Woman asks Biden for $50,000 in student loan relief.

rgrachek

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In the "town hall" last night, a woman told Biden that we NEED to have $50,000 in student loan forgiveness. Biden essentially said no and kind of said that $10,000 would be the number, although he wasn't really strong on that either.

But no matter what side of the aisle you're on, is it even possible to not be able to understand how unfair forgiving student loan debt is? For the past many decades, people like me paid back their loans, loans that they willingly took out to pay for something that they needed. You can say that you need a college education, but you also need a car, you need a place to live, and you need to eat, but except for SNAP, no one is talking about the government paying for these things. If they forgive this debt, it just makes chumps out of all of the people who sacrificed to pay for their kid's education, or kids who lived in a spartan manner and worked to pay for their college. What about the kid who went to the local college because he/she couldn't afford an expensive private school, only to find out that those who weren't as responsible as them are getting a free pass. Finally, how much bullshit is it for people who didn't or couldn't go to college to have to pay for these people's educations. My God, me and my wife worked so hard to pay for our 3 kids education, and now we have to pay for everyone else's.

This really isn't a partisan issue. Targeting people for a benefit based on how much they doled out for college is just wrong. Even though I'm not for giving out free money, it would be better to give EVERY taxpayer a credit to help pay their rent or mortgage, not just the ones who went in hoc big time to go to college. Of all of the proposals of the left, this is probably the most senseless and unfair. I really can't believe were going here.
 

ScarletNCream

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Agree here, every penny towards fixing the student loan issue should go towards making it so future students don’t have to take out a loan.

Regardless of circumstance if you signed a contract to pay something back you should either have to pay it or file for bankruptcy.

If you want the government to pay it go talk to a national guard recruiter, which on a side note is not a good answer when your wife says she wishes the rest of her student loans would be forgiven.
 

sklarbodds

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We can be on the same side for once OP. I hate the idea of bailing out student loans.

The. Real. Problem. Is. Cost.

Do something to reduce the cost of tuition. If you just shift the cost to the government, prices will go up even more.
 

tb233

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I think $50k is probably too much. $10k seems more reasonable. I think the cost is the biggest thing that needs to be addressed. Why have college costs skyrocketed over the last 50 years or so, even when factoring inflation into the equation?

I don't remember if I saw this on here or on twitter, but someone proposed forgiving the interest on federal loans and putting any interest already paid towards the principle owed. Sounded like a good place to start.
 

ScarletNCream

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I think $50k is probably too much. $10k seems more reasonable. I think the cost is the biggest thing that needs to be addressed. Why have college costs skyrocketed over the last 50 years or so, even when factoring inflation into the equation?

I don't remember if I saw this on here or on twitter, but someone proposed forgiving the interest on federal loans and putting any interest already paid towards the principle owed. Sounded like a good place to start.

I could at least get on board with that
 

Hardlyboy

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In the "town hall" last night, a woman told Biden that we NEED to have $50,000 in student loan forgiveness. Biden essentially said no and kind of said that $10,000 would be the number, although he wasn't really strong on that either.

But no matter what side of the aisle you're on, is it even possible to not be able to understand how unfair forgiving student loan debt is? For the past many decades, people like me paid back their loans, loans that they willingly took out to pay for something that they needed. You can say that you need a college education, but you also need a car, you need a place to live, and you need to eat, but except for SNAP, no one is talking about the government paying for these things. If they forgive this debt, it just makes chumps out of all of the people who sacrificed to pay for their kid's education, or kids who lived in a spartan manner and worked to pay for their college. What about the kid who went to the local college because he/she couldn't afford an expensive private school, only to find out that those who weren't as responsible as them are getting a free pass. Finally, how much bullshit is it for people who didn't or couldn't go to college to have to pay for these people's educations. My God, me and my wife worked so hard to pay for our 3 kids education, and now we have to pay for everyone else's.

