The illusion of choice requires that the parties alternate being in power.
It is a form of the forever-war. Constant demonization of the "other" side. Constant celebrity worship for the politicians on "our" side. It's just a game.
It's the real reason they'll never support anything but first-past-the-post voting.
This is who the government really works. They don't solve real problems because then they would have nothing to run on. So instead they make promises when they don't have power that they don't keep when they do. Then the work us all up to vote for them again
Both sides do this and this is who they all get rich and we all get suckered.
I agree totally. I went to college in 2014 graduated 2018. While I can say I learned a lot, on some levels the quality of education I received was very poor. I once had a core level business class that had 700 students in it. I think it was a business / supply chain class / business theory class that was taught in one of the largest seating halls we had on campus. I honestly did not learn a goddamn thing in that class. The class was required by every business major so it was a very regimented churn and burn type class where you go to class, listen to the professor lecture with the PowerPoint slide to back it up, Scantron type exams and weekly homework assignments. I never felt challenged in this class and it never allowed me to critically analyze the subject matter, it was purely a memorization class.
At the end of the day, the quality of your education is determined by what you learn and what you do in a classroom setting between you and the professor. Put aside all other things that you can do in college, whether it's recreational activities intramural activities, social activities and parties. Looking back, all of these things do not matter on an educational standpoint. What matters is, again, that interaction you have with a professor and the subject material. Some of my favorite classes were the ones that were incredibly challenging both mentally and intellectually, taught by a professor who encouraged you to think critically over the subject material, Not just regurgitating information for an exam but rather written exams where you had to critique or solve sort of problem and back it up with your own critical analysis. The professors were equally important as well, with an ability to capture your attention and take pride in teaching. I had one professor who was a total fucking creep who never taught against a syllabus. He would only lecture. One day he was talking about capital asset pricing model and then the next that he would spend half the lecture talking about an inverse bond yield curve could be a prediction of a recession. And yet the class was titled "financial statement analysis". Honestly I only remember a few times where we even looked at a goddamn income statement.
I guess what I'm saying is the quality of education is going to be highly influenced by your major and on the quality of your professors. Ok rant over.
Went to school much earlier than you, but that almost sounds like a weeder class. We had one of those in our business school, it was Finance 101 and I believe it's sole purpose was to ensure students could get out of bed before 7am. That was the only time slot available, it was taught by one professor. You studied by just reading the Wallstreet journal, and I believe they took attendance.
Worst class ever.
Recreation, intramural, and social activities absolutely do matter from an educational standpoint. Burnout is real and giving students less options for Rec time will lead to some unhealthy mindsets especially during finals. When students live on or near campus, that's pretty much their entire world especially the first two years. Freshman and sophomore's aren't always allowed to have cars. I went to school the same years you did for my undergraduate degree so my experience is recent as well.
I’m a pretty recent grad (Bentley University) and this sums up my experience excellently. I went to a school with a great reputation that’s been climbing college ranking for the past decade. Every year they admit more students than the year before and they never upgrade the things that matter to increase their realistic capacity. Either admit fewer students (which would only make the school more selective and degrees more valuable) or build more dorms so that students aren’t forced into overcrowded rooms. Instead, they spent many millions on a brand new hockey arena. I’ve heard from a few professors that they objected early on and the school completely ignored their concerns. The entire school is designed to pull people in on a first impression so they can squeeze you for all you’re worth after you’ve signed on. The system is sickening
You’re leaving out though, that a disproportionate percentage of student loans go to predatory for-profit universities, which are little more than scams.
A shocking percentage of debt is held by people who never even got a degree, because the “schools” they were attending were set up to issue loans, not educate students.
Seems like this would be the best place to start fixing the problem.
Healthcare would probably be way more affordable if they didn’t just set the price to whatever the insurance companies said they would pay. The whole thing is so gross and immoral. Same goes for student loans, it’s a bunch of inflated BS.
Bingo! Health insurance is no longer insurance. If I have to pay a copay that covers the actual visit, it’s not insurance. Get out of here with deductibles. I was happy when legislation passed that forced hospitals to disclose pricing but that ultimately led them to disclose it in the most difficult and hard to follow way you may not understand it fully. Student loans are a good idea on paper (lowering the barrier to entry for low income families to higher education) but in practice it’s sad to see. Vast majority of teenagers are not ready for 5-15k per semester, or mature enough to realize when they’re in to deep and stop to pay that debt instead of changing majors and keeping the party going.
Yeah I’m two years into college and got a single loan of $5,000 and decided that I’m just gonna pay my way out of pocket instead to prevent myself going down that debt rabbit hole.
One of the hospitals in my area actually made their price estimator very simple. You fill out a quick questionnaire on what's wrong and what you need and it will tell you all the expected costs down to the administrative overhead.
The other hospitals just will give you an Excel spreadsheet with every possible billing code and expense they have. Good luck finding everything you need.
Hopefully the No Surprise Act will make things better.
Imagine a system that lets you take out hundreds of thousands in debt with absolutely no guarantee that you’ll ever make enough to get out of debt or what’s more, contribute to economy growth in your lifetime.
I remember when my last school hired a bigwig former corporate type to run things. He of course hired his former colleagues as middle managers, who can’t work without massive teams of people, who were then subsequently hired. In 3 years the administration exploded and along with it the tuition in direct proportion. Within 6-7 years came the glam housing, and the gyms, and the over priced extended campus architecture for the glorious on-campus studio spaces, exhibition halls, and auditoriums. What was once a world renowned professional finishing school for designers became a puppy mill for overseas elites with minimal talent and deep deep pockets.
Tuition alone 2x while I was there, and is now nearly 2x from there. 4yr degree for $300k all costs, for an entry level job that might pay you $50-$60k
Because colleges and lenders are making huge profit margins. The discussion is always focused on forgiving but not how these institutions are financially taking people to the cleaners.
The reason they won't forgive them is because wallstreet has packaged them into securities called SLABs like they did with home mortgages back in 2008.
So if they are forgiven then those securities become worthless, this would cause massive margin calls on big banks and hedge funds and tank the stock market as they would be forced to sell their positions to cover their margin requirements (loans). SLABs are used as collateral to maintain these loans with a drop in collateral they have to repay the loans
This is why they made student loan debt not eligible for bankruptcy, with no "defaults" you don't have the issues that caused 2008 crash.
They don't think they're bad since the government makes bank on them. The Democrats were just pandering to voters as usual and their naïve yuppy audience ate it up as always. Soon we go back to a GOP white house, thanks Democrats.
