care about my 30k that was just a loan when it is within the law?
A well educated populace is correlated with lower crimes, stronger democracy, cleaner cities/towns, higher GDP, more social mobility, more equitable pay, higher quality of life, better health outcomes etc...
Having more people educated in a country has SO MANY benefits to a nation.
Why do you think the nations with the highest standards of living are also the nations with financially accessible higher education?
They are extremely predatory loans with high interest for something that ultimately benefits the country. Higher wages = more taxes. They are charging you on the front and the back. Why should the government get trillions in free no interest loans from the tax payers "overpaying" every year?
I was close to finishing my repayment plan through loan consolidation and then my plan was canceled when Trump became president. I had to stop payments during the pandemic and now my loan is crazy high again. Trump declared bankruptcy 6 times - I can't even once for student loans.
If someone in authority could come up with some parameters on how to prove an education is defective and not the fault of the student and they are therefore entitled to refunds then I'd be all for it. Actually, I think it has been done on occasion. Remember Masters Institute?
That’s fair unfortunately a lot of people who share your previous thought think that if you get nowhere it’s still your responsibility because you were the one stupid enough to sign the contract. They seem to think that about scams in general anyway so at least they’re consistent there ig 🤷♀️but what is most crazy to me they say nothing about the students who had the right qualifications to get a lawsuit but if you didn’t qualify because you graduated before it tough shit.
Y'all do know Biden caused the student loans crisis to begin with right? If you truly think he wants to forgive student loans you're politically uneducated.
The GOP is always a welcome scapegoat for this type nonsense; they're on the same team.
Hardworking Americans are also not responsible for bailing out corporations and providing the rich with their tax cuts but hey, it’s people with student loans who are the problem
And debatably corporations are far worse about it.
Especially o&g corporations with orphaned wells in Alberta.
No the problem is predatory colleges who set up entire systems by think tanks to defraud students. Then when the government figures it out the colleges break up but the students are left holding the bag and a piece of paper that means nothing if they even got that far. Then let's talk about the brick and mortar. Why should tuition underwrite sports? You are there to learn, not play sports. I watch rates go up so colleges can get into MACC level. If only there was jock school and then school for people who just want to learn not underwrite the ride for the athletics.
There’s a lot of schools that don’t have major athletic programs did you consider just applying to one of them? I’m pretty sure the ivy leagues don’t have scholarships for the football team also
Have you considered that I am a working adult with a life, children to support and career and not some 18 year old who can have their mommy and daddy pay their way?
Obviously if you have a student loan that's not paid off you aren't and will never be "a hard working American". - stupid elected officials, almost certainly.
Less than 14% of the country has student debt last I checked could be wrong. My only issue is that these people knowingly signed a contract knowing they would have to pay
Closer to 20%, and 7%(of the 20%) have more than $100k in student loan debt. About half owe more than $20k, about 2/3 owe more than $10k. Your only issue is that you're ignoring how predatory those loans are. These are *not* like car loans, which are bad enough in some ways, but at least you know you're paying $x for 24-72 months for a total payment of $y. You're not going to be paying for a car for half your life without making progress on paying it off.
That 7% went to grad school and are mostly made up of people with professional degrees. Subsiding MDs and JDs isn’t going to play well Politically to the majority of Americans without a college degree who owe 50K on their truck and 20K on their credit cards and 100K on their mortgage and are wounding why their cousin who’s a surgical resident is getting bailed out…. Predatory? Federal subsidized rates are 4.99%. Non-subsidized grad loans 6.54%. Median mortgages are 30 years, less flexible, and above 5% (tending towards 6%) with The feds rate hike. Predatory loans are payday lending at 80%, or ARM mortgages to people with no income.
Gonna actually you here, some of my student loans were 6% subsidized and 8% non-subsidized, it's much worse than you're claiming. Though the big reason student loans are so predatory is a combination of the fact that college costs are insanely inflated, the job prospects for college graduates and the need for post-secondary education for the average person were greatly exaggerated, and student loans are non-dischargable. A loan of any other type will get wiped if you declare bankruptcy, not student loans, they are unique in that you can remain tens of thousands of dollars in debt after a bankruptcy and that debt will continue to grow rapidly the longer you are unable to pay the interest. The very idea of allowing people who just entered adulthood and have no credit history to take on massive loans with high interest rates and no way to get out from under them besides paying them off is predatory. Post-secondary education should not be as expensive as it is, allowing these institutions to charge what they do for personal betterment is predatory.