This really isn't a partisan issue. Targeting people for a benefit based on how much they doled out for college is just wrong. Even though I'm not for giving out free money, it would be better to give EVERY taxpayer a credit to help pay their rent or mortgage, not just the ones who went in hoc big time to go to college. Of all of the proposals of the left, this is probably the most senseless and unfair. I really can't believe were going here.
Nebraska gives free tuition to lower income families. Should they cancel this program because it’s not “fair” to people who already put their kids through college?
Aside from whether or not tuition forgiveness is a good idea, the ‘not fair’ argument strikes me as short sided.
 

lolwat

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They could do relief in a number of ways while not forgiving the principle amount. Why not have rates be extremely low, like 0.9-2.9% where as some graduate loans are about 6%. Before the interest you paid on the loan was tax deductible, but maybe allow the entire amount you paid up to a certain amount be tax deductible. Or where a lot of people get in trouble is that it is super easy to put it in forbearance. That whole time it stacks interest. Maybe make that a bit harder but on the other end of it, if in that status of forbearance it does not accrue interest. Otherwise they just keep getting piled on.

I know some employers are offering some student loan payments as a means for retaining employees. Perhaps a program to encourage employers to kick in some student loan payments like a tuition reimbursement benefit.
 

sklarbodds

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Nebraska gives free tuition to lower income families. Should they cancel this program because it’s not “fair” to people who already put their kids through college?
Aside from whether or not tuition forgiveness is a good idea, the ‘not fair’ argument strikes me as short sided.
I love this program, but that's an individual college choosing to do that, not government bailout. That's a false equivalency.
 

sklarbodds

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They could do relief in a number of ways while not forgiving the principle amount. Why not have rates be extremely low, like 0.9-2.9% where as some graduate loans are about 6%. Before the interest you paid on the loan was tax deductible, but maybe allow the entire amount you paid up to a certain amount be tax deductible. Or where a lot of people get in trouble is that it is super easy to put it in forbearance. That whole time it stacks interest. Maybe make that a bit harder but on the other end of it, if in that status of forbearance it does not accrue interest. Otherwise they just keep getting piled on.

I know some employers are offering some student loan payments as a means for retaining employees. Perhaps a program to encourage employers to kick in some student loan payments like a tuition reimbursement benefit.
I would be fine with capping interest rates at like 2% or something like that. That's WAY more reasonable to me. But again, that will only drive up college costs if you don't do something about that first.
 
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IndyHusker

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In the "town hall" last night, a woman told Biden that we NEED to have $50,000 in student loan forgiveness. Biden essentially said no and kind of said that $10,000 would be the number, although he wasn't really strong on that either.

But no matter what side of the aisle you're on, is it even possible to not be able to understand how unfair forgiving student loan debt is? For the past many decades, people like me paid back their loans, loans that they willingly took out to pay for something that they needed. You can say that you need a college education, but you also need a car, you need a place to live, and you need to eat, but except for SNAP, no one is talking about the government paying for these things. If they forgive this debt, it just makes chumps out of all of the people who sacrificed to pay for their kid's education, or kids who lived in a spartan manner and worked to pay for their college. What about the kid who went to the local college because he/she couldn't afford an expensive private school, only to find out that those who weren't as responsible as them are getting a free pass. Finally, how much bullshit is it for people who didn't or couldn't go to college to have to pay for these people's educations. My God, me and my wife worked so hard to pay for our 3 kids education, and now we have to pay for everyone else's.

This really isn't a partisan issue. Targeting people for a benefit based on how much they doled out for college is just wrong. Even though I'm not for giving out free money, it would be better to give EVERY taxpayer a credit to help pay their rent or mortgage, not just the ones who went in hoc big time to go to college. Of all of the proposals of the left, this is probably the most senseless and unfair. I really can't believe were going here.

On this we can agree. I was glad to see Joe firmly shoot down the $50,000 number.
 
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nscottie

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I can’t tell you the number of residents I had over the years that had extra student loans for vacations I couldn’t afford.

You signed a contract, live up to it. Guess that’s the grumpy old man in me.
 

lost_in_office_space

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A huge part of the issue is the government backing of these loans. And starting about a decade ago almost entirely directly funding the loans. This allows an entity to charge rates that their customers can’t afford. It disengages the cost of product (tuition) with the market consumer’s ability to pay (student). Wealthy and highly skilled students (scholarship) can afford to pay the high tuitions, but even those that can’t can take a student loan out and the university gets their money, regardless of risk.

Much like the real estate bubble of bundling sub prime mortgages, it created a market of exponential false affordability and provided no feedback that the market couldn’t handle the costs.

Take the government entirely out of student loans (other than low income exceptions maybe). There should be a point where college is unaffordable to a too high % of the market and we’ve realistically passed that point, imo. Problem is, the institutions don’t feel the market signal.