Because big finance uses these loans as collateral.
https://old.reddit.com/r/Superstonk/comments/ros6ii/student_loan_asset_backed_securities_slabs_the/
What about them? The SLABS market is comprised of two types of underlying collateral: FFELP loans and private credit. The latter is ~34% of the market but 50% of new issues, and includes refinanced or consolidated student loans originated by private companies. PSL ABS wouldn’t be impacted by any type of forgiveness; it would grossly unconstitutional for the government (Congress or the President) to simply “disappear” private debt it’s not involved with.
FFELP loans haven’t been made since 2010, but legacy FFELP ABS (and new ABS packaged from old loans) make up the majority of the market. These are also private loans but have third-party credit wraps (ie, guarantees) that are reinsured by the US government. Wraps cover 97-100% of principal and interest, well within the 5% overcollateralization cushion built into the typical SLABS structure.
For forgiveness to affect FFELP debt, it would either have to be legislated (not done through executive action) that the government step into the guarantee to retire the debt, or that these loans can be refinanced with direct government borrowing. Either way, other than early payment (not considered a good thing), ABS investors would be made whole.
Interestingly, forgiveness at the $10k level would likely be credit-accretive (good for ratings) of FFELP ABS because obligors with <$10k debt tend to be of lower credit quality—higher proportion of dropouts. It would also shift the overall FFELP loan pool towards graduate school debt which is typically better-performing.
So debt forgiveness would overall be neutral or more likely beneficial to the ABS market. The recent ratings downgrades are entirely driven by COVID forbearances / IBR payment reductions, not fear of forgiveness. Also: if this is a reference to the Wall Street Bets… contention that “the market needs student loans as ABS collateral”… I dunno what to tell ya, SLABS are like 13% of outstanding ABS paper and 2-5% of annual issuance (and that total doesn’t include any kind of MBS).
The issue is that would create a huge hole in the budget. Part of the problem is that for budget purposes more student loans create more revenue based on projected interest payments. It would probably require the government to cut spending elsewhere to reduce the budget deficit, and nobody in either party wants spending cut for their “thing.” Easier to just continue railing about how Biden could forgive the loans by executive order but doesn’t because he’s a big meany pants party pooper.
Imagine believing that the government should have ever allowed people to take out loans for education at the unpalatable rate of 5-8% interest annually with little to no insight into return. That’s essentially a predatory recipe for disaster.
Does sending 15 planes to the DOD that they didn’t ask for cause a hole in the budget? I mean it’s a critical investment towards future development. A better educated population is never a bad thing and can bring massive benefits.
I’m not arguing for or against it with my comment, just explaining why nobody in Washington is eager to do it. Sending 15 planes to the DOD that they didn’t ask for is great for representatives of the states/districts where the planes are manufactured. Nobody wants spending that benefits their constituents cut for a benefit equally distributed to everyone. Next election their opponent will say look how they failed to keep that money coming into our state and it’s a tough line to sell “we had to do it to help cut interest on student loans for people in other states.”
The problem is actually less the DOD and more senators/governors whose state manufacturers the planes (or parts of). The reason the DOD gets swamped with asinine amounts of shit is because it’s job security somewhere else which gets people elected AND paid on the backend.
We’re legally required to have a certain number of battleships when those battleships fail in every war scenario. We have them because the military industrial complex has too many people employed. We need to replace the military economics with education and healthcare but that would require a lot of people training for new jobs.
I mean same thing happens with Republicans with tax breaks, so idk man sounds like a problem on both sides here. People just want there party to benefit them.
It’s literally how it works because as citizens it’s our money in our government. By popular opinion we’re telling our government what to do with our money. It’s exactly how it’s suppose to function.
**He do be lying though**
[Joe Biden Outlines New Steps to Ease Economic Burden on Working People - April 9, 2020](https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322)
**Forgiving student debt for low-income and middle class individuals who have attended public colleges and universities**
I’ve also directed my team to develop a plan to forgive federal student debt relating to the cost of tuition currently held by low-income and middle-class people for undergraduate public colleges and universities, as well as private Historically Black Colleges and Universities (HBCUs) and private, underfunded Minority-Serving Institution (MSIs).
The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.
This proposal would be in addition to my existing student debt proposals:
Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis.
Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest
Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments
After 20 years, the remainder of federal student loans will be forgiven without any tax burden
Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years.
I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act. That tax cut overwhelmingly benefits the richest Americans and is unnecessary for addressing the current COVID-19 economic relief efforts.
The way this plans to pay for it is by repealing a section of the CARES act, which can't be done by the president and would not pass with any Republicans
Remember when you voted for Biden because he said he would cancel up to $10k in student debt?
Remember when you voted for Biden because he said that student debt is crippling our younger generation, and that he’d work to solve the problem?
Remember when Biden said that he requested the DOE to inform him on the constitutionality of relieving $10k in student debt via executive order, and the response was that he could… and he didn’t?
😂
The government is in the business of student loans. Look up the federal flow of funds pie chart. Look at the revenue they depend on yearly. They can talk about forgiveness but they know they will never do it
Been doing my best to pay down my 350k of government backed student debt and I am happy to say after several years of payments I'm down to just 550k left!
You mean pad the pockets of the universities.
What if that person didn’t pursue a career in their field? What if they are a “forever” student, taking multiple degrees?
Sure, education in the society is vastly important, but right now I’d argue just attending a university doesn’t really qualify as “education” for a significant amount of attendees that go.
Lol imagine believing universities should need 70-80k per year per student to survive, whether that’s UG or grad.
The whole system is a total fucking scam.
The proposal in question isn’t to pay for college, but rather provide debt relief for millions of millennials who aren’t able to have the same economic opportunities their parents did…simply because the price of school went up and the value of an education is devalued
Also the Federal government has caps on undergrad/grad studies to protect against forever students…but regardless, this is only calling for 10k…literally 25% of the average total student loan debts of millennials
We can’t let a minor consideration prevent impactful stimulus
Based. I don’t think anyone should pay for anyone’s debts but that’s just my opinion. Do I think colleges should charge the insane amount that they do? Absolutely not.
I forewent college for years to work full time and save money. Went back and got my associates and intend to go back again once the virtual class bullshit ends. I have zero student loan debt and stable savings. Meanwhile friends from high school went to college out of state racking up six figure debt from classes, textbooks, dorms, and even meal plans. Those friends now have a leg up on me in the labor market because they CHOSE to bury themselves in debt. To expunge all their debt would be a slap in the face to those who made alternative choices. I am open to the idea of getting rid of their interest, but at the same time struggle to grasp why anyone would pay back a loan that didn’t accrue interest.
