"Don't Need Congress - Just Flick Of Pen": Schumer Demands Day 1 Biden $50K Student Debt Cancelation

Also let's not forget that the plan is to write off federal school debt, they cannot do anything about private borrowings.

The government has a lot of plans buts lets be honest.

THE GOVERNMENT WAS THE ONE WHO MADE THE LENDING and did not do their due diligence and just handed out the money.

FIRST MISTAKE.

Now they want to write it off and make taxpayers pay again?

SECOND MISTAKE.

Government should just make avaialble lots of plans such as forebearance and deferment to make the borrow pay off with more assistance. Don't just forgive.
 
Here4money said:
How so? Companies make shitty decisions that put them in debt, college kid makes shitty decision that puts them in debt. It's as apples to apples as it gets.
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The difference is, if we are to make a fair comparison, one group is a bunch of kids who don't yet know their ass from their elbow and are pretty much totally influenced and dependent on what the the adults in their lives are telling them to do. The other group are full grown adults, supposedly mature, educated and highly experienced. The one group deserves a bit of slack, not a free pass mind you, but some help. The other group of financial geniuses deserve to be thrown in the street and held responsible for all debt they created receiving no help at all.
 
The real solution to this college debt problem is to hold these post secondary institutions to account and have them explain in detail why is costs so much to receive a half assed education at their facility.
It should also be noted that many of these institutions could fully operate on endowments alone. The fact that they charge a tuition at all should be challenged.
 
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I remember when using taxpayer money to pay for high school was going to diminish the quality of that level of education, and how kids getting that education "for free" was going to teach them nothing about the reality of life.
 
Ricter said:
I remember when using taxpayer money to pay for high school was going to diminish the quality of that level of education, and how kids getting that education "for free" was going to teach them nothing about the reality of life.
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Kids don't get that education for free......i pay property taxes every year whether my kids is in school or not.
 
I think they should just eliminate the interest and only charge for processing etc.

However, from a stimulus standpoint eliminating student debt is probably the biggest stimulus program and long term wealth creation action the government can do for the middle class.

College educated Americans have the lowest unemployment rate and highest incomes in the nation. College debt is crushing two generations at this point. Eliminating it would open up a housing and baby boom that would last for decades.
 
UsualName said:
I think they should just eliminate the interest and only charge for processing etc.

However, from a stimulus standpoint eliminating student debt is probably the biggest stimulus program and long term wealth creation action the government can do for the middle class.

College educated Americans have the lowest unemployment rate and highest incomes in the nation. College debt is crushing two generations at this point. Eliminating it would open up a housing and baby boom that would last for decades.
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there has to be a better way to do this or the next generation will do the same thing. it has to be reformed while still keeping people on the hook for the $1.3 trillion that is out there.

Forgive the debt but charge the debt forgiven as a tax to teh borrower to be paid over 20 years ona line item on their income tax return. removing the debt gives the borrower more "wealth" but don't let them off the hook and the governemtn gets that money back somehow even if deferred over time.

make it a one time application and starting in 2021 new borrowers cannot access the one time program but make better borrowing decisions or else suffer.
 
Should a doctor making six figures get relief?

The schools should guarantee these loans. It would incentivize them to give out productive degrees and help get graduates hired.

How many collage students have debt but dropped out. Do they get forgiveness?
If a school had to back these loans they would help weaker students or not accept them in the first place
 
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