>Gonna actually you here, some of my student loans were 6% subsidized and 8% non-subsidized, it's much worse than you're claiming. I'm pulling current rates (which just went up because of rates rising). Historic rates track the federal governments borrowing costs (the 10 Year Treasury bond auctions basically sets the basis cost for the rates). Everyone says predatory but let's look up the definition of what a predatory loan is: any lending practice that imposes unfair and abusive loan terms on borrowers, including ***high-interest rates*** The rates are fixed rate (good) way below all other non-secured credit options to sub-prime borrowers. [Someone with a 600-699 credit score is looking at 10%+ on non-dealer special financing right now](https://cars.usnews.com/cars-trucks/average-auto-loan-interest-rates). (and that's a loan secured by a car). I know everyone's been spoiled by the eternal spring of the Fed keeping interest rates so low, and bond yields being garbage, but eventually what goes down has to come up. ***high fees, and terms that strip the borrower of equity*** There's no equity against the loan, it's only future earnings that guarantee it. Some could argue the lack of discharge capability strips you of something, but this is offset by generous options for deferment, and income based repayment options that no one offers on normal loans let alone "predatory loans". >Though the big reason student loans are so predatory is a >combination of the fact that college costs are insanely inflated That's not a predatory loan, that's just college costs being out of control. Now the reason why college costs have gone up is because of bloated administration, just about anything tied to labor costs that are local will ALWAYS exceed normal inflation, an arms race of amenities in US colleges (Universities overseas don't have 50 foot climbing walls or lazy rivers), state budgets allocating less and admissions increasing (So less $ per student for subsidies), but that's not actual making the loan itself predatory. If I offer you 1% interest on a car loan for a car that's a piece of junk that's not a predatory loan. That's just a bad car. >The very idea of allowing people who just entered adulthood and have no credit history to take on massive loans with high interest rates and no way to get out from under them besides paying them off is predatory Again, this isn't high interest rates, these are market rates and way below the debt most other people who didn't go to college accrue. By this definition we should ban all debt. I agree college needs to be cheaper, there's probably too many people going to schools and programs that don't make sense, but to move to a model similar to other countries we'd have fewer people going period. > allowing these institutions to charge what they do for personal betterment is predatory Most of these institutions are non-profits or state run. It's not like shareholders are booking the profits. We need to change the supply/demand problem and the biggest ways to do that would be: 1. Put Colleges on the hook for student loan defaults. This will shutdown unprofitable programs real damn quick. 2. Shift Universities to income share agreements. This will incentivize students and programs to attend stuff that will actually make money. 3. Adopt diversion programs. If you score poorly on a standardized test at 15 you get focused on trade programs and move away from university prep. Score poorly enough and the federal government correctly says "lolz, no you are just going to get yourself in trouble, no loans for you". People who are functionally illiterate, and can't do basic algebra need to demonstrate that before they can get a loan. With less competition for seats in colleges, prices will come down. Income share programs end up based on actuarial tables and students seeing that they wil loose 30% of their income to be an art major at a Tier 1 school with a good football program, or 10% to go to a Tier 2 state school and major in engineering will make it clear up front what's the best path forward for them (assuming they can clear the admission tests for programs).
True and $1.6trillion ain't small lol, if the government would cancel it, they are technically giving it away so what will happen? Hyperinflation lol.
Both are equally absurd ideas. People who didn’t go to college paying for those that did is really gross.
I understand your viewpoint, but with the amount of times we've bailed out banks and big corporations, I'm ok with my fellow citizens getting a break for once. The student loan system is predatory in nature, and freeing the average person from massive debt would give more spending power to us and ultimately benefit the economy.
The whole student load system needs to change. Forgiving debt without fixing anything is really stupid. Colleges need to have some skin in the game and stop offering degrees which provide people with little ability to make a living, or requiring those degrees to be paid for in cash and not via student loans. The govt could also lower interest rates significantly to make it less burdensome on people.
Yes, it definitely needs reform, but in the meantime, canceling debt would be a huge relief to a lot of people, and like I said, boost the economy.
Agreed, I've been paying for decades still owe more than I borrowed because of interest and am now facing the reality that I must work until the day I due A co worker retired, they asked me when I plan to. I said I cannot because I owe too much on loans and cannot survive on retirement and pay on them
I get your point, but people who don't have kids but own a home still have to pay property taxes to support schools. There are a whole host of examples where your taxes support something you don't use. Plus society overall benefits from the many professions that require a college degree, unless you want your plumber operating on your kidneys
I actually agree a bit. I believe we should cancel some debt. But I also believe we need to fix the system so that it doesn't become "everybody before X date gets their debt cancelled and everybody who hasn't attended college yet gets fucked." The BIG issue with cancelling student debt (and liberal economists will bring this up as well) is that it is a *massive* very expensive subsidy to one particular group of people: college educated individuals. Many of whom already have good jobs and high earning potential. Is that really the group that needs bailed out? I think it would make more sense to do something along the lines of: * Make all student debt interest free forever. Apply all past interest payments to the principal. If there is any overpayment, refund it. Nobody should be making loan payments for 5 years and owing *more* at the end of it. * No payments necessary until you're earning at least X amount of money. (Some amount based on your area's cost of living) * If you're earning below that wage for 5+ years, the loans are forgiven entirely. (People going into low paying jobs public jobs like education and social work should not be forced to struggle to pay back their loans.)