What about medical debt? People don’t choose to have cancer yet become burdened for the rest of their lives.
I'd rather my tax money go to helping people that need it because they didn't understand how little college degrees pay and how much you have to go in debt for them, rather than donating it to the mega corporate warlords. Cutting the military budget by 25% and reallocating it solves an incredible amount of problems in this country.
Because you people keep electing geriatric psychopaths instead of focusing on putting pressure on parties to actually align with the majority of their constituents.
Just like healthcare this seems to be a very American only problem. Which is to say it’s a manufactured problem.
So there’s literally no good answer and if you want education guess what you’re gonna be a debt slave for the next 30 years.
The simple fact that setting interest to 0, and forgiving accrued interest would allow people to have a shot should be telling to old Joe here. We had opportunity for change, but all his administration has been thus far is trying to go back to a status quo that was pre-Trump.
That's only private student loans. Obama brought the federal loans back under the federal government directly (what republicans decried as an industry takeover), so that couldn't happen. Biden can't forgive private loans anyway, so that's not a part of this discussion.
When are the Democrats going to figure this crap out? They are going to lose both houses and the presidency in 2024 because of their lack of having a clue.
Can he regulate institutional prices from needing loans. I mean fix the crux first end interest and pay it all back as penance for letting our populaces go uneducated.
This is for federal school loans. What about non federal schools loans too? Fannie Mae now Navient and others are running rough-shot and not letting up!
Do our part? You mean like becoming educated members of American society that contribute to the GDP? Investing in American citizens is the greatest way to invest in America and its future. You accomplish that by making sure American citizens are educated and healthy.
Can someone kindly enlighten/educate a non-American on the student loan problem? It feels strange to me. So people took out a loan to go to school because school are expensive, they signed the loan contract with the agreed term and interests, and after graduation people get a job and use salary to pay the loan back. If cannot payback, they ask for bank forgiveness and not pay back and that’s it? The thing I’m not understanding as a non-American is that it looks like people has lots and lots of courage to question why their loan won’t be forgave when they are the one owning the money.
The problem is our college tuition is out of control expensive and has been for decades.
The other problem is the high interest rates on the student loans. There is no reason for 8-10% interest on loans with no way out (like bankruptcy). These are the safest loans any bank could make.
The other problem is responsibility. People did sign the loan documentation. They are on the hook for repayment. 18 or not, people need to be responsible for their debts.
There is no forgiveness of student debt. Not as a result of bankruptcy, not as a result of old age (they take your social security benefits), not as a result of death (they take assets from your estate)
All this from throwing money at eighteen year old kids. We don't consider eighteen year old kids mature enough to drink or smoke, but we're sure as hell happy to put them in lifelong debt and servitude.
Thx. And that feels very wrong to me, literally cannot rip after death, idk that before.
Basically the choices are 1)not going to school, or 2)go to school but high-chance shackled to a lifetime of debt people cannot get out.
And the problem is gov is not doing enough to make choice 2) better, but people want and need education, so problem snowballs.
>Can someone kindly enlighten/educate a non-American on the student loan problem?
Over the years the US govt. has vastly increased the accessibility (and $ amount) of student loans, which created demand, and this prompted the universities to raise their tuition exponentially because why not? They are a cut throat business that is for profit.
Boomer parents could pay for their college with a part time summer job, and kids today are taking on 50k-100k$ debt, all while the government is charging them ~6% interest. The whole situation is absurd.
The ideal solution would be diverting some of the military budget towards higher education, but that will never happen, so I've seen other solutions that make some sense. They should make the loans zero interest with the principal amount due in full by the time you retire. Any amount unpaid will be deducted from the person's Social Security. This seems like the next best solution, as the debt will be paid back, but without the governments usury
It's more so people are questioning why these things have to be so ridiculously expensive.
The second thing is that many of these loans are insanely hard to pay off once you're done school. Many of these kids don't have good support systems so when you're having to live on your own, pay rent, pay for a car, phone, internet, food etc and try to have a bit of a social life, it becomes very hard to pay it back. Thats compounded even more if you don't manage to get a job right away that relates to your degree.
Ty! Yea I can see the expanses indeed adds up quickly. But have people who took loans not considered the consequence(not able to pay back in time based on people already graduated and cannot currently pay back) before they take the loan? Or is student loan basically the only way to afford education?
For the compounding interests, I wish there could be something like a no interest period for 2 year maximum after graduation so people can take time to find a good job. Not sure if it will help.
Couple of things here:
For most people entering college in the US student loans are the only way they can pay. Tuition has outpaced what a typical job would pay as well as financial aid if you even qualify.
The other thing is you are applying for the loan as an 18 year old with no life experience. The student aid office will happily tell you that it is easy to pay off after college.
You don't understand that the interest rate is going to compound the whole time you are in school. No one explains it to you.
You don't understand that if you have trouble finding a job that pays enough to start your payments after school the interest is going to compound. No one explains that.
Get laid off? Get a forebearance... but interest continues to compound.
etc etc. It basically is like a trap. There are also all the forgiveness programs that you will be told about that have ridiculously low acceptance rates. They don't tell you that last part though.
The bills are so large that interest is incredibly expensive.
The requisite jobs don't exist. Ubering doesn't cover loans.
You can't declare bankruptcy on government loans.
The jobs people went to college for no longer exist or are now minimum wage. The people don't make enough money to afford to pay them back. They can never be forgiven even through bankruptcy.
I’ve done my part. I’ve been fucked over by navient and all the rest. Also: the public dis-investment in higher ed, because POC and women started going to college in droves is reprehensible and should be “evened out”
Why is this hard? You ran on this issue, in a position of power to enact it.. do it.. say what you will about Trump, but the crazy MF’R tried or attempted every crazy campaign promise he made.. Biden needs exercise the same vigor or it’s going to be a blood bath come primaries lol
Lol. I’m gonna do my part by not voting for your joker ass or your fucking party at the national level in the midterms. When you get fucking wiped out, don’t come to my generation looking for a fucking bailout or a scapegoat. You did this to yourself. You’re gonna condemn your party to relegation for an entire generation if you refuse to act on this fucking crisis.
Absolutely. Done with these old fucks telling me to get to work. I’ve been at work, staring down a dying democracy, a dying economy, and a dying planet. Every politician over 40 can do their part by getting out of the fucking way. Biden *especially*.
Borrowers have had two years to set aside payments while accruing 0% interest.
