Not at all, this plan is for getting rid of debt, and convincing state schools to be tuition free. Not for total free ride to college.
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Sanders to propose canceling entire $1.6 trillion in U.S. student loan debt, escalating Democratic policy battle
- Thread starter Exellus
- Start date
Not at all, this plan is for getting rid of debt, and convincing state schools to be tuition free. Not for total free ride to college.
You can't pay them a lump sum because, these are loans from the government. The only thing that the government can do it cancel them. What you are asking them to do is to give the people the money to pay off the loans, that they would collect. It's convoluted.
But wouldn't the people who have all their loans erased be getting a free ride in hindsight?
Not everyone can get a piece, though. If this country was interested in fair compensation for all then Black people would've had their 40 acres by now.
People who've paid back student loans seem pretty damn low on the list of people who've been shafted by this country and made to suck it up, all things considered.
For real. We have nothing to really sorry about with my wife's loans. Paid the first one off (less than 2k), the 2nd one is going to be forgiven, and the 3rd my Mother in Law is in charge of, plus she's still currently in her master's program so we're paying tuition but I would love for all student debt to go away forever and never return.
Does Bernie's free university plan allow a 40+ year old with a paid off B.A. go back for a free Master's Degree at the same state university?
As for "what will this do for the economy", consider it a stimulus for the lower/middle class. People will buy more stuff, maybe a house, maybe a car, maybe start a family, etc, all the things they were disincentivized from doing when they had massive student loans that was sucking up all their disposable income.
Also the avocado toast industry will boom, buy your avocado stock now.
Also the avocado toast industry will boom, buy your avocado stock now.
I'll bet you $1,000 we'll have another republican within the next three elections.
To say there won't ever be another one (for a long time) at least, is foolish.
It's a good thing this plan addresses that. Oh wait, no it doesn't. Even if state tuition becomes free, young people are still going to be bombarded by talking heads saying that private education is more valued and worth it, or incentivized to take out student loans for cost of living/books/etc. There is no education part of this bill or even a proposal to change the system, it's basically just covering up the cost. Unless I missed something crucial here.
Even worse, young people are still going to be bombarded by credit card offers as well. Like we can't say that 16-17 year olds shouldn't be making decisions about massive amounts of money and then just give them the money to cover it and expect anything to change.
Most people with a student loan are going to be for it. Obviously. They'll say anything, do anything, and support anything that results in them getting thousands of dollars. It's going to be an extremely biased opinion from them. I don't blame having that opinion when it's such a huge benefit for them.
This program just seems to affect a small percentage of the population. Not the people who couldn't afford to go to college in the first place or just chose not to because it was a poor financial decision. Not the people who chose a cheaper community college route. Not the people who spent 20+ years struggling to pay off their debt. When I see the "fuck them, I'm gonna get mine" attitude, it just screams entitled. Student loans are a financial debt decision that they made, like millions of others before them. Everybody has to take responsibility for their own financial decisions and not get a free ride. Everybody.
The argument that it would help the economy is valid no matter who gets the money to spend. Of course it would, but why should wealth distribution be restricted to college students? Why are they special? There are plenty of low income people who would greatly benefit more than college kids with a degree.
If trillions is going towards something, it probably shouldn't go to any type of handout. There are so many better social programs it could help. Tax breaks for those who really need it. The homeless. Improving the healthcare system. That would be a lot more beneficial than a handout to few people who made a poor financial decision.
Fix the system. Prevent young people from making those bad student loan decisions. Maybe even go for that free education plan for future generations. Look forward, not back. Debt forgiveness for a small percentage of the population is not fair. What's done is done. Everybody has had to deal with their debt decisions. Improve the future instead of applying a bandaid to the past, especially when that bandaid only helps a few people and not the people who really need it.
How is this possible? Why would you take out such big loans unless it was law school or medical school?
If the argument ever becomes "I paid mine off so can you" you're a piece of shit. Plain and simple. More money in the pockets of Americans is never a bad thing. Instead of holding people hostage for higher education, we should promote the pursuit for knowledge. It's absolutely ridiculous that student loans aren't affected by going bankrupt. It's robbery. Fuck you got mine is a pitiful shitty argument. Rip the bandaid off and forgive the debts, who cares if someone paid off their shit yesterday. There's people who make an active choice to not go to school because of the horror stories of Student loans.
$900 a month between my wife and myself. This would change our lives and our children's lives more then anything else I could think of. I would vote for this over any other thing.
yeah but what do you think that debt will be? cars, houses, home goods? those are good for the economy.
chipping away at a predatory interest rate given by a private lender which has climbed north of 10% does not really benefit anyone but the lender, and it's on a product that was sold a long time ago at an over inflated price so nothing of value is changing hands. There are many people in their late 20's with more debt than when they graduated because of insane interest rates, allowing them to spend again is a net gain.
People buying things - anything - is good for the economy, because it is a capitalist economy which cannot stagnate for any length of time without falling apart. perpetual growth is essential.
Sorry, mine and my wife's. Not just me. But I do know people with over 100k loans.