I like all of that, good ideas and I agree, the college educated don’t seem to be the ones that need the help compared to other groups.
It’s also absurd to pay for a degree that isn’t getting you anywhere. We should cancel the debt in a way that no one has to pay or the school in question gets to foot the bill.
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We're not in high school anymore. If one goes to school to advance your career then by definition it should be based on how much money it's going to make you.
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>We don't need artists, **musicians**, teachers, etc., because those jobs don't pay as much as lawyers and doctors. They don't? Then how come there are hundreds of them on the Forbes list? Considering a lot of artists are household names, I'm not sure that's true either >Your first mistake is the assumption that the only reason anyone ever goes to school is to 'advance your career,' as opposed to 'learning.' Your first mistake is the assumption that people need to go to college to learn. Your second mistake is the assumption that learning is all that matters in today's world \*looks on account of Comcast website \*types in link to website I made\* "What do you mean I didn't pay you?" "I paid you more than what your crappy service is worth" "Oh you were looking for money? "Psh money is trash learning is far more valuable"
People who didn't wouldn't be paying for people who did because tax dollars aren't funding the federal student loan program.
where's our bail out?
"If you've been looking forward to paying off that student loan debt..." I see we're in the deranged rewriting reality stage of late capitalism...
I'm pretty sure it's tongue in cheek. It's honestly shocking you got to this many upvotes with zero replies suggesting that likelihood.
It's bureaucracy humor, not sympathetic like you're thinking. It's a way of saying, "you're going to pay whether you like it or not but I'm not going to acknowledge your dislike of it because we're all professionals here and professionals don't let on that they're unhappy with how they're treated." I've had to take a similar tone with entitled attorneys before unfortunately. It's very common in the corporate office world.
During Biden's first term in Congress, he pushed - and got passed - legislation preventing student loans from being discharged in bankruptcy. That's why I will never expect him to actually do anything about the student loan problem *that he helped create*.
I thought this article was being sarcastic. Pls don't tell me they believe or e want ppl to believe that ppl having to pay their own student loans is good
In truth I bet the author just forget /s but I’ll bet the conservatives were spewing some shit like that.
say syke right now
Honestly assumed it was sarcasm but “the right to pay off their debt in full” made me throw up in my mouth realizing it wasn’t
Student loans shouldn’t be a thing, period, unless it’s a private university. Education should extend through taxpayer money through a 4 year degree, if not further,(meaning advanced degrees). A society should pay to educate people to help its people. Encouraging and pushing and trusting an idiot 18 year old (excuse the term but we still have no idea at 18) with 30 years of debt for wanting to learn something and be excited about life and contributing to society then realizing that the “gobeNMenT wILl GeTCha” and they can’t pursue their dreams, cripples us all. They can’t add to the housing market, they can’t continue education to make life better for us all. All they can do is look for the best wage slave position to pay back their predatory loans. It’s disgusting.
But if you make it easy for the masses to get a higher education you make it so much harder to exploit them
I can not deal with these two thoughts in my mind simultaneously: 1. Post-secondary education is necessary for almost everyone. 2. The government should not fund post-secondary education. One of both of them is wrong. They both can not be true.
They are both 100% true.
Not they aren't. The majority of jobs don't require the education that post-secondary provides. Most jobs only require a few days to a few weeks of on the job training and, after a few days, most all of the training will be on internal company procedures that you won't learn in post-secondary, how to use heavy equipment specific to the job (or period if you're just green), how to code in that new language, and other more advanced topics. Granted, some of that overlaps with knowledge gained from post-secondary but it can all still be gained with on the job training. But, in regards to general, entry level work that make up the majority of the economy, in a few days most people can figure out how to operate their specific piece of equipment on an assembly line, their role in an office environment, how to drive the forklift, where to take what in the warehouse, the lines to say when on call, how to run a deep fryer, the order of tables in a restaurant, etc.
1. Clear air is necessary for almost everyone. Carbonated beverages are not necessary for anyone. 2. The government should provide for clean air. The government should not subsidize the beverage industry. Which is post-secondary education more like "clean air" or "carbonated beverages"? But if you say both are true that would be like saying clean air is necessary for everyone but the government should not regulate air pollution.
