US student loans grotesquely high

[Politesse]

Does anyone know if this is just for Undergrad debt or does Graduate debt apply?

If you mean the $10,000 immediate loan forgiveness, it applies to all federal loans, regardless of type. Some of the other changes this law institutes, such as the changed model for income-driven repayment plans, are different between undergraduate and graduate borrowers.

https://www.washingtonpost.com/education/2022/08/24/student-loan-forgiveness-plan-explained/

Most of my personal debts stem from my graduate studies, and Aidvantage has already sent me a note pertaining to this package.

 

[lpetrich]

Ida Bae Wells on Twitter: "I am HERE for this." / Twitter
noting
JM Rieger on Twitter: "
REPORTER: Is this unfair to people who paid their student loans or chose not to take out loans?
BIDEN: Is it fair to people who, in fact, do not own multi-billion-dollar businesses if they see one of these guys getting all the tax breaks? Is that fair? What do you think? (vid link)" / Twitter


Robby Soave on Twitter: "Biden is saying fuck you to every financially responsible person in the country. It's just incredible." / Twitter
then
Briahna Joy Gray on Twitter: "I've paid at least 200k on 180k worth of loans.
I'm not the financially irresponsible one.
The Federal government pushing 18 year olds onto a high interest loan program in order to avoid substantive investments in public education is what's irresponsible." / Twitter
then
Briahna Joy Gray on Twitter: "Listen to Robbie and I debate the issue in good faith on today's @HillTVLive. (link)" / Twitter

 

[lpetrich]

Anthony Michael Kreis on Twitter: "Today, there will be many people ..." / Twitter

Today, there will be many people will smugly tell Gen Xers, Millennials, and Gen Zs to pay their loan debts— and quite a few folks from a generation who benefited from an age of liberalism and public investment, avoiding the pains of Reaganism and the starvation of government.

This nation should be investing in education at all levels more. We should not allow the ultra wealthy to continue to amass generational wealth while first generation college graduates and the working class struggle to get ahead and maintain generational gains.

And lest this only be about education, this is merely one part of a problem in a larger mosaic. The social safety net must be improved on all fronts. The time for the return of a liberal order is now. /fin/ /end of rant/

Kevin on Twitter: "@AnthonyMKreis I was on the fence until pretty much every business got a PPE loan that they did not have to pay back. Forgive student debt and reform so this never happens again." / Twitter

 

[steve_bank]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

Loans should be limited to areas which will provide a means to repay loans.

Now the 'foregiven' loans are transferred to taxpayers.

 

[lpetrich]

Lindsay Beyerstein on Twitter: "Everyone’s focusing on the person who paid for their own college and isn’t getting the 10k. But what about the person who took the leap of faith to better themselves and contribute more to society and borrowed to make that investment? They’re worthy too." / Twitter

No Lie with Brian Tyler Cohen on Twitter: "Biden isn’t just forgiving a set amount of debt. He is also enacting a new policy that ends excess interest on student loans—as long as a borrower pays their minimum monthly payment (now capped at only 5% of their income), their balance will no longer increase.
This is huge." / Twitter


It's good to see lots of people who paid off their student-loan debts nevertheless supporting this forgiveness.
Anat Shenker-Osorio on Twitter: "I paid off all my student loans years ago and that is how I *know* no one else should be forced to do so.
You either favor progress or you don't." / Twitter


Senator Mitt Romney on Twitter: "Sad to see what’s being done to bribe the voters. Biden's student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations." / Twitter
then
Secular Talk🎙 on Twitter: "Doing the will of the voters isn’t a bribe it’s democracy. A bribe is all the money you take from corporations to serve them" / Twitter

The Federalist Society supports the appointment of right-wing judges, including some Supreme Court Justices.
The Federalist on Twitter: "Biden’s Plan To Dump Student Loan Debt Onto Taxpayers Is Blatant Vote Buying (link)" / Twitter
Would they also complain about tax cuts being vote buying?

 

[lpetrich]

David Sirota on Twitter: "The average PPP loan ..." / Twitter

The average PPP loan to business was $109,000 and was forgiven with zero controversy.