I can say the same and use the same argument if you are paying your loans. Suck it up and move on.
That's not going to convince people. Bernie is going nowhere so this is going nowhere but at least there's some good discussion on how outrageous college costs are.
This is bullshit, instead of giving away free money, fix the god damn system. There should be a cap to debt one individual can go based on which degree they are getting and median salary for those graduates. So you don't end up with $50k debt doing political science
There is really no other worthy candidate except Bernie and Warren. None. Voting for Biden is like voting for a democratic version of Trump - he is creepy, corrupt and gross.
And those people who made that choice gain nothing.
It's interesting how "FU got (or getting) mine" is used as an argument on both sides here.
Those who are in line to get a payout are saying it to the people who didn't.
Take debt forgiveness off the table and we can talk about education of minors having to make that decision, an investigation into why college costs are rising so much, a discussion about making student debt forgiveable again, and most of us would be on the same side. But the debt forgiveness is polarizing and it will be as long as both sides call the other side selfish without looking in the mirror.
That still seems astronomical. Was this a masters or PhD program? My school, while not the greatest but still at excellent school with great programs, was still cheaper than my highschool (7500/yr)...
Good for you. I still want my money back if this ever passes (Pro tip: it won't).
This is just a bandaid to the real problem which is why fucking college studies aren't free or like 95% cheaper. Whatever reform happens needs to include some sort of pricing control for college or just straight out free education.
bachelors/masters and 600 a month is not an unusual number for a single loan repayment. I will also never go back to school.
My wife currently pays 1550/class for her master's. Was yours in the same ballpark? And what was your major?
Here is another pro-tip: If it's not passing then stop crying because you won't be impacted anyway.
please tell me that's at a private school. masters programs are such a ripoff damn!
Are all the "fix the goddamn system" people unaware that Bernie's education plan also calls for making two and four year public universities tuition free?
100%
The system is flawed but it's working for a lot of people. The debt is largely manageable - $29k average. They put in some changes, alleviate interest and cap it/put in thresholds - the system would likely, effectively work.
You call a group of people 'pieces of shit' for not wanting to give a group free money and then make a 'who cares' argument about their livelihood. I can't even, lol.
costs are rising because states are decreasing funding for universities. As they know that students can take that money from the fed.
That means I can't have a discussion about this? Complain? Comment on how to improve? Good to know then. We are going places!
Is that really why costs have risen astronomically? Why is private tuition so high?
This is all really quite simple. All you have to do is cancel the debt and raise a free taxes here and there. Let the military budget by a percent out two and it'll even itself out.
I don't quite remember the class cost as it was years ago now. But the cost added up over getting undergrad then grad degrees. We should be done paying by the mid to end of 2020 no matter who's elected. We also make much more money than we did when we started school.
My wife's PhD is still hanging out there but she's working the public service forgiveness plan and actually staying on top of it.
I don't understand being upset about this if you've already paid yours off. Well, I get it but it's a terrible way to think about this.
It's a good portion of the reason. As for private tuition, as far as I know they don't receive state subsidies. Which is why they are generally higher, their money comes from donations and tuition. So if they are high it's generally because they can get away with it.
How does giving a whole bunch of Americans greater spending power improve the economy?
I wonder...
And those people wouldn't benefit from this plan. This plan leaves those behind and just benefits those who made potentially more risky decisions to take on the debt.
The same thing was literally being said leading up to Trump in the previous election on the old site.
How wouldnt they, the plan is to make tuition free moving forward not just forgiving debt. Those people would then have the opportunity to go to school debt free just like everyone that is getting bailed out.
Depending on where you go, Law/Med is even more than that - I have MD friends who have 10-year plans with over 3000 a month, and pharmacists with ~1800 (or more).
Granted, some of them maybe took out more than they needed to, or didn't have good scholarships, etc... but when loans are 175K or up, your monthly payment can get that high real easy. They may make a bunch (moreso the MDs), but it's still a lot of money to repay - especially when grad plus loans generate interest while in school.
I'm still of the same opinion I was in the Warren thread - it would be an immense help to me, but as someone who focused throwing every last dollar for the last year or so on loans, it's a little bit of a kick to the teeth - but I'd gladly take it on the chin in hindsight to be rid of the debt - it would definitely lead to me spending a fair bit more per month.
I was all ready to respond saying "this will never make it through Congress," but apparently the President could make this happen without Congress? Pretty wild. Not sure how I feel about it. I have significant student debt, so I would stand to benefit, but not sure what kind of message this sends...
I was thinking the same thing as I read through the thread. For a site full of people who hate the "fuck you I got mine" mentality we sure are seeing a lot of "Life isn't fair", "Suck it up" type responses to those who wouldn't benefit from this coming from those who would benefit from this.
It's quite amazing.
The only message it would send is, 'Hey, the system is crumbling around us'.
I mean, it's the same basic concept as "The Department of Treasury could just print more money to pay off all of our debt". It's theoretically possible, but nothing but a payout without structural reforms. And those seem almost impossible in the state-run structure.