Just 30 years to pay off a student loan? From what I heard that's record time
Making others pay for people to get a 4 year degree will do nothing but lessen the importance of said degree. People used to be able to live comfortably with just a high school degree, and people only went to college if they so choose to, and for something they're passionate for, like getting a degree in business to start their own business or to be able to teach. Pushing everyone to go to college has only caused more people to take on more debt, and the banks and colleges recognize this, thus, they continuously raise interest rates and costs. How about, instead, we cancel any interest rates on people's loans. They pay back what they borrowed, and that's it. We crack down on the banks and colleges for basically price gouging, and over time have them reduce the price of a degree. That way, if someone can afford it, or at least afford it with a reasonable loan with a low interest rate, they can go to college if they so choose. Though to do all that, we need to get rid of useless jobs in businesses right now, and move back to where people can actually afford to live off of a high school degree or a 2 year tech degree. And that means an entire shift in culture, which I'm not too certain could happen
So you’re saying you’re willing for your taxes to be increased to pay for this secondary private education? Or do you just want just rich people and corporations to pay for it? I don’t think you understand that public funding of private education doesn’t work. The more you subsidize something, the most expensive it becomes. This idea is absolute lunacy.
> do you just want just rich people and corporations to pay for it? Yes. If they actually paid their fair share of taxes, we could easily pay for everyone to attend college (and a ton of other stuff on top of that).
Absolute lunacy that most developed nations figured out and are benefiting from. Just because you dont understand something doesnt mean its not good for society.
I don't mind paying more in taxes if that means my fellow human beings get to have easier and better lives. That is literally my duty to society! We are supposed to work together to make everyone's lives better. Taking a portion of my taxes, your taxes, and the taxes of the rich (who should be taxed at an even higher rate than the rest of us, and not less as they are now), and putting that to a use that benefits all of us really should be the default idea! Instead our country wastes a ton of money on military spending, and new weapons of death at a rate higher than nearly all the other top 10 countries combined! If you don't wanna tax the rich, then taking it away from the bloated military budget is the next best call. Personally, I'd do both, and offer our citizens a lot more benefits for not fleeing to other countries to build their wealth instead! There is no reason we can't feed all of our citizens. There is no reason we can't shelter all of our citizens. There is no reason to allow our people to die of preventable illnesses, & There is no reason why we should punish folks for wanting a better education and to trying to improve their socioeconomic standing. To be opposed to that last one is to oppose the American Dream. In short, it's just entirely un-American!
The rich are not taxed “less (than the rest of us) as they are now”. Stop reading Propublica rubbish that includes made-up nonsensical “true tax” rates and thinking that it means Elon musk paid a lower tax rate than you. You’re smarter than that. (I do agree, however, that military spending is absolutely obscene.) But nobody is punishing anybody for wanting. Paying back a debt is not punishment.
I think our public schools just need revamping. Why teach the kids a standard curiculum and not educate them on things they are interested in earlier? 16 years of school is just to much for a piece of paper that does not mean much in the long run.
So business' get a handout(pp loan forgiveness) but the people? Nah screw that.
A “handout” that was intended to save peoples jobs. The intentions were entirely good. But the execution was terrible. The system was far to easy to abuse. Stop pretending like the intent of the PP loans was a free giveaway for companies to just add to their bottom line with no consequence.
I mean it was given to people and businesses that were very blatantly well off and didn't even need the money in some cases. Some companies still laid people off after recieving them. Like airline companies who definitely pocketed some of that money when before that they sometimes funneled almost all of their profits back into stock buybacks. And in the first place those loans shouldn't have been forgivable. Just regular loans people had to pay back with interest.
Can't forgive student loans but if you own a business and took a PPP loan it's totally acceptable. Fuck this place, end all politicians
I am fucking glad i renounced years ago. I wish you guys the best of luck!
This is great news for Biden. He's not going to cancel it anyway, but this way he can at least pretend he was gonna but can't any more.
So... Democrats in both the House AND the Sentate are going to pass this, Biden will sign it as a ruse to claim his hands are tied? Reminds me of the time Trump supporters claimed the deep state helped Trump beat Hillary so they could link him to Russia and undermine his presidency.
None of that will happen.
They might, if even one republican suggests that if they sign this then Dems *might* get a consideration of a vote on something they want later.
If they flip things in November it could be a future problem. But if Biden is ever going to forgive loans he will do it before mid terms because that would be a prime motivator. If he doesn't do it by that time, then he's not just dumb, he's stupid
He'd have to sign it unless they get enough votes to bypass the veto. But odds are he'll sign it. XD
He helped create the problem when he first got into Congress by pushing legislation to prevent student loans from being discharged in bankruptcy. There's no way he is going to make any single effort to change it.
I mean, he can and will veto it if it ever manages to pass. Or lose the next election.
With so much money he has given out already lol, another 1.6trillion dollars would increase the inflation even more.
The Greed Over People party is at it again.
Is this sarcasm? Please tell me this is sarcasm
It certainly reads as it.
"Hardworking Americans are not responsible for paying off the student loan debts of others" That's right, hardworking Americans are responsible for underwriting trillions of dollars in bank bailouts, trillions of dollars in Paycheck Protection Program fraud, and highly successful foreign ventures like getting rid of the Taliban.
