Cancelling Student Debt

When anyone in the Biden administration is asked how much it will cost, they will not answer. When asked about how it will be paid for, they say student loan payments will resume. Even John Berman on CNN tilted his head in disbelief and repeated the question. I better not hear any democrat talk about Trump lying.
 
I paid off my MBA around 2015. Can this be super retroactive and for graduate degrees?

Super retroactive is hereby defined as within the past ten years.
 
I never had to get a loan. I paid 1/2 my way through engineering school on my own. So now I get to pay for all these yay-hoos loans. Such a great feeling.
 
I paid $81 for a semester at UT in 1969. Too poor to get the student activity card. Squeaked by washing dishes for five more years. Then law school and I borrowed a few thousand for that.
When the US started guaranteeing loans the schools went to high tuition. So now the grads can’t pay the loans because they borrowed too much. So the gov gives them a break

how about the gov quits trying and failing to solve problems it creates?

naw, that’s too simple
 
It's a big political gamble. Obviously college graduates who will directly benefit will like the benefit. However, it looks like flagrant vote-buying, and few are going to look at it as responsible federal policy especially with the debt and inflation where they are. As I've said before, if it was done in the context of actual reform so we actually fixed the problem, it would be much easier to defend. However, Biden would have to be willing to massively piss off a powerful and wealthy interest group that almost universally supports and bankrolls Democrats. No chance in hell of him doing that.

Personally, I'm at least pretty sure I'll at least superficially benefit from this. I still have some student loans from law school. (I took out the loans when the interest rate was ridiculously low, so I haven't made it much of a priority to pay it off quickly.) This won't totally eliminate my loan, but it'll make a pretty significant dent. But is this really going to change my vote? Will I suddenly be ok with 9 percent inflation, high crime, a packed Supreme Court forcing a woke agenda by edict, and dudes in the girls locker room? No chance in hell.

Even if we ignore the cultural issues, just consider the inflation angle. Most of the so-called COVID "relief" money we got has probably already been taken back with the inflation. This $10K will only make that problem worse. Well, even if my loan balance drops, am I really better off if everything I buy is getting dramatically more expensive? Not really.
 
There will be 41 million idiots that will be disappointed when they do not get a $10,000 check in the mail. This is going to blow up on the democrats.
 
The PPP comparisons are ludicrous. Those were intended to keep staff on company payrolls when businesses were ordered by government to shutdown. They were about protecting employees. They were not loans to businesses.

I'm not saying it's impossible to find sleazy loan arrangements with businesses. It's actually pretty common, but the PPP loans aren't one of them.
 
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Mr D?
Do you actually qualify for student debt relief?
You have made your opinion clear as rightfully being opposed.
And If I were you I would take the money.
But Geez Louise How stupid is the Biden plan?
 
Horn6721 said:
Mr D?
Do you actually qualify for student debt relief?
You have made your opinion clear as rightfully being opposed.
And If I were you I would take the money.
But Geez Louise How stupid is the Biden plan?
Click to expand...

I'm pretty sure I qualify. I have federal Stafford loans (subsidized and unsubsidized) that are serviced by a private company. We don't make $250K per year. Yes, I'll take it. I'm going to get hit with the inflation - may as get the upside to it.

Interestingly, I never got the "COVID pause" on the payments. They kept getting paid. Maybe I could have, but we didn't lose any money during COVID. No reason to drag the loan out longer than necessary.

Mrs. Deez has already gotten her loans forgiven through the PSLF. However, that wasn't that big of a deal. By the time she became eligible, there wasn't much left of that.
 
I don’t blame you. But if it is serviced by a private company, does it qualify? I heard that people who have loans that are not pure federal loans get left out.
 
It looks like there are many millions of smart reasonable people against this
Do Demx think they will gain voters? Who would that be?
 
theiioftx said:
I don’t blame you. But if it is serviced by a private company, does it qualify? I heard that people who have loans that are not pure federal loans get left out.
Click to expand...

I'm pretty sure I can still get it. That's my understanding because it isn't a "private loan," and my loan servicer has information about it on the website. However, we won't know for sure until it's fully implemented. If I can't get it, so be it. I always intended to pay back my loans anyway.
 
My daughter will soon be engaged. Her boyfriend is on a six year bachelor degree plan because he plays baseball without a scholarship. While I saved and paid for her school, his parents live way outside their means with several expensive cars and live in a 6,000 square foot home. He is running up loan debt so he will qualify for the forgiveness. I’m an idiot.
 
theiioftx said:
My daughter will soon be engaged. Her boyfriend is on a six year bachelor degree plan because he plays baseball without a scholarship. While I saved and paid for her school, his parents live way outside their means with several expensive cars and live in a 6,000 square foot home. He is running up loan debt so he will qualify for the forgiveness. I’m an idiot.
Click to expand...

Just out of curiosity, what is she doing with a dude like that?
 
Horn2RunAgain said:
We have set aside enough $ for our grand daughter's college fund to purchase a dang house. My wife and i probably won't live long enough to see her graduation (kiddo is only 4yo)
Click to expand...

Maybe the smarter investment IS in a house. If today's college grads aren't smart enough to pay off their debt, then that's all the proof I need that today's college education isn't worth the paper that certificate's printed on. Either get a skill or don't go to college. Philosophy and history degrees can only get you so far.
 
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