Biden is now forgiving $20,000 of student loans and the “PPP is cool” crowd is pretending it’s a scandal.

The only scandal here is that Biden isn’t just cancelling all the student debt.

There is nothing good for America in keeping millions of people immiserated in debt for the alleged crime of getting the higher education they were told they needed to get a job with a living wage.

Another one:
Cenk Uygur on Twitter: "I paid all my student loans and I'm thrilled that others got some portion of their student debts canceled today!" / Twitter

 

[Elixir]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Depends what you consider "forced". Many face the "choice" of taking the loan and investing in their own earning potential, or foregoing the loan and resigning themselves to the bottom of the economic totem pole for life.
Before you call me a hypocrite for enjoying a comfortable lifestyle after dropping out of highschool, let me offer that I had a metric shit-ton of advantages and privilege from day one.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

How is a person to know what skills and knowledge will be marketable down the road?

Loans should be limited to areas which will provide a means to repay loans.

Such as? Under the current now previous structure of student loan, the compounding interest put repayment out of reach unless you studied to be a doctor, lawyer or hedge fund manager.

Now the 'foregiven' loans are transferred to taxpayers.

... whose load has been incrementally lightened for decades, by the burden of paying back multiples of what was borrowed.
The people being "wronged" here, if anyone, is not Joe Taxpayer, it's the people who paid back multiples of the amount they borrowed. The entire loan structure was based on flawed assumptions from the start.

 

[bilby]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Depends what you consider "forced". Many face the "choice" of taking the loan and investing in their own earning potential, or foregoing the loan and resigning themselves to the bottom of the economic totem pole for life.
Before you call me a hypocrite for enjoying a comfortable lifestyle after dropping out of highschool, let me offer that I had a metric shit-ton of advantages and privilege from day one.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

How is a person to know what skills and knowledge will be marketable down the road?

Loans should be limited to areas which will provide a means to repay loans.

Such as? Under the current now previous structure of student loan, the compounding interest put repayment out of reach unless you studied to be a doctor, lawyer or hedge fund manager.

Now the 'foregiven' loans are transferred to taxpayers.

... whose load has been incrementally lightened for decades, by the burden of paying back multiples of what was borrowed.
The people being "wronged" here, if anyone, is not Joe Taxpayer, it's the people who paid back multiples of the amount they borrowed. The entire loan structure was based on flawed assumptions from the start.

The taxpayers SHOULD pay for education. Because the taxpayers benefit from it. Not least by not having to live surrounded by quite so many blithering idiots. That's very definitely worth paying for.

 

[Ford]

I'm watching the reaction from the right wing about "I had to pay off my crushing student debt! Why should they be given a pass?" and thinking "I had no student debt because college was affordable back when I went."

Instead of being angry at the people who are going to be given a break, maybe you should be angry that they were put in that situation in the first place?

 

[lpetrich]

I'm watching the reaction from the right wing about "I had to pay off my crushing student debt! Why should they be given a pass?" and thinking "I had no student debt because college was affordable back when I went."

Like
Rep. Jim Jordan on Twitter: "What about Americans who already paid off their student loans?" / Twitter

and my quoted tweets from Sen. Mitt Romney and the Federalist Society.

 

[Jarhyn]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Depends what you consider "forced". Many face the "choice" of taking the loan and investing in their own earning potential, or foregoing the loan and resigning themselves to the bottom of the economic totem pole for life.
Before you call me a hypocrite for enjoying a comfortable lifestyle after dropping out of highschool, let me offer that I had a metric shit-ton of advantages and privilege from day one.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

How is a person to know what skills and knowledge will be marketable down the road?

Loans should be limited to areas which will provide a means to repay loans.

Such as? Under the current now previous structure of student loan, the compounding interest put repayment out of reach unless you studied to be a doctor, lawyer or hedge fund manager.

Now the 'foregiven' loans are transferred to taxpayers.