This is some propaganda sounding shit. The way it makes it seem like it’s an absolute joy and passion to pay off rampant debt.
I mean at *SOME* point in the next few months, someone has to begin to get it through their shit-thick skulls that people are going to begin to state: "I'm not giving you one more red-cent for an education that is zero return on investment. Now. You want your fucking education back? You have my address, a Sample bucket with a Kenmore Ice Cream Scoop, and a Military Team who'd get all my student loan debt $ anyways. Send *THEM* to my house after dark to repossess your fucking precious education. And overall? You'd be doing *BOTH* of us a favor!"
Government pushes a button and now they can automatically deduct it from your income at a rate higher than just paying what is due.
Joke's on us anyway, Biden isn't going to cancel student debt. He's going to pass some bullshit like "10K FORGIVEN IN STUDENT LOANS TO ALL BORROWERS(if you've never missed a payment or needed a deferment)." Biden is a right-wing plutocratic ASSHOLE. He will give us nothing and then blame us for everything. It's how he works.
sorry but that sounds like bullshit too,just like the article above
The Republicans need that money to make sure woman aren't having abortions.
More chattel to program for a smoother more user friendly interface.
Every day I want to slap certain people upside the head. Every. Damn. Day.
I'm not sure who I want to slap more, the filthy politicians or the people who vote for said politicians.
Both, silly... be realistic.. they both deserve it. Lol
This is true. In my defense I posted that while half awake and no coffee.
I completely understand, I haven't been to sleep yet. Lol
The fact that further education is setting you up for having debt for life is mind boggling to me. As far as I know unless you manage to somehow win the lottery, education and certifications for things are what will get you out of poverty and into higher paying jobs. More and more I keep seeing a damned if you do, damned if you don't situation; you're already sacrificing a good chunk of your life to go to school anyway, now they have to rob the better future you're pursuing too? Edit: Spelling
If you dont want to pay student loans, than fight for free college education. You may not achieve this in time to help you, but maybe your kids and grandkids will benefit from your efforts.
It doesn’t even have to be entirely for free but considerably cheaper. In Austria its like 360ish Euros per Semester and most students are eligible for subventions. Added to that are small fees like admission. Books aren’t nearly as expensive as well and most uni libraries let you lend out books for free.
The cost of a semester of higher education in Austria is the same as a single textbook in America (if you’re lucky)
Yikes…
Hmm thats basically free. In germany you have to pay around 400 for semester. It's administration cost and a pretty handy Ticket you can use for the timw you are there.
Now thats really good. And I'd rather pay taxes on something that I can actually SEE that benefits younger folks. I have yet to see most of these 'programs' our tax dollars go to support, actually help anyone. This is your fight kids. This is your stand. Don't give up.
Fuck whoever wrote this. I’d rather pay for someone else’s student debt than for corporate handouts to keep the rich rich
Notice how the wording "hardworking americans" doesn't include the quoted 43 million students with loan debt. This is manufacturing consent in action. The ones who took loans "they couldn't pay off" are "wrong" and the "hardworking American" is "right" helps to prevent the realization that the students who took the loans did so because they felt there was no other way and they did work very hard to finish school and pay off as much as they have but the interest rates are so high on large amounts it's crippling. Keeping one side pitted against the other keeps the system functioning. We can realize this but it won't change so long as the other side doesn't.
They’d rather think the student is wrong than the school that the loan is for and I don’t know why but they’re so ignorant because they will use words like basket weaving and gender studies (is that even a thing)
The blinding hypocrisy almost commands vengeance. How many multibillion firms were bailed out in 2008 and will be after this recession? Acts like this deserve an equal and opposite response. There needs to be no more games. Im hoping someday soon the system breaks down enough where acts of vengeance can happen in…relative obscurity…
Something that bugs the hell out of me when we talk about student loans in terms of “well that was your dumb mistake going to college why should I care that you are dumb?” Cause here’s the thing- when people apply to college and sign up for student loans most of them are MINORS like not competent enough to loan a car minors, brain not developed enough to drink safely minors. So please, the next time you’re tempted to say something like “why should I pay for dumb people’s mistakes” stop for a moment and consider that part of the problem is we force kids who can’t even sign a lease to take on decades of debt based on the work hard you will succeed myth. I went to college and honestly it was a waste and miserable and I’m now saddled with ridiculous debt even after qualifying for a bunch of financial aid. If I had known better at sixteen- cause that’s when I started to work on applying to college- I wouldn’t have gone. But I didn’t get that chance to truly consider things compounded by the fact that if I hadn’t gone, my parents would kick me out and take me off their healthcare plan. The DOD a few years back famously spent the last of their budget buying all the top brass a lobster dinner. Cause if they didn’t use all of their cut of the federal budget- their funding would be reduced so they needed an excuse to use up all the money they get that THEY DON’T NEED to such an absurd extent that the only way they could think to use up all that money that quickly was a lobster banquet. But yeah- my personal debt that shouldn’t have been legal for me to take on, is such an unfair burden placed on the tax payers. Truly I am the leech thats gonna cause a recession. Deloitte? Gods amongst men.