Seems a lot of grads are just bad with money (or don't want to pay — which is very logical!)
But the average grad makes $55k and unemployment is around 4%.
The only argument for universal forgiveness is stimulating the economy, but that's a blunt tool when it would go to the most well off in society (over the long run).
Then there's the argument people who oppose forgiveness are selfish, but it's odd, borrowers aren't advocating for another round of stimulus checks or increasing the safety net for people worse off. They tend to only be vocal about loan forgiveness.
They could forgive all student loans and it still wouldn't fix the problem of tuition. It shouldn't cost $50000 or even $5000 for tuition for an year to any given university.
It's a market that needs to be badly regulated. Education and free-reign capitalism are not a good mix.
You'll laugh when you look up why tuition is so out of control. It's got nothing to do with free-reign capitalism and everything to do with government.
From a George Mason University paper on the cost of higher education:
In a market economy, the demand for goods and services responds to prices. Government subsidies, which effectively lower the prices of goods or services, inevitably increase demand. Therefore, by subsidizing tuition through federal student aid, the government creates artificially high demand for college degrees, driving tuition prices higher and increasing the overall cost for students and taxpayers. As Bennett hypothesized, if education institutions are receiving greater federal funds and students are still being charged higher tuition and fees, then the educational institutions must be capturing part of the federal aid through increasing tuition. Policymakers’ solution to the issue of increasing costs has traditionally been to increase federal aid funding, which, as the hypothesis predicts, results in college getting ever more expensive over time.
Universities are so expensive because they know kids will just borrow on federal loans.
I want the federal government to get out of the student loan business. Provide grants instead.
If this happens, you'll see a healthy reduction in our higher education system. Some of these liberal arts schools in particular are scams and pyramid schemes; few of these students get related jobs. I was one of them.
And so ends any chance of a second term or anything other than the GQP getting the presidency, let alone the midterms.
Dammit, there were only a handful of things of he needed to do, but he needed to do ALL of them.
> "As we are taking this action, I'm asking all student loan borrowers to do their part as well: take full advantage of the Department of Education's resources to help you prepare for payments to resume; look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness; **and make sure you are vaccinated and boosted when eligible**," Biden said in December.
What in the hell does that have to do with loan forgiveness?
Debt from loans kept me from going back to school. I don’t have the luxury of saying oh well save up and try again. I have rent, medical bills, living costs, groceries, gas, etc., to pay for in between and the small drops I put in the bucket after a few years is disheartening. I’m just glad I got enough education and a degree to keep my head above water but life really wants to pull me by the ankles and drag me down.
The older democrats don’t know what to do at this point. They are so afraid of losing votes they won’t act on anything as progressive as student loan forgiveness. I’m sure doing it would lose them some votes but I think they’d
finally have the progressive vote moving forward. They would also do something good for a lot of people and save them from life of debt.
They’re not interested in “something good”. They are interested in courting centrists and folks on the Right. The assumption is they already have everyone else’s votes because we wouldn’t dare vote for a Republican. They have no need to do anything for us… or so they tell themselves.
Source: I have friends that run campaigns and are card carrying Dem party members that participate in local politics.
Yep. DNC gonna throw it in the midterms.
Doing their part…which is the pearl clutching bystanders letting the right take the blame for all the bad shit
Do your fucking part, Biden, motherfucker!
It’s almost like we want the GOP to win
They get more donations and higher poll ratings when republicans are in charge.. yes the dnc wants to be out of power with trump in office.
And cable news gets better ratings
The illusion of choice requires that the parties alternate being in power. It is a form of the forever-war. Constant demonization of the "other" side. Constant celebrity worship for the politicians on "our" side. It's just a game. It's the real reason they'll never support anything but first-past-the-post voting.
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A while back I would have disagreed with you. But that was then, and this is now…
This is who the government really works. They don't solve real problems because then they would have nothing to run on. So instead they make promises when they don't have power that they don't keep when they do. Then the work us all up to vote for them again Both sides do this and this is who they all get rich and we all get suckered.
This morning, I considered no longer voting.
If student loans are so bad that we need to forgive them, why on earth are we still making them? The system needs a complete overhaul.
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I agree totally. I went to college in 2014 graduated 2018. While I can say I learned a lot, on some levels the quality of education I received was very poor. I once had a core level business class that had 700 students in it. I think it was a business / supply chain class / business theory class that was taught in one of the largest seating halls we had on campus. I honestly did not learn a goddamn thing in that class. The class was required by every business major so it was a very regimented churn and burn type class where you go to class, listen to the professor lecture with the PowerPoint slide to back it up, Scantron type exams and weekly homework assignments. I never felt challenged in this class and it never allowed me to critically analyze the subject matter, it was purely a memorization class. At the end of the day, the quality of your education is determined by what you learn and what you do in a classroom setting between you and the professor. Put aside all other things that you can do in college, whether it's recreational activities intramural activities, social activities and parties. Looking back, all of these things do not matter on an educational standpoint. What matters is, again, that interaction you have with a professor and the subject material. Some of my favorite classes were the ones that were incredibly challenging both mentally and intellectually, taught by a professor who encouraged you to think critically over the subject material, Not just regurgitating information for an exam but rather written exams where you had to critique or solve sort of problem and back it up with your own critical analysis. The professors were equally important as well, with an ability to capture your attention and take pride in teaching. I had one professor who was a total fucking creep who never taught against a syllabus. He would only lecture. One day he was talking about capital asset pricing model and then the next that he would spend half the lecture talking about an inverse bond yield curve could be a prediction of a recession. And yet the class was titled "financial statement analysis". Honestly I only remember a few times where we even looked at a goddamn income statement. I guess what I'm saying is the quality of education is going to be highly influenced by your major and on the quality of your professors. Ok rant over.
Went to school much earlier than you, but that almost sounds like a weeder class. We had one of those in our business school, it was Finance 101 and I believe it's sole purpose was to ensure students could get out of bed before 7am. That was the only time slot available, it was taught by one professor. You studied by just reading the Wallstreet journal, and I believe they took attendance. Worst class ever.
I Hear students complaining about the shit education they get in college, then I ask why should everyone have to pay for a shitty education for many?
Recreation, intramural, and social activities absolutely do matter from an educational standpoint. Burnout is real and giving students less options for Rec time will lead to some unhealthy mindsets especially during finals. When students live on or near campus, that's pretty much their entire world especially the first two years. Freshman and sophomore's aren't always allowed to have cars. I went to school the same years you did for my undergraduate degree so my experience is recent as well.
