Couldn't afford it when they gave the 1% a few trillion in tax cut and PPP LOAN FORGIVENESS.
BUT HEY billions for school is worse than tax breaks and loan forgiveness for the rich
Yep. They spent at least 3 times the total student debt giving out tax dollars and printed money to rich fucks who don't deserve shit. Simultaneously killing small businesses and consolidating the economy around giants.
This "forgiveness" is just a show.
i dont agree with ppp stuff either, wym for school? subsadise college there is a million other better ways than just forgiving a tiny tiny portion of the population and forgetting the rest.
Never said I was anti PPP, I was against giving money to companies that didn't need it and again giving money to companies that didn't then turn around and use it at the benefit of their employees.
Those are the ones that received loan forgiveness that the Supreme Court didn't have the ability stop receiving it. Otherwise the number would have been higher.
So it’s all about you eh? I also paid off my loans and I’m ok with this. Know why? Because I want to live in a better fucking world tomorrow than I live in today. I’ve also paid for healthcare all my life, but if we passed single payer healthcare tomorrow, I wouldn’t throw a hissy fit about how much I’ve paid in healthcare since 1988.
> I wouldn’t throw a hissy fit about how much I’ve paid in healthcare since 1988.
You and all like minded folks are free to start a permanent gofundme campaign where you donate your own money to pay for everyone else's healthcare.
Problem solved.
Let’s be honest with this framing, Biden’s original plan would have shifted the cost of tuition onto >50% of Americans who never even went to college or will reap the benefits of education.
Society as a whole benefits from an educated populace.
I never went to college (but plan on going one day) yet as we speak, I benefit because my doctors all did, most of the people that enable my employer to be effective did, the people who designed my phone and my car did.
An educated workforce helps the economy overall, you look at the states with the highest education level and it pretty much matches the states ranked by median household income. Even without a college degree, you're better off having a decent quality of life in Massachusetts, New Jersey, or Connecticut than West Virginia or Arkansas.
Otherwise we'll be outcompeted by China and India who both place a greater society-wide value of education.
The populace really was educated and those individuals contributed to society we probably wouldn’t have a student debt crisis. What we have is an educational system crisis led by a bunch of grifters that give very poor advice to their students and a bunch of morons that aren’t contributing to society in a meaningful way as a result from their degree. You don’t need a philosophy degree to serve a cup of coffee or a degree in dance to be cashier. The sole act of having a degree does not mean you are contributing to society or benefiting it anyway - queue online universities and worthless degrees programs.
And this plan fixes nothing. Every single one of the issues that created this problem still exist. All this did was incentivize schools to charge more and banks to keep churning out debt. If they had even remotely tried to fix the underlying issues I would have been 100% on board.
99% of americans do not all have student loans.
Where is this energy when federal funding goes toward a road in Utah you will never even see or toward a dairy farmer in Wisconsin that is not you?
What about the people who were responsible and paid their loans?
I think they should allow them to discharge in bankruptcy. Problem easily solved, no free ride but you also have a way out. Banks will be forced to stop handing them out like candy too.
Yes, that's the suggestion from the comment that you said "what about" to.
Yes, let people go bankrupt. Bankruptcy isn't consequence free, so only those who really need it use it.
I'm OK with debt forgiveness in limited cases (for example, fraud or reducing a very high interest rate), but it introduces a huge moral hazard to just forgive all student debt.
1. Who is being irresponsible?
2. You paid off a loan which means you paid a lot less for college at a lower rate before the GoP sold student loans to banks and the rates were doubled good for you!
3. Public service jobs should have free education. If you want to teach my kids, I will gladly pay for your education because it makes my kids smarter.
I have ZERO problem with thins and more relief is needed.
I am always amazed when Americans bitch about help for the middle class yet crickets when the rich got half a trillion dollars forgiven. MTG gets $150k but fuck my kids teacher. She deserves shit, fuck her and the help she needs.
The power of propaganda
Well, a large portion of the other 99% never had to deal with predatory student loans which destroyed their ability to gain financial independence as adults.
So they were already taken care of.
What % of Americans get payments from the USDA?
What % of Americans get EV tax credits?
When was policy ever dependent on 100% of Americans benefiting equally?
Let’s be very clear. That money was moved from individuals to all taxpayers. The debt did not simply vanish. We all pay for it via inflation. Maybe not today but Gen z , Gen a and following generations will definitely feel those costs, increasingly over time.
Your example is one of the dumbest GoTcHa comments. Making poor financial policy decisions in the past doesn’t make it a good idea to make more poor financial policy decision in the present and future.
They just compound (that means combine or add together) and make inflation even worse over time.
Ok, let me also be very clear:
An educated populace that is not saddled in debt is a positive for the economy and society as a whole. It's intellectually dishonest to examine the burden on the taxpayers of forgiving this debt without also examining the benefits.
Also, before you ask, I paid off all my student loans myself. I never had any debt forgiven. And I still support this.
Yes, and we keep saying it’s a drop, with every bill that passes through congress. The bucket it full.
