Student loan 'Forgiveness",Too little to help anyone, just enough to make everyone angry

[DoggyDaddy]

that sucks.....i still want my 10k though

Hell, I still haven't gotten my $125 "refund" OR the $200 "refund" from the state. IF that happens, I'll be partying like it's 1999!

 

[ghitch75]

hey i haven't got mine either.....so that is 10325.00 the bastards owe me.....

 

[actaeon277]

I want my government to stay within it's "charter".
And people to take care of themselves.


I don't see either happening.

 

[Shadow01]

We can fix this in November. Tell your friends...


.

So the loan forgiveness can be fully reversed after it has been granted and loans wiped clean?

 

[Shadow01]

I could probably get behind something... maybe interest reductions? But it needs to go hand in hand with reforms to the system. I would like to see them dischargeable in bankruptcy. I think that would tighten up lending standards. Schools have limited reasons to control costs when students can borrow a near unlimited amount of money.

Why not require the universities to reduce student debt by forcibg them to give refunds? I mean if we can accept forcing the taxpayers to foot the bill, I see no reason we can’t forcibly make these institutions that receive tax dollars to give refunds. Maybe force every employee at these institutions to take drastic pay reductions with force salary returns to the institutions by garnishment if required? This is no less a burden to these folks than putting that debt on me. It’s no more wrong either.

 

[DoggyDaddy]

Why not require the universities to reduce student debt by forcibg them to give refunds? I mean if we can accept forcing the taxpayers to foot the bill, I see no reason we can’t forcibly make these institutions that receive tax dollars to give refunds. Maybe force every employee at these institutions to take drastic pay reductions with force salary returns to the institutions by garnishment if required? This is no less a burden to these folks than putting that debt on me. It’s no more wrong either.

And when the schools are "state sponsored schools"? What then? Same, same... They got the money from us, so they give it back to the students... from us.

 

[Leadeye]

Trying to buy votes with taxpayer money.

Welcome to the United States of Chicago. Got a problem with election rigging, vote buying, payoffs for economic favors? Go see your machine appointed alderman.

 

[Shadow01]

And when the schools are "state sponsored schools"? What then? Same, same... They got the money from us, so they give it back to the students... from us.

Not every penny paid to a state school comes from taxes. Make them line item their income sources and force them to use dollars from non-tax sources as refunds.

 

[DoggyDaddy]

Not every penny paid to a state school comes from taxes. Make them line item their income sources and force them to use dollars from non-tax sources as refunds.

So what, from alumni donations? You don't think there will be some "shifting" of funds to make up for the difference?

 

[BigRed]

and the cost to the taxpayer

Forgiving Student Loans: Budgetary Costs and Distributional Impact — Penn Wharton Budget Model

We estimate that forgiving federal college student loan debt will cost between $300 billion and $980 billion over the 10-year budget window, depending on program details. About 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution.

budgetmodel.wharton.upenn.edu

But...but....FREE MONEY!

 

[BigRed]

That would almost have made @BigRed blush!

Not even close.

If one is not ****ed about this central state, one is not paying attention. To be clear, it is not just the mother ****ing democrats. The mother ****ing republicans are no better.

 

[Shadow01]

So what, from alumni donations? You don't think there will be some "shifting" of funds to make up for the difference?

Require the same accounting rules applied to telecommunications companies after divestiture. Regulated income had to be checked and kept separate from non-regulated income, like calling features and new unregulated internet monies. Universities can be put under the same overbearing set of rules and heavily fines for noncompliance during annual audits. Yes take alumni money if required. The education is priority over sports venues and fancy shoes. If this causes the non-tax money to completely dry up, so be it. Just maintain the current level of tax dollars given to these institutions and let them figure out how to meet the shortage.

 

[tmcindy]

Well, if we are going to foot the bill, watch tuitions skyrocket. A 4 year degree will cost 1 million dollars. I just wish we could force the universities to cosign these loans. That would end the BS once and for all.

 

[BigRed]

Well, if we are going to foot the bill, watch tuitions skyrocket. A 4 year degree will cost 1 million dollars. I just wish we could force the universities to cosign these loans. That would end the BS once and for all.

State schools are as worthless as state.....ZERO penalty for abject failure.

 

[Scott58]

May want to look into publicly traded for profit universities. Could be money there.

 

[MRockwell]

Pelosi: President Biden Does Not Have Power To Cancel Student Loan Debt — What It Means For Borrowers

In explosive comments today, House Speaker Nancy Pelosi told reporters that President Biden does not have authority to cancel student loan debt, and questioned the wisdom of mass student loan forgiveness.

www.forbes.com

“People think that the President of the United States has the power for debt forgiveness,” she said. “He does not. He can postpone, he can delay, but he does not have that power.” Pelosi argued that student loan forgiveness can only be accomplished through “an act of Congress.”

This article is from a year ago. So where is madame speaker now?

 

[actaeon277]

Pelosi: President Biden Does Not Have Power To Cancel Student Loan Debt — What It Means For Borrowers

In explosive comments today, House Speaker Nancy Pelosi told reporters that President Biden does not have authority to cancel student loan debt, and questioned the wisdom of mass student loan forgiveness.

www.forbes.com

“People think that the President of the United States has the power for debt forgiveness,” she said. “He does not. He can postpone, he can delay, but he does not have that power.” Pelosi argued that student loan forgiveness can only be accomplished through “an act of Congress.”

This article is from a year ago. So where is madame speaker now?

They're politicians.
their words mean nothing the minute the sound leaves their lips.


And we put up with it.

 

[Mikey1911]

Pelosi: President Biden Does Not Have Power To Cancel Student Loan Debt — What It Means For Borrowers

In explosive comments today, House Speaker Nancy Pelosi told reporters that President Biden does not have authority to cancel student loan debt, and questioned the wisdom of mass student loan forgiveness.

www.forbes.com

“People think that the President of the United States has the power for debt forgiveness,” she said. “He does not. He can postpone, he can delay, but he does not have that power.” Pelosi argued that student loan forgiveness can only be accomplished through “an act of Congress.”

This article is from a year ago. So where is madame speaker now?

Pelosidiot is drunk, as per usual.
I think she's Emma Chalmers ("Kip's Ma") from "Atlas Shrugged"

If she's not "Kip's Ma", then she's Ivy Starnes (the co-creator of the uber-collectivist plan that made John Galt "go John Galt").

"I will put an end to this, once and for all . . . I will stop the motor of the world."
--John Galt

 

[bobzilla]

Not even close.

If one is not ****ed about this central state, one is not paying attention. To be clear, it is not just the mother ****ing democrats. The mother ****ing republicans are no better.

I’m disappointed to be honest. I tried to be my best big red

 

[Mij]

Kinda sounds bad for the staff of our universities, you know, maintenance, housekeeping, food service, the little people not the faculty Those folks are working for less now and paying taxes on their pay.

Don’t see why it‘s so hard to figure out, it’s not about the forgiveness of debt it‘s about keeping future generations wed to the FED. They’d rather give up a few billion now than give up multi trillions in future Fed. Res. Notes. Keeping the ancestors of the current debtors in debt for multiple generations to come.

If current students don’t have good credit when they graduate how can they get home, auto, cc, loans when they get out of school? That is what will perpetuate the system.

ET: correct spelling ie: faculty.