Forgiving loans solves a tiny bit of the symptoms for a tiny amount of time, but does nothing to address the issue, and in fact may exacerbate it.
 

sklarbodds

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A huge part of the issue is the government backing of these loans. And starting about a decade ago almost entirely directly funding the loans. This allows an entity to charge rates that their customers can’t afford. It disengages the cost of product (tuition) with the market consumer’s ability to pay (student). Wealthy and highly skilled students (scholarship) can afford to pay the high tuitions, but even those that can’t can take a student loan out and the university gets their money, regardless of risk.

Much like the real estate bubble of bundling sub prime mortgages, it created a market of exponential false affordability and provided no feedback that the market couldn’t handle the costs.

Take the government entirely out of student loans (other than low income exceptions maybe). There should be a point where college is unaffordable to a too high % of the market and we’ve realistically passed that point, imo. Problem is, the institutions don’t feel the market signal.

Forgiving loans solves a tiny bit of the symptoms for a tiny amount of time, but does nothing to address the issue, and in fact may exacerbate it.
Spot on. I don't want to derail the thread, but it's how we got out of control healthcare costs too.
 
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rgrachek

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On this we can agree. I was glad to see Joe firmly shoot down the $50,000 number.
Here's another one that's being proposed. That Tuition at 4 year public colleges be free for students from families making less than $125K.

In other words, the taxpayers would pick up the tab for these students. So, If we make say, $126K, then we have to pay our child's tuition AND part of some other child's tuition?!!!

Also, when do you not come from a family that makes less than $125K? When people turn 18, they become adults and it can be argued that they are no longer in that family. What happens to the kid who's parents make a little over $125K, but the parents can't or won't pay their tuition?

What we seem to be seeing here is the campaign promises coming home to roost. There's not enough money in the world to make all of the things promised happen, even if you triple everyone's taxes. The proposals are also blatantly unfair as an income limit carries the assumption that the reason you make more money is because you're just lucky, and not because you worked harder or smarter than other people.

Finally, there's a reason why all taxpayers need to contribute to the public schools (K-12), so we have the next generation able to read, write, and do basic math. That doesn't extend though to higher education, and it's totally unfair that people who don't have children or people who have children who don't go to college should pay so that a kid can go to college, a lot of the time going after a degree that isn't as ultimately productive as the productivity of the kids who don't go to college.

A family has kids who get jobs in the railroad out of high school. None of these people should be paying for a kid from another family getting a degree in interpretive dance or ancient Bolivian culture.

Another thing, free tuition is just an invitation for having one big party year before going home and getting a job. We see that with the Hope scholarship in Georgia, where it's really easy to get, but you need to have a 3.0 after your first 30 hours (sliding scale for harder majors). 40% lose it after the first year and only 40% maintain it to graduation.
 
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IndyHusker

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Here's another one that's being proposed. That Tuition at 4 year public colleges be free for students from families making less than $125K.

In other words, the taxpayers would pick up the tab for these students. So, If we make say, $126K, then we have to pay our child's tuition AND part of some other child's tuition?!!!

Also, when do you not come from a family that makes less than $125K? When people turn 18, they become adults and it can be argued that they are no longer in that family. What happens to the kid who's parents make a little over $125K, but the parents can't or won't pay their tuition?

What we seem to be seeing here is the campaign promises coming home to roost. There's not enough money in the world to make all of the things promised happen, even if you triple everyone's taxes. The proposals are also blatantly unfair as an income limit carries the assumption that the reason you make more money is because you're just lucky, and not because you worked harder or smarter than other people.

Finally, there's a reason why all taxpayers need to contribute to the public schools (K-12), so we have the next generation able to read, write, and do basic math. That doesn't extend though to higher education, and it's totally unfair that people who don't have children or people who have children who don't go to college should pay so that a kid can go to college, a lot of the time going after a degree that isn't as ultimately productive as the productivity of the kids who don't go to college.

A family has kids who get jobs in the railroad out of high school. None of these people should be paying for a kid from another family getting a degree in interpretive dance or ancient Bolivian culture.

Another thing, free tuition is just an invitation for having one big party year before going home and getting a job. We see that with the Hope scholarship in Georgia, where it's really easy to get, but you need to have a 3.0 after your first 30 hours (sliding scale for harder majors). 40% lose it after the first year and only 40% maintain it to graduation.