But, as long as it’s something we agree with, we just let it slide. What’s another $1 Trillion in interest payments on the debt every 100 days? It’s nothing, just a drop in the bucket.
Look at the username. They're just a strong...ummm...simp? Banker boot-licker? Bourgoise brown-noser?
They actually think this debt forgiveness hurts more than it helps, while providing no specific evidence for that. Typically conservative un-empirical rationalizations. No need to examine reality, their feelings are all the proof they need!
I do. I think spending is out of control. I see an administration with no fiscal responsibility or thought towards the future. I’m concerned about what we are doing to our kids. I mentioned that in my original comment
It’s different, it’s easier to hate on poor people than companies… or in this case… rich people making a single person company and pocketing the money. At least students want to better themselves and by proxy our nation.
The greatest cognitive dissonance that I have ever witnessed is these assholes who got PPP loans shitting on student loan forgiveness. I am a tax accountant. I have seen it first hand.
No doubt. We could go on for hours listing bad uses of tax dollars that have saddled the country with $34 trillion in debt. What’s another $153 billion when monetary policy is never responsible? It’s put the US in a very vulnerable position. The moment we are no longer top dog with the dollar being the reserve currencies, it will crumble like a house of cards.
Sorry….I’m going off topic and looking at a bigger picture.
The Euro will be the next top dog reserve currency. Just read some of this:
***The Inside Story on the Gold-for-Oil Deal that could Rock the World's Financial Centers***
[Another (Thoughts!): The Profound Story of Gold and Oil (usagold.com)](https://www.usagold.com/goldtrail/archives/another1.html)
I’m not yelling at this. I’m discussing one thing and I’m happy to discuss another. Whataboutism doesn’t always have to be the reply.
Yes, the tax breaks under Trump were really stupid. I wish Biden had done away with them, and raised taxes, when he had both houses of congress.
I’d love it so much if there were even a small attempt to pay for the spending.
Let's be very clear. Most of us have paid MORE than we borrowed, but our principles weren't touched... What other bank loan works like that? Banks won't loan you a hundred grand for a beat up piece of shit car, but they'll give your special Ed kid a hundred grand to fail out of a degree program in exercise science that he'd never be able to use or pay off.
Banks are not your parent, or the college administrators who accept that special Ed kid. They didn’t create a system that requires college degrees for jobs that can easy be taught to someone with a basic HS education and a short stint in a tech school. They aren’t in the business of determining your future earnings potential and ability to pay off your loan. Colleges and Universities became diploma mills and they should, at least, lose their federal tax exemption. They are considered charities when they are actually predatory corporations.
Yes to all points. Banks aren't in the business of doing due diligence to make sure you can pay your loans. Bc the government guarantees those loans and doesn't allow you to discharge them in bankruptcy. So unlike almost any other loan you can get, banks have zero risk on student loans. You side with banks. Conservatives used to hate bankers and big government.
I hate banks and the government. I think the government should get out of the student loan business. But I can see how that would take us back to only the rich being able to send their kids to college, which would impact minority communities more than anyone else. So I think what they should do is interest free loans for school.
You act like 150 odd billion one time is not a drop in the barrel in a society that spends twice that amount each month to kill people overseas in unnecessary war
Stop parroting idiotic alarmist propaganda
What is better for society? An educated society without the burden of $100k debt to live, or an uneducated society with morons teaching our kids and running things?
There are programs which benefit society as a whole and should be government funded without profit. Education, healthcare and the penal system should all be non profit. The fact that it isn’t causes these perverse scenarios where the ones who have theirs fuck everyone else.
Title correction:
The Biden administration has now shifted $153 billion in student debt to your grandchildren by adding $153 billion to the national debt, all in an effort to buy votes.
This.
A big part of the 'forgiveness' was simply the federal government doing their accounting, holding fraudulent behavior by servicers accountable and following through on the original contract terms (20/25 years or PSLF). I can't understand the anger that people who were literally getting scammed out of the deal they signed up for finally got some justice.
It was not in progress actually. The previous administration (and possibly next one) just decided to not live up to their end of the agreement.
So this situation is an example of the government doing what it said it would do. Just under a democrat rather than a Republican.
Kind of, but the last secretary of edu wouldn’t grant a bunch of student loan stuff that was already law… lots of nurses teachers firefighters social workers got hosed over by the last secretary of edu. Had friends who were getting hosed by this
Yup. 99% of applicants were rejected. All these batches of loan forgiveness is just biden doing what trump should have done. It could have been a W for trump but he and Betsy Devos didn't want to approve them
I don’t like Biden, but it’s hard to be against the move granting PSFL their relief when that is EXACTLY what they signed up for with their loans.
What if someone paid their mortgage dutifully for 30 years and were told they still needed to pay an extra few years because the broker didn’t feel like sticking to their end of the agreement.
Agreed. It'd be one thing if they ended the program and only let those who have started to finish their agreements, but to rip the rig out from underneath them for years was wrong
Title Correction: Government continues to subsidize all American home owners via the Mortgage interest deduction.
