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The White House is zeroing in on its student debt action.


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It is hilarious to me that two of the most negative people in regards to this news are Canadians. Meanwhile in my close friend text group of normal Americans, they are breathing a sigh of relief.

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26 minutes ago, b_m_b_m_b_m said:

I’ve also never understood letting perfect be the enemy of the good

 

Agreed. I think it's more about the framing of issues (always from an alt-right stand point) and using perfect as a negotiating tactic at the beginning of the bargaining table so you can get to good. It's our jobs as voters to always demand better, even if we're getting some positive incrementalism. Holding government to always do better is, to me, intrinsically our job.

 

By that same token, let's take some fucking wins people. People know how cynical and skeptical I am and I'm saying Biden's been surprisingly effective. This is good.

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4 minutes ago, b_m_b_m_b_m said:

Also you can tell this is good because the chuds fucking HATE it so much

 

die mad, Mitch 

 

I've always loved the perspective of people who, when a different group than them is being helped (college students with student loan debt vs. those with none because they paid it all already) Republicans just assume the haves are going to be pissed that the have nots have been given something the haves weren't given.

 

I am happy for every person Biden's plan helps, and I am fully paid for undergraduate college, law school, and graduate business school all without any debt forgiveness. But no Mitch, it's not a "slap" in the face of anyone who likes seeing people who are struggling get help. Alt-righters, entitled as always. Like, it's the same with even the thought of "reparations". Every right wing white person will go: "but I'm poor, so don't I deserve reparations, I never got help" not realizing their very existence along with a system that boosts them up because it inherently keeps others down was the help! That was your help! You just sucked at using all you were given. If you're looking around wondering why everyone is saying "you were inherently advantaged" and you're not seeing those advantages clearly in your life compared to others, I think one need only look at one self for the answer as to why. :p 

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Cooper-Student%20debt%20082422.jpg?cb=a1
PROSPECT.ORG

But more reform is needed to attack cost bloat in American higher education.
Quote

On balance, this is good news. As Matt Bruenig points out at the People’s Policy Project, canceling $10,000 zeros out the balances of about 31 percent of student loan borrowers, while cutting the balances of a further 21 percent by at least half. Add to that the doubled relief for Pell grant recipients, and the White House estimates that 20 million out of 43 million borrowers will have their full balance extinguished. Such borrowers in turn are more likely to have failed to graduate, or have been ripped off by a for-profit scam college, and thus in most need of help.

A Penn Wharton analysis found that, with $10,000 in forgiveness and the income cap, about 58 percent of the benefit would accrue to people in the bottom 60 percent of incomes, and another 28 percent for the fourth income quintile. It also found that the income cap saves a piddling $15 billion. However, Bruenig points out that Wharton model is based on the Survey of Consumer Finances, which greatly understates the amount of student debt held by the poorest people. He estimates that the bottom quintile should receive about 20 percent of the benefit, and the bottom three-fifths about 65 percent. The $20,000 for Pell grant recipients (which wasn’t reported until now and thus hasn’t been analyzed yet) will make it even more progressive.

The bottom 80% of incomes get 86% of the benefit. Once again the poor get screwed!

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23 minutes ago, b_m_b_m_b_m said:

I’m hoping Brandon changes the PUblic service loan forgiveness rules to allow deferments for maternity leave under 12 months to count for that forgiveness. There’s been some update to it but missing some details now. 
 

cause if so, ALL of my wife’s student debt is gone

To give another example of how dumb the college financing … everything … is, my wife’s younger sister will be getting the full $20k because she got a pell grant and my wife didn’t. Because between the time my wife was in college and her sister, her parents got divorced. It’s all so stupid

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1 hour ago, Spork3245 said:

 

"One of my family members died of cancer, therefore no one should be able to get new lifesaving treatments that came out since"


My first computer was a single core processor with 2MB RAM and a 100MB hard drive, and it cost close to $2,000.

 

The fact someone can buy a $100 smartphone with more power is digesting and unAmerican. 

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8 minutes ago, mclumber1 said:

Overall, I think this was a good thing for Biden to do, although I do question his authority in doing so.  

 

Also, this does nothing to solve the medium and long term cost issues with college education.

I'd love to hear what the executive branch could even do for this, if anything. 

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I don't really pay much attention to this issue, since it has little effect on me... but yeah, it feels to me like trying to fix a delapidated house that's on the verge of collapsing by painting the gutters.

 

Isn't the bigger problem the out of control costs of higher education? Haven't easy access to loans actually made that problem much worse? I don't know the answer, but I know the whole system is broken.

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7 minutes ago, ort said:

I don't really pay much attention to this issue, since it has little effect on me... but yeah, it feels to me like trying to fix a delapidated house that's on the verge of collapsing by painting the gutters.

 

Isn't the bigger problem the out of control costs of higher education? Haven't easy access to loans actually made that problem much worse? I don't know the answer, but I know the whole system is broken.

 

I agree with this, but that is an entirely different can of worms.  I don't know what Biden could do about that via executive order.

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As someone who graduated with no debt, one thing I do remember was friends who couldn't hang out because money was tight. And a big part of the reason? Payments on student loans. 

 

So like... even as someone not affected by loan debt, that shit would have been fantastic at the time to free up everyone.

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I don't think people understand how much of a relief this comes to anyone making under $125k who still owed federal loans