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By the time millennials are in charge they’ll still be in debt.
By the time millennials kids are in charge millennials will still be in debt.
Yeah, and thats the reason why they’ll never do it.
It hurt cause I believed it
How about just eliminating the interest?
I have friends that have student loan debt and it's like a credit card hole they'll never dig themselves out of .
Most of the people I know with lots of student debt, that $50,000 if eliminated would just be getting rid of the accrued interest.
Some make the required payments, not minimum, and every year what they owe is still higher than the previous year.
I’d rather get the initial 10K forgiven than nothing at all. I’m surprised they aren’t pushing Biden on that promise and then urging another wave of forgiveness. It’s not like it’s a one and done situation.
The problem is if Biden does $10k he’ll frame it as the senate needs to do the next $40k (which he’s generally already said). So the Senate isn’t really pushing him all that much to this position because the Senate isn’t all that sure they could pass it. Instead the Senate just wants Biden to do it all so they don’t have to do anything.
I am holding out hope that Biden is sitting on this idea for just before the midterms in order to boost turn out.
I have no evidence to back this up. Only hope.
If they don't address the student debt problem, multiple generations will be burdened with poverty, unable to purchase homes, start families, or enjoy financial standards of living similar to previous generations.
As long as they are producing more output than previous generations, ALL GLORY TO THE INVISIBLE HAND
I read the title and my first thought was these rich out of touch snobs think only 50K can help an entire generation then I realized it was per person
That was also what I thought at first.
I am reaching out as a last Hope. I’ve paid student loans for about $550 the last three years. By 2018, I’ve paid $40,000 Just in interest and another $40,000 in principal. I still owe $70,000.
Before I went on deferment for 6 months in 2018, interest had it up from 68,000 back to 72,000. My hard work of paying $550 a month is all wiped and gone.
I don’t see myself getting out of this with my pay. Graduating in 2008 has been my biggest downfall being in forbearance and deferment, off and on, barely making minimum payments just trying to get by.
I just want to know if there is a way out if I actually had paid what I borrowed. This interest percentage does not work with my pay grade. Is this something I have to talk to Congress about? How can I diffuse this situation of student loan debt before I drown in interest.
I’ve tried to buy a house to get a a cheaper rent so I could put more towards student loan. I was denied for a $97,000 mortgage loan for a town home because my student loan payment will be higher in three years.
There is really nothing I can do anymore and the light is dimming for me. This is a really sad situation for first generations in this country. I’ve no help from parents, paid my own bills and worked two jobs to keep my brother and sister in school. Now they are doing great with Full scholarships to Iowa state And a great job for my brother. I’ve told them the predatory basics of private loans and interest, and wished high school would teach more about equity, private and federal loans, credit car interest and investing. When I graduated in 2004, we were still balancing checkbooks in financial class.
I wrote this in hopes of finding an answer A calling, To reach out, because I want an answer of how and why me paying $18,000 the last three years, and my total bill went up $2,000 because I applied for forbearance of six months moving between jobs. 68k in 2018 to 70k here in July 2020.
This is really disheartening and makes you wonder why should I keep going? First generation American Citizen with no foundation or parents thinking a higher education will help me when it has became the biggest burden of my life
2008 60k student loan
2020 74k burden
150-350 from 2008 to 2015 gradually paying more
550 per month last 5 years. This year up to 600$.
Look into an income based repayment program?
Don’t cancel the debt , make the college institution’s return the money … Harvard could probably cover the entire debt
Harvard's endowment is just under $41 billion. It's ridiculous
The debt is just a symptom, tuition is the disease.
Part of curing a disease is treating the symptoms so the broader system can heal.
Canceling some debt is all well and good, but how about A: canceling *all* student debt and B: making tertiary education free or heavily subsidized like basically every other country. Not only is that the only fair and right thing to do, it also stops people who either owe more than $50k or who haven’t yet been to university from feeling like they’ve been shafted. Just like in healthcare, there is no room for the profit motive in education.
Ah who am I kidding, nothing’s gonna happen, not even the shitty half measure being proposed by Warren.
I’m not savvy with this sort of thing. Sorry if this is a dumb question. If I refinanced student loans from Nelnet to sofi or common bond, could the forgiveness still apply?
If you've refi'd federal loans, then they aren't federal loans anymore, and your debt would not be subject to forgiveness (unless they make payouts for it, which seems unlikely).
Can we get a little medical debt cancelled while we’re at it?
So could reducing the cost of education by eliminating subsidies and blocking grants for universities with billion dollar endowments who continue to increase tuition.
So could getting a useful degree.
To be fair giving 50k to any generation would transform it
The great plan I always subscribed to was to make all state colleges and universities free, but make the money contingent on how the universities spend their money. The concerns were:
1. Too many colleges spiking their tuition every year - put a cap on how much they can increase in a given year, and what the actual price tag can be.
2. Too much tuition money going to non-academic things (arenas, non-academic support staff) - require a high percentage of money from the government going towards education costs and only education costs.
One less war every couple generations would pay for it.
Tuition at my state university kept spiking because the Republican state government kept cutting their funding. Now they get next to no funding from the state. It's not been a great decision by the state.
Kids are horrible anyways 😆
Cancel ALL of it
even medical professionals cannot escape debt. You would think that it’s only a couple hundred thousand to go to school, but its often more like half a million. 400k for me to come out to work at 120k a year at like 6% interest. That’s 20 years of payments. Luckily I have paid off the highest interest ones (7.2%) by living with my parents and only paying the loan but wow the next (and biggest) tier is 6.8% so not much difference. I spent almost a year’s worth of Pay on loan repayment and didn’t even make a dent. if you have ever wondered why doctors, dentists, optometrist, pharmacist, etc are now more and more subject to corporations and not having as much autonomy over their patient care, it’s often because of the debt we have. I think these careers are still worth it, but within a decade, it probably will not be worth it financially. Especially for the stress and the delay in starting your life. I am never going to tell a kid to be a medical professional because I do not want them to spend their life working for a corporation and never retiring
My dentist didn’t pay off his loans until he was 55, which isn’t uncommon. That doesn’t mean he didn’t have enough income to live very comfortably while paying his loans. He paid his debt and lives very well. It’s the same for most medical professionals. If a doctor or dentist can’t escape debt, it’s a personal problem not one caused by their student loans.
Warren's job is gaslighting progressives and make them believe that something is moving in the Democratic establishment. Nothing is moving and nothing that comes out of her mouth will happen.
Seems to me like she's trying to make it happen and is trying to get more support for it. It may not happen, but it's not like she's actively trying to sabotage what she's trying to accomplish.
How does cancelled debt work? Does the money just not get paid?
Short answer, yes. You write off an account receivable.
I've been a life long democrat voter but if Biden does a no-strings attached forgiveness, I am voting R in the next election. I imagine many Independents feel the same way.
I had six figures of student loans for a non-STEM degree and paid it off in seven years. Seven years of sacrifices, roommates and not going out because I didn't have any money.
I would be livid if I had to pay for your liberal arts degree because you made a bad choice.
Sorry, I support reducing the interest to 0% but not forgiving the principal.
Downvote me all you want but there's no way Biden will forgive since it's clearly only the left wing of the party that thinks it's a good idea
On that logic, student debt will always be there and can only go up, not down. Are you also angry with those who got a better deal before you?
It's like refusing to vote for emancipation because you had to live your life as a slave.
But that will make it so they lose their stranglehold on us so they won't. Just like republicans will never actually do anything about abortion on a national level or bring it before the supreme court with a new majority, its a wedge issue that they'll keep using to secure votes.
56% of loans are held by people with advanced degrees so I think flat forgiveness is stupid (I have over 60k myself) but income based forgiveness when combined with an end to near limitless guaranteed student loans for undergrad and a 2% cap on interest could be helpful. 200k in loans seems excessive until you realize a large chunk of people with that much make amounts in excess of that yearly
There are three large groups of people who have loans:
1. Those who carry tons of debt, but absolutely do not need help paying - ex: new doctors. Although this group is small in number, their high debt loads mean they are responsible for a large portion of outstanding student debt.
2. People who carry moderate debt, but are very likely to have a great benefit over the course of their lives from the education (and needless credentialism). They may have to make sacrifices after graduation to service the debt, but they are the future middle -> upper-middle class.
3. People who got scammed, didn't graduate, or made poor choices, and their finances are basically ruined forever.
Why on earth would we offer blanket forgiveness instead of helping those who were harmed by college (3)? Perhaps some moderate aid such as forbearance, lower interest rates, and subsidized loans for people who are in good shape long term but struggling a bit (2)?
Most poor, working, and middle class Americans do not want to see their tax dollars fund yet another massive giveaway to the wealthy and managerial classes - ie their future bosses, doctors, etc.
Would like to see someone defend giving 50k to newly minted doctors, or ivy league MBAs.
Your terms are highly subjective. My student debt may not be enough to buy an airplane but it sure has had an effect on my life for nearly 20 years
Maybe if she wasn't so selfish, we'd have Bernie as president right now.
She's a phony. If she actually gave a rat's ass about this country, she would have stepped aside. Now, with the increased voter suppression efforts, Democrats will likely lose seats in both the House and the Senate and also the next President. Who do the Democrats have? Kamala Harris? Give me a break. She's not winning any elections.
> Maybe if she wasn't so selfish, we'd have Bernie as president right now.
Except, during the primaries, there was really no evidence that those who were Elizabeth Warren supporters were a lock to be Bernie supporters. Primary polling at the time showed that they were just as likely to support pretty much anyone else.
> But Ms. Warren’s pool of voters, who are casting for an alternative after she dropped out of the Democratic race on Thursday, generally doesn’t look like Mr. Sanders’s base. There is reason to believe that former Vice President Joseph R. Biden Jr. could pick up nearly as many of Ms. Warren’s former voters as Mr. Sanders does.
> Even still, only a third of her supporters in that poll pointed to Mr. Sanders as a runner-up. That equals out to less than 5 percent of the Democratic electorate. Besides, a lot has happened in the past month; most other candidates have disappeared from the race, and much of the party has united behind Mr. Biden.
> Most troublingly for Mr. Sanders, Ms. Warren’s support profile has roughly as much overlap with Mr. Biden’s as it does with his.
Not saying there isn't some overlap, but the popular notion that they were splitting the same voter group is just not accurate.
Glad I worked two jobs and rode a bus to college to avoid loans.
Pay your debt
Make sure your position also applies to everybody who took PPP loans or other corporate bailouts over the last 20 years.
Student: (Got a degree from an expensive school in a field that virtually guarantees underemployment)
Also Student: Bailout please, I have no agency and my poor decisions are not my fault.
Now do people who went to school to be teachers.
Literally transform an *entire* generation into poverty, instead of just those who made poor financial decisions.
When you talk about cancelling debt, that’s real money that has to come from somewhere. I would assume if your talking about $50k each for an entire generation of college students, that has to be a huge amount. If it doesn’t come from that generation it will come from their children. That pretty damn unfair for those who were able to attend college without going into crippling debt or those who never attended college at all.
It's already been paid for. It would be written off.
It would cost about 980 billion (and much of that would come right back as that money is spent by consumers for other things).
If we can afford trillions for a nonsense war in Afghanistan, or several times that amount for Trump's tax cut for the rich, we can afford this.
And doing so would ensure that in ‘22 and ‘24 they keep power
They would piss off so many Independents they would probably lose all three chambers of power.
What happens to the people that loaned the money in good faith? Is the government going to use taxpayers dollars to reimburse them? Or are they just screwed?
It's federal money/loans.
Thats almost enough money to have a kid!
Went to a private University for college and afterwards got a job as a teacher and paid off all my loans in 5 years by budgeting and paying down my debt as a priority. The truth of the matter is that good individual choices will always have more impact on your life than any government program or bail out. That’s truth. However if you really want to know how to solve the cost of college the answer in slightly counter intuitive but here it is, DON’T SUBSIDIZE UNIVERSITY! Why you may ask well the answer is complicated and maybe there is an Econ major out there that can explain it better than me but I’m short. School know how much the government will subsidize so they raise their prices to the max to have people file for those loans and apply to school at a inflated cost because most are will to take a low interest loan for a college degree. (I did) However if these were removed colleges would have to compete in a free market by lowering their costs so they could attain more students. Basic Supply & Demand type of scenario. However it would come with the condition that people would actually have to calculate if it was worth going to college and beyond. If it was financially reasonable they may and would pick a career field that would be statically likely to pay for that investment. School could still grant scholarships to obtain students they wanted but the Government need not be involved. However the subsidize pervert this incentive by loaning large amounts to students and their families, which makes the school motivated to charge as much as they can because the money isn’t really being offered to the student for an education but the university as payment. So the Universities charge more, then government subsidizes more, wash, rinse, and repeat. TLDR: Taking away government subsidizes for college will make it cheaper for everyone
The problem is funding to cancel the debt. The money has to come from somewhere. If it comes from tax payers, then your asking for other (mostly regular, some dirt poor some filthy rich) people to pay.
Also when does it end? What about people graduating in 1,2,3.... or more years. Its a systemic issue that shouldn’t be fixed by ad hoc debt removal and blanket reallocation of tax funds.
She would have been a great President, but we’d all still be stuck with Manchin sabotaging the whole thing in broad daylight.
If enough people refuse to pay and a movement gathers steam, the entirety will be wiped.
Cancel my 10k normal debt tbh
This would change my life. I grew up being told by basically everyone that I have to go to college. My parents didn’t make enough to help me out much financially, but they made too much for me get much in the way of financial aid. The only choice I had was to take out loans. Well, like many other 18 year olds I made some mistakes, didn’t do well in school and cost myself a ton money. Now I’ve gone back to school and finished my degree in mechanical engineering, but I’ll still be paying down debt for the next 30-40 years.
but how will corporate america benefit if we don't have wage slaves, forced to work jobs they hate, just so they can get by?
won't someone think of the shareholders! /s
That Warren dude is dumb.
It’s going to show them they can rack up heavy debt then expect the government to pay it off. The future is bleak for you kids..
It would completely transform it! Also, it would help the market so, so much… it would be incredible for anyone invested!
Except it’s not going to happen. Jan 6 Committee? - sure. Renaming Federal Holidays? - no problem. Blaming everything on everybody else? - but of course.
Healthcare? - nothing even on paper. Student Loan Reform? - nothing on paper. $15 an hour Federal Minimum Wage? - DOA.
EDIT - This is interesting. I’m getting downvoted because a bunch of politicians lied to the American people. I didn’t lie to anyone.
Are you guys Congressional Reps or Senators ? Because if your not - you’re throwing rocks in the wrong direction. That’s their angle - blame someone else.
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