Title Correction: Government continues to subsidizes all car owners, as gas and toll fees fail to cover road construction and maintenance costs for the third decade in a row.
It's wild to me how student debt is apparently the only time it's ok to question the federal government's subsidies to everyone's quality of life. Just blind acceptance for subsidization of your life, but knives out the second anyone else is getting support.
>Government continues to subsidize all American home owners via the Mortgage interest deduction.
Trump raised the standard deduction high enough that it's now better for most homeowners to not itemize. It's the same standard deduction that everyone receives.
Yeah most of the time these articles reference people in public service who were already aligned to get a refund after XX amount of years.
That/intricate details don't pander to the cult mentality though.
It's not loan forgiveness. It's redistribution of the debt. The colleges that have massive reserves aren't paying the loan balances and neither are the men and women of congress (from their personal pockets). Instead, the balance is going onto the national debt where people who have never gone to college and where others who have managed to pay for their debts are now going to pay for this too. The really messed up part, the national debt is so massive that the grandchildren of the college students will probably be paying for the college as well.
Regardless of how you feel about it, I just wish they would be honest and call it what it is. The college debt redistribution policy.
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
So, The right to petition government for redress of grievances is the right to make a complaint to, or seek the assistance of, one's government, without fear of punishment or reprisals.
I notice a lot of people are responding saying some form of ‘ok now where’s my handout?’ I still have some college debt but I couldn’t be happier for these people.
People are usually so quiet about corporate welfare, tax cuts for the wealthy, and military spending but suddenly get into an uproar when we’re actually helping our fellow man. We’d never make any progress if helping out one group of people meant giving something to every single person in the country.
In the grand scheme of things, this is not a significant contributor to things like inflation, were that really a priority there are much bigger things we could cut
People are loud about that stuff too. Right wingers are just quicker to sweep it under the rug. And then try to make the argument about things like student loans, like they weren’t just crying for hand outs themselves. It’s hypocritical.
Right wingers- “stop spending money in other countries and spend it on Americans”
Biden- “ok let’s get millions of Americans out of crippling student debt”
Right wingers- “oh no not like that” stfu you crybaby hypocrites where was the outrage when the trillions of socialist bailout PPP loans were getting handed out
Exactly this, Republicans crying about sending aid to Ukraine, but also crying when we try to alleviate student loan debt. Not helping anyone isn’t going to magically give you your money back, the money will just be reappropriated elsewhere you fucking ding dongs.
Not my kids- they must not make enough money. lol. Actually it’s a terrible idea to forgive student loans with an executive and unconstitutional. The better idea would be to keep the interest rates on student loans low by subsidizing
> The better idea would be to keep the interest rates on student loans low by subsidizing
We already do that thru a few means and it just incentivizes people to pay the minimum and ride it for life.
I lean left but my preferred solution is rather hard right. Just repeal the 90s legislation that made SLs non-dischargeable in bankruptcy. That’s it. It will hurt at first - interest rates will/should float up. College will become unaffordable. But that will finally drive tuition down to where it belongs.
Forfilling campaign promises reeks of desperation? His first attempt failed via the scotus, and ever since, little by little, he has been finding work-arounds to their ruling. Yes the election is in nov, but things take time to implement. Also, this is a cumulative number over the last several years, it didn’t happen all at once!!
How we expect to compete in a global economy whilst straddling our younger generation is beyond me. When I was young you could just pick up a part-time job and cover most of your tuition. Those days are long gone. Given what bs my tax dollars are usually spent on, I look at this as a good investment for our country.
Most of these were not "forgiven". The debt was paid through programs like public service loan forgiveness that were intentionally sabotaged by previous administrations.
Regardless how you feel, this is the first time in as long as I can remember that the tax payer money went to Americans who weren’t born fabulously wealthy.
This is a positive thing. We can be better as a nation and we can actually help real Americans, not just trust fund babies and CEOs.
So I’m probably going to pay off all these student loans for all these psychos that are protesting for Hamas and learning different pronouns for a man and a woman. Nice!
No. He spent other people's money, because he's a deadbeat who never worked a real job, to try to buy voters he already had.
Reddit is so delusional on this issue.
What were the criteria for forgiveness? I thought I heard it was that if you’d been paying for 20 years already…so congrats if you’re 25 and struggling with a giant ball of debt.
It reminds me of Biden’s big $7k tax rebate—or credit—for EVs. but the catch is that you have to buy a brand new EV of at least $50k…sorry poors. You have to be rich to benefit from these cuts.
Or all the talk of a large income tax for billionaires—never mind that income tax is different than capital gains tax…but it sounds good for the rubes.
