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

Dutch Uncle said:
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.
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You're incorrect about one thing. The taxpayers are *not* stuck with defaulted loans. The defaulting borrower must repay what he borrowed even if it takes years. You cannot file bankruptcy against student loans. That's why lenders are so eager to make them, without even looking first to ensure that the borrower is academically able to complete the degree.

Solution: Make two years of post-high school ed free to the student. If he/she wants a four-year or higher degree, and is academically-qualified, then low-interest student loans can help them out -- as long as they have shown that they meet academic standards. I'd include trade schools in this as well as colleges.
 
ThatOwlWoman said:
You're wrong about one thing. The taxpayers are *not* stuck with defaulted loans. The defaulting borrower must repay what he borrowed even if it takes years. You cannot file bankruptcy against student loans. That's why lenders are so eager to make them, without even looking first to ensure that the borrower is academically able to complete the degree.

Solution: Make two years of post-high school ed free to the student. If he/she wants a four-year or higher degree, and is academically-qualified, then low-interest student loans can help them out -- as long as they have shown that they meet academic standards. I'd include trade schools in this as well as colleges.
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education facilities are NOT FREE!!!!!!!!!!!! someone, TAXPAYERS, has to pay for it.

another example of how democrats do not understand commerce and economics
 
ThatOwlWoman said:
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?
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I actually read your post several times before responding and TBH am now really confused. (And I enjoy the discussion on the topic so I'm not trying to fight or be purposefully adversarial here)

My example was asking if RWers should be upset that a school like Stanford gives free tuition to low income students and you say that's a nonsense question but then ask why RWers aren't complaining about Universities offering full rides (free tuition) to low income people? I feel like I'm missing something here.
 
ThatOwlWoman said:
You're incorrect about one thing. The taxpayers are *not* stuck with defaulted loans. The defaulting borrower must repay what he borrowed even if it takes years. You cannot file bankruptcy against student loans. That's why lenders are so eager to make them, without even looking first to ensure that the borrower is academically able to complete the degree.

Solution: Make two years of post-high school ed free to the student. If he/she wants a four-year or higher degree, and is academically-qualified, then low-interest student loans can help them out -- as long as they have shown that they meet academic standards. I'd include trade schools in this as well as colleges.
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IIRC, that change came years later as taxpayers complained.

Disagreed on all "free" stuff since there's no such thing. TANSTAFFL.

Better to make education cheaper.
 
ThatOwlWoman said:
You're incorrect about one thing. The taxpayers are *not* stuck with defaulted loans. The defaulting borrower must repay what he borrowed even if it takes years. You cannot file bankruptcy against student loans. That's why lenders are so eager to make them, without even looking first to ensure that the borrower is academically able to complete the degree.

Solution: Make two years of post-high school ed free to the student. If he/she wants a four-year or higher degree, and is academically-qualified, then low-interest student loans can help them out -- as long as they have shown that they meet academic standards. I'd include trade schools in this as well as colleges.
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You are correct. There is no offramp for defaulting on a student loan. No bankruptcy protection, no nothing.

IRS will bleed you for the money to repay loan one way or another, they will garnish your wages, withhold your tax refunds, I imagine they even have the legal power to order your bank to cough up money from your checking or savings accounts.
 
cawacko said:
I actually read your post several times before responding and TBH am now really confused. (And I enjoy the discussion on the topic so I'm not trying to fight or be purposefully adversarial here)

My example was asking if RWers should be upset that a school like Stanford gives free tuition to low income students and you say that's a nonsense question but then ask why RWers aren't complaining about Universities offering full rides (free tuition) to low income people? I feel like I'm missing something here.
The Stanford example is one of Univerisities
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I have no idea why you are confused. I am making the point that Reichwingers constantly moan about others getting "free stuff," which is one reason they are against student loan forgiveness. If "free stuff" is so terrible, why aren't they also whining about various universities providing free tuition to financially-qualified students? Is it because they were unaware of the programs? Doesn't it bother them that students who pay full tuition -- even if they go into massive debt to do so -- are essentially also paying for the lower--income students who go for free? They are not being consistent, if the lamentations about loan forgiveness mean that someone else had to pay for the degree.
 
