Thwarted by the conservative-leaning court, Biden told reporters that his administration would pursue student loan relief through a different avenue, the Higher Education Act.
I’m not super familiar with how it’s suppose to work, but do they even need “taxpayer’s money?” Couldn’t they just decide the debt is paid (or like remove $10,000) and then call it a day?
You’re right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just… change some ledger somewhere and subtract $x from what Bob Student owes.
There’s no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).
But that potential revenue happens in the future. If the future revenue is less than expected, it’s exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.
Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.
It means the people fighting against it are only fighting against it because they don’t get anything from it and that maybe they need to stop and consider that not every piece of legislation needs to benefit them and them only.
I am fighting against it because it only supports those that will become some of the wealthiest sector in the country at the cost to a segment that will be in the lower end of wealth. It is simply greed.
Hurt is a strong word but other people would be paying for that benefit.
It’s not hard to imagine someone who decided to miss out on college and take the career penalty of lacking a 4 year degree just to avoid debt feeling like it’s a bit unfair to have to help pay for other peoples degrees. People who made the decision to take on the debt.
Maybe it’s would be a societal good overall but it’s not like there isn’t another valid side to the debate. Personally I think that money could be better targeted towards those in poverty whether they have student debt or not.
it’s a weak argument that boils down to “I’m already paying for things via my taxes but I choose to whine about this instance of the Iraq wars… plural”
Trump gave billions to already rich billionares via tax cuts that were permanent for the upper class and temp for everyone else. Don’t get me started on the billions of fraudulent PPP loans that were forgiven and no one said a peep.
But college? For the working class? “What a waste of MY MONEY…”
I think it is down right greedy for those who will typically be the highest wage earners to get loan relief for the loans that will make them wealthy. Why not apply that to business loans as well?
It is particularly paid by those that will have lower wages so how can you say it hurts none?
It’s funny how we can print and print money for decades, we can “invest” in private industries, give them loans with favorable interest rates, billions in grants, look the other way with regards to regulations, not block anti-competitive practices, but the second we try to help actual people directly everybody loses their shit.
Want to help the economy? That $10,000 (or $20,000) for Pell grant recipients might allow someone to save $300 more a month towards a house, a car, or spend it on goods and services. After 3 years, that’s money back in the economy rather than back to bank that have gotten plenty of help in the best.
But we can not print money for decades as inflation is now showing. And if you want to help the economy, why not give money to the poor instead of to people that will become some of the highest earners?
What does our debt have to do with this inflation? Over half of inflation was caused by an increase in corporate profits. Most of the rest were supply chain issues and wage increases.
Not every piece of legislation needs to benefit you. It’s okay if others benefit and you don’t get hurt in the process.
That’s not the only reason to oppose this.
All Bidens solution does is take money from the tax payers to pay off the predatory lenders.
Who owns the debt for federal student loans?
I’ll wait while you learn the answer is, “Department of Education.”
Is the Department of Education a predatory lender?
I’m not super familiar with how it’s suppose to work, but do they even need “taxpayer’s money?” Couldn’t they just decide the debt is paid (or like remove $10,000) and then call it a day?
You’re right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just… change some ledger somewhere and subtract $x from what Bob Student owes.
There’s no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).
But that potential revenue happens in the future. If the future revenue is less than expected, it’s exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.
It’s the exact opposite of spending.
What solution do you propose?
Cut off the interest and have borrowers pay back the initial loan.
Predatory lenders get shafted for being pieces of shit. Students get a huge break. The rest of the country doesn’t feel taken advantage of.
But that’ll never happen because profits > people.
Reep what you sow and pay your fucking loan back at the agreed terms at the time of signing.
Personal responsibility is a bitch. Only irresponsible people want loan forgiveness.
Wait until you hear about PPP loans…
Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.
Very low interest rates, yet nobody can pay them off.
What does this even mean lol
It means the people fighting against it are only fighting against it because they don’t get anything from it and that maybe they need to stop and consider that not every piece of legislation needs to benefit them and them only.
Ok, ok, let’s just give everyone enough to pay off the largest student loan debt.
I am fighting against it because it only supports those that will become some of the wealthiest sector in the country at the cost to a segment that will be in the lower end of wealth. It is simply greed.
Hurt is a strong word but other people would be paying for that benefit.
It’s not hard to imagine someone who decided to miss out on college and take the career penalty of lacking a 4 year degree just to avoid debt feeling like it’s a bit unfair to have to help pay for other peoples degrees. People who made the decision to take on the debt.
Maybe it’s would be a societal good overall but it’s not like there isn’t another valid side to the debate. Personally I think that money could be better targeted towards those in poverty whether they have student debt or not.
That kind of thing gets subsidized all the time, just not in the form of loan relief
It’s also not hard to imagine that an educated populace benefits everybody
Apparently it hard to imagine for some people.
it’s a weak argument that boils down to “I’m already paying for things via my taxes but I choose to whine about this instance of the Iraq wars… plural”
Trump gave billions to already rich billionares via tax cuts that were permanent for the upper class and temp for everyone else. Don’t get me started on the billions of fraudulent PPP loans that were forgiven and no one said a peep.
But college? For the working class? “What a waste of MY MONEY…”
I went that route and I still want debt relief for those who went through university
It’s not like they got education for free. They’re still paying a lot of money.
I think it is down right greedy for those who will typically be the highest wage earners to get loan relief for the loans that will make them wealthy. Why not apply that to business loans as well?
It is particularly paid by those that will have lower wages so how can you say it hurts none?
It’s funny how we can print and print money for decades, we can “invest” in private industries, give them loans with favorable interest rates, billions in grants, look the other way with regards to regulations, not block anti-competitive practices, but the second we try to help actual people directly everybody loses their shit.
Want to help the economy? That $10,000 (or $20,000) for Pell grant recipients might allow someone to save $300 more a month towards a house, a car, or spend it on goods and services. After 3 years, that’s money back in the economy rather than back to bank that have gotten plenty of help in the best.
But we can not print money for decades as inflation is now showing. And if you want to help the economy, why not give money to the poor instead of to people that will become some of the highest earners?
What does our debt have to do with this inflation? Over half of inflation was caused by an increase in corporate profits. Most of the rest were supply chain issues and wage increases.
Bruh. They literally just forgave all the PPP business loans.
Two wrongs make a right? You ok with the next government taking bribes because Trump did it as well?