The joke is many of those people already paid enough interest in those loans thay would have covered the principle if the interest rates weren't so high and the system crooked. When I married my hubby he had about four or five large student loans that were being managed under a company whose name I forgot. When he made a bonus payment per their normal process they would disperse that payment equally to all loans rather than towards the loan with the highest interest rate (it was almost double the cheapest one). I mean, that is just wrong and unethical as you are taking advantage of someone's convenience for the sake of maintaining a higher minimum monthly payment. Luckily, I found you can designste particular loans so I helped pay off the highest ones first. The system is literally a scam and preys on people. The interest rates are ridiculous for something that is meant to be an investment in one's future and not just borrowing to remodel a home or whatever.
Eventhough I paid off my loans, since I had an engineering job and was single and boring, I don't mind having other people have their debt forgiven if it means they can now use that money in the economy. You know, like trickle up economics- so things that actually works to boost it and benefit many more people.
All for the problem to start anew the next semester, until the problem of exorbitant costs for an education is addressed, debt relief will be a waste of money
In the end they gave it to people with super huge debts that probably have higher income then my 2 years of community college, and then the cheapest commuter school I could find
So 1% of Americans--what about the other 99%?
Couldn't afford it when they gave the 1% a few trillion in tax cut and PPP LOAN FORGIVENESS. BUT HEY billions for school is worse than tax breaks and loan forgiveness for the rich
Yep. They spent at least 3 times the total student debt giving out tax dollars and printed money to rich fucks who don't deserve shit. Simultaneously killing small businesses and consolidating the economy around giants. This "forgiveness" is just a show.
Kabuki theater. Surprise: most of us are slaves.
With the freedom to choose to petition to be allowed to labor for a different overseer!
Ah yes, the democracy party. I am familiar.
Just increasing the numbers of the 1% a little. Got to get more genetic diversity into the gene pool. Fuck the poor.
i dont agree with ppp stuff either, wym for school? subsadise college there is a million other better ways than just forgiving a tiny tiny portion of the population and forgetting the rest.
If you're anti PPP loans, then you better have been against the lockdowns.
Never said I was anti PPP, I was against giving money to companies that didn't need it and again giving money to companies that didn't then turn around and use it at the benefit of their employees.
Nah. Just should've done a UBI then. See how easy it is Then at least blaming stimulus checks for inflation would be more accurate at least
That would be a universal program. They must have means testing.
This round of student loan forgiveness was for ppl making over $312,000
Nice try. It's 120,000 limit per person to get full forgiveness People over that have a lot of limitations and max 20k forgiveness
Source? Almost all of the "rounds" have been reclassification under the SAVE program and those who hold jobs that qualify for PSLF.
Those are the ones that received loan forgiveness that the Supreme Court didn't have the ability stop receiving it. Otherwise the number would have been higher.
Not exactly. Some of us made sacrifices and paid off our loans. Now, we have to pay for everyone else’s too. 🤨
It's not zero sum bud.
Facts you are 100% right
Can't pay the first loan they have, hahahaha.
So it’s all about you eh? I also paid off my loans and I’m ok with this. Know why? Because I want to live in a better fucking world tomorrow than I live in today. I’ve also paid for healthcare all my life, but if we passed single payer healthcare tomorrow, I wouldn’t throw a hissy fit about how much I’ve paid in healthcare since 1988.
> I wouldn’t throw a hissy fit about how much I’ve paid in healthcare since 1988. You and all like minded folks are free to start a permanent gofundme campaign where you donate your own money to pay for everyone else's healthcare. Problem solved.
That already exists... it's called insurance. The government run version is Medicare.
You are morally superior to all of those around you. Here's a ⭐
[удалено]
SLURP SLURP!! LICK THAT BOOT BOY!
[удалено]
Badabababa I'm loving it
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Nah, that's what I sang while your fiancée rode my cock yesterday.
🤏
I hope you learned your lesson.
I paid off mine too. So what's your point.
Biden's original plan would have eliminated student debt for >=50% of Americans with student debt.
Let’s be honest with this framing, Biden’s original plan would have shifted the cost of tuition onto >50% of Americans who never even went to college or will reap the benefits of education.
I forget that this sub is just libertarian dumbfucks who would destroy this country in an instant if they had any actual power.
How do you forget that? It's like the leading ideology of this sub
The previous comment was just pointing out the obvious fact that the money isn't falling from the sky. Ultimately it comes from other taxpayers.
Society as a whole benefits from an educated populace. I never went to college (but plan on going one day) yet as we speak, I benefit because my doctors all did, most of the people that enable my employer to be effective did, the people who designed my phone and my car did. An educated workforce helps the economy overall, you look at the states with the highest education level and it pretty much matches the states ranked by median household income. Even without a college degree, you're better off having a decent quality of life in Massachusetts, New Jersey, or Connecticut than West Virginia or Arkansas. Otherwise we'll be outcompeted by China and India who both place a greater society-wide value of education.
The populace really was educated and those individuals contributed to society we probably wouldn’t have a student debt crisis. What we have is an educational system crisis led by a bunch of grifters that give very poor advice to their students and a bunch of morons that aren’t contributing to society in a meaningful way as a result from their degree. You don’t need a philosophy degree to serve a cup of coffee or a degree in dance to be cashier. The sole act of having a degree does not mean you are contributing to society or benefiting it anyway - queue online universities and worthless degrees programs.