... whose load has been incrementally lightened for decades, by the burden of paying back multiples of what was borrowed.
The people being "wronged" here, if anyone, is not Joe Taxpayer, it's the people who paid back multiples of the amount they borrowed. The entire loan structure was based on flawed assumptions from the start.

The taxpayers SHOULD pay for education. Because the taxpayers benefit from it. Not least by not having to live surrounded by quite so many blithering idiots. That's very definitely worth paying for.

I would ask whether you stole it from me or I stole it from you, but I'm happy to actually share this.

 

[bilby]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Depends what you consider "forced". Many face the "choice" of taking the loan and investing in their own earning potential, or foregoing the loan and resigning themselves to the bottom of the economic totem pole for life.
Before you call me a hypocrite for enjoying a comfortable lifestyle after dropping out of highschool, let me offer that I had a metric shit-ton of advantages and privilege from day one.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

How is a person to know what skills and knowledge will be marketable down the road?

Loans should be limited to areas which will provide a means to repay loans.

Such as? Under the current now previous structure of student loan, the compounding interest put repayment out of reach unless you studied to be a doctor, lawyer or hedge fund manager.

Now the 'foregiven' loans are transferred to taxpayers.

... whose load has been incrementally lightened for decades, by the burden of paying back multiples of what was borrowed.
The people being "wronged" here, if anyone, is not Joe Taxpayer, it's the people who paid back multiples of the amount they borrowed. The entire loan structure was based on flawed assumptions from the start.

The taxpayers SHOULD pay for education. Because the taxpayers benefit from it. Not least by not having to live surrounded by quite so many blithering idiots. That's very definitely worth paying for.

I would ask whether you stole it from me or I stole it from you, but I'm happy to actually share this.

I am certainly not the originator of the sentiment, but as I recall hearing it many years ago, I suspect I didn't get it from you, at least, not originally.

 

[lpetrich]

MeidasTouch on Twitter: "Marjorie Taylor Greene says "it’s completely unfair" for the federal government to forgive loans.
This is Marjorie Taylor Greene's company.
@RepMTG had $183,504 in PPP loans forgiven.
Loan forgiveness for me, not for thee. (pic link)" / Twitter

Someone tweeted a list of Republican Congresspeople who got PPP loans forgiven. I'm reluctant to repeat that list because it is unsourced.

But I've found Opponents of student loan forgiveness accused of hypocrisy over forgiven PPP loans

News organizations such as The Daily Caller News Foundation had its $300,000 forgiven as well. The media company run by Steven Crowder was also on the list.

The Daily Caller’s coverage of student loan debt has been wildly anti-forgiveness. Crowder has mocked it on Twitter.

Steven Crowder on Twitter: "Student loan forgiveness sounds really nice to illegal immigrants, people with no life experience, people who don’t have families yet, and people who use preferred pronouns." / Twitter

 

[ZiprHead]

 

[ZiprHead]

 

[ZiprHead]

 

[steve_bank]

Th left is buying votes in the mid terms. W are giving you free stuff.

 

[Jarhyn]

Nobody forces anyone to go into debt, especially a student going to college with no idea of how to repay a loan.

Depends what you consider "forced". Many face the "choice" of taking the loan and investing in their own earning potential, or foregoing the loan and resigning themselves to the bottom of the economic totem pole for life.
Before you call me a hypocrite for enjoying a comfortable lifestyle after dropping out of highschool, let me offer that I had a metric shit-ton of advantages and privilege from day one.

Anybody who rns up a lage debt for a degree in something that is ot liley to pay a living wage is what?

How is a person to know what skills and knowledge will be marketable down the road?

Loans should be limited to areas which will provide a means to repay loans.

Such as? Under the current now previous structure of student loan, the compounding interest put repayment out of reach unless you studied to be a doctor, lawyer or hedge fund manager.

Now the 'foregiven' loans are transferred to taxpayers.

... whose load has been incrementally lightened for decades, by the burden of paying back multiples of what was borrowed.
The people being "wronged" here, if anyone, is not Joe Taxpayer, it's the people who paid back multiples of the amount they borrowed. The entire loan structure was based on flawed assumptions from the start.

