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

[Dutch Uncle]

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%

No following you. Some businesses go bankrupt, some don't. Most can be explained.

Agreed the economic system of the Union of Soviet Socialist Republics imploded. Socialism doesn't work on a national scale as even the Chinese are finding out.

Agreed on the stats; hence the worries of fiscal conservatives like myself on the largesse so many Americans, on both sides of the aisle, are voting themselves.

 

[Flash]

No following you. Some businesses go bankrupt, some don't. Most can be explained.

I meant most European nations are representative democracies that vote themselves government benefits.

 

[Dutch Uncle]

I meant most European nations are representative democracies that vote themselves government benefits.

..and, like Greece, Italy and Ireland, sometimes too excessively.

 

[MAGA MAN]

Said the guy who breaks out in an itchy, oozing rash every time he drives past an institute of higher learning.

If that were true, then how did I get my BS Cum Laude and my multiple professional licenses?

 

[Nordberg]

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.

You could pay tuition when I was going with a part-time job. Now you have to get an educational mortgage that saddles you with debt for decades and rightys think they are equivalent. Rightys really torment logic.

 

[anatta]

Pandering to the squad types? 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

so what- Mr racist?
They took loans and repaid debt. you post is vacuous

 

[anatta]

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.

so dont take the loan. no one is forced to/
There are all kinds of careers out there that pay well without 4 years of Woke University.
But if you take it,then pay it back *duh*

 

[anatta]

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.

it'slike a "university-governement financial system" that benefits them.
The thing to do is get lower college tuition, not just forgive all debt willy nilly

 

[MAGA MAN]

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.

So you didn't go to college.

 

[cawacko]

it'slike a "university-governement financial system" that benefits them.
The thing to do is get lower college tuition, not just forgive all debt willy nilly

That was my point with what you bolded. There’s no incentive to change the system that is allowing for these prices to rise at the pace they have.

 

[Celticguy]

No, it doesn't. Why isn't that being addressed?

because you are not considering Inflation. and, of course, the nature of college living.

kids lived very frugally when I was in college (I was a commuter student myself) while my daughter had a nice apartment, good food, clothes a car etc.

yes college is a bit more costly due to overbuilding to accommodate the massive influx of students who would not have gone to college before student loans were taken over by the government.

 

[ThatOwlWoman]

You could pay tuition when I was going with a part-time job. Now you have to get an educational mortgage that saddles you with debt for decades and rightys think they are equivalent. Rightys really torment logic.

Exactly. This thread is a perfect example of the main plank in their platform: I got mine so fuck the rest of you.

 

[ThatOwlWoman]

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.

Bingo.

Many universities are now offering free rides to lower income students. Obviously those who are paying whether through grants, student loans, their own/parents' money are helping to fund this. I wonder why the RWers aren't screeching in outrage about that?

 

[cawacko]

Bingo.

Many universities are now offering free rides to lower income students. Obviously those who are paying whether through grants, student loans, their own/parents' money are helping to fund this. I wonder why the RWers aren't screeching in outrage about that?

To clarify, you're asking why RWers aren't complaining about Universities giving scholarships to low income students? For example, Stanford I believe offers free tuition to those who qualify and their families make under a certain amount. Are you saying people should complain about that?

 

[Cypress]

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/

Subsidized public higher education should be free or low cost for those who qualify for acceptance. Just like it was when I went to college.

I would apply the same standard to accredited vocational training at public institutions.


The three hallmarks of a thriving, modern economy are high productivity, investments in public infrastructure, and investments in human capital.

 

[SmarterthanYou]

I think the federal government should take extreme steps to fix the looming housing bubble by relieving the debt incurred by millions of FHA loans. home ownership shouldn't be a lifetime debt sentence

 

[Dutch Uncle]

Bingo.

Many universities are now offering free rides to lower income students. Obviously those who are paying whether through grants, student loans, their own/parents' money are helping to fund this. I wonder why the RWers aren't screeching in outrage about that?

It is outrageous. This mess was caused by do-gooders seeking to help low income students go to college with low interest loans. The banks make money, the universities make money, the student (at least 1/3 of them) earn a college education and the taxpayers are stuck with the debt of all defaults and those who flunk out.

I fail to see how printing more money and throwing it on a hole helps We, the People. Better to find a way to make education cheaper rather than just throwing more middle-class taxes at it.

 

[ThatOwlWoman]

To clarify, you're asking why RWers aren't complaining about Universities giving scholarships to low income students? For example, Stanford I believe offers free tuition to those who qualify and their families make under a certain amount. Are you saying people should complain about that?

What a nonsense question. Why would I want ppl to complain about that? Try reading my post again.

Reichwingers complain *constantly* when someone other than them gets "free stuff." Since so many of them are against student loan forgiveness, isn't it a bit hypocritical that they aren't *also* bitching because so many universities are now offering full rides to lower income ppl?

 

[ThatOwlWoman]

I think the federal government should take extreme steps to fix the looming housing bubble by relieving the debt incurred by millions of FHA loans. home ownership shouldn't be a lifetime debt sentence

I guess you don't realize that the current fierce housing market is driven by supply and demand, rather than subprime mortgages, do you?

 

[Dutch Uncle]

I guess you don't realize that the current fierce housing market is driven by supply and demand, rather than subprime mortgages, do you?

He's trying to be sarcastic by acting like a LWer who favors printing as much money as possible and throwing it to the masses.