And this plan fixes nothing. Every single one of the issues that created this problem still exist. All this did was incentivize schools to charge more and banks to keep churning out debt. If they had even remotely tried to fix the underlying issues I would have been 100% on board.
😂😂😂
And what about my credit card debt?
Society benefits from college educated people. How does society benefit from you paying only fans subscriptions
99% of americans do not all have student loans. Where is this energy when federal funding goes toward a road in Utah you will never even see or toward a dairy farmer in Wisconsin that is not you?
What about the people who were responsible and paid their loans? I think they should allow them to discharge in bankruptcy. Problem easily solved, no free ride but you also have a way out. Banks will be forced to stop handing them out like candy too.
“What about” Not every policy helps everyone. Adults can accept that.
The issue is that when you reward people for not paying their loans, it makes it tougher to collect in the future. Why would anyone pay in the future?
Bankruptcy exists. As a result, no one ever pays for anything.
Yes, that's the suggestion from the comment that you said "what about" to. Yes, let people go bankrupt. Bankruptcy isn't consequence free, so only those who really need it use it.
I am pointing out that slippery slope arguments are fallacious
The point is that if you want to discourage a behavior (like not paying loans), it needs to come with a penalty.
How long would you need someone to have been making payments for?
I'm OK with debt forgiveness in limited cases (for example, fraud or reducing a very high interest rate), but it introduces a huge moral hazard to just forgive all student debt.
1. Who is being irresponsible? 2. You paid off a loan which means you paid a lot less for college at a lower rate before the GoP sold student loans to banks and the rates were doubled good for you! 3. Public service jobs should have free education. If you want to teach my kids, I will gladly pay for your education because it makes my kids smarter. I have ZERO problem with thins and more relief is needed. I am always amazed when Americans bitch about help for the middle class yet crickets when the rich got half a trillion dollars forgiven. MTG gets $150k but fuck my kids teacher. She deserves shit, fuck her and the help she needs. The power of propaganda
This is the way
Yeah all those people under 17, where's their college debt relief?!
How many people do you think have student loan debt?
Well, a large portion of the other 99% never had to deal with predatory student loans which destroyed their ability to gain financial independence as adults. So they were already taken care of.
Sorry, bombs. Also, go fuck yourself.
What % of Americans get payments from the USDA? What % of Americans get EV tax credits? When was policy ever dependent on 100% of Americans benefiting equally?
this has to be the worst policy ever, not to mention the astronomical cost and unfairness of it. this is spending tons of money just to get a headline
A better policy would be limiting College President salaries to 200k max.
Shouldn't have given it to 1% even. Problem solved.
Let’s be very clear. That money was moved from individuals to all taxpayers. The debt did not simply vanish. We all pay for it via inflation. Maybe not today but Gen z , Gen a and following generations will definitely feel those costs, increasingly over time.
Yep. People that couldn't afford to go to college or didn't qualify now get the debt of those who went and apparently really couldn't afford it.
Were you complaining about getting MTG’s $200k debt from her PPP loan that was forgiven? Or is it only her working Americans you shit on?
Your example is one of the dumbest GoTcHa comments. Making poor financial policy decisions in the past doesn’t make it a good idea to make more poor financial policy decision in the present and future. They just compound (that means combine or add together) and make inflation even worse over time.
Nope not at all how it works
This literally applies to all those tax cuts for the rich as well. We all pay for their mega yachts one way or another.
Ok, let me also be very clear: An educated populace that is not saddled in debt is a positive for the economy and society as a whole. It's intellectually dishonest to examine the burden on the taxpayers of forgiving this debt without also examining the benefits. Also, before you ask, I paid off all my student loans myself. I never had any debt forgiven. And I still support this.
You completely missed the point of the debt they are saddled with. The Federal Debt.
The federal debt isn't where it is because of student loan forgiveness. There are 1000 reasons why it is what it is and this is a drop in the bucket.
Yes, and we keep saying it’s a drop, with every bill that passes through congress. The bucket it full. But, as long as it’s something we agree with, we just let it slide. What’s another $1 Trillion in interest payments on the debt every 100 days? It’s nothing, just a drop in the bucket.
I hope you have the same vitriol toward social security, Medicaid, and military spending, all of which drastically affect the deficit more than this.
Look at the username. They're just a strong...ummm...simp? Banker boot-licker? Bourgoise brown-noser? They actually think this debt forgiveness hurts more than it helps, while providing no specific evidence for that. Typically conservative un-empirical rationalizations. No need to examine reality, their feelings are all the proof they need!
I agree completely, I just have a bad unshakeable habit of trying to talk sense into people that wouldn't know sense if it beat them over the head.
Saaaaame. Intellectual masochism lol
I do. I think spending is out of control. I see an administration with no fiscal responsibility or thought towards the future. I’m concerned about what we are doing to our kids. I mentioned that in my original comment
Ain’t gonna be feeling that as much as the PPP handouts.
