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Tuition Forgiveness

DeacsPop

DeacsPop

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No longer a Pub here; not much use for Dems as well though I don’t get violently I’ll thinking of them as much. But Biden and this tuition forgiveness program makes no sense to me particularly with mid terms so close. Why alienate the majority of voters with this inflationary spending? He seems to be getting slammed for this on both sides of the aisle.
 
How will this work? Will the federal government send $10k to every lender to reduce or retire the amount owed or will the lenders be instructed to reduce the amount owed by $10k without receiving any compensation?
 
the right will attack regardless and the left will because they are self defeating but what he did was good measured reasonable and I just don't see him paying any political price for this.
 
This part is much bigger than the 10,000 bucks to me:

It will cap monthly payments at 5% of a borrower's monthly income and forgive loan balances after 10 years of payments for borrowers with loan balances of $12,000 or less, among other measures.
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BlackjackMc said:
How will this work? Will the federal government send $10k to every lender to reduce or retire the amount owed or will the lenders be instructed to reduce the amount owed by $10k without receiving any compensation?
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The federal government made the loans. Not a bank.
 
Yeah, I am not a fan of the Tuition Forgiveness. Part of me is bitter that I had to pay mine off, which took a long time. Then I think tuition is much more expensive now and I do think that coming out of school potentially in multiple hundreds of thousands in debt is fucking a horrible way to start your adulthood. The pragmatist I me thinks this is just a shitty way to “fix the problem”, like building a POS wall to stop immigration. I just think that once colleges see that the government is helping pay for their tuitions they will just increase prices. Idk
 
There's a simple response to all these criticisms.

"We’re tired of the fat cats getting bailed out for problems they caused while we’re out here mired in debt for trying to get a good education."

I just don't know who is going to deliver that response. It's not like a CNN panel is going to include 35 years olds making $80K a year who have been paying $800 a month in loans. We know how news media works. For every person they talk to who this will help, they'll talk to 5 blowhards who will shout it down.
 
I agree that the actual problem needs addressing. I don’t begrudge anyone who benefits from this action, I’ve been incredibly blessed in my life.
 
They expect more education. Boomers are the ones demanding entry level workers have bachelors degrees.
 
You know you're an asshole if you're upset about this fairly meager forgiveness plan because you had loans and paid them off.
 
 
It's OK to be happy for people who benefit from this and still think it's bad policy. I'm very happy for my girlfriend, who took out Pell grants to pay for college over a decade ago.

I feel like an approach that goes after college costs needs to come next. I've come around on making community college/tech/trade school free. We need to destigmatize blue collar jobs and stop bullshitting people that they need a 4 year degree to make a good living.
 
I think the cap on income driven payments being dropped from 10% to 5% will have a bigger impact on daily cash flow for borrowers. That is a fantastic idea and I can't think of any negatives to it really.
 
Liquid Karma said:
It's OK to be happy for people who benefit from this and still think it's bad policy. I'm very happy for my girlfriend, who took out Pell grants to pay for college over a decade ago.

I feel like an approach that goes after college costs needs to come next. I've come around on making community college/tech/trade school free. We need to destigmatize blue collar jobs and stop bullshitting people that they need a 4 year degree to make a good living.
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Liquid Karma said:
I think the cap on income driven payments being dropped from 10% to 5% will have a bigger impact on daily cash flow for borrowers. That is a fantastic idea and I can't think of any negatives to it really.
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Yes and yes.

This doesn't address the underlying issue of the cost of higher education. That absolutely needs to be reined in, and now, not later.
 
Getting mad

President Biden’s loan relief for college students — those who make under $125,000 per year — will surely serve as a reminder that conservatives always get mad when students, working people and other lower-income people get a break, but never when rich people get a break. Why is that?

Incidentally, that’s the opposite of every economic principle in the Bible. Which I guess most of them have never read.

Buddy Osborne

Winston-Salem
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Letter in today’s W-SJ
 
Worked very hard to live modestly so my wife and I could pay back our loans and when we did , It was a great feeling. And I am thrilled for everyone who won't have to do that. When good things happen to other people, I like that. When good things happen to a whole bunch of people, even better.
 
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