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$50,000 Student Loan Forgiveness  Rate Topic 
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 Posted: Fri Feb 5th, 2021 05:27 am
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Blazer
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What do you guys think of this proposal to forgive everyone's student loan debt up to $50k?

I know going to college now costs a small fortune, but the ramifications of this are mind numbing-

1) What about people who chose not to go to college because they couldn't afford it?
2) What about people who chose to go to a different, perhaps inferior school because they couldn't afford it?
3) What about people who chose a different degree/program to study because of fees?
4) What about people who kept their original choice and worked and sacrificed, gave up vacations, worked two jobs, drove a shitty car, ate pork and beans out of a can to make it happen?


Other questions:
1) What about people who just finished paying their loans off last year or a few years ago?  They're now shit out of luck?
2) What about people who paid their loans off 20 years ago?  Do they get a check in the mail with interest?
3) What about people who have shitty mortgages on houses they purchased in 2006 or 2007 before the housing bubble burst.  There are STILL people underwater.  Can you float them a $50,000 check?
4) So, you're going to basically give away $50,000 to millions of people, which is the equivalent to a year's salary for some people, so now we're talking about re-distribution of wealth.  Who's going to pay for this?  Is the government printing more money?  Or does the rest of the country have to pay for it through a tax increase? If the latter, then we're saying not only did these people not get a free $50,000, but now they have to pay more to underwrite this.  
5) Keep printing money, and the other way this is going to bite us in the ass is with inflation.  Prices at the grocery stores over the last five years have already gone insane.  $4 for a bag of oyster crackers?  Loaves of break $7?  Milk $5-6?  GTFO.


Is there a problem with the universities and college tuition?  Yes.  Is this the way to solve it?  In my opinion, fuck no.

Last edited on Fri Feb 5th, 2021 05:30 am by Blazer



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 Posted: Fri Feb 5th, 2021 06:11 am
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Portalesman
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Add more government.



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 Posted: Fri Feb 5th, 2021 06:18 am
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Kriss
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When you do something like this, it's always gonna suck for the people who had to follow the old system. That's not a reason not to change things for the better.

Same deal with marijuana laws. No good for the people who got busted in the past, but changing the law is still clearly the right thing to do.

Last edited on Fri Feb 5th, 2021 06:18 am by Kriss



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 Posted: Fri Feb 5th, 2021 11:53 am
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martini
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No.



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 Posted: Fri Feb 5th, 2021 12:39 pm
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srossi
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My wife has massive student loans and I'm still against it. We need to get the cost of college under control by eliminating government loans because colleges know they can charge as much as they want and will get paid. Most campuses are spending obscene amounts of money on nonsense and shit programs just because they can, and then use this to justify crazy tuitions. It's unsustainable. Until 40 years ago, most middle class people could afford college on their own. Now its impossible for almost anyone. Forgiving student loan debt doesn't solve that problem, it just emboldens the colleges.  They're not going to lose a dime.  As usual, it's going to be taxpayers footing the bill even more. 

Last edited on Fri Feb 5th, 2021 12:41 pm by srossi



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 Posted: Fri Feb 5th, 2021 12:52 pm
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Married Jo



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No. Not just no...FUCK no.



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 Posted: Fri Feb 5th, 2021 01:22 pm
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Big Garea Fan

 

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srossi wrote: My wife has massive student loans and I'm still against it. We need to get the cost of college under control by eliminating government loans because colleges know they can charge as much as they want and will get paid. Most campuses are spending obscene amounts of money on nonsense and shit programs just because they can, and then use this to justify crazy tuitions. It's unsustainable. Until 40 years ago, most middle class people could afford college on their own. Now its impossible for almost anyone. Forgiving student loan debt doesn't solve that problem, it just emboldens the colleges.  They're not going to lose a dime.  As usual, it's going to be taxpayers footing the bill even more. 

This - giving $50,000 away is doing nothing to fix the problem long term. Prospective college students should be expected to calculate the total cost of a college degree and to weigh that against the projected salary for the job they plan to get upon graduation and then make a decision. There are lots of online sites (salary.com, glassdoor.com, etc) that provide accurate salary information to help students research their prospective jobs, most colleges post their tuition/fees online, and student loan rates are available as well (I wish these tools had been available 30 years ago).  Will it be worth it to pay $100,000 for a $40,000 per year administrative assistant job? No? Then prospective students should either consider another career/major or find a cheaper school. The taxpayers should not be expected to pay for their poor choices.