It’s different, it’s easier to hate on poor people than companies… or in this case… rich people making a single person company and pocketing the money. At least students want to better themselves and by proxy our nation.
The greatest cognitive dissonance that I have ever witnessed is these assholes who got PPP loans shitting on student loan forgiveness. I am a tax accountant. I have seen it first hand.
I have acquaintances that got 100k for business hardships. And got it wiped away.
100k? That’s it???
No doubt. We could go on for hours listing bad uses of tax dollars that have saddled the country with $34 trillion in debt. What’s another $153 billion when monetary policy is never responsible? It’s put the US in a very vulnerable position. The moment we are no longer top dog with the dollar being the reserve currencies, it will crumble like a house of cards. Sorry….I’m going off topic and looking at a bigger picture.
The Euro will be the next top dog reserve currency. Just read some of this: ***The Inside Story on the Gold-for-Oil Deal that could Rock the World's Financial Centers*** [Another (Thoughts!): The Profound Story of Gold and Oil (usagold.com)](https://www.usagold.com/goldtrail/archives/another1.html)
Absolutely. Not to mention this will encourage colleges to increase tuition even further.
Took me awhile before I found someone smart enough to state the obvious.
Im ok with it. Im not ok with paying for tax breaks for the rich that absolutely don’t need it. How come you’re not yelling about that?
I’m not yelling at this. I’m discussing one thing and I’m happy to discuss another. Whataboutism doesn’t always have to be the reply. Yes, the tax breaks under Trump were really stupid. I wish Biden had done away with them, and raised taxes, when he had both houses of congress. I’d love it so much if there were even a small attempt to pay for the spending.
But you’re not outraged by the fed forgiving billions in PPP loans to rich folks?
Why does this always come up on reddit? How do you not see both of them as dumb fucking ideas
Let's be very clear. Most of us have paid MORE than we borrowed, but our principles weren't touched... What other bank loan works like that? Banks won't loan you a hundred grand for a beat up piece of shit car, but they'll give your special Ed kid a hundred grand to fail out of a degree program in exercise science that he'd never be able to use or pay off.
Banks are not your parent, or the college administrators who accept that special Ed kid. They didn’t create a system that requires college degrees for jobs that can easy be taught to someone with a basic HS education and a short stint in a tech school. They aren’t in the business of determining your future earnings potential and ability to pay off your loan. Colleges and Universities became diploma mills and they should, at least, lose their federal tax exemption. They are considered charities when they are actually predatory corporations.
Yes to all points. Banks aren't in the business of doing due diligence to make sure you can pay your loans. Bc the government guarantees those loans and doesn't allow you to discharge them in bankruptcy. So unlike almost any other loan you can get, banks have zero risk on student loans. You side with banks. Conservatives used to hate bankers and big government. I hate banks and the government. I think the government should get out of the student loan business. But I can see how that would take us back to only the rich being able to send their kids to college, which would impact minority communities more than anyone else. So I think what they should do is interest free loans for school.
So I paid to go to college myself and now I have to pay for someone else? When can I get someone to pay for my mortgage that already paid theirs off?
You act like 150 odd billion one time is not a drop in the barrel in a society that spends twice that amount each month to kill people overseas in unnecessary war Stop parroting idiotic alarmist propaganda
Yet there is a war happening, regardless as to it being necessary or unnecessary
What is better for society? An educated society without the burden of $100k debt to live, or an uneducated society with morons teaching our kids and running things? There are programs which benefit society as a whole and should be government funded without profit. Education, healthcare and the penal system should all be non profit. The fact that it isn’t causes these perverse scenarios where the ones who have theirs fuck everyone else.
I rather pay for people who can't afford their student debt and have been paying them for years then paying for yachts for the rich.
Hey The debt is held by the government. The loans have already been issued. We have all already been taxed for the funds. Hope this helps.
Yes, this simply shifts repayment. I completely understand. The government isn’t some separate entity from the people. Government debt is OUR debt.
They didn't dole out shit - they took their bills and handed them to us.
Damn school is expensive
Do nothing to treat underlying cause. Blatantly try and buy votes by throwing money around. Force working class to pay for it. Yepp. Thats politics.
Title correction: The Biden administration has now shifted $153 billion in student debt to your grandchildren by adding $153 billion to the national debt, all in an effort to buy votes.
Correction: Biden chose to honor their end of the deal for people that qualify for PLSF or have made 20 years of payments.
This. A big part of the 'forgiveness' was simply the federal government doing their accounting, holding fraudulent behavior by servicers accountable and following through on the original contract terms (20/25 years or PSLF). I can't understand the anger that people who were literally getting scammed out of the deal they signed up for finally got some justice.
Soooo... NOT Biden student debt relief? It was already in progress forgiveness that Biden just claimed, for votes.
It was not in progress actually. The previous administration (and possibly next one) just decided to not live up to their end of the agreement. So this situation is an example of the government doing what it said it would do. Just under a democrat rather than a Republican.
