Genuinely curious how free college education will be done? Teachers taking a even bigger paycut? Lower quality of education? How would this work? How is that possible?
Gotta love it. Schumer wants to add a trillion dollars to the debt with the stroke of the pen. Didn't we just have this problem with the current president?
Forgiving student loan debt is like a tax cut. It doesn’t actually cost anything you are just reducing future revenues. The only difference between this and the tax cuts passed under Trump is this time it will be only people who actually need the benefit receiving a benefit. An infrastructure bill can be paid for by raising corporate taxes. They haven’t created jobs with the trickle down so tax them and create good paying needed jobs that benefit everyone like building roads, bridges, schools, broadband, etc. Lo and behold you will be putting in the pockets of those that actually spend it at those same corporations. So yeah they benefit as well.
Good, I recently paid off my 42k in loans, so maybe there will be some tax credits there. If not, no big deal. If they had control they would loot the treasury in form of tax cuts. **** them. Free college, rich can pay for it.
That all sounded good until the end. Companies have been heavily moving jobs to India and China as it is. Taxing corps will continue the trend of losing jobs to cheaper countries, and lead to elitism. Endless subsidies is an ex machina that people just can't explain properly, and it can only exist in a paradigm where fiat petrodollar is no longer competitive with the world market.
Agreed the outsourcing is the problem but that ship has basically sailed. All the manufacturing jobs are already in China or India and the call center jobs have followed. There’s not much left to outsource. Automation is the bigger concern.
**** this. Most of us paid it off, not my job if someone decides to take liberal setts courses to no end and no job. This is the type of crap the dems dip into to where people run to piece of crap like trump
This is what Bidden has on his website for student loan forgiveness. I doubt it will change much from this since this is why he was elected over Warren and Sanders. More than halve payments on undergraduate federal student loans by simplifying and increasing the generosity of today’s income-based repayment program. Under the Biden plan, individuals making $25,000 or less per year will not owe any payments on their undergraduate federal student loans and also won’t accrue any interest on those loans. Everyone else will pay 5% of their discretionary income (income minus taxes and essential spending like housing and food) over $25,000 toward their loans. This plan will save millions of Americans thousands of dollars a year. After 20 years, the remainder of the loans for people who have responsibly made payments through the program will be 100% forgiven. Individuals with new and existing loans will all be automatically enrolled in the income-based repayment program, with the opportunity to opt out if they wish. In addition to relieving some of the burden of student debt, this will enable graduates to pursue careers in public service and other fields without high levels of compensation. Biden will also change the tax code so that debt forgiven through the income-based repayment plan won’t be taxed. Americans shouldn’t have to take out a loan to pay their taxes when they finally are free from their student loans. Make loan forgiveness work for public servants. Public servants do the hard work that is essential to our country’s success – protecting us, teaching our children, keeping our streets clean and our lights on, and so much more. But the program designed to help these individuals serve without having to worry about the burden of their student loans – the Public Service Loan Forgiveness Program – is broken. Biden will create a new, simple program which offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years. Individuals working in schools, government, and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify. Additionally, Biden will fix the existing Public Service Loan Forgiveness program by securing passage of the What You Can Do For Your Country Act of 2019. Biden will ensure adjunct professors are eligible for this loan forgiveness, depending on the amount of time devoted to teaching.
I'd be for forgiving student loan debt from predatory lenders at now bankrupt for profit colleges. If you got your degree from a reputable university whose college credits can transfer over to other universities, then maybe not complete debt forgiveness but some sort of relief, at least during Covid. Like for however long you're unemployed during Covid, the minimum monthly payment on your student loans is forgiven assuming you're still job hunting in good faith. Like if you're hustling doing Uber while still looking for a stable position or something, student loan debt should still be covered monthly, so maybe once you reach a certain monthly income threshold, the monthly payments stop. I guess this could influence people to work just enough to be under the monthly income threshold and have the minimum paid over time. At the same time, if you get a job offer that puts you well over the monthly income threshold, maybe you're incentivized to take the higher paying job, and just ponying up the remaining student loan debt yourself. I don't know what I'm talking about though. I'm just tossing ideas out there and seeing which good ones might stick on a basketball BBS. My opinions mean nothing. I'm personally more interested in healthcare legislation. That's my #1 issue when it comes to the state of the country.
There are a ton of jobs left to export. I don't know where people get this idea that they're not exporting difficult jobs to India or China. Software devs, accounting, etc. They're all being exported. Automation is of a lesser concern to me without the minimum wage. 15 dollar minimum wage on a federal level is really crazy, I doubt this will actually happen.
For the most part, I am on board with this. In addition, I would not allow any unaccredited/shady schools to do any government backed/protect loans. In addition, I would force any student taking on loans to take a coarse on debt management...at the schools expense.
On the other hand, I'm OK with debt that puts major buying power into the hands of one of our every three people under 40. This is a complicated problem, but deficit concern trolling isn't helpful.
I’m very moderate when it comes to the economy. I’m also frugal and while I don’t work in finance; I’m fascinated by it. Student debt relief of some kind is imperative at this moment. We’re in a bubble that will burst if we don’t find a solution. You can’t buy a house straight out of school like our parents or grandparents’ generation could. Consumer spending is down. Young adults are simply crippled under the weight of student debt. while my salary is moderately good and I’m single with no children, I have drastically Little in savings contrary to what one would expect of someone who’s worked as an attorney for three years. No undergrad debt but paying $600 per month in student loans and I’ve only paid back interest thus far. This is a crisis and debt relief is an investment we must consider. This should be a bi-partisan effort
It's been awhile since I was in high school but do public schools require this during senior years in high school? That seems like the most important time to educate soon to be legal adults of the predatory nature of some institutions out there. I mean just a basic class on budgeting your paycheck would help.
