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

[UsualName]

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.

This accomplishes the same goal as removing the interest. In my mind that’s the key.

 

[El OchoCinco]

This accomplishes the same goal as removing the interest. In my mind that’s the key.

Well the idea is to make the people still responsible for the debt but not the burden in some ways. Recapitialization of interest is one of biggest issues borrowers have seeing their original debt almost double over their payment period.

It is still cleaner to simply eliminate the interest and make the principal payable over a new amortization of 10 years which I think most people can handle. A one time reorganization of the debt along these ways is so much better than simply erasing it and forgiving it.

 

[UsualName]

Well the idea is to make the people still responsible for the debt but not the burden in some ways. Recapitialization of interest is one of biggest issues borrowers have seeing their original debt almost double over their payment period.

It is still cleaner to simply eliminate the interest and make the principal payable over a new amortization of 10 years which I think most people can handle. A one time reorganization of the debt along these ways is so much better than simply erasing it and forgiving it.

I actually no interest is the way student debt should be handled going forward. However, if the goal is to stimulate the economy, dollar for dollar, eliminating student debt is probably the best thing we can do for the country.

 

[Cuddles]

Corporations did not borrow from the government, they borrowed from banks and could take down several at a time. The banks should be punished because they lended without due diligence but government is bad at doing that.

A corporation could employ thousands of people and could literally be too big to fail. However the government simply hands them money and the leaders get rich while they lay off people. the government never changes their approach and the corporations never learn. But they are trying to stop a greater harm and they just do it the wrong way. So bailouts are just as wrong because they are never done the right way and the people are never punished. This is the biggest waste of tax payer's money to be honest.


An individual is not going to take down an economy. Also I said they can do forebearance and deferments and work with the borrower or even write off a small portion. No need for a handout, just work with them so they learn the lesson and pass it on to their kids. But writing it off in one swoop does nothing for the individual or the perpetual cycle of overpaying for useless degrees or for degrees with earning potential less than the cost of education. it does nothing to change the higher prices of education.

Corporations get away with it because politicians are just big pussies and will never put conditions on the bailouts or increase their taxes.

College graduates also don't deserve the kid glove treatment and we should not say:

"You went to a $50,000 a year school and majored in History and are now working as a secretary/assistant making nothing? No worries...we will just write it off....

CARES loans to businesses are forgivable. Plenty of the comps were downright negligent w/share buybacks prompting a harder fall. If the government's going to bail a comp. out, it doesn't need to choose from "let them fail" or "bail them out". It can take ownership and sell it later and/or liquidate it to another buyer. Politicians being corrupt assholes doesn't give corps. a pass on bailouts while giving basket weaving Johnny the shaft.