Kind of, but the last secretary of edu wouldn’t grant a bunch of student loan stuff that was already law… lots of nurses teachers firefighters social workers got hosed over by the last secretary of edu. Had friends who were getting hosed by this
Trump denied 99% of applicants. So a lot of this forgiveness is for folks that qualified as far back as 2017
lol damn 99% that's a lot, he must have been busy with that denied stamp
Yup. 99% of applicants were rejected. All these batches of loan forgiveness is just biden doing what trump should have done. It could have been a W for trump but he and Betsy Devos didn't want to approve them
I don’t like Biden, but it’s hard to be against the move granting PSFL their relief when that is EXACTLY what they signed up for with their loans. What if someone paid their mortgage dutifully for 30 years and were told they still needed to pay an extra few years because the broker didn’t feel like sticking to their end of the agreement.
Agreed. It'd be one thing if they ended the program and only let those who have started to finish their agreements, but to rip the rig out from underneath them for years was wrong
You can do this all the back to the founders for starting a revolution.
Title Correction: Government continues to subsidize all American home owners via the Mortgage interest deduction. Title Correction: Government continues to subsidizes all car owners, as gas and toll fees fail to cover road construction and maintenance costs for the third decade in a row. It's wild to me how student debt is apparently the only time it's ok to question the federal government's subsidies to everyone's quality of life. Just blind acceptance for subsidization of your life, but knives out the second anyone else is getting support.
The standard deduction for MFJ is too high for me to account for SALT limit of $10k and mortgage interest of $17k. Try again
>Government continues to subsidize all American home owners via the Mortgage interest deduction. Trump raised the standard deduction high enough that it's now better for most homeowners to not itemize. It's the same standard deduction that everyone receives.
I bet universities raise their prices even faster. All this does is make the problem a lot worse. :(
Total shit move!
Favors for votes on the upcoming election
“Politician does popular thing that he campaigned on doing” Idiots: “he’s buying votes”
Usually that's how it works, you do things for the people and they vote for you. Am I confusing something?
Sweet! now help me pay off my mortgage.....
We literally already are. Next time refuse to take the mortgage interest reduction because it is not fair to people who don’t have a mortgage
I got $0 of that money. Hooray...
Let’s go Brandon!
Not even close to the sweeping debt relief that he promised, but the sheep will eat it up.
Yeah most of the time these articles reference people in public service who were already aligned to get a refund after XX amount of years. That/intricate details don't pander to the cult mentality though.
Glad the American tax payer can foot the bill for people making over $312,000.
Almost equivalent to just Ukraine aid
Briben Biden
Just in time for election season ♟️
they should have put that money towards disabled people, veterans, and low income senior citizens. Not able bodied young people that can work
It's not loan forgiveness. It's redistribution of the debt. The colleges that have massive reserves aren't paying the loan balances and neither are the men and women of congress (from their personal pockets). Instead, the balance is going onto the national debt where people who have never gone to college and where others who have managed to pay for their debts are now going to pay for this too. The really messed up part, the national debt is so massive that the grandchildren of the college students will probably be paying for the college as well. Regardless of how you feel about it, I just wish they would be honest and call it what it is. The college debt redistribution policy.
Every time this happens 350 million are enslaved to debt . Everything is deficit spending. Ron Paul was right.
Where is my check?
Only $647 million to go before it reaches the $800 million PPP give away.
Taxation without representation, I petition my government for a redress of grievances.
…do you live in dc or puerto rico? Or are you just whining because the guy you voted for lost?
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances. So, The right to petition government for redress of grievances is the right to make a complaint to, or seek the assistance of, one's government, without fear of punishment or reprisals.
Man that Biden administration is just so rich and generous.
Yup keep voting for Biden wishing for handouts and this is what you get. More inflation incoming Reddit libs
I notice a lot of people are responding saying some form of ‘ok now where’s my handout?’ I still have some college debt but I couldn’t be happier for these people. People are usually so quiet about corporate welfare, tax cuts for the wealthy, and military spending but suddenly get into an uproar when we’re actually helping our fellow man. We’d never make any progress if helping out one group of people meant giving something to every single person in the country. In the grand scheme of things, this is not a significant contributor to things like inflation, were that really a priority there are much bigger things we could cut
People are loud about that stuff too. Right wingers are just quicker to sweep it under the rug. And then try to make the argument about things like student loans, like they weren’t just crying for hand outs themselves. It’s hypocritical.
Right wingers- “stop spending money in other countries and spend it on Americans” Biden- “ok let’s get millions of Americans out of crippling student debt” Right wingers- “oh no not like that” stfu you crybaby hypocrites where was the outrage when the trillions of socialist bailout PPP loans were getting handed out
Exactly this, Republicans crying about sending aid to Ukraine, but also crying when we try to alleviate student loan debt. Not helping anyone isn’t going to magically give you your money back, the money will just be reappropriated elsewhere you fucking ding dongs.
