According to reports, this student loan bailout will cost the American taxpayers 300 BILLION dollars. One billion is a 1,000 million. In other words, you could give 1 million dollars to 300,000 people for the cost of the bailout…… just think about that. This administration needs to go.
I’m also against a lot of bailouts for large, wealthy corporations and wealthy people who don’t need it. There were some tax cuts passed in the last 6 years that rich folk benefitted from greatly, and some wealthy people who benefitted from PPP and other small-business loans during the pandemic that didn’t have to pay them back.
Is there outrage on that? If so, I haven’t seen numerous posts on this website on that.
PPP was CONGRESS approved funds for people who’s business the Government FORCED closed, Loan Forgiveness is an Executive Order for people who CHOSE to take the loans. It’s a false dichotomy. And anyone with a basic understanding of finances was opposed to PPP, Auto Bailouts, and Banks too big to fail due to the money printers impact on inflation. There were entire movements remember Government Motors (GM), Occupy Wall Street, and the entirety of Austrian Finance (Ron/Rand Paul and most libertarians).
My wife and I are potentially going to benefit from this, and I’m still very opposed. It does NOTHING to address the systemic issues in the broken higher ed system. And asking non-college grads to pay for college grads is just morally wrong imo. And as Gimruis was alluding to, unless you owe 10k or less this will do nothing for you, your payment is still the same and the people paying interest only or less than interest only are still getting nowhere. Also, due to the interest on this debt in 4 years we will have the same amount of outstanding student loans as we do now, just with the country $300 Billion more in debt and the continuation of the crazy inflation we are experiencing from PPP.
It seems like some of the folks here don’t realize that (believe it or not) there are some college graduates out here (myself and my wife included), with loans, and good careers who have been working our @$$es off to pay off our student loans. We’re not the ones asking for this, so direct your disdain towards A) The govt. and/or colleges allowing kids to take out $80k+ in student loans for a degree that pays less than $40k per year, or B) The colleges raising tuition by over 250% over the past 25-30 years.
Good points other than I don’t think many, if any, here are directing their disdain toward those with student loans, but rather the government for coming up with yet another boondoggle handout.
My opinions are…
a) I don’t blame any student with debt for taking a forgiveness. They’d be crazy not to. That money is going into the economy one way or another.
b) I don’t blame any small business for taking a PPP loan. They’d be crazy not to. That money went into the economy whether they took it or not.
c) All of these influxes of cash into the economy have been a major contributor to our inflation. If the government really wanted to do something about inflation, all of these handouts would stop.
Here I thought the conversation was going to be about the shortage of sucker minnows (At least in my area)
You guys that think this is just a Biden Or Democrat problem, well, I beg to differ. The PPP program passed the house like 388 to 5. The Senate passed it by a voice vote.There was some news today about the ultra conservative Republicans that benefited massively from that program. Didn’t trump build up like a $3 trillion deficit during his presidency?? Something like that anyway.
Here I thought the conversation was going to be about the shortage of sucker minnows (At least in my area)
We don’t do that here
You guys that think this is just a Biden Or Democrat problem, well, I beg to differ. The PPP program passed the house like 388 to 5. The Senate passed it by a voice vote.There was some news today about the ultra conservative Republicans that benefited massively from that program. Didn’t trump build up like a $3 trillion deficit during his presidency?? Something like that anyway.
No doubt the enormous spending over the past 20 years can be blamed on both Dems and Republicans. The PPP is a bad comparison because it was compensation from the government forcing business to close during the lockdowns.
<div class=”d4p-bbt-quote-title”>polst008 wrote:</div>
Here I thought the conversation was going to be about the shortage of sucker minnows (At least in my area)We don’t do that here
LOL! If a guy is in an area where creek chubs aren’t readily available at the bait shops, but suckers are, are they a decent substitute for fall eyes?
<div class=”d4p-bbt-quote-title”>dirk-w. wrote:</div>
You guys that think this is just a Biden Or Democrat problem, well, I beg to differ. The PPP program passed the house like 388 to 5. The Senate passed it by a voice vote.There was some news today about the ultra conservative Republicans that benefited massively from that program. Didn’t trump build up like a $3 trillion deficit during his presidency?? Something like that anyway.No doubt the enormous spending over the past 20 years can be blamed on both Dems and Republicans. The PPP is a bad comparison because it was compensation from the government forcing business to close during the lockdowns.