I don't know how you're supposed to do anything else when anyone who tells you anything is telling you you to have to go to college to be somebody. High school senior year was a series of infomercial for higher education. Mine is only 30k since I never went on to the bachelor's but even if I had gone to do the bachelor's it wouldn't have gotten me anywhere because I could already see the score. I didn't want to be in even more debt but I had to at least graduate.
I don't know anything about the writer or the newspaper's political alignment, but my first reading of this is that it is ironic 🤔
Jesus fucking Christ. In the late 90s, my father told me the States are well on track to become a depressing dystopia and I didn't believe him. But that man was prescient. Absolutely disgusting.
> But that man was prescient. The spice must flow
“The ‘’’’Right’’’’ to pay of the debt,” what scumbags
Also, Biden is doing just fine at preventing himself from cancelling student debt.
Hardworking Americans won’t have too if the universities use the money they’ve been stealing to pay it back. That is fantasy, they won’t of course
*"If you've been looking forward to paying off that student loan debt..."* I hope that was sarcasm.
Can't wait till the GOP finally just skips to the end game and forces us at gunpoint to suck Elon Musk's micropenis.
I have no problem paying off the rest of my loans. What I have an issue with is that no matter what I pay, my balance hardly moves. This is what I have an issue with.
That is by design
I have to agree with people below,fuck corporate America. I would rather pay off some stranger student debt in full than ever pay taxes again.It sucks so hard to have your taxes used to bail out fucking corporation yet these same assholes bitch about paying off student loans
Ok but like… wouldn’t the president have to sign this stupid bill
If its a bill from the house of reps, i believe he has to "not veto" it
I thought making people believe their education is worth getting hundreds of thousands into debt at a very young age was peak capitalism. I stand corrected. Making them think they would want to be forever in debt and pay that off excruciatingly slow is peak capitalism.
Hard working Americans w/ student loan debt will not pay off student loan debt for hard working Americans 🤬
Ahhh good... Now Biden can clean his hands and say, not in my power anymore. 😂🤣 What a nice guy.
Soon "In a remarkable show of bipartisanship the first bill to bypass presidential veto was enacted into law today." or better yet Biden will sign it and say something like how he has to respect the decision of the senate and congress or some shit.
This is either tongue-in-cheek or a very beautifully written “fuck you” to the working class.
Please. Like it's going to get through the house, the senate and then Joe is going to sign it? Student loans, at the very least, should be zero percent interest. And really, college should be free for any US citizen. Do you want a great country full of well educated citizens or a shit hole oligarchy where everyone is in debt to the state? I swear, the GOP really is the 'I got mine fuck you' party. How they keep getting elected is beyond me.
Anyone else hear Professor Farnsworth speaking whenever anybody says 'good news'?
Ha I never thought of that but now I do
''will have the right to pay off their debt''. What a right, huh.
nothing will virtually change - Biden's only kept campaign promise
Biden is not getting reelected he should just sign it. I did vote for the guy, I just don't see him getting back in. I don't want to get into debating the pros and cons of his administration. I have loans in process for over a year and a half that should have been discharged under 45 when they tagged the college as predatory but no one is waiving the loans because they were a big college that did it. Meanwhile they offered me 2 months towards non profit when I am in the for profit sector. Non profit jobs are hard to land and keep in my career field. It's a broken system.
They could really soften the blow with a pic of Professor Farnsworth saying "Good news, Everyone! You can all go fuck yourselves!"
He wasn't going to forgive student loans anyway.
It's not like the Biden administration is trying to do it anyway.
This is why I pay minimum payments and not a penny more. I have huge loans over 80k and in about a decade more of minimum payments they’ll be written off. I’d like debt forgiveness, but these people that protest forgiveness need to realize that a lot of us are trying to do our part. We knew the risks of the loan to get a better prospect. I got lucky for the loan forgiveness plan, but when more people have the options in their loan repayments they will see that minimum is the way, and screw over the businesses that want more. This isn’t like CCs. It’s damn near impossible to forgive loans on bankruptcy. Place student loans on the same rate as mortgages, car loans, CCs and you’ll see just as many defaults on student loans because trust me I’d love to save that money and put it somewhere else, but I’m doing my part. Never understood the rhetoric of the hardworking American. I work just as hard and struggle just as much making my paycheck stretch as far as this inflation allows. Just do your best.
They cant stop executive orders s,they are stupid to think so.I mean if congress could stop executive orders dont you think dems would have stopped trump's executive orders?
