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bornontheblue

Student Loan Debt

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On 8/23/2022 at 6:49 PM, East Coast Aztec said:

The issue is if this is a one-time shot, tuition won't change.  This is a short-run tactic, when we need a long-term one.  

 

 

Agreed.

It's insane that a bank will gladly write a check to a teenager to go 10's of thousands, sometimes 100's of thousands in debt for a school loan, but if that person wants a mortgage 4 years later, they want $25,000 upfront and proof that you make $5000 a month in steady income for the last 3 years. What a racket.

I think forgiveness from this predatory lending is justified but I agree the whole thing needs to be blown up. It's low key indentured servitude.

I think, therefore I'm.

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On 8/23/2022 at 9:52 PM, thelawlorfaithful said:

You be quiet old man! That was the old way of doing things. Now the emperor is bestowing a gift and the government will pay for it, which means it’s free.

Free like when the government gave away tuition to boomers for $50 a semester???

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On 8/24/2022 at 12:51 AM, ClevelandBrown said:

Screenshot_20220824-005027_Boost.jpg

Big brother helped me, shouldn't help you though!

"Earned the GI Bill".... what do we think the going wage around the world for an 18 year old unskilled soldier is?  It certainly isn't $200k of tuition reimbursements.   Maybe ask Russia.  It is always interesting how certain kinds of government entitlements are seen as superior to others.  The "smartest" thing is she is knew how to take advantage of the system. 

Well intentioned government programs have really screwed up housing and higher ed.  The problem is all the loan guarantees meant to help students are all offset by higher prices sellers can charge. 

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On 8/23/2022 at 8:34 PM, CPslograd said:

No, it's a terrible idea all the way around.

More tax loopholes for the rich and irresponsible, great idea.

Forgiving student debt is idiotic and unfair.  So the lazy phucker who signed up for a bunch of classes at the local JC but never attended them just so he could get  and live off student loans, gets that forgiven.  Meanwhile the guy or girl who got a jobby job and paid their own bills, gets stuck with their tab?  For godsake, democrats claim to be the party of the working poor then they go and do crap like this.  The people getting screwed on this are the working poor.

and FFS, we have a massive higher education bubble, lets just juice that up a little more by forgiving student debt, or subsidizing it further with tax breaks.  I'm sure that won't increase tuition.

The democrats can't blame private lenders anymore like they used every time this came up, Obama basically nationalized the student loan business a decade or more ago.

Cplos I'm sorry but after the PPP loan forgiveness and your total silence on that, your moral authority on this is gone. You're a hypocrite. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/23/2022 at 8:58 PM, halfmanhalfbronco said:

I'm glad it is means tested a bit, but it should be median individual income+ 10k, so about 42k a year.  As structured, it is still a wealth transfer to the middle class at the expense of the poor.

I'm not. Means testing is the graveyard where governance goes to die. 

Also the way the debt is held, and who pays federal taxes, means it isn't a wealth transfer to the middle class from the poor halfman :) and you know that if you think about it for five minutes. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/23/2022 at 8:49 PM, East Coast Aztec said:

The issue is if this is a one-time shot, tuition won't change.  This is a short-run tactic, when we need a long-term one.  

 

 

  • convert all student loans to simple interest
  • put a low cap on student loan interest (3%? hell, maybe 0%) 

that would pretty much do it by itself really. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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This should only be a start. Reigning in rapidly rising tuition costs and capping interest rates on student loans should be the next step for the administration. Unless they plan on just discharging another $10k in 5 years for the next round of borrowers. 

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On 8/24/2022 at 10:16 AM, AztecAlien said:

Say what you want, but this whole thing is about buying votes.  

if it was about buying votes they'd delay it until october of 2024 and then forgive all of it

this is about "we did a temporary pause in payment, and as anyone knows, a temporary government program is the longest lasting thing on earth, and now the governing party has a tiger by the tail - any action will piss off at least a plurality and likely a majority of the electorate". 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/24/2022 at 8:30 AM, happycamper said:

if it was about buying votes they'd delay it until october of 2024 and then forgive all of it

this is about "we did a temporary pause in payment, and as anyone knows, a temporary government program is the longest lasting thing on earth, and now the governing party has a tiger by the tail - any action will piss off at least a plurality and likely a majority of the electorate". 

