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What a terrible idea.
Tax breaks are stimulus but cancelling student debt a terrible idea/handout. Weird how that works.
If you are cancelling student debt (a proactive individual choice) then all families regardless of income level should get the exact same in direct tax deduction regardless of income level. This punishes those who paid in full for their college and those who didn’t go to college at all.
Congress and the POTUS know someone has to pay for all this forgiven debt and the 47% who actually pay net effective taxes are tired of being on the hook for progressive “free money”.
Quote from J C B: Congress and the POTUS know someone has to pay for all this forgiven debt and the 47% who actually pay net effective taxes are tired of being on the hook for progressive “free money”.
Are you sure they know that much, J C B? I mean, the printing presses are still running, aren’t they?
Why not consider, at a minimum, to reduce the interest rates that are attached to these loans? During very good banking times, the rates on these loans were considerably higher than for other borrowing. Students/graduates could at least potentially reduce the payback time by lowering these rates.
Bill: make the rate zero, just don’t ask anyone to pay back your loan…
This is just inherently wrong.
If he DOESN’T forgive a meaningful amount (undetermined) this could crash the economy. So many people have loans and decided to buy HOUSES they can’t afford. You can bet 95% haven’t saved a dime during the moratorium.
Another example of: “not those who live within their means problem.”
I lived through 2008 and lost 50% value on two homes. (First home in 2001 out of college and second I was working to build)
I signed the contracts, it took 11 years to get back in the black. Didn’t walk from the properties, didn’t short sell, didn’t file bankruptcy or any other make an excuse tactic.
These college kids made a choice. On a school loan, on maybe a home purchase above their means. They need to learn their lesson.
The “it will crash the economy” scare tactics are like the boy who cries wolf.
Paid em off – do I get a rebate with interest and adjustments for hyperinflation?
If we want to correct the student debt problem going forward, require the educational institutions (colleges, universities) to co-sign the loans. If the student later defaults, the educational institution will be on the hook for the repayment. Watch how much more selective the educational institutions get on keeping failing students in school [racking up more debt], tolerating 5 and 6 years to complete a 4 year degree, as well as which educational majors they offer [gone will be the ones that they know cannot have a hope in hell of repaying the tremendous debt incurred in getting those degrees].
Eliminate the interest, but don’t forgive the loans. Why should tax payers pay for others education and poor financial choices? As others have mentioned, those that took loans out and paid them back in good faith shouldn’t be on the hook for those that didn’t. I’m behind waiving the ridiculous interest on them, but the principal needs to be repaid.
No clue why they aren’t being required to make payments now. Plenty of jobs, just prolonging the debt.
They need to focus on solving the problem, not the symptom. Student loan debt is a symptom of the cost of higher education. There needs to be [good, viable] a way for people to obtain degrees without the need to go into unsustainable debt.
There are too many issues tied with how student loan debt is currently attained to be able to justify paying it off. Do you pay off the debt of those that took out loans but didn’t complete a degree? Do you pay off loans from people who chose to go to a school that cost $100,000 a year, when they could have avoided debt going to a $20,000 school? Or, one of the main issues – do you penalize the person that does work study, takes out extra jobs, and works hard to avoid the debt even though taking out the loans would have been easier for them?
There are too many issues around the existing debt/payments that have occurred. Until the actual problem – the cost – is fixed, the idea of paying off loans makes no sense beyond pandering/paying for votes. Fix the problem, then address the remaining symptoms.
Please forgive my mortgage as well…….