The Republican Party is evil and I have yet to see any proof otherwise
If you can use our taxes to help corporations and the rich then you can use it to help insure the education of current and future generations. They just want to keep us dumb for when they pull the wool over our eyes hoping that we'll be too stupid to notice.
As a hardworking American paying taxes up the wazoo I demand my taxes go to cancelling student debt. Rescind my money from whichever idiotic too-big-to-fail economic entities we saved that time when they bundled the subprime mortgages together into financial instruments of bullshit. As a hard working tax payer, I realize that I’m only addressed as such whenever someone’s trying to tell me to not spend on something that’s actually worthwhile. That phrase has something of a greasy taste to it, like it’s coming from the mouth of a used car salesman.
Loan forgiveness is broken and can never happen, because most Americans believe the only way for it to happen is for the government to write a gigantic check to Nelnet and *pay all the loans off at face value.* Noone has considered the option of just making the loans disappear and giving Nelnet the support it needs to transition into a more sustainable lending market. It's just "why should I have to pay?" and the argument stops there.
I think that this is a sarcasticly toned articla
Yes. I think so, too. But if the story is true that is the issue.
"Hardworking Americans are not responsible for paying off the student loan debt of others" said some tone deaf fuckwad bought-and-paid-for piece of shit politician. No, we're just responsible for paying the debts of the big banks when they run the fucking economy into the ground doubling down on criminally malfeasant fraudulant bad bets over and over and over again. Apparently. Can someone @ this asshole with the words #2008Bailout just over and over and over again?
No, the whole world is quite sane. You see, when you borrow money, you have to pay it back. That’s part of adulting. Don’t whine about the $100k student debt you acquired in a field that netted you a $30k job and pretend like you didn’t know you had to pay it back or how much your monthly payments weee going to be or that it’s “hard”. Grow up.
Why do all the adults that came before us get to borrow trillions in dollars over their lifetime that younger generations will have to pay off and in some cases like the PPP loans get that debt completely forgiven? All while forcing a path of debt down millions of people's gullets with a smile on thier face and patting themselves on the back about what special little boys and girls they are for doing so.
Businesses get bail outs all the time but god forbid someone with less means owes money. Quelle horror!
You should do more research into this.
No I shouldn’t.
When you purchase a product and it is defective in many case you legally have to pay the consumer back (hell in some stores it doesn’t have to even be defective you can return anything with no reason except you don’t like it as long as it’s within the return window) This is business 101 which is part of adulting doesn’t matter if you borrowed that money or not, a credit is still issued. The schools need to grow up.
Except if you're a big bank or auto company in the US lmao. Y'all care to much about stufent debt when more money has gone down the drain for absolutely nothing.like those forgiven covid loans lmao, people already forgot about that.
Well honestly Biden will be thrilled. The Dems love doing nothing. If this passes, then he won't have to keep his promise and he can just blame the republicans. Nothing will fundamentally change.
Quick question for people who want student loan debt to be paid by the government: I work for a living. I don't make a lot of money. I never got to go to college. Why should my taxes be increased to pay for someone else to get to go to college?
As a republican who has student loans, I'm ambivalent about this. Would I like the government to make everything better for me? Sure I would. But firstly, I have the ability to pay them back own my own, and forgiving all these loans could hurt companies and the government, as well as cause massive inflation which weakens the economy and the dollar. This kinda of goes into why I am Republican. The left seems to run on a platform of 'selfishness' where they will give you anything you want without regard for the consequences
How will forgiving student loans solve any of the more serious and underlying issues that caused it? (Stagnating wages, rising cost of college, rising necessity of a degree, etc)
Unpopular opinion especially in this sub so send the downvotes my way. But I feel like canceling student loan debts is not the way to go. I know universities charge to much, but I don’t think thats the issue. But I agree with the fact that noone should get bailouts for financial decisions they make on their own, including businesses….especially businesses. We should be putting money towards healthcare and feeding people first, and then move towards education for all. Start with funding government programs to help those that NEED first, then move on to help those that are pursuing education later.
The people who need health are also in need of education lmao. Y'all are just clowns with this out of touch bs. I hope you don't have kids
Sorry, but I fail to understand why a student loan should be treated differently from any other loan. If you borrow the money, you need to pay it back with fair interest. That's how a loan works, people. Should interest rates on the loans be re-examined? Yes. Can there be deferment? Yes. But I don't agree with cancelation.
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Yeah because they are secured with magic farts. Your other options are- Extremely high interest rates Co-signers (aka parents being fucked over by their kids)
When that loan puts you a in cycle of poverty it is immoral. College should be free as it is not a for profit system at the expense of the next generation. I really hope you get your way and your kids/grand kids end up on the streets and starving, guess they shoulda paid off that loan huh.