There's a midterm in November. And I wouldn't put anything past scam politics in 2024. 

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On 8/24/2022 at 8:30 AM, happycamper said:

if it was about buying votes they'd delay it until october of 2024 and then forgive all of it

this is about "we did a temporary pause in payment, and as anyone knows, a temporary government program is the longest lasting thing on earth, and now the governing party has a tiger by the tail - any action will piss off at least a plurality and likely a majority of the electorate". 

If the Dems thought they would keep the status quo in DC they would wait. Biden had to pull the trigger now.

This will piss off many who struggled to pay their loans back. 

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On 8/24/2022 at 10:35 AM, AztecAlien said:

There's a midterm in November. And I wouldn't put anything past scam politics in 2024. 

yes, a midterm which appears to be going much better for democrats than people were expecting. 

like i said. if it were about buying votes, the forgiveness amount would be more than 10k. it would be delayed. and it would be more widely publicized. this isn't a "buy votes" move. this is a "pull out of afghanistan" move. we had a situation created with no real great solutions that will piss people off no matter what we try to do about it. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/24/2022 at 10:39 AM, Jackrabbit said:

If the Dems thought they would keep the status quo in DC they would wait. Biden had to pull the trigger now.

This will piss off many who struggled to pay their loans back. 

jack, please don't revert to "comment on happycamper posts without reading them" form

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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On 8/24/2022 at 7:39 AM, Jackrabbit said:

If the Dems thought they would keep the status quo in DC they would wait. Biden had to pull the trigger now.

This will piss off many who struggled to pay their loans back. 

Some folks would bitch if they dropped tuition rates to close to zero too.  It is crab in a bucket theory.  I suffer, so they must too.

+++++ em.

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At the very least minorities with low income should have their student debt cleared.

Every politician over the age of 65 was influenced by the Jim Crow era meaning people of color were/are viewed as “the help”.

 

 

 

 

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On 8/24/2022 at 4:00 AM, Akkula said:

Free like when the government gave away tuition to boomers for $50 a semester???

Is that what happened? Your Lenin needs a monocle.

We’re all sitting in the dugout. Thinking we should pitch. How you gonna throw a shutout when all you do is bitch.

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Not my favorite policy. It’s a short-term ”solution” to a long-term issue. It’s not any kind of investment. If you’re going to do something like this, I’d rather use that money to bolster the grant program.

A couple of things here. 1) the cost of a college education is a real problem that dampens the overall health of our economy and lessens class mobility. some sort of moratorium on the public funding of new buildings and college athletics at public universities would do more to fix the systemic issues that have contributed to high costs than this one-time Band-Aid. But there is no silver bullet.
 

2) Lol at supply-sliders fretting about upward wealth transfers.

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On 8/24/2022 at 11:17 AM, NVGiant said:

Not my favorite policy. It’s a short-term ”solution” to a long-term issue. It’s not any kind of investment. If you’re going to do something like this, I’d rather use that money to bolster the grant program.

A couple of things here. 1) the cost of a college education is a real problem that dampens the overall health of our economy and lessens class mobility. some sort of moratorium on the public funding of new buildings and college athletics at public universities would do more to fix the systemic issues that have contributed to high costs than this one-time Band-Aid. But there is no silver bullet.
 

2) Lol at supply-sliders fretting about upward wealth transfers.

3) The largest single cost to attend college is still room and board. All the stories about boomers working part time and in the summer to afford a full year? They could work part time and in the summer to be able to afford to live in an apartment and eat all year. That's largely gone, especially in college towns. The ballooning of tuition is a problem, but largely, the massive spike in student loan debt is just a symptom of another problem, a near-total loss of affordable housing in massive swaths of the country. 

Things like reducing student loan interest rates, removing compound interest from student loans (why did we keep that after 2008 again?), and minor forgiveness help the issue of student loan debt that we have now. But... things aren't going to get better if we don't tackle the fact that nobody can afford to work part time and have a roof any more. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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