I’m not saying don’t give people who deserve it money. I’m not saying quit funding peoples education. It is the single greatest driver for people improving their situation IMO. My point is the unlimited buckets of money that have been dropped into the higher education system have created a predatory system. Dropping more money in the system is at worse maintaining the stays quo and at worst causing the actors in the system to act more irresponsibly. If you want to give people money through the student loan system then require that the system be fixed (I would just take improvement). Otherwise you should find another vehicle to help people or you will continue to perpetuate the problem.
The interest isn't the only problem. Even when they are in deferment, they are still calculated as debt. If someone with $100k in student loans tries to buy a house, .5% to 1% is added into their budget. That's a $500 to $1000 payment that goes into their debt to income, even if they are paying $0 right now=. That causes many people to not have the ability to buy a house. It's not as easy as just stopping interest.
Mine are consolidated stafford loans and somehow didn't qualify for any covid relief. I expect similar results from any college debt relief. I'm still in favor of it.
Absolutely. You could start by dropping interest on them. Then move on to freezing payments while you figure out how to at least refund the interest on these loans.
I guess we disagree with the zero harm part. There were arguments made that there was zero harm in providing minimally regulated funding for people to go to school. Now we are calling it a predatory system.
Student debt shouldn’t be tied to normal debt if we’re being honest we already made it exempt from bankruptcy why does it get both benefits
How does that fix the very common situation of: 1. College is absurdly priced. 2. No full ride scholarship and parents don't have money. 3. Need a college degree to pursue their desired career.
inflation only happens when we do things for individuals when we do things for businesses it doesn't its science
I think if you take a billion dollars from every billionaire and just shred it in front their eyes it evens inflation out. I'm not an expert in the field though.
MILWAUKEE- Asked restaurant host: “God did you hear about student loans?” Host: “No.” Me: “Forgiven. All of them” Thought he would cry.
Marbles that sucks man. Med school/medicine is such a high-risk abusive gamble. Always felt bad for the folks who don’t graduate because you’ve spent an obscene amount of time, energy, and money into this skillset that is now largely useless.
What are the increased tax ramifications of paying off $1.6 trillion debt and giving some type of reparations those who paid off debt in the last 12 years plus those who need it for the next 10 years? I’m just curious.
None. It’s all made up. Congress/president literally just pass a bill and the treasury goes “ok I’ll create this money out of thin air”. Any tax changes are an entirely separate issue.
If you're talking about income tax on the individual, the deductions for interest are already capped based off of income, so not that many people will be paying that much more in taxes. The difference will be astronomically lower than what they're paying in loan payments.
The deductions are an absolute joke as well. I think it ends up being lowering the tax bill by like a couple hundred bucks, at the most.
The dental accreditation org chokes the number of schools/graduates to a trickle compared to med school. It keeps salaries high, but also jacks the price of tuition to ‘holy fucking shit’ levels. Med schools, as expensive as they are, seem to have found a nice sweet spot where they can both provide graduates with good-paying jobs and offer the public care providers. They’re somewhere in between the wild-west shit show of law schools and insanely over-restrictive shit show of dental.
I took out 10K for grad school, managed the rest through a combination of scholarships, part-time jobs, and family help. Paid it off quickly.
Compared to law schools, where employment prospects and salaries are incredibly bleak for an enormous number of graduates, or dental schools, where 1/2 a million in tuition loans followed by another 2-3 mil in corporate loans are not uncommon, yeah, it’s a lot better, especially for the well-compensated specialties.
Law students are taking out 125k to start out in the 45,000-60,000 range a lot of times. Plus whatever college debt they have.
UGA was free 100k from Emory Do I think they should be forgiven? No. Will I be mad if they are? Also No. If I got mine refinanced does that mean I'm probably not eligible?
you refinanced them with a private entity i assume so no also, knowing the field you're in, you'd make the likely forgiven amount in ten minutes, it's a rounding error
Would be kinda cool if Biden said he’d do this on day 1. Literally, day 1. And then the next 4 years people randomly mocked trump for “repeal and replace on day 1” as a failure and Biden as a total success.
i remember paying 20k in loans my first year out and being mega bummed that the interest deduction was like a sack of quarters and a pat on the head.
...I was responding to a post about the relative expense of dental school compared to med school... FWIW though, for as broken as the med school tuition model is, it’s still probably a better investment that most graduate programs—not just law or dental.
Cancelling student debt isn’t a bad thing. I think the timing isn’t great and it would be much better suited as a 2nd term platform after fixing some of the root issues that caused this problem in the first place. Without starting a process that would make the need for outrageous student loans obsolete, it feels short sighted to do this now, especially in light of what we’re dealing with as a country between politics/race/covid/everything. If it’s going to be done now it makes more sense to attach it as part of the second corona virus bill, would need to win both GA seats obviously, as the other side is going to take it a lot better (and may even mostly get over it) if they’re getting checks in their pocket at the same time.
You’d think so, but addressing the obscene interest rates on federal loans isn’t usually part of most plans being discussed. My rates are anywhere from 6-8.5%. It’s theft.