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So those that laid their debts will need to pay for these others? How about change the interest structure and let borrowers pay their own debt?
Really? Is Biden gonna pay for it out of his personal wealth acquired as a career politician? Pelosi? Schumer? There is no such thing as a free lunch…
‘Gotta get them young ‘uns trained early to vote Democrat their whole lives before they realize where $5 gasoline and other inflation comes from….if they ever will…
Disgusting on so many fronts…
Yay more inflation!! FJB
Hold onto your hats, those that know me….
I’m a solid Democrat but I favor a more measured approach to student loan forgiveness. It just seems that the threshold should be a little lower than $150k for a single filer and $300k for married couples. Maybe $100/$200, or $75/$150. The $10,000 limit seems okay.
Surely the pressure on young people has been to attend college and colleges have been increasing prices at 2x or 3x the rate of inflation for 2-3 decades. On a compounded basis, the rack rate is beyond the reach of even upper-middle-class people, especially if they have more than one kid. Some of these students went into deep debt without their eyes wide open. So blame their parents, and/ or blame an 18 y/o for not making the wisest of financial decisions.
Student loans skews the normal supply and demand economics of pricing for colleges: if student loans were not readily available, college tuition would decrease. Essentially, the program subsidizes colleges.
Overly generous student loan forgiveness creates a “MORAL HAZARD”, defined as “…is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk.” IOW, if you knew you’d have your loans forgiven, why bother saving enough?
FWIW, I am an older guy who paid off my own meager student loans a long time ago. I also made a comfortable enough living the last ~20 years to afford to send my kid to an expensive school without having to take out any student loans. But, I did that through not just a healthy income, but through persistent, continuous, diligent savings and that was accomplished by doing without certain things: like new cars, fancy vacations, and generally pretty frugal living. Because I could afford to do it and I care about my kid.
Same concept, really, with need-based financial aid. I didn’t qualify since I had enough saved. But I’d rather feel a bit the fool for saving enough (and and losing out on financial aid) since I was assured there would be no student loan debt, than hope we’d get financial aid and end up with not enough.
No disrespect intended to parents who didn’t have the good fortune to save enough if their earnings were not the greatest. Though my solid income came with a lot of education (!) and hard work along the way.
I am a solid D too and agree with your approach.
Pure democrat politics! Bribing folks for their November votes. One of the sickest and most pitiful moves by the current administration! More spoiling of the kids will bring more reliance of government to save them from responsibility.
Not much of a bene. Probably anger the youngsters who expected a lot more. Surely anger those who paid their debts and now pay higher taxes for this bene. Blatant attempt to buy the youngsters into the socialist promise of happiness for all. Like all oligarchies, you can bet the current government will reward its own and inflate its way out of obligations, and the promised utopia becoming less for the governed, while the higher-ups claim how great it all is. And it is, for them!
To paraphrase, Biden will be buying votes, spending approximately $230 Billion of tax payer dollars. This on top of the $100 billion they have already spent pausing loan payments. This will only further drive up the cost of education, which has taken off like a rocket ever since the federal government told universities that they can charge whatever they want, because the feds will hand out loans to anyone who wants one. Maybe we can get back to focusing on trades, rather than selling the BS that “everyone needs/deserves a college degree”. I know plumbers/electricians/HVAC techs that make $150k+ per year and love life.
To paraphrase, Biden will be buying votes, spending approximately $230 Billion of tax payer dollars. This on top of the $100 billion they have already spent pausing loan payments. This will only further drive up the cost of education, which has taken off like a rocket ever since the federal government told universities that they can charge whatever they want, because the feds will hand out loans to anyone who wants one. Maybe we can get back to focusing on trades, rather than selling the BS that “everyone needs/deserves a college degree”. I know plumbers/electricians/HVAC techs that make $150k+ per year and love life. They don’t have huge loans to repay, in fact several were paid to go to school.
The whole school loan system needs to be reformed or eliminated. Universities gave too many administrators that bloat the system.
I support an income based loan forgiveness reduction program.
Completely agree.
Completely unconstitutional for the executive branch to do this; requires an act of congress.
What about it is unconstitutional, vs just illigeal?
Also, my understanding is (one of the reasons) why the amount is lower than the party wanted is to increase liklihokd it passes court review as an administrative discretion – similar in procedure to the wiping away of loan debts of accounts from the for-profit schools that recruited deceptively; that was administrative; not congressional.
Too all those saying the democrats are buying votes, you do realize the republicans do the same, right? Whether it’s with tax cuts or the kinds of policies that make their base salivate. Um, that’s pretty much what all politicians do.
I’m a boomer who had and paid off student loans–and I completely support loan forgiveness. How horribly selfish to want to deny a benefit to others because I didn’t get it! Wow.
Mike C. Can the FHA forgive my mortgage loan? Under the same pretense as student loan forgiveness, it would really help me.