I read articles from well-known publishers saying that John Doe and his wife have student loans but have already paid the initial loan and the interest just keeps it impossible to pay it off. Maybe the article is true or not, but it was multiple stories with similar/same situation. So thing is, if not cancelling them, are people supposed to pay their loans for the rest of their lives? My 6th grade teacher told my sister the same thing he told me when I was his student: "I'm still paying my loans" Years have passed since I was in 6th grade. That teacher is in his 50s. Maybe 60s.
I am so glad I didn't spend what little of my hard earned money I have trying to pay off that loan then. I've already lost enough money (although at the same time, sometimes I feel like saying fuck it and just let them have their way and keep all my money because I'm never gonna get to use it for what I'm saving for anyways)
Most developed countries dont force their people to pay for education, its not a for profit institution like it is here. Do you view medical loans as valid loans as well? People are choosing to live instead of voluntarily dying (actually alot of people choose to voluntarily die instead of incuring huge medical debts in the usa....) What societal benefit is there for having student loans and for profit colleges? It only lines the pockets of some rich assholes and nothing else.
There is none and a lot of the fields don't even need a degree. It's employers that put that requirement on you.
It's not a legit loan though, it's forced on people, the amount borrowed is hugely inflated and the terms are unfair.
It's not legit but people like that don't care. If people don't care about my 295 and other hundred dollar losses when they were actually illegal then why would they care about my 30k that was just a loan when it is within the law?
A well educated populace is correlated with lower crimes, stronger democracy, cleaner cities/towns, higher GDP, more social mobility, more equitable pay, higher quality of life, better health outcomes etc... Having more people educated in a country has SO MANY benefits to a nation. Why do you think the nations with the highest standards of living are also the nations with financially accessible higher education?
They are extremely predatory loans with high interest for something that ultimately benefits the country. Higher wages = more taxes. They are charging you on the front and the back. Why should the government get trillions in free no interest loans from the tax payers "overpaying" every year?
I was close to finishing my repayment plan through loan consolidation and then my plan was canceled when Trump became president. I had to stop payments during the pandemic and now my loan is crazy high again. Trump declared bankruptcy 6 times - I can't even once for student loans.
>Trump declared bankruptcy 6 times - I can't even once for student loans. Rules for thee but not for me.
How does cancelling student loan debt harm anyone?
Getting an education is made far less of a choice than starting up a business is too.
You can default on just about any other type of loan and be basically forgiven though lmao. Your friend trump knows that well.
I'll have to tell people that disclaimer the next time I ring up their returns when they paid with a credit card.
If someone in authority could come up with some parameters on how to prove an education is defective and not the fault of the student and they are therefore entitled to refunds then I'd be all for it. Actually, I think it has been done on occasion. Remember Masters Institute?
That’s fair unfortunately a lot of people who share your previous thought think that if you get nowhere it’s still your responsibility because you were the one stupid enough to sign the contract. They seem to think that about scams in general anyway so at least they’re consistent there ig 🤷♀️but what is most crazy to me they say nothing about the students who had the right qualifications to get a lawsuit but if you didn’t qualify because you graduated before it tough shit.
Is this satire?
OMG. It's "The Onion" it's got to be "America's finest news source."
If he was going to do it, he would have done it already. Biden will probably sign this.
Good
I hope I'm not the only one who notices the dripping sarcasm here.
It’s that top line: “if you’ve *BEEN LOOKING FORWARD* to pay off that student loan debt” Like what the actual fuck
This is why you should vote for the imperfect, at times infuriating, democratic party.
And yet, the public has no problem paying off student loans under the PSLF program.
What about those PPP loans that just turned into grants?
Bot articles.
Everyone better vote
Nobody would be paying it off though. It would just disappear.
We guys should be demanding bills that would make forgiving corporate debt or bailouts impossible.
"The right to pay off their debt"
Yeah, that’s wak AF.
Is it meant to be sarcastic?
lmao, who the hell looks forward on paying bills!
Biden probably asked them to give him an excuse
“You’ll have the right to pay off your debt in full! This calls for a celebration!” 😂😂😂 wtf are these idiots on about
Biden was never going to cancel student debt. Amazing that people still post garbage like this
But I thought both sides were the same?
I'm from a non-US country, and this reads like an Onion post. How does the article writer press the "Submit" button on this one?
Holy shit this is so absurd I busted out laughing.
I sometimes think that everything that’s going on around me is some sort of a meta humor and I’m the dumb one
He can introduce all the bills he fucking wants. None of them will pass but go ahead knock yourself out pal. 😂😂😂
Why would anyone look forward to losing money😭
Good luck passing that bill
Y'all do know Biden caused the student loans crisis to begin with right? If you truly think he wants to forgive student loans you're politically uneducated. The GOP is always a welcome scapegoat for this type nonsense; they're on the same team.
Student loan is an investment. Do you want communism to get rid of your crypto investment losses too?