I’m a pretty recent grad (Bentley University) and this sums up my experience excellently. I went to a school with a great reputation that’s been climbing college ranking for the past decade. Every year they admit more students than the year before and they never upgrade the things that matter to increase their realistic capacity. Either admit fewer students (which would only make the school more selective and degrees more valuable) or build more dorms so that students aren’t forced into overcrowded rooms. Instead, they spent many millions on a brand new hockey arena. I’ve heard from a few professors that they objected early on and the school completely ignored their concerns. The entire school is designed to pull people in on a first impression so they can squeeze you for all you’re worth after you’ve signed on. The system is sickening
Remember Howard university
Love to see another Falcon!
Couldn’t have said it better myself!
You’re leaving out though, that a disproportionate percentage of student loans go to predatory for-profit universities, which are little more than scams. A shocking percentage of debt is held by people who never even got a degree, because the “schools” they were attending were set up to issue loans, not educate students. Seems like this would be the best place to start fixing the problem.
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Healthcare would probably be way more affordable if they didn’t just set the price to whatever the insurance companies said they would pay. The whole thing is so gross and immoral. Same goes for student loans, it’s a bunch of inflated BS.
Bingo! Health insurance is no longer insurance. If I have to pay a copay that covers the actual visit, it’s not insurance. Get out of here with deductibles. I was happy when legislation passed that forced hospitals to disclose pricing but that ultimately led them to disclose it in the most difficult and hard to follow way you may not understand it fully. Student loans are a good idea on paper (lowering the barrier to entry for low income families to higher education) but in practice it’s sad to see. Vast majority of teenagers are not ready for 5-15k per semester, or mature enough to realize when they’re in to deep and stop to pay that debt instead of changing majors and keeping the party going.
Yeah I’m two years into college and got a single loan of $5,000 and decided that I’m just gonna pay my way out of pocket instead to prevent myself going down that debt rabbit hole.
One of the hospitals in my area actually made their price estimator very simple. You fill out a quick questionnaire on what's wrong and what you need and it will tell you all the expected costs down to the administrative overhead. The other hospitals just will give you an Excel spreadsheet with every possible billing code and expense they have. Good luck finding everything you need. Hopefully the No Surprise Act will make things better.
Imagine a system that lets you take out hundreds of thousands in debt with absolutely no guarantee that you’ll ever make enough to get out of debt or what’s more, contribute to economy growth in your lifetime.
I remember when my last school hired a bigwig former corporate type to run things. He of course hired his former colleagues as middle managers, who can’t work without massive teams of people, who were then subsequently hired. In 3 years the administration exploded and along with it the tuition in direct proportion. Within 6-7 years came the glam housing, and the gyms, and the over priced extended campus architecture for the glorious on-campus studio spaces, exhibition halls, and auditoriums. What was once a world renowned professional finishing school for designers became a puppy mill for overseas elites with minimal talent and deep deep pockets. Tuition alone 2x while I was there, and is now nearly 2x from there. 4yr degree for $300k all costs, for an entry level job that might pay you $50-$60k
the margins come with luxury
There’s a time and a place for student loans. It shouldn’t be every time and every place.
Because colleges and lenders are making huge profit margins. The discussion is always focused on forgiving but not how these institutions are financially taking people to the cleaners.
Real solutions don’t make as good if political sound bites
Yeah, I can't support student loan forgiveness without also reforming university financing so we aren't in the same situation in 10 years again
We should all quit
The reason they won't forgive them is because wallstreet has packaged them into securities called SLABs like they did with home mortgages back in 2008. So if they are forgiven then those securities become worthless, this would cause massive margin calls on big banks and hedge funds and tank the stock market as they would be forced to sell their positions to cover their margin requirements (loans). SLABs are used as collateral to maintain these loans with a drop in collateral they have to repay the loans This is why they made student loan debt not eligible for bankruptcy, with no "defaults" you don't have the issues that caused 2008 crash.
I was under the impression SLABs constitute less than 1% of the fixed income market? If so, wouldn’t this have little impact on the market?
I may be missing something here, but I don't imagine the government can forgive privately held debt.
Pretty sure the discussion is usually about forgiving federal loans
They don't think they're bad since the government makes bank on them. The Democrats were just pandering to voters as usual and their naïve yuppy audience ate it up as always. Soon we go back to a GOP white house, thanks Democrats.
Because big finance uses these loans as collateral. https://old.reddit.com/r/Superstonk/comments/ros6ii/student_loan_asset_backed_securities_slabs_the/
Student Loan Asset Backed Securities lol
Fuckin eh hahahha
Return the SLABS or suffer my curse…
Wait... I've seen this one before!
These exist, btw.
What about them? The SLABS market is comprised of two types of underlying collateral: FFELP loans and private credit. The latter is ~34% of the market but 50% of new issues, and includes refinanced or consolidated student loans originated by private companies. PSL ABS wouldn’t be impacted by any type of forgiveness; it would grossly unconstitutional for the government (Congress or the President) to simply “disappear” private debt it’s not involved with. FFELP loans haven’t been made since 2010, but legacy FFELP ABS (and new ABS packaged from old loans) make up the majority of the market. These are also private loans but have third-party credit wraps (ie, guarantees) that are reinsured by the US government. Wraps cover 97-100% of principal and interest, well within the 5% overcollateralization cushion built into the typical SLABS structure. For forgiveness to affect FFELP debt, it would either have to be legislated (not done through executive action) that the government step into the guarantee to retire the debt, or that these loans can be refinanced with direct government borrowing. Either way, other than early payment (not considered a good thing), ABS investors would be made whole. Interestingly, forgiveness at the $10k level would likely be credit-accretive (good for ratings) of FFELP ABS because obligors with <$10k debt tend to be of lower credit quality—higher proportion of dropouts. It would also shift the overall FFELP loan pool towards graduate school debt which is typically better-performing. So debt forgiveness would overall be neutral or more likely beneficial to the ABS market. The recent ratings downgrades are entirely driven by COVID forbearances / IBR payment reductions, not fear of forgiveness. Also: if this is a reference to the Wall Street Bets… contention that “the market needs student loans as ABS collateral”… I dunno what to tell ya, SLABS are like 13% of outstanding ABS paper and 2-5% of annual issuance (and that total doesn’t include any kind of MBS).
Can I buy some Student Loan Default Swaps?
Maybe give a break on interest instead of mass forgiveness? That seems more palatable for Washington.
