OT Biden's Education Department will immediately wipe out out student loan debt for 40,000 borrowers

FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most

Seems like a pretty reasonable solution to me. They could have done more but at least this should avoid the top 5% of borrowers from receiving benefit..

 

I really don't understand all the rage. Where was this rage when we bailed out the banks and the auto industry and all those other corporations that didn't pay it back? Those tax cuts that were supposed to trickle down but didn't because they did stock buy backs.

Where was the rage when they forgave all those small business loans from COVID?

Where was rage when they lost trillions of dollars in Afghanistan and Iraq?

The government FINALLY does something that benefits me and people are freaking out.

 

Money for thee, but not for me.

 

You want to know what the real rage is? People don't consider money given to corporations like real money. It's not money that they see. It's just pretend money that the government has.

This money is going to real people. People they might know. FOMO is real. They're pissed because regular people are getting real money. This is straight up jealousy and greed. They don't want to see other regular people get something from the government. It's the same attitude that people have towards lottery winners.

 

This is going to help dissolve my wife's remaining $14k student loan debts -- huge impact on our young family of 4 (kids now 3 and 1yo)

 

It's not "regular people". People who go to college are more privileged and will earn more money over their lifetime.

Unfortunately, not everyone had that option and will miss out on the loan forgiveness because college was not an option for them.

 

On the other side, people who did pay their loans back in full will feel cheated too. Because they also had to make sacrifices.

Me, I don't really care all that much. I paid my student loans like 15+ years ago. It sucked and now its over, so moving on.

 

I'm confused, are you saying that not everyone had the option to go to college? If so, then how can they miss out on loan forgiveness if they never had a loan?

 

For many, it was still unrealistic to go to college. You live a privileged life and everyone around you probably had those opportunities if you did go to college. Believe it or not, college is not the path of many people. The fact that you can actually qualify for a loan to college is a scenario that many people won't be able to think is possible.

Many don't go, for whatever reason.

 

The idea is that once a kid in dental or medical school graduates they don't have to spend half their career paying off the education...that they could buy a house or plan a family. Now fewer students will take on that kind of debt for graduate school because they can make more money in the private sector without the debt...that's where the economy drains and skilled professionals have to be brought in from overseas where college is cheap.Student debt forgiveness is supposed to jumpstart a graduates spending power once out of school instead of keeping them paycheck to paycheck throughout their prime earning years. My son skipped graduate school, (a 250K debt) and bought a house for about the same money.....he doesn't regret buying the house and used his 4 year degree to get a good job with perks. Choices. My son didn't get to college on being rich...he got there on an academic scholarship.

 

He should have cancelled all interest rates on student loans and reimbursed people for their interest payments. That would have benefited future generations as well. The government shouldn't be making money off students.

 

People should go to in state public schools. There is no difference in a U of P degree or a U of O degree in Portland. Nobody cares. Unless you get a scholarship or are going someplace like Stanford, or medical school or something...no reason to get that up there in debt.

 

Alumni network, son.

 

Most “privileged” kids at college aren’t in debt. Because they have money. Hence privileged. The kids who have to find money to pay for ridiculous college fees take loans. Right or wrong, these students are getting some relief.