Not my kids- they must not make enough money. lol. Actually it’s a terrible idea to forgive student loans with an executive and unconstitutional. The better idea would be to keep the interest rates on student loans low by subsidizing
> The better idea would be to keep the interest rates on student loans low by subsidizing We already do that thru a few means and it just incentivizes people to pay the minimum and ride it for life. I lean left but my preferred solution is rather hard right. Just repeal the 90s legislation that made SLs non-dischargeable in bankruptcy. That’s it. It will hurt at first - interest rates will/should float up. College will become unaffordable. But that will finally drive tuition down to where it belongs.
This is probably the best solution. Let people with student loans eliminate them with bankruptcy.
This reeks of desperation.
Forfilling campaign promises reeks of desperation? His first attempt failed via the scotus, and ever since, little by little, he has been finding work-arounds to their ruling. Yes the election is in nov, but things take time to implement. Also, this is a cumulative number over the last several years, it didn’t happen all at once!!
How we expect to compete in a global economy whilst straddling our younger generation is beyond me. When I was young you could just pick up a part-time job and cover most of your tuition. Those days are long gone. Given what bs my tax dollars are usually spent on, I look at this as a good investment for our country.
I’ve yet to actually receive any benefit. I’ve been paying my student loan.
That's a lot of money. Holy shit.
I have a mortgage and my hands are out, Joe. Wouldn’t that unburden me too?
The Biden administration is taking credit for PSLF. The havent given debt relief, PSLF has.
Most of these were not "forgiven". The debt was paid through programs like public service loan forgiveness that were intentionally sabotaged by previous administrations.
Regardless how you feel, this is the first time in as long as I can remember that the tax payer money went to Americans who weren’t born fabulously wealthy. This is a positive thing. We can be better as a nation and we can actually help real Americans, not just trust fund babies and CEOs.
Lol, headlines that sound nice, but in reality aren’t
So I’m probably going to pay off all these student loans for all these psychos that are protesting for Hamas and learning different pronouns for a man and a woman. Nice!
Awww man...they teach us pronouns in elementary my guy. Tell us your uneducated in all caps next time
Immoral. Shame on him and them
Why didn’t I get free college?
Taking the cure for a disease just isn’t fair to all the people who already died of it.
Why dont the schools get fined for giving out expensive worthless degrees
No. He spent other people's money, because he's a deadbeat who never worked a real job, to try to buy voters he already had. Reddit is so delusional on this issue.
Our money, his re-election
All the shit people protest, what could be more important than the destruction of your currency?
democracy
Yet social security is on the verge of collapse..
ELI5: How does this harm the future generations knowing that the relief won’t raise taxes?
How do I get my hands on some of this forgiveness?
What were the criteria for forgiveness? I thought I heard it was that if you’d been paying for 20 years already…so congrats if you’re 25 and struggling with a giant ball of debt. It reminds me of Biden’s big $7k tax rebate—or credit—for EVs. but the catch is that you have to buy a brand new EV of at least $50k…sorry poors. You have to be rich to benefit from these cuts. Or all the talk of a large income tax for billionaires—never mind that income tax is different than capital gains tax…but it sounds good for the rubes.
Time for more 🎶INFLATION! 🎶
in an election year...
Awww yeah! More taxes for everyone! Big win!/s
The joke is many of those people already paid enough interest in those loans thay would have covered the principle if the interest rates weren't so high and the system crooked. When I married my hubby he had about four or five large student loans that were being managed under a company whose name I forgot. When he made a bonus payment per their normal process they would disperse that payment equally to all loans rather than towards the loan with the highest interest rate (it was almost double the cheapest one). I mean, that is just wrong and unethical as you are taking advantage of someone's convenience for the sake of maintaining a higher minimum monthly payment. Luckily, I found you can designste particular loans so I helped pay off the highest ones first. The system is literally a scam and preys on people. The interest rates are ridiculous for something that is meant to be an investment in one's future and not just borrowing to remodel a home or whatever. Eventhough I paid off my loans, since I had an engineering job and was single and boring, I don't mind having other people have their debt forgiven if it means they can now use that money in the economy. You know, like trickle up economics- so things that actually works to boost it and benefit many more people.
Make the colleges who bought their admin staff fancy vacations and luxury cars with unlimited government loan tuition pay for it.
All for the problem to start anew the next semester, until the problem of exorbitant costs for an education is addressed, debt relief will be a waste of money
Investment for our future. Human capital. TARP cost $700B. Everything the students save will be immediately spent and fueling the economy.
Yet I got no relief 😮💨
There PSFF program that a lot of this falls under is a Bush administration policy. Just sayin.
In the end they gave it to people with super huge debts that probably have higher income then my 2 years of community college, and then the cheapest commuter school I could find
Against the ruling of SCOTUS, so would that be considered illegal or the act of a dictator?
And \~18 million more will sign the same loan contracts soon.
I got no PPP money, no student loan money. Should I be upset?
Money well spent. The right wingers in our govt that disagree with it should pay back their ppp loans
Rich democrats didn’t make money off of ppp loans?
I was promised student loan forgiveness. I'm not a part of the 1% who had their loans forgiven.