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I worked every single year I attended college, attending TCC for two years because it was significantly less expensive, took out loans when I went to OSU. My first 3 years out of college, I went without cable so I could make payments on those loans.
There are a multitude of issues here.
College is too expensive, this should be priority one of the politicians in DC, but since they don't want to actually solve problems, just run on a promise to, then that's that
I think our society thinks of way too many luxuries as necessities. I went without cable, I wonder how many young people today would go without 3 streaming services or not upgrade to the latest smart phone every year. If you take on debt, you sometimes have to sacrifice things you WANT to pay it off....that is a dying notion in our society. Which isn't surprising considering the example our leaders set in that area.
People should have a plan, if you don't then why are you going to college. I realized halfway through that I didn't know what I wanted to do. Took a few years off to figure it out then went back and finished.
There are a multitude of issues here.
College is too expensive, this should be priority one of the politicians in DC, but since they don't want to actually solve problems, just run on a promise to, then that's that
I think our society thinks of way too many luxuries as necessities. I went without cable, I wonder how many young people today would go without 3 streaming services or not upgrade to the latest smart phone every year. If you take on debt, you sometimes have to sacrifice things you WANT to pay it off....that is a dying notion in our society. Which isn't surprising considering the example our leaders set in that area.
People should have a plan, if you don't then why are you going to college. I realized halfway through that I didn't know what I wanted to do. Took a few years off to figure it out then went back and finished.
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Not sure where she's getting that it would reduce the racial wealth gap. Everything I've seen says it would do the opposite because of who has super high loans from super expensive schools. That fact is honestly one of my biggest hangups here. Like others on this board, I could have never gone to college without loans because I didn't come from money. I worked every year I was in school, at least 20 hours per week. I'm in a profession now where I can afford to pay them off pretty easily and I don't want to see them go away. That said, waiving this debt benefits kids from wealthier (albeit not super wealthy) backgrounds because that's who goes to ultra expensive schools to a much higher degree than low income kids and/or POCs. Maybe this is too cynical, but it feels like pandering to liberal White kids.
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That's political speech to her base. It has nothing to do with solving a problem long term.
It's easy to see, promises made to pay off the current debt, but no long term solution to solve the problem other than increasing our taxes to pay for an over priced education for everyone.....
Why is it that every political solution is to increase taxes and throw more money at a broken system?
It's easy to see, promises made to pay off the current debt, but no long term solution to solve the problem other than increasing our taxes to pay for an over priced education for everyone.....
Why is it that every political solution is to increase taxes and throw more money at a broken system?
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Exactly. It would increase the wealth gap. I can't wait for her to be gone from politics. She disgusts me.
Also, ya gotta love the Dem's for saying Biden has the power to cancel student debt unilaterally. What amazing powers they are excited to give themselves. That definitely won't have any negative repercussions down the line *cough filibuster cough*.
Also, ya gotta love the Dem's for saying Biden has the power to cancel student debt unilaterally. What amazing powers they are excited to give themselves. That definitely won't have any negative repercussions down the line *cough filibuster cough*.
This, right here^^^^!
Our daughter turned 25 last December and had moved out on her own last July. Prior to her moving out, it was years of just absolutely outsized expectations of buying into the notion that she should just walk out of her parents' home and straight into a middle class life with all of the luxuries she desired. My wife and I really became disgusted with kids her age being told they could never make it today and how unfair the world is now vs. previous generations. She repeated this crap again & again, while she passed on going to college and developing any marketable skill. She bought it, hook, line & sinker.
Meanwhile, two of my nephews, who come from schoolteaching parents (not wealthy, by any means) worked while going to school, took out loans as needed, and graduated with MBA's in 5 years. They also both learned to invest and save. Those 2 kids now sit on over $300,000 in various investments, despite their very middle class backgrounds.
As you can probably tell, I get really disgusted at what Liz Warren and others are selling these young people. We used to tell kids to dream big, make sacrifices, work hard & follow their dreams. Now we've got a group in their ear literally telling them they can't do it.
This isn't going to move the needle. They need something big, positive, and energizing as close to the election as possible. They are just softening things up and testing the waters with these small-scale "forgiveness" efforts. As you mentioned, it's a tiny fraction of the overall debt owed.
I'd be willing to bet that they extend the payment pause (arbitrarily) just long enough to do some form of broad "forgiveness" (re-distribution to future taxpayers) just before midterms in an effort to shamelessly buy votes. I'm guessing it'll be the $10,000 per borrower, and may come with a payment cap. The payment cap, I've read, will impose hardships on lower income borrowers since it would likely require proof of income (similar to filing taxes), so they may even waive that if their polling data indicates they need more help. Apparently income data cannot be shared seamlessly between the Dept. of Education and the IRS, so it would require individuals to file a form of some kind to receive the relief.
It won't do anything to solve the longterm problem, and may actually contribute to the inflation problems we have.
Our household would be relieved of $19,600 of loan debt if they do this, but I still don't support it.
I'd be willing to bet that they extend the payment pause (arbitrarily) just long enough to do some form of broad "forgiveness" (re-distribution to future taxpayers) just before midterms in an effort to shamelessly buy votes. I'm guessing it'll be the $10,000 per borrower, and may come with a payment cap. The payment cap, I've read, will impose hardships on lower income borrowers since it would likely require proof of income (similar to filing taxes), so they may even waive that if their polling data indicates they need more help. Apparently income data cannot be shared seamlessly between the Dept. of Education and the IRS, so it would require individuals to file a form of some kind to receive the relief.
It won't do anything to solve the longterm problem, and may actually contribute to the inflation problems we have.
Our household would be relieved of $19,600 of loan debt if they do this, but I still don't support it.
Pretty good article about the politics involved.
https://www.yahoo.com/news/soaring-inflation-complicating-bidens-decision-090010960.html
https://www.yahoo.com/news/soaring-inflation-complicating-bidens-decision-090010960.html