Cypress said:
You are correct. There is no offramp for defaulting on a student loan. No bankruptcy protection, no nothing.

IRS will bleed you for the money to repay loan one way or another, they will garnish your wages, withhold your tax refunds, I imagine they even have the legal power to order your bank to cough up money from your checking or savings accounts.
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You are right. The student loans are treated very much like child support. You can't discharge either in bankruptcy. They can and will garnish your wages, put liens on your property, even take any professional licenses you may have, even grab part of your social security check if you're retired, until you agree to repay and begin to do so.
 
SmarterthanYou said:
coming from someone who thinks higher education can be FREE..................you must follow AOCs logic of 'you just pay for it'..........or some other stupid shit
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Move along, Sparky. The adults are trying to figure things out and don't need you twirling around under the table with a pencil up your nostril, screeching "Look at me! Look at MEEEE!"

As DU pointed out, education is an investment in our citizen and in our future. Since yours is so limited, it's easy to see why you're against that.
 
one of you fuckers needs to explain the title of the OP then..........which is the US forgiving 40k student loans................what EXACTLY does that mean?
 
ThatOwlWoman said:
Move along, Sparky. The adults are trying to figure things out and don't need you twirling around under the table with a pencil up your nostril, screeching "Look at me! Look at MEEEE!"

As DU pointed out, education is an investment in our citizen and in our future. Since yours is so limited, it's easy to see why you're against that.
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you should take the plug out of your ass, it will help alleviate the butt hurt you're feeling over being shown how stupid you are
 
ThatOwlWoman said:
I have no idea why you are confused. I am making the point that Reichwingers constantly moan about others getting "free stuff," which is one reason they are against student loan forgiveness. If "free stuff" is so terrible, why aren't they also whining about various universities providing free tuition to financially-qualified students? Is it because they were unaware of the programs? Doesn't it bother them that students who pay full tuition -- even if they go into massive debt to do so -- are essentially also paying for the lower--income students who go for free? They are not being consistent, if the lamentations about loan forgiveness mean that someone else had to pay for the degree.
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For starters its not simply a right-wing thing. You have liberals on this board who have spoken out against Bernie and "free stuff", and specifically student loans, because on the whole it is regressive. You have lower income working class people paying off the grad school student loan debt of those who are going to make a lot of money. It's understandable opposition to that doesn't simply fall along partisan lines.

You didn't care for my Stanford example but isn't that exactly what you are talking about? Anyone who doesn't like "free stuff" and support student loan forgiveness is a hypocrite to not speak out against schools like Stanford which offer low income kids free tuition?

(And yeah, if you're middle class you're pretty much f'd. Low income families get it for free or lots of aid, rich people just pay it and if you're in the middle you're stuck short of taking out massive loans.)
 
cawacko said:
(And yeah, if you're middle class you're pretty much f'd. Low income families get it for free or lots of aid, rich people just pay it and if you're in the middle you're stuck short of taking out massive loans.)
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Yep. Which is why the system needs to be changed. The middle class are the people who drive our economy. It's pretty damn difficult to make discretionary purchases -- which create jobs for the ppl who make them -- when you are paying several hundred dollars per month for your student loan(s).
 
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I read an article a few years ago that placed the blame for acceleration tuition rates on online schools. They showed how much revenue was possible to get. Brick and motors could not resist the money.
The fact that an educated populace is a boon to the country is not important when compared to money. Lots of countries have cheap or free higher education.
Education costs have exceeded inflation by multiples. A student cannot pay for it with a part-time job nor can he accumulate enough between semesters. The educational mortgage is a new phenomenon.
 
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