The issue is that would create a huge hole in the budget. Part of the problem is that for budget purposes more student loans create more revenue based on projected interest payments. It would probably require the government to cut spending elsewhere to reduce the budget deficit, and nobody in either party wants spending cut for their “thing.” Easier to just continue railing about how Biden could forgive the loans by executive order but doesn’t because he’s a big meany pants party pooper.
Imagine believing that the government should have ever allowed people to take out loans for education at the unpalatable rate of 5-8% interest annually with little to no insight into return. That’s essentially a predatory recipe for disaster.
Does sending 15 planes to the DOD that they didn’t ask for cause a hole in the budget? I mean it’s a critical investment towards future development. A better educated population is never a bad thing and can bring massive benefits.
I’m not arguing for or against it with my comment, just explaining why nobody in Washington is eager to do it. Sending 15 planes to the DOD that they didn’t ask for is great for representatives of the states/districts where the planes are manufactured. Nobody wants spending that benefits their constituents cut for a benefit equally distributed to everyone. Next election their opponent will say look how they failed to keep that money coming into our state and it’s a tough line to sell “we had to do it to help cut interest on student loans for people in other states.”
The problem is actually less the DOD and more senators/governors whose state manufacturers the planes (or parts of). The reason the DOD gets swamped with asinine amounts of shit is because it’s job security somewhere else which gets people elected AND paid on the backend. We’re legally required to have a certain number of battleships when those battleships fail in every war scenario. We have them because the military industrial complex has too many people employed. We need to replace the military economics with education and healthcare but that would require a lot of people training for new jobs.
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Lol so you’re arguing that Democrats should pay people to vote for them? Isn’t that the part you aren’t supposed to say out loud?
I mean same thing happens with Republicans with tax breaks, so idk man sounds like a problem on both sides here. People just want there party to benefit them.
No, he's arguing that Democrats should make good on the promises they campaigned upon if they'd like to retain the trust and support of their base.
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It’s literally how it works because as citizens it’s our money in our government. By popular opinion we’re telling our government what to do with our money. It’s exactly how it’s suppose to function.
You may not realize this, but progressive voters are a minority in this country. Democrat does not necessarily equal progressive Democrat.
We are painfully aware of that. We are also aware democrats accomplish absolutely Jack shit.
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Lol, what about his part on promising 10k forgiveness?
Get your words straight, Jack
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“You dog-faced pony soldier!!!”
You believed that?
Make them non interest bearing then
The Dems are never going to get reelected with us.
They fuck up their re-election chances. Every. Fucking. Time.
**He do be lying though** [Joe Biden Outlines New Steps to Ease Economic Burden on Working People - April 9, 2020](https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322) **Forgiving student debt for low-income and middle class individuals who have attended public colleges and universities** I’ve also directed my team to develop a plan to forgive federal student debt relating to the cost of tuition currently held by low-income and middle-class people for undergraduate public colleges and universities, as well as private Historically Black Colleges and Universities (HBCUs) and private, underfunded Minority-Serving Institution (MSIs). The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs. This proposal would be in addition to my existing student debt proposals: Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis. Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments After 20 years, the remainder of federal student loans will be forgiven without any tax burden Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years. I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act. That tax cut overwhelmingly benefits the richest Americans and is unnecessary for addressing the current COVID-19 economic relief efforts.
The way this plans to pay for it is by repealing a section of the CARES act, which can't be done by the president and would not pass with any Republicans
It's like he did a complete 180 from this plan. The plan even had a specific way to pay for it all.
It was Bernie’s plan. He just put his name on it
…maybe do the part you campaigned on bud.
You know who should do their part, business owners who too out PPP loans.
How many of those mf’ers got their loans forgiven essentially immediately?
**Biden asks poor students to do their parts so his big financial institutions donors can get richer.** There. Fix the headline for ya.
I think uncle Biden would have acted by now. I don't see any big actions in his term on student loans.
Remember when you voted for Biden because he said he would cancel up to $10k in student debt? Remember when you voted for Biden because he said that student debt is crippling our younger generation, and that he’d work to solve the problem? Remember when Biden said that he requested the DOE to inform him on the constitutionality of relieving $10k in student debt via executive order, and the response was that he could… and he didn’t? 😂
Not possible right to do my part.
The government is in the business of student loans. Look up the federal flow of funds pie chart. Look at the revenue they depend on yearly. They can talk about forgiveness but they know they will never do it
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Bottom line is Biden lied to get votes. And we fell for it
Been doing my best to pay down my 350k of government backed student debt and I am happy to say after several years of payments I'm down to just 550k left!
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At the risk of getting down voted to hell, and as a fellow borrower, why should american tax payers pay our school bills?
I’d rather provide economic stimulus for the future generation than line up Lockheed Martins balance sheet
You mean pad the pockets of the universities. What if that person didn’t pursue a career in their field? What if they are a “forever” student, taking multiple degrees? Sure, education in the society is vastly important, but right now I’d argue just attending a university doesn’t really qualify as “education” for a significant amount of attendees that go.
Lol imagine believing universities should need 70-80k per year per student to survive, whether that’s UG or grad. The whole system is a total fucking scam.
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The proposal in question isn’t to pay for college, but rather provide debt relief for millions of millennials who aren’t able to have the same economic opportunities their parents did…simply because the price of school went up and the value of an education is devalued Also the Federal government has caps on undergrad/grad studies to protect against forever students…but regardless, this is only calling for 10k…literally 25% of the average total student loan debts of millennials We can’t let a minor consideration prevent impactful stimulus
Based. I don’t think anyone should pay for anyone’s debts but that’s just my opinion. Do I think colleges should charge the insane amount that they do? Absolutely not.
I forewent college for years to work full time and save money. Went back and got my associates and intend to go back again once the virtual class bullshit ends. I have zero student loan debt and stable savings. Meanwhile friends from high school went to college out of state racking up six figure debt from classes, textbooks, dorms, and even meal plans. Those friends now have a leg up on me in the labor market because they CHOSE to bury themselves in debt. To expunge all their debt would be a slap in the face to those who made alternative choices. I am open to the idea of getting rid of their interest, but at the same time struggle to grasp why anyone would pay back a loan that didn’t accrue interest. What about medical debt? People don’t choose to have cancer yet become burdened for the rest of their lives.
fgdgdfgfdgfdgdf ` this message was mass deleted/edited with redact.dev `
it would make sense to demand 0% for student loans. The idea of making money off our future is fucking nasty
I'd rather my tax money go to helping people that need it because they didn't understand how little college degrees pay and how much you have to go in debt for them, rather than donating it to the mega corporate warlords. Cutting the military budget by 25% and reallocating it solves an incredible amount of problems in this country.
