I agree with this, but I think it is too big of an ask for Biden to go all the way in one step. The current structure announced by Biden is flawed, but I think it is a necessary first step that will be followed by others. As @Nook said, once the concept of student loan forgiveness is implemented, it will get expanded over time. I paid my own way through college and law school. I had a combo of work study and loans, and I chose to attend a public institutions to manage the debt load. I also lived very frugally…like actively debate whether to order a pizza. There is a part of me that feels it is not fair for me to have made sacrifices, paid my loans, and walked the harder road, only to have the rules change later and for me to subsidize current student loan debt. That lasts about half a second because I realize I made it, and the whole point is for things to be better, for the system to improve, so that the next person like me will have it easier and won’t have to debate whether to order a crappy $5 pizza for dinner.
Let's say you never finished college, weren't enjoying the benefits/salary of a degree, but still racked up a ton of student debt and struggled to pay it off, only to have to now subsidize someone else's college?
I can reasonably stomach $10,000.00... even though I paid all mine... and I'd love my $10,000.00 back... this isn't that bad. Some calling for total forgiveness though... If someone prioritized their $100,000.00 of loans in their early 20s-30s... but had instead safely invested that money... by the time their retire... it's well over $1,000,000.00 difference. It's pretty unconscionable to me to say, "Thems the breaks" to someone born in 1991 who won't be getting the benefit of debt forgiveness vs. someone born in 2001 and how much that can mean for their lifetime wealth. At some point... this starts to get really *ucked up for people who essentially operated in the same system.... creating a "lost generation" of people who sacrificed, paid and did the right thing but will be massively poorer over the course of their lifetime. How people don't recognize that or just ignore it is infuriating.
People complaining it's not enough, I'd just like to say, **** you. You just got $10,000.00 for free. A lot of people who worked really hard and made a lot of sacrifices to pay back that exact same $10,000.00 operating in the same system won't be getting ****. I know I worked my ass off for that $10,000.00 working nights, weekends and side gigs as well as my full time job because I made being debt free a priority.
I think loan forgiveness should be tied to some public work requirements (military, rural areas, etcs). I think it also should be timed for during economic downturn (the economy is getting something in return at the right time).
I’d be pissed. In your scenario, I probably wouldn’t be doing much of the subsidizing bc it sounds like I’m not making a ton of taxable income, but yeah Id be pissed. There’s no getting around that fact. Under the Dems, I’d probably benefit from other tax breaks or Gov programs targeting people in this situation, so perhaps it’s a wash. But I wouldn’t get debt forgiveness since I already paid it, so that would always be a tough pill to swallow. But situations like this is why I’m pro trade school and college alternatives. College isn’t for everyone and maybe in this scenario Im the person who would have been better off being a plumber. ( Or maybe something unfortunate happened to me causing me to not finish college. But I digress).
it is pretty damn unfair. But I will say this … nobody made that person rack up $100K in loans. I went to public institutions because I did the math. I could have gone to a fancy private college or law school, and I know people who did go private and they are carrying large loans as a result. I worked my ass off and completed my education with $25K in student loan debt.
Exactly The lazy bums who didn’t pay their loans because they’d rather go on a safari don’t deserve it
I think it’s a generational thing People who watched the rockets with Hakeem pay off their loans People who grew up in the Tmac era believe they are entitled and don’t pay off their loans @Os Trigonum @Zboy
I'm fine with the 10K forgiveness, although I still think a worthwhile alternative would be making both the principle and interest in student loan payments tax deductible. I also wish this was paired with some kind of legislation to reduce education costs - I don't have any specific ideas in mind (other than creating some kind of public service equivalent to the G.I. Bill). I actually paid off my student loan in its entirety about 10 years ago, so I won't benefit from any kind of forgiveness. But right now, too many young people have debt that is preventing them from buying homes or starting families. I don't know how far this proposal will go to cure that issue, but it's at least something.
Biden campaigned on this and was elected. Then he followed through on his campaign promise and provided what his constituents wanted. You can call it socialism or bailing out bad choices or whatever. But he listened to the voters and followed through. That’s integrity. Not campaign lies like Mexico paying for a wall, or Obamacare repealed and replaced, or a bigly infrastructure bill. Not forcing something on the public that they don’t agree with: Dobbs. Republicans should pay attention.
I also paid off my loans years ago. I also had the benefit of scholarships and fellowships that covered a fair amount of both my under and grad schools tuition. I’m also somewhat conflicted about this. I agree student loan debt is a big problem but I’m not sure forgiveness is the way to go. I like the idea of making principle and interest tax deductible. I also like the idea of tying loan forgiveness to some form of service.
It's been deferred for over 2 years. The economy has already absorbed this gain. 10k forgiveness is to just buy votes. If students are required to resume payments 01/2023, this will be a significant hit to the economy.
exactly, there are a lot of SCAM degrees/institutions, Just because someone decides to spend spend 150K on film at NYU etc doesn't mean everybody else has to pay for it
