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A college degree is a lousy investment

"no one has to go to college" feels like an argument out-of-time

like something out of the 1900s
 
DeaconCav06 said:
My only issue with this program is that it’s only federal loans that qualify.

My wife and I did the fiscally responsible thing and refinanced our loans using a single lower interest loan. That would disqualify us.
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This program also doesn’t include any student loans in default, which automatically knocks out the people most in need of the forgiveness.
 
tiltdeac said:
Do you have a link for this?
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The news release from the administration doesn’t mention borrowers in default, but it highlights that the debt being forgiven is debt held by the federal government, to which defaulted federal student debt more than 270 days old is very often sold auction style to private debt collecting businesses.

Once the debt is held privately it isn’t eligible for forgiveness. I did this research a few years ago when Biden first announced his idea. There has been a separate plan floated by this admin to help get defaulted borrowers back into good standing, but I believe that plan only applies for defaulted loans still held by the government. Once the debt is sold you are SOL.
 
This also brings up another point - the fed is forgiving debt that they themselves hold, and thus *spend money* trying to collect. The ridiculous notion that student debt is going to be transferred to poors and middle class is fucking dumb. Maybe you can do some advanced calculations and figure up how the government handles its yearly expected income from student debt repayments, but it’s pretty goddamn obvious to anyone with a brain that the fed isn’t paying bills with that money like a fucking family checking account balance.

Here is a metaphor of how non-recipients of this bill are going to be affected: imagine swimming in an Olympic size swimming pool. Now imagine someone takes a lemonade pitcher and scoops a pitcher of water out of the pool. That’s it. That’s the debt transfer to you.
 
myDeaconmyhand said:
The news release from the administration doesn’t mention borrowers in default, but it highlights that the debt being forgiven is debt held by the federal government, to which defaulted federal student debt more than 270 days old is very often sold auction style to private debt collecting businesses.

Once the debt is held privately it isn’t eligible for forgiveness. I did this research a few years ago when Biden first announced his idea. There has been a separate plan floated by this admin to help get defaulted borrowers back into good standing, but I believe that plan only applies for defaulted loans still held by the government. Once the debt is sold you are SOL.
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Are you sure? I thought they had stopped doing that. https://studentaid.gov/manage-loans/default/collections

On Nov. 8, 2021, the U.S. Department of Education (ED) announced that private collection agencies will no longer service ED-held defaulted loans. If a private collection agency worked on your ED-held loans, it will no longer manage your loans moving forward.
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BiffTannen said:
Now pretend someone is going to pay you $10,000 that they owe you and they don't.
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Imagine someone is going to pay the government $10,000 and they put a down payment on a car from your dealership instead. Or start buying an appetizer at your restaurant. Or buy new furniture from your store. Or hire you to paint their house.

It’s so weird to see people complain that money will go into the broader economy than go to a federal program.
 
PhDeac said:
Imagine someone is going to pay the government $10,000 and they put a down payment on a car from your dealership instead. Or start buying an appetizer at your restaurant. Or buy new furniture from your store. Or hire you to paint their house.

It’s so weird to see people complain that money will go into the broader economy than go to a federal program.
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I can't tell if this is sarcastic or not, but this post will live forever for #teamlowtaxes.
 
2&2 Slider To Leyritz said:
I can't tell if this is sarcastic or not, but this post will live forever for #teamlowtaxes.
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LOL. I’m fine with low taxes for people earning under $125K. #teamlowtaxes wants the millionth dollar going to Wall Street instead of the government to benefit all of us.

There’s a major difference between what regular people do with an additional $10,000 vs. what wealth people do with $10,000.
 
Now imagine that instead of the government receiving the $10,000 they were supposed to, they just tell me and you to send them an extra $10,000. The government isn't going to contract because they didn't receive these money owed. And, money that goes into a domestic federal program goes into our broader economy.

These people borrowed the money under the pretense that they would pay it back, to you and me. You can be pissed at government spending on any number of things -- the military, welfare, highway building, whatever . . . and still be pissed about a program that forgives loans and turns them into grants.
 
people who don't qualify for the program worrying about people who do qualify is super lame
 
BiffTannen said:
Now imagine that instead of the government receiving the $10,000 they were supposed to, they just tell me and you to send them an extra $10,000. The government isn't going to contract because they didn't receive these money owed. And, money that goes into a domestic federal program goes into our broader economy.

These people borrowed the money under the pretense that they would pay it back, to you and me. You can be pissed at government spending on any number of things -- the military, welfare, highway building, whatever . . . and still be pissed about a program that forgives loans and turns them into grants.
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LOL. Now you’re just being ridiculous. I still have student loans. Do you want me to send you a check for what I owe?
 
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