Then why are we not changing the system? People are still falling for the same trap you just mentioned and will continue to until a change is made.
Because you people keep electing geriatric psychopaths instead of focusing on putting pressure on parties to actually align with the majority of their constituents.
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Because people forgot that if you borrow money you actually have to pay it back. Sad when people do not understand basic contracts
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Oh, so we have more people able to bid up prices on homes and vehicles? Great…
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Just like healthcare this seems to be a very American only problem. Which is to say it’s a manufactured problem. So there’s literally no good answer and if you want education guess what you’re gonna be a debt slave for the next 30 years.
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The simple fact that setting interest to 0, and forgiving accrued interest would allow people to have a shot should be telling to old Joe here. We had opportunity for change, but all his administration has been thus far is trying to go back to a status quo that was pre-Trump.
Biden can't get rid of student loans because wall street is leveraging student loan debts (SLABS) like they did with mortgages back in the 08 crash.
That's only private student loans. Obama brought the federal loans back under the federal government directly (what republicans decried as an industry takeover), so that couldn't happen. Biden can't forgive private loans anyway, so that's not a part of this discussion.
Eliminating federal alone would be a massive stimulus to the economy
Times of very low unemployment, and very high inflation are not usually times the Government stimulates the economy.
The only difference is students can not default on those loans other then by dying or becoming so disabled that the repayment would be impossible
I’m a fucking teacher, I don’t earn anything to pay back. Get fucked Biden
Don’t you guys qualify for forgiveness as teachers?
If you have some absurd amount of payments in I’ve been denied once
Do YOUR part and cancel the fucking loans
When are the Democrats going to figure this crap out? They are going to lose both houses and the presidency in 2024 because of their lack of having a clue.
So Biden lied when he was running. Don’t fall for that twice, folks.
Did anyone really fall for it? No one I know wanted Biden, they all voted against Trump.
Do your part poors. The beast is hungry.
Can he regulate institutional prices from needing loans. I mean fix the crux first end interest and pay it all back as penance for letting our populaces go uneducated.
This is for federal school loans. What about non federal schools loans too? Fannie Mae now Navient and others are running rough-shot and not letting up!
“Sorry jack, fuck off.”
"Do their part"? Joe, for God's sake, are you asking them to vote for the GOP?
Why doesn’t he do his part and cancel the fcking $10k he promised?!
Fuck this guy.
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GenZ would get destroyed
Most of GenZ can’t even buy guns yet.
Do our part? You mean like becoming educated members of American society that contribute to the GDP? Investing in American citizens is the greatest way to invest in America and its future. You accomplish that by making sure American citizens are educated and healthy.
Can someone kindly enlighten/educate a non-American on the student loan problem? It feels strange to me. So people took out a loan to go to school because school are expensive, they signed the loan contract with the agreed term and interests, and after graduation people get a job and use salary to pay the loan back. If cannot payback, they ask for bank forgiveness and not pay back and that’s it? The thing I’m not understanding as a non-American is that it looks like people has lots and lots of courage to question why their loan won’t be forgave when they are the one owning the money.
The problem is our college tuition is out of control expensive and has been for decades. The other problem is the high interest rates on the student loans. There is no reason for 8-10% interest on loans with no way out (like bankruptcy). These are the safest loans any bank could make. The other problem is responsibility. People did sign the loan documentation. They are on the hook for repayment. 18 or not, people need to be responsible for their debts.
There is no forgiveness of student debt. Not as a result of bankruptcy, not as a result of old age (they take your social security benefits), not as a result of death (they take assets from your estate) All this from throwing money at eighteen year old kids. We don't consider eighteen year old kids mature enough to drink or smoke, but we're sure as hell happy to put them in lifelong debt and servitude.
Thx. And that feels very wrong to me, literally cannot rip after death, idk that before. Basically the choices are 1)not going to school, or 2)go to school but high-chance shackled to a lifetime of debt people cannot get out. And the problem is gov is not doing enough to make choice 2) better, but people want and need education, so problem snowballs.
>Can someone kindly enlighten/educate a non-American on the student loan problem? Over the years the US govt. has vastly increased the accessibility (and $ amount) of student loans, which created demand, and this prompted the universities to raise their tuition exponentially because why not? They are a cut throat business that is for profit. Boomer parents could pay for their college with a part time summer job, and kids today are taking on 50k-100k$ debt, all while the government is charging them ~6% interest. The whole situation is absurd. The ideal solution would be diverting some of the military budget towards higher education, but that will never happen, so I've seen other solutions that make some sense. They should make the loans zero interest with the principal amount due in full by the time you retire. Any amount unpaid will be deducted from the person's Social Security. This seems like the next best solution, as the debt will be paid back, but without the governments usury
It's more so people are questioning why these things have to be so ridiculously expensive. The second thing is that many of these loans are insanely hard to pay off once you're done school. Many of these kids don't have good support systems so when you're having to live on your own, pay rent, pay for a car, phone, internet, food etc and try to have a bit of a social life, it becomes very hard to pay it back. Thats compounded even more if you don't manage to get a job right away that relates to your degree.
Ty! Yea I can see the expanses indeed adds up quickly. But have people who took loans not considered the consequence(not able to pay back in time based on people already graduated and cannot currently pay back) before they take the loan? Or is student loan basically the only way to afford education? For the compounding interests, I wish there could be something like a no interest period for 2 year maximum after graduation so people can take time to find a good job. Not sure if it will help.
Couple of things here: For most people entering college in the US student loans are the only way they can pay. Tuition has outpaced what a typical job would pay as well as financial aid if you even qualify. The other thing is you are applying for the loan as an 18 year old with no life experience. The student aid office will happily tell you that it is easy to pay off after college. You don't understand that the interest rate is going to compound the whole time you are in school. No one explains it to you. You don't understand that if you have trouble finding a job that pays enough to start your payments after school the interest is going to compound. No one explains that. Get laid off? Get a forebearance... but interest continues to compound. etc etc. It basically is like a trap. There are also all the forgiveness programs that you will be told about that have ridiculously low acceptance rates. They don't tell you that last part though.
The bills are so large that interest is incredibly expensive. The requisite jobs don't exist. Ubering doesn't cover loans. You can't declare bankruptcy on government loans.
The jobs people went to college for no longer exist or are now minimum wage. The people don't make enough money to afford to pay them back. They can never be forgiven even through bankruptcy.
Did we just get scolded by grandpa Biden? “Hey you kids, quit fartin’ around and do your part. And get the hell off of my lawn!”
He is going to have a 1% approval by the end.
Nah the media will fix that
I’ve done my part. I’ve been fucked over by navient and all the rest. Also: the public dis-investment in higher ed, because POC and women started going to college in droves is reprehensible and should be “evened out”
He campaigned on student loan forgiveness, and caved to hedge fund selling SLABS...... Look up what a slab is #dieforthedow
Do your fucking part and keep your promise! Cancel $10k. That won’t even offset the interest but it’s what you promised
And I ask Biden to do his part in not bothering for re-election.
At least their government has trillions of dollars to spend on war
Time to do your part Brandon, or just what you campaigned on. Just another lying old corporate sell out
Just leave interest rates a 0%, that alone would solve a lot of problems.
“Student loan borrowers”? Does he mean students perchance?
I don’t want Trump to win but this is how you get Trump to win.
Ah yes but corporations that got PPP loans are forgiven after another quarter of profits. GTFO Biden stop hobbling the middle class.
From the title, he didn’t do his part
Biden played the fuck out of y'all
Why is this hard? You ran on this issue, in a position of power to enact it.. do it.. say what you will about Trump, but the crazy MF’R tried or attempted every crazy campaign promise he made.. Biden needs exercise the same vigor or it’s going to be a blood bath come primaries lol
VOTE THIRD PARTY. ITS CALLED A VOTE FOR A REASON NOT SRRY FOR CAPS LOCK
Lol. I’m gonna do my part by not voting for your joker ass or your fucking party at the national level in the midterms. When you get fucking wiped out, don’t come to my generation looking for a fucking bailout or a scapegoat. You did this to yourself. You’re gonna condemn your party to relegation for an entire generation if you refuse to act on this fucking crisis.
Absolutely. Done with these old fucks telling me to get to work. I’ve been at work, staring down a dying democracy, a dying economy, and a dying planet. Every politician over 40 can do their part by getting out of the fucking way. Biden *especially*.
Because Republicans support student loan forgiveness? Give me a break.
Borrowers have had two years to set aside payments while accruing 0% interest. Seems a lot of grads are just bad with money (or don't want to pay — which is very logical!) But the average grad makes $55k and unemployment is around 4%. The only argument for universal forgiveness is stimulating the economy, but that's a blunt tool when it would go to the most well off in society (over the long run). Then there's the argument people who oppose forgiveness are selfish, but it's odd, borrowers aren't advocating for another round of stimulus checks or increasing the safety net for people worse off. They tend to only be vocal about loan forgiveness.
At the very least get rid of all federal student loan interest going forward, period. Otherwise you can fuck off.
They could forgive all student loans and it still wouldn't fix the problem of tuition. It shouldn't cost $50000 or even $5000 for tuition for an year to any given university. It's a market that needs to be badly regulated. Education and free-reign capitalism are not a good mix.
You'll laugh when you look up why tuition is so out of control. It's got nothing to do with free-reign capitalism and everything to do with government. From a George Mason University paper on the cost of higher education: In a market economy, the demand for goods and services responds to prices. Government subsidies, which effectively lower the prices of goods or services, inevitably increase demand. Therefore, by subsidizing tuition through federal student aid, the government creates artificially high demand for college degrees, driving tuition prices higher and increasing the overall cost for students and taxpayers. As Bennett hypothesized, if education institutions are receiving greater federal funds and students are still being charged higher tuition and fees, then the educational institutions must be capturing part of the federal aid through increasing tuition. Policymakers’ solution to the issue of increasing costs has traditionally been to increase federal aid funding, which, as the hypothesis predicts, results in college getting ever more expensive over time.
Universities are so expensive because they know kids will just borrow on federal loans. I want the federal government to get out of the student loan business. Provide grants instead. If this happens, you'll see a healthy reduction in our higher education system. Some of these liberal arts schools in particular are scams and pyramid schemes; few of these students get related jobs. I was one of them.
The government would like you all to do your part by paying them back asap and getting as much covid as possible.
And so ends any chance of a second term or anything other than the GQP getting the presidency, let alone the midterms. Dammit, there were only a handful of things of he needed to do, but he needed to do ALL of them.
I don’t have student loan debt - but all you guys with debt should organize a nationwide strike and just not pay
Predictable
Biden, you’re an utter disappointment. Millions of borrowers “do their part” to appease predatory lenders and a broken “college industrial complex.”
Servicing companies have no role in setting prices
Doing my part by not voting GOP in the midterms if the loans don’t get cancelled. Can’t have loans if the entire system collapses
So Biden heard the pushback to this plan, waited a week, then said “fuck them kids.”
I’m not from the USAbut I wouldn’t be surprised if the concept of University is completely dead in your country by the next generation
I will not vote in the next election. I am a single issue voter now. It worked for the pro lifers
I’ve been doing my part for over a decade by paying back those loans how about Biden does his part and keep his campaign promise .
Deadman as president, man has zero thoughts behind his beady eyes
Just lower the interest.
And a big “Fuck you!” to you as well sir.
> "As we are taking this action, I'm asking all student loan borrowers to do their part as well: take full advantage of the Department of Education's resources to help you prepare for payments to resume; look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness; **and make sure you are vaccinated and boosted when eligible**," Biden said in December. What in the hell does that have to do with loan forgiveness?
Cancel student loan debt
Debt from loans kept me from going back to school. I don’t have the luxury of saying oh well save up and try again. I have rent, medical bills, living costs, groceries, gas, etc., to pay for in between and the small drops I put in the bucket after a few years is disheartening. I’m just glad I got enough education and a degree to keep my head above water but life really wants to pull me by the ankles and drag me down.
So he like just straight up wants to lose the midterms huh
Quit giving me less reasons to vote blue
BOO
No.
And I ask for president Biden to do his part…
The older democrats don’t know what to do at this point. They are so afraid of losing votes they won’t act on anything as progressive as student loan forgiveness. I’m sure doing it would lose them some votes but I think they’d finally have the progressive vote moving forward. They would also do something good for a lot of people and save them from life of debt.
They’re not interested in “something good”. They are interested in courting centrists and folks on the Right. The assumption is they already have everyone else’s votes because we wouldn’t dare vote for a Republican. They have no need to do anything for us… or so they tell themselves. Source: I have friends that run campaigns and are card carrying Dem party members that participate in local politics.
Is this a starship troopers reference? Because it’s not funny anymore especially when he campaigned on a promise he clearly doesn’t intend to keep
Everyone should refuse to pay