The taxpayers SHOULD pay for education. Because the taxpayers benefit from it. Not least by not having to live surrounded by quite so many blithering idiots. That's very definitely worth paying for.

I would ask whether you stole it from me or I stole it from you, but I'm happy to actually share this.

I am certainly not the originator of the sentiment, but as I recall hearing it many years ago, I suspect I didn't get it from you, at least, not originally.

It's made the rounds, I'm sure.

The right buys propaganda and lies with their money instead. I'd rather be paid for my vote than have someone else be paid to lie to me.

The fact is, I have student loans this will in no way address AFAIK. I get nothing from this... Except the peace of mind knowing that other people won't have a millstone around their neck, while simultaneously being told that the millstone is their goad to work harder.

No, the millstone is just a millstone if you never take it off.

 

[laughing dog]

Loans for education are an investment in the person. Bad loans for capital investment can be reduced or eliminated via the bankruptcy process. Students cannot use bankruptcy to eliminate student loans.

In my view, we should allow student loans to be treated just like any other loans for investment. If not, then we need to come up with some other potential relief for people who end up in financial difficulty. This program is an example of such relief.

 

[lpetrich]

MTG on forgiving student loans: Acyn on Twitter: "Greene: For our government just to say ok your debt is completely forgiven.. it’s completely unfair (vid link)" / Twitter

‘Slap in the Face’: Republicans Enraged after Biden ‘Forgives’ Billions in Student Debt

Leader McConnell on Twitter: "Democrats' student loan socialism is a slap in the face to working Americans who sacrificed to pay their debt or made different career choices to avoid debt. A wildly unfair redistribution of wealth toward higher-earning people. (pic link)" / Twitter
With a screencap of a detailed statement.

Senator Ted Cruz on Twitter: "Insane – and illegal!
We have the highest inflation in 40 years/highest gas prices ever, but Biden wants to spend even more at the expense of hard-working Americans.
The middle class will be stuck with the bill - it's debt transfer.
This is just a Hail Mary before midterms." / Twitter

Kevin McCarthy on Twitter: "Who will be forced to pay for Biden's debt transfer scam? Hard-working Americans who already paid off their debts or never took on student loan debt in the first place." / Twitter

Rep. Jim Jordan on Twitter: "What about Americans who already paid off their student loans?" / Twitter

Tom Cotton on Twitter: "Biden owes Americans an explanation on why a truck driver who didn't go to college is now responsible for the student loans of a rich lawyer." / Twitter

Cotton Will Offer Alternative to Student Loan Bailout Plan

There is no such thing as student loan forgiveness—this is a bailout, paid for by the large majority of Americans who never went to college or who responsibly paid off their debts. Even worse, President Biden’s plan ignores the true culprit: bloated, self-serving colleges. I’ll be introducing a bill to hold these colleges accountable for debt, lower tuition, support non-college career paths, and save the taxpayers billions.

Sasse Blasts Biden’s Student Loan Forgiveness Plan | KLIN - News/Talk 1400

“The President can spin it however he wants with Pell window dressing, but at the end of the day his debt forgiveness scheme forces blue-collar workers to subsidize white-collar graduate students,” Sasse says. “Instead of demanding accountability from an underperforming higher education sector that pushes so many young Americans into massive debt, the Administration’s unilateral plan baptizes a broken system. This deeply regressive action, which fails even to acknowledge that most debt is held by folks with graduate degrees, will do nothing to jumpstart the reform higher education desperately needs.”

Rep. Barry Loudermilk on Twitter: "President Biden’s student loan debt forgiveness scheme is an insult to the millions of hardworking Americans who have worked so hard to pay off their student loans and other debts. Not only does this decision raise legal concerns, it will also not help inflation and will cost..." / Twitter
then
Rep. Barry Loudermilk on Twitter: "American taxpayers an estimated $300 billion. This is yet another example of just how out of touch President Biden is with a majority of Americans who just want us to rein in out-of-control inflation, need affordable goods, gas, groceries, less crime, and secure borders." / Twitter