PPP is not necessarily a bad comparison. Those loans and subsequent forgiveness benefitted mostly businesses that never had to shut down. In fact, one of the criteria to qualify for forgiveness was keeping employees on the payroll.
Here I thought the conversation was going to be about the shortage of sucker minnows (At least in my area)
Lol I thought the same thing last night when I saw the title of the thread.
Here I thought the conversation was going to be about the shortage of sucker minnows (At least in my area)
Good one! I thought the exact same thing.
Why the $#!&^! should I bail out some turdsferbrainsstoopid person, someone too dim to see that a $40k annual tuition bill for her women’s studies….or basket weaving degree isn’t going to provide income enough to even pay the rent!?!?
When Pell grants and Stafford loans can on the scene, tuitions jumped. When I was in school, a trimester cost about $400. Now just one credit, ONE CREDIT! at a state school is over $400.
I think a lot of young people need to realize how expensive college is nowadays. In many cases, its not worth it unless you have some guaranteed high paying job lined up after you graduate ahead of time. Its almost never worth riddling yourself with thousands of dollars of loans that are going to hinder you for years when you enter the work force.
According to reports, this student loan bailout will cost the American taxpayers 300 BILLION dollars. One billion is a 1,000 million. In other words, you could give 1 million dollars to 300,000 people for the cost of the bailout…… just think about that. This administration needs to go.
Correction, a billion is a thousand million, thus the bailout would give nearly $1000 to every person (approx 340 million) in the US.
<div class=”d4p-bbt-quote-title”>Driftless Bowhunter wrote:</div>
According to reports, this student loan bailout will cost the American taxpayers 300 BILLION dollars. One billion is a 1,000 million. In other words, you could give 1 million dollars to 300,000 people for the cost of the bailout…… just think about that. This administration needs to go.Correction, a billion is a thousand million, thus the bailout would give nearly $1000 to every person (approx 340 million) in the US.
You may want to check your math…
300,000,000,000/1,000,000 = 300,000
Correction, saw you just re-destributed the million to thousand.
Either way, each and every person would get $882.
This bail-out is a band-aid on the real student loan problem.
Any fisherman with a boat has the solution to the student loan problem. It as simple as answering this simple question/analogy.
Q: If you have a hole in your boat do you?
1) Fix the root cause & patch the hole
2) Let the boat leak & fill up. Hope someone shows up to save you.
3) Let the boat leak & bail-out the incoming the water forever
A: Any logical person will choose answer #1.
This similar questions to the govt for the student loan crisis.
Q: If you have a student loan debt crisis do you?
1) Fix the root cause and tighten student loan lending standards
2) Continue to lend to anyone. Let student loan debt grow to infinity & hope it gets paid back.
3) Continue to lend to anyone. Bail-out student loan borrowers forever.
A: Any logical person will choose answer #1. The govt has chosen option #3 & and has mentioned nothing about #1.
What new message does this send to a student? Borrow money to pay for school. It’s the easiest path forward & the govt (aka taxpayers) may pay it off.
PPP was CONGRESS approved funds for people who’s business the Government FORCED closed,
Our essential business got a $307,000 PPP loan that was forgiven and we never shut down. 2020 and 2021 were actually better than average years.
And as Gimruis was alluding to, unless you owe 10k or less this will do nothing for you, your payment is still the same and the people paying interest only or less than interest only are still getting nowhere.
There is more than just the forgiveness part. The current payment cap on income based repayment plans is 10% of discretionary income and this changes it to 5%. Second, it also changes the forgiveness period to 10 years of payments instead of 20 years of payments. Third, it will cover unpaid monthly interest so that the balance will not increase.
Unless I am missing something.. Biden cannot just “forgive loans” without the proper process ?? He must have missed schoolhouse rock…
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I paid off my college loans 5 years afterwards. I use my degree. To lump all degrees together as “worthless” or a “waste of money” is foolish and near sided.
There are some programs, advisors, universities, professors, etc who absolutely prey on students. The number of times I was told I really should add another minor or things like that was absurd.
