Dont worry about the student loan forgiveness

[Pucky Freak]

Quit issuing federally-subsidized student loans. There are probably twice as many college graduates in the US as there are jobs that require that level of education. Provide grants to low-income students for education and training that matches job shortages in exchange for years of service.

 

[bts09]

This is the core of the problem. Government gives out easy loans to dumb kids and the schools take advantage.

It’s like Schmalts said earlier. We need to be looking at the root of the problem. The federal government handing out student loans has caused the costs of college to skyrocket. Get serious. If loans weren’t guaranteed, no rational private lender would bet $200k on a kid to be able to pay it back. I’m all for higher education. I’m not for the government backstopping loans for it.

 

[TheTone]

So happy my wife has busted her butt paying her loans off and making extra big payments during the no interest period and will see no benefit from this. I mean we wouldn’t have wanted to use that money towards paying off our house earlier, investing in retirement or buying fun items with it. What a bunch of crap.

 

[RobG]

But you cashed your stimulus check though...I did too.

I cashed it and gave about $2000 of it to PLWA and other groups.

 

[Schaaf]

Where was the faux outrage for the PPP loan forgiveness? It will be more and were all paying for that. At least the people with a degree got something. The PPP loans were just bonuses paid to companies, free money... via the printing press, er tax payer.

It’s easier to punch down.

 

[mtmuley]

Because I'm not an idiot. You should try it sometime.

Keep your mittens on. mtmuley

 

[BuzzH]

Yup, might as well. But I'd rather none of us got them

Mtmuley...I liked my odds 164,000,000 stimulus checks sent the first year...all cashed but 1,200,000.

Pretty safe Vegas odds Nick cashed the check.

Told you so...

 

[RobG]

Keep your mittens on. mtmuley

I’m lost. Does this refer to Bernie?

 

[Pucky Freak]

 

[BuzzH]

I’m lost. Does this refer to Bernie?

I like Bernie, mainly because Bernie gives mtmuley a near coronary.

I like some of his ideas too on health care, education, minimum wage, paid leave, etc.

 

[woods89]

Background: I have done construction my entire working career. The occupation is seeing a decline , doesn't seem to be the next generation. Meanwhile, we need a next generation to keep pace with all the careers that keep the U.S. on level ground with the rest of the developed nations.
This is why I support education.

But man, the workers of this country are taking it in the shorts, no doubt about it.

I've done construction since I was 16. My brother and I started our own business when I was 26. I'm beginning to feel like an anomaly, as I'm seeing the same declines you are.

What I wouldn't give to see this money put towards a 1-2 year trades program......

 

[MTLabrador]

14 days until I’m hunting elk, 21 days until I’m hunting sheep. Until then, fishing is a better use of time than this bullshit.

 

[np307]

First, what a load of sour grapes to say "I dont want someone else to be helped because I didn't get helped out." Do you rush back to Walmart if the groceries you bought Thursday go on sale next Tuesday and demand a refund?

Second, good grief stop buying the completely fake spin that this somehow only benefits the wealthy. Yeah those billionaires really racked up a bunch of student loans they can't pay back. I was a hard-core conservative for a long time until I realized over a few years that the world that Fox News (or now I guess OANN or whatever other garbage people are listening to) presents to their viewers doesn't really exist. That doesn't mean the other side is right about everything but meet some people and open your eyes to what the world is really like.

Third, as someone else mentioned this is a bandaid. The problem will not be fixed by any measure that simply wipes the books clean. The system of government loans allowing universities to charge ridiculous, skyrocketing prices while society pushes 18 year olds to assume unimaginable amounts of debt with no assets or income has to stop. All three levels of it have to be curtailed.

Fourth, I think the better solution would have been to absolve interest as I know plenty of people who have paid back their original loan already but still have years to go to finish paying interest.

Fifth, don't even start with me about just wanting my handout because neither my wife nor I have or had any student loans. Community College nursing degree for her and a small Bible College for me alongside trades I've learned on the job.

 

[Hem]

I've done construction since I was 16. My brother and I started our own business when I was 26. I'm beginning to feel like an anomaly, as I'm seeing the same declines you are.

What I wouldn't give to see this money put towards a 1-2 year trades program......

Great point.
I think there is a deep pool of kids that given some training could have a good jump on a career in the trades. As it is, learning on the run takes determination and dedication. Kids are jumping from one job to the next based on " this weeks" pay and not really learning much.

 

[woods89]

Where was the faux outrage for the PPP loan forgiveness? It will be more and were all paying for that. At least the people with a degree got something. The PPP loans were just bonuses paid to companies, free money... via the printing press, er tax payer.

I was certainly a little nauseated as it was going on. My accountant was ticked of, she told me certain banks were pushing applications to their "good" customers, not exactly the people who needed PPP.
A lot of people who needed it didn't get it. Meanwhile, some people were pulling in money for really questionable stuff.
I hadn't missed a day of work when the applications came out, so I passed.

 

[BuzzH]

I’m lost. Does this refer to Bernie?

The video that pushed @mtmuley over the edge...

 

[Big Sky Guy]

I liked this perspective. Basically what others have said above wrapped in one concise video. Man it’s hard to reconcile some universities having endowments as big as some of the largest corporations all while increasing tuition 1200% in 42 years, 1000% more than inflation.

Allowing people to include student loans with bankruptcy filing seems like the best start to what is likely going to be an issue for many years to come.

 

[Nameless Range]

Really, to me the most powerful argument against this is it is just people who already have more than most getting more. About 40% of the country has at least a bachelors degree, and one in seven has some form of student loan debt.

There’s tons of articles and charts out there, but the composition of wealth distribution in respect to education is pretty stark. Folks with college degrees are significantly better off (generally) than those without. And those with student loan debt are more likely to have degrees than those without. Here, they are getting another hand up.

I suppose though, the retort to that is can’t we do both? Help those drowning in student loan debt as well as those less well-to-do? Another, I suppose, is that folks benefiting this will be a tide lifts all ships via secondary and tertiary benefits. What about program X? What about the handouts in program Y - those are bullshit too. Probably all true. I don’t see how this will prevent another pile of Americans swimming in student loan debt 10 years from now.

In 2021 the United States government spent 6.8 trillion. Basically, in terms most here can understand, Joe Biden just went out and bought a really nice gun. His spouse will forget about it after a while.

 

[shannerdrake]

Worth noting, $5T was spent on COVID stimulus and PPP so $300B in SL debt forgiveness seems small in comparison.

Also worth noting, the stimulus checks and PPP were spending bills passed by Congress so they were at least bi-partisan to some extent and our elected officials had input and impact.

Executive Orders shift power even further from the people and closer to one person. The opposite of democracy. The opposite of for the people, by the people.

 

[rwc101]

"Need to buy some votes from unlikely Democrat voters. I know! The college educated!" - Joe Biden (apparently)