I also think this is going to negatively affect workers since salaries will drop. People with less student loan debt will be able to take lower starting salaries so you know that companies will start taking advantage of that.


I am so tired of people who do the "right thing" (stay out of jail, don't do drugs, don't have a kid until they can afford it, go to work, make good life choices) having to pay for the poor decisions of others. 

Last edited on Fri Feb 5th, 2021 01:23 pm by Big Garea Fan

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 Posted: Fri Feb 5th, 2021 01:40 pm
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Gil Wilcox

 

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I paid off my portion of the one kid's loans and a lot of the interest and principal for the youngest already.

Yeah, this provision would help my on the second kid's loans but why should everyone else have to pay for it?
The tradesmen who work on my house and car work their tails off and I appreciate them. My plumber needed a new truck and some equipment. What do they get?

There are some who get free rides to college and don't appreciate it. I don't get it.

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 Posted: Fri Feb 5th, 2021 02:00 pm
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Papa Voo



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srossi wrote: My wife has massive student loans and I'm still against it. We need to get the cost of college under control by eliminating government loans because colleges know they can charge as much as they want and will get paid. Most campuses are spending obscene amounts of money on nonsense and shit programs just because they can, and then use this to justify crazy tuitions. It's unsustainable. Until 40 years ago, most middle class people could afford college on their own. Now its impossible for almost anyone. Forgiving student loan debt doesn't solve that problem, it just emboldens the colleges.  They're not going to lose a dime.  As usual, it's going to be taxpayers footing the bill even more. 

Bingo 



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 Posted: Fri Feb 5th, 2021 03:33 pm
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beejmi
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I guess I'm old but I don't want government intervention on anything anymore.

Example: Airlines. Bailed out.

Retail stores. Nothing. Ok half of them are closed now.


The government picks and chooses who they help. Seemingly randomly.

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 Posted: Fri Feb 5th, 2021 04:33 pm
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Big Garea Fan

 

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beejmi wrote: I guess I'm old but I don't want government intervention on anything anymore.

Example: Airlines. Bailed out.

Retail stores. Nothing. Ok half of them are closed now.


The government picks and chooses who they help. Seemingly randomly.

I don't think it is random. If someone did a study on this, I bet they would find that the airline execs gave more $$$ to the elected politicians than the failed retail store execs.

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 Posted: Fri Feb 5th, 2021 04:34 pm
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Blazer
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srossi wrote: My wife has massive student loans and I'm still against it. We need to get the cost of college under control by eliminating government loans because colleges know they can charge as much as they want and will get paid. Most campuses are spending obscene amounts of money on nonsense and shit programs just because they can, and then use this to justify crazy tuitions. It's unsustainable. Until 40 years ago, most middle class people could afford college on their own. Now its impossible for almost anyone. Forgiving student loan debt doesn't solve that problem, it just emboldens the colleges.  They're not going to lose a dime.  As usual, it's going to be taxpayers footing the bill even more. 

This is it in a nutshell.  It's a Get Out of Jail Free card, but it doesn't solve the underlying issue with the junkie, or the sex offender, or the serial killer.  They're just going to do it again.



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"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Fri Feb 5th, 2021 04:56 pm
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Papa Voo



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They also make the debate that the money going to these student loan lenders would be more well-served getting pumped into the economy such as the housing market.

I agree with srossi, though, these college costs are disgustingly over-inflated.



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 Posted: Sat Feb 6th, 2021 12:34 am
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beejmi
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I just don’t know where it ends. Or if it matters.

Buy everyone a house and put $100,000 in their bank account?

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 Posted: Sat Feb 6th, 2021 01:11 am
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Principal_Raditch



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We sent a check for @ 50k/year for 4 years to help my stepdaughter with Med School. I don't expect i'll be seeing any reimbursement anytime soon on that. It's not like i'm making a fortune as an RN. If the gov't wants to help me re-fund my retirement account, they're more than welcome.

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