Good points. The easiest way is to make community colleges available to all free of tuition. Aside from that, keep some of the current tuition assistance programs in place and work to keep tuition costs down at all public universities. No easy set of answers for this issue.
 

rgrachek

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Nebraska gives free tuition to lower income families. Should they cancel this program because it’s not “fair” to people who already put their kids through college?
Aside from whether or not tuition forgiveness is a good idea, the ‘not fair’ argument strikes me as short sided.
Yes, it should be cancelled. These "poor" kids should borrow money to go to college and then pay it back after they get their degree, like most other kids do. It's irrelevant what kind of income your parents have. Welfare is for basic needs so people can get on their feet and get off welfare, it's not for college.

I financed my entire college education with summer and school year work, student loans, and a graduate stipend I earned by being a teaching assistant and lab teacher. Very little from my parents. I paid back my loans in 6 years after graduate school which was inflation adjusted around the average amount of debt for a student now.

The bottom line is that when I was in college, the kid in college from the poor family had virtually no extra money, neither did I. If I had had my tuition and fees waived, I wouldn't have had to borrow any money.
 

IndyHusker

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Yeah but .. purdue.. ;)

The president of Purdue, Mitch Daniels, is the model for how a university should be run. Mitch was a political advisor to Ronald Reagan, Director of Office of Management and Budget under Bush and two-term governor of Indiana. Mitch ruffled some feathers as governor, but he stuck to his conservative roots and created budget surpluses that lasted into 2020. At Purdue, he froze tuition soon after taking charge, which also ruffled a lot of feathers. Many expected he would ultimately be forced from office, but they're now on the ninth straight year with no tuition hikes and the university is thriving as one of the best in the country. Many of us practically begged him to run for president in 2012, but he didn't want to put his family through the strain.
 
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rgrachek

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Good points. The easiest way is to make community colleges available to all free of tuition. Aside from that, keep some of the current tuition assistance programs in place and work to keep tuition costs down at all public universities. No easy set of answers for this issue.
Agreed. Any assistance program should be for all and family income limits should not be considered.
 

lolwat

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The president of Purdue, Mitch Daniels, is the model for how a university should be run. Mitch was a political advisor to Ronald Reagan, Director of Office of Management and Budget under Bush and two-term governor of Indiana. Mitch ruffled some feathers as governor, but he stuck to his conservative roots and created budget surpluses that lasted into 2020. At Purdue, he froze tuition soon after taking charge, which also ruffled a lot of feathers. Many expected he would ultimately be forced from office, but they're now on the ninth straight year with no tuition hikes and the university is thriving as one of the best in the country. Many of us practically begged him to run for president in 2012, but he didn't want to put his family through the strain.

 
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zar45

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is it even possible to not be able to understand how unfair forgiving student loan debt is? For the past many decades, people like me paid back their loans

This is why I'm against tax cuts. I mean, I paid higher taxes than these damn kids when I got out of college and my bank account shows it. Why should they get a break?
 

Huskermatt23

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Biden has always said he was not going to pursue more than $10K in student loan debt relief, so this is not even news.
 

jja699

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My student loan interest rate back then was 6.5% on one of my loans. I don’t believe they should be allowed to hurt people like that getting an education. Should be no higher then 1.5%. They get a little extra money for the loan. While helping people better there lives. Not driving them In huge debt with to high of interest rates.
 

rgrachek

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My student loan interest rate back then was 6.5% on one of my loans. I don’t believe they should be allowed to hurt people like that getting an education. Should be no higher then 1.5%. They get a little extra money for the loan. While helping people better there lives. Not driving them In huge debt with to high of interest rates.
Even at 6.5%, the loan was costing them money. The money that they lend you has to be borrowed, which if you're loan was 6.5%, they were probably going to have to pay 13-15%. Sounds like the early 1980s.

Right now, they can offer super low rates, because the prime rate now is 3.25%.
 
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Bart Man

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I would rather have the interest rate subsidized through variability than forgive any of the debt.
 

diehardhusker1

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My son who is 16 and daughter who is 20 both have gone and are still going to Catholic Schools my wife and I told them we will pay for their education up to graduation after that it is time for some skin in the game and they pay for their college....so my daughter does just that...she earns and goes to school then takes sometime off to earn then goes back...all the while she lives in my home for free. There are plenty of opportunities for kids now...my daughter recently got onto a job of her interest and they are going to start paying for her education. My son has already said he wants to be in a trade so there are many routes for him to help off set his bills for education. If you pay your way it shows you want it and when it comes time for graduation its shows you earned it...just my thoughts.
 

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