Some college debt isn’t a terrible thing, nor is some forgiveness (when handled correctly). How is the 22 year old young lady whose passion is teaching, her mom was a teacher, and so on supposed to do anything but accrue debt to follow her dreams? For someone like that, a small tiered forgiveness plan who works in shortage areas isn’t the nightmare that some may make it out to be. My issue is with the full scale forgiveness. I saw some real POS young adults who had no intentions of ever graduating, going to class, or contributing to society who will now dodge their loans from before they dropped out. This is the same reason I could win the lottery and wouldn’t blindly write tuition checks for my kids. When they have a degree, a plan, and a job…I’ll be there to help them somewhat. Just paying kids’ tuition as they go as some have alluded to is absurd. Let them take the loans, gain the credit, and feel a bit of the financial squeeze of life.
I paid off my college loans 5 years afterwards. I use my degree. To lump all degrees together as “worthless” or a “waste of money” is foolish and near sided.
There are some programs, advisors, universities, professors, etc who absolutely prey on students. The number of times I was told I really should add another minor or things like that was absurd.
Some college debt isn’t a terrible thing, nor is some forgiveness (when handled correctly). How is the 22 year old young lady whose passion is teaching, her mom was a teacher, and so on supposed to do anything but accrue debt to follow her dreams? For someone like that, a small tiered forgiveness plan who works in shortage areas isn’t the nightmare that some may make it out to be. My issue is with the full scale forgiveness. I saw some real POS young adults who had no intentions of ever graduating, going to class, or contributing to society who will now dodge their loans from before they dropped out. This is the same reason I could win the lottery and wouldn’t blindly write tuition checks for my kids. When they have a degree, a plan, and a job…I’ll be there to help them somewhat. Just paying kids’ tuition as they go as some have alluded to is absurd. Let them take the loans, gain the credit, and feel a bit of the financial squeeze of life.
^^ I was just typing something similar to this ^^
I would not be where I am today without my degree and paid it off in 4 years with some discipline after graduation.
Well said Bucky
It seems like some of the folks here don’t realize that (believe it or not) there are some college graduates out here (myself and my wife included), with loans, and good careers who have been working our @$$es off to pay off our student loans. We’re not the ones asking for this, so direct your disdain towards A) The govt. and/or colleges allowing kids to take out $80k+ in student loans for a degree that pays less than $40k per year, or B) The colleges raising tuition by over 250% over the past 25-30 years.
Yes, debt is hard to pay off. This is not unique to college students. Ask anyone that owns a home or vehicle. There is a idea, 10k in loan forgiveness to everyone that has a mortgage or vehicle loan.
Yes, debt is hard to pay off. This is not unique to college students. Ask anyone that owns a home or vehicle. There is a idea, 10k in loan forgiveness to everyone that has a mortgage or vehicle loan.
Here’s an idea, everybody pay there own debt they decided to have
I paid off my daughters loan a few years back. Can I get reparation like those whose great, great grandparents were slaves? Asking for a friend.
It is just plain foolish to pay off student loans with taxpayer $$$$.
My gripe is many (not all) students borrowed the money and bought a new car, went on spring break every year, partied every weekend, and didn’t get a job. Again teaching there are no consequences for past actions.
<div class=”d4p-bbt-quote-title”>waldo9190 wrote:</div>
It seems like some of the folks here don’t realize that (believe it or not) there are some college graduates out here (myself and my wife included), with loans, and good careers who have been working our @$$es off to pay off our student loans. We’re not the ones asking for this, so direct your disdain towards A) The govt. and/or colleges allowing kids to take out $80k+ in student loans for a degree that pays less than $40k per year, or B) The colleges raising tuition by over 250% over the past 25-30 years.Yes, debt is hard to pay off. This is not unique to college students. Ask anyone that owns a home or vehicle. There is a idea, 10k in loan forgiveness to everyone that has a mortgage or vehicle loan.
And in no way am I saying that ANY debt is easy to pay off. HOWEVER! And this is a darn big however. The way our current society works, we wouldn’t have doctors, engineers, elementary school teachers, social workers, dentists, etc. if it weren’t for higher education. And on top of that, do you want the engineer/doctor/etc who had trust fund daddy pay his way through school to barely scrape by his degree or the guy who worked his tail off and probably had to take out loans to earn it?
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