U.S. forgives 40,000 student loans, provides aid to 3.6 million more

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BidenPresident

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April 19 (Reuters) - The U.S. Department of Education has canceled student loan debt for 40,000 people and offered credits to help another 3.6 million pay off their loans under a plan announced on Tuesday designed to aid low-income borrowers and public servants.

"Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief they're eligible for," Education Secretary Miguel Cardona said in the statement.

https://www.reuters.com/world/us/us...-loans-provides-aid-millions-more-2022-04-19/
 
Some 43.4 million borrowers are carrying about $1.6 trillion in outstanding student loans from the Federal Loan Portfolio, an average of more than $37,000 each, according to the Education Data Initiative.
 
Students should be responsible for their incurred legal debts just like the rest of us are for ours. They ain't got nothing coming!
 
BidenPresident said:
April 19 (Reuters) - The U.S. Department of Education has canceled student loan debt for 40,000 people and offered credits to help another 3.6 million pay off their loans under a plan announced on Tuesday designed to aid low-income borrowers and public servants.

"Student loans were never meant to be a life sentence, but it's certainly felt that way for borrowers locked out of debt relief they're eligible for," Education Secretary Miguel Cardona said in the statement.

https://www.reuters.com/world/us/us...-loans-provides-aid-millions-more-2022-04-19/
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Sad but according to you and the RWNJs, we are doomed:

"A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy"

As proved by the past two "Republican" Presidents, both parties are guilty of using the maxim, but I believe Americans are smarter and that we'll survive these mistakes.

Do you believe it?
 
Just as predicted, plumbers, electricians and guys that chose careers wisely get to pay for losers who chose majors like Lesbian Dance Theory at expensive private colleges. Let's Go Brandon!
 
anatta said:
yes.
no reason for this, it's just pandering to the AOC/Squad types
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Pandering to the squad types? :palm: As if goobers in flyover country never took out loans for worthless "skools" advertised on infomercials and wound up with worthless paper and no job, the kind Betsy DeVos promoted as trumps secretary of education
 
T. A. Gardner said:
Students should be responsible for their incurred legal debts just like the rest of us are for ours. They ain't got nothing coming!
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Did you go to college? You're old like me. I bet if you did, it was a lot more affordable back then. Example: My husband graduated from the Univ. of IL in 1977 and didn't owe a penny in student loans. Same with the ppl that I went to h.s. with, and my family members, in the 70s, who went on to college.

Explain to us why that was possible in the 70s and 80s, but not now. When you're done fumbling around, tell us why it's necessary for a young person to owe the equivalent of a mortgage payment when he/she graduates, just to get a job that won't cover that payment plus a real mortgage payment.

Either you want the economy to work, or you don't.
 
The Big Guy said:
Just as predicted, plumbers, electricians and guys that chose careers wisely get to pay for losers who chose majors like Lesbian Dance Theory at expensive private colleges. Let's Go Brandon!
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Said the guy who breaks out in an itchy, oozing rash every time he drives past an institute of higher learning. :laugh:
 
ThatOwlWoman said:
Did you go to college? You're old like me. I bet if you did, it was a lot more affordable back then. Example: My husband graduated from the Univ. of IL in 1977 and didn't owe a penny in student loans. Same with the ppl that I went to h.s. with, and my family members, in the 70s, who went on to college.

Explain to us why that was possible in the 70s and 80s, but not now. When you're done fumbling around, tell us why it's necessary for a young person to owe the equivalent of a mortgage payment when he/she graduates, just to get a job that won't cover that payment plus a real mortgage payment.

Either you want the economy to work, or you don't.
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You're not wrong about the college industrial complex but this legislation does nothing to address it. Letting certain people off the hook does nothing to change or alter the system. It does nothing to change people having to take out large sums of loans in the future.
 
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Difference of a generation. When I went to college the government gave out a lot grants--free money.
What I hear from kids in college now is that that money dried up and they have to take out loans.

So, government coming back and giving, after the fact, grants.
 
Dutch Uncle said:
Sad but according to you and the RWNJs, we are doomed:

"A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy"
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Are there any historical examples of such democracies that collapsed due to a loose fiscal policy?
 
cawacko said:
You're not wrong about the college industrial complex but this legislation does nothing to address it. Letting certain people off the hook does nothing to change or alter the system. It does nothing to change people having to take out large sums of loans in the future.
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No, it doesn't. Why isn't that being addressed?
 
ThatOwlWoman said:
Did you go to college? You're old like me. I bet if you did, it was a lot more affordable back then. Example: My husband graduated from the Univ. of IL in 1977 and didn't owe a penny in student loans. Same with the ppl that I went to h.s. with, and my family members, in the 70s, who went on to college.

Explain to us why that was possible in the 70s and 80s, but not now. When you're done fumbling around, tell us why it's necessary for a young person to owe the equivalent of a mortgage payment when he/she graduates, just to get a job that won't cover that payment plus a real mortgage payment.

Either you want the economy to work, or you don't.
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That doesn't change in the least what I said. College is a choice not a necessity. If you want to go and go using loans then expect to pay those loans back. You don't go and buy a Mercedes Benz on credit when all you can afford is a high milage used Chevy and then get upset when the creditor comes and repos the car because you couldn't pay.

It's the same thing here. You have not "Right" to a college education.

As for why college has gotten so expensive, it's primarily because the government has greatly increased the availability of loans, grants, and other money. Colleges know students can pay cash to an extent, and have figured out how much a student can get in loans. They are about maximizing profit on the administration side of things and don't give a shit if you can pay or not. They get theirs and it becomes your problem on graduation how to pay those loans back.

For many, they could get a good paying job that doesn't require college in things like a trade. What's holding that back is our education system for 12 years has told them the only way to get ahead is go to college. That's a lie. You can do equally well in a skilled trade, and possibly even better than with a college degree, particularly if that degree is in something useless.
 
ThatOwlWoman said:
No, it doesn't. Why isn't that being addressed?
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We all know politicians and political parties pander to their base. In this particular instance student loan forgiveness is at the top of the list for the Warren/Sanders wing of the party. With midterms coming up Democrats need those voters to turn out.

As to your question there’s nuance involved but the over riding factor is both the gov’t and Universities make money off the current system. There’s no real incentive to change it.
 
cawacko said:
We all know politicians and political parties pander to their base. In this particular instance student loan forgiveness is at the top of the list for the Warren/Sanders wing of the party. With midterms coming up Democrats need those voters to turn out.

As to your question there’s nuance involved but the over riding factor is both the gov’t and Universities make money off the current system. There’s no real incentive to change it.
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and they're evil socialists
 
Dutch Uncle said:
Greece a few years ago. https://www.cfr.org/timeline/greeces-debt-crisis-timeline

OTOH, part depends upon your definition of "loose fiscal policy". Why, in your opinion, did the Soviet Union collapse?
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Wouldn't most European nations fit this model except that their economy didn't collapse?

The Soviet Union collapsed because of a failing economy. They tried additional spending to avoid that collapse, but the spending was a reaction to the collapse and not the cause.

From your link: [Greece] "The resultant public borrowing contributes to a rising deficit (6.1 percent) and debt-to-GDP ratio (110.6 percent) for 2004."

Current U. S. deficit: 12.1% of GDP
Current Debt-to-GDP ratio: 133%
 
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