Biden cancels 6billion in student debt

#126
#126
Rasputin_Vol said:
So using that logic, assume you hold the US govt to the same standard? The US govt is $33 trillion in debt. You grandchildren will be paying that debt.

But it's about the principle, right?
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At least he is demonstrating that he has it.... principle that is.
 
#127
#127
Rasputin_Vol said:
Its a lot of items that you and I don't participate in or condone that we are on the hook for. You do know that we are $33 trillion in debt right now... right? Did you or your children or your grandchildren sign up for that?

So you petty bedwetters are having a fit about an additional $6 billion going to relieve the debts of other Americans, but have no issue with open borders or $61 billion going to Ukraine, Taiwan and Israel?

If you think student loan debt relief is the final straw, you guys have no idea what is really going on in this country. $6 billion ain't diddly-squat.
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seriously Clark?
 
#128
#128
85SugarVol said:
This could be true with the public service loans maybe?

But if the larger question of mass student loan forgiveness requires Congress to act, would that indicate that the taxpayers are part of the equation?
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Hell yeah. You want your loan paid off by the American public, you get $25,000/year for every year you serve in the military.

Be.... all that you can be.
 
#129
#129
VolTull said:
“Give me your tired, your poor, your uneducated/ Your huddled masses yearning to breathe free”—
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Unfortunately, the phrase coming from your party is "From each according to his abilities, to each according to his needs".

No thank you.
 
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#130
#130
RockyTop85 said:
But even income based repayment was partially based on the amount of the loan. I’m skeptical that the “taxpayers are paying for loan forgiveness” is accurate. It reeks of propaganda.

I think “the government is foregoing a profit on some loans and paying for it out of the profit they make on other loans” is likely more accurate description of what is going on here.
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I owe over 200k in student loans. I have to make ten years of payments and then the rest is forgiven because I work in a medically underserved area for a nonprofit.

This is from the federal student aid website. I will pay <10% of what I owe after ten years because the payments are so low. So when these people cry about “I’ve paid on my loan for twenty years and I still owe so much”, you shouldn’t feel sorry for them. They’re intentionally paying next to nothing

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#131
#131
Vol8188 said:
I owe over 200k in student loans. I have to make ten years of payments and then the rest is forgiven because I work in a medically underserved area for a nonprofit.

This is from the federal student aid website. I will pay <10% of what I owe after ten years because the payments are so low. So when these people cry about “I’ve paid on my loan for twenty years and I still owe so much”, you shouldn’t feel sorry for them. They’re intentionally paying next to nothing

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I understand that people who have an expectation of loan forgiveness will manage their payments to maximize the amount of their own loans that will be forgiven.

That doesn’t mean it is valid to assume that all others, including those with no expectation of forgiveness, have done likewise.
 
#132
#132
RockyTop85 said:
I understand that people who have an expectation of loan forgiveness will manage their payments to maximize the amount of their own loans that will be forgiven.

That doesn’t mean it is valid to assume that all others, including those with no expectation of forgiveness, have done likewise.
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You didn’t believe people who have paid for ten years, would not have paid their principal back. My point is you can make these payments at insanely low levels. So it’s very normal to have came nowhere near paying off the original amount loaned
 
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#136
#136
Vol8188 said:
lol so 2 people telling him the same thing, but he still doesn’t believe it
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Read the rest of my posts in this thread.

Spoiler: I already said that I didn’t think minimum payments would pay back the cost to the taxpayers in 10 years, because I had looked into it more and realized I had failed to consider some costs.

You made a comment about people complaining about their outstanding balance after “20 years.” That is what I was responding to.


Vol8188 said:
So when these people cry about “I’ve paid on my loan for twenty years and I still owe so much”, you shouldn’t feel sorry for them. They’re intentionally paying next to nothing
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People with the expectation of loan forgiveness have a different incentive structure and manage repayment differently. Also, they don’t tend to complain about how much they owe after 20 years because it got excused a decade ago or will be written off soon. So your analogy isn’t particularly relevant to support your conclusion because your own experience comes with the expectation of forgiveness.
 
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#137
#137
Vol737 said:
The sentiment is the same whether we are talking about individuals or the .gov, and that is there is an expectation, or should be, for people, the .gov and others to live up to their agreed to obligations and responsibilities.
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And WTF you don't see or want to acknowledge is that this was a screwed up system (student loans) from the jump... or at least since they made student loan debt inextinguishable from bankruptcy. Not to mention the constant pushing of needing a college degree over the last 30-40 years ("college graduates earn $1 million more in their lifetime than non-college graduates").

If an honest lending system was in place, no lender would give a women's studies major or a African history major $20k, much less over $100k. You people seem to not understand that this is a two way street. Just like every seller needs a buyer, every lender needs a borrower. This is simple ECON 101. And when the deal goes bad in a NORMAL situation/environment, both parties suffer when the deal goes bad. But with student loans, the lender is fully protected from the risky loans they made (protected by the govt) and the borrower is left on the hook for the entitle amount. At best, both the lender and the borrower (in an open market) should suffer the consequences... not just one side of the deal.

Now if you want to pizz and moan about the govt and liberals forcing the lenders to give these loans, that is a discussion to be had. I'm down with that conversation. But after what I/we have seen in the past few years where we are willing to throw money at Ukraine, Israel and illegal aliens, but we have veterans living under bridges, working class Americans living in cars and Americans with student loan debt not able to start families and live their lives in the same way as their parents and grandparents... I'm going to side with helping Americans first and f*** everybody else. And if that means defaulting on the debt or whatever, so be it. But you are not going to wave around this personal accountability BS in front of me when the people in charge are tying on trillions of dollars of debt on the next two generations, but foreigners are entitled to get their benefits today.
 
#139
#139
SpaceCoastVol said:
Hell yeah. You want your loan paid off by the American public, you get $25,000/year for every year you serve in the military.

Be.... all that you can be.
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Or, you can just allow the student loan borrowers to declare bankruptcy just like anyone else. Or you can tell the lenders to stick it.

Serving in the US military in 2024 is a path towards providing fresh meat to the hegemony.
 
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