Americans who paid off their student loans should be paid back the $10,000 + interest. That’s how business works. Not shocking that the demoncrats wouldn’t understand that.
I kinda agree with you. But from my experience with banks, the loan decision will not be made on the profitability of one's degree but on your ability to pay apart from your degree. Talking with banks now for a loan for commercial real estate and they don't care at all about the resale value of the real estate or the profit potential of the business it will house - they care only that your other cash flows can cover the loan. Without government intervention, banks will only lend to affluent students. I've paid mine off and not worried at all about missing out on this deal. If we're this concerned about making everything fair, let's talk reparations for slavery again.
Hell if you want fair, call their bluff and say we give 10K to every single American over the age of 18.
I agree with @DonnyMost - give everyone over 18 - $10,000 , Just let the government print the money- This might cause temporary inflation - might as well at this point , but it would also boost the economy this would be like a one time thing because of the Covid aftermath.
Two main enemies to this. Budget trolls (Republicans) and people who hate the rich more than they love the poor (Democrats).
I think I’m about to come off as a bit dickish, but here’s my take on it. I think you’re absolutely right … in an ideal world. Kids are taught to be intellectually curious, critical thinkers, so that they are prepared to solve new problems increasingly on their own, without a teacher or adult walking them through a rubric. But we don’t have an ideal world, particularly those who are lower socioeconomic status. I’m sure there is a better phrase to use, but I think the priority is to raise their “floor” by teaching them practical things like finance and job prospects. Sure, teaching them to be critical thinkers is important and raises their ceiling, but education is a bit of a zero sum game. You only get so much time and bandwidth, and choosing between these priorities, I would choose raising their floor. Perhaps I’m drawing too much from personal experience, but my public schoolmates that weren’t in the advanced or honors classes really weren’t about learning to be critical thinkers. Those folks could really have benefitted from a crash course in reality, To get their attention, they needed to hear how much it costs to live, to buy groceries, to afford clothes, buy luxury items like Jordan’s. Maybe I’m being a dick, as I’m basically saying that they probably weren’t bright enough or industrious enough to have benefitted from more time analyzing English literature or learning US history. I would bet heavily that they would have benefitted from personal finance and intros to pathways out of minimum wage jobs. I was smart enough and curious enough to do the personal finance math on private v public college, cost of living, job prospects etc. I did it on my own because my parents weren’t equipped to do so. I’m not trying to pat myself on the back because that was driven by intense desire not to struggle through life to make ends meet rather than some brilliance. But I would wager that most kids in that circumstance wouldn’t have the discipline, drive, and/or intellect to pull that together themselves.
Which is why the government can suspend enforcement of loan payments through forbearance (permanently?). Uncle Sam holds the bag for most of the 1.6T loans out there. ...unless we reform bankruptcy rules dealing with student loans.
They have to do it this way because legally you have to use a crisis to make modifications to student loans. It's unfortunately how the law is written. There is an exception written into a Bush era law that allows the executive branch to make modifications to student loans when there is a national event or crisis. The administration was able defer loan payments for two years (and now cancel some debt) because they used covid as the national emergency event. But that means that presidents can only do one time actions during extraordinary events without Congress passing a new law. And the reality is that a longer term universal government grant like that simply wouldn't pass in the current Congress.
I thought Biden cited the "emergency was over" in ending the previous admin's border policies 2 months ago. Wasnt pelosi quoted as saying that forgiving these loans was not something the president could do?
This is a hit piece by the media attacking a man because he shared his conservative beliefs. Republicans are under attack. https://www.huffpost.com/entry/curt...FK7inD-dIYo0ChSvKZky8F-CFdCO6uYLYMucctAU-MGI4
The authority to forgive loans absolutely exists but it can only be done under four conditions. This is part of the HEROES ACT of 2003. See the text below. I agree that this is a bit of a stretch since they're arguing that we're in a national emergency right now but I think they're basically daring a court to challenge that. But the claim is that the economic impact of covid (even if the pandemic itself might be past us) is the national emergency that gives the government the authority to modify student loans without congressional approval.
One of the bigger and less considered aspects of this student loan forgiveness is the standard/expectation it sets moving forward. This won’t placate many. It will just create a vicious cycle with borrowers and their advocates citing this and calling for more and more and it will polarize Americans for the next decade (or who knows how long) because higher education reform isn’t anywhere in sight.
Or moving forward it will help reform the process and certainly people who practiced predatory lending practices. If people are angered, thrilled, in any way engaged in learning more about loans they will be wiser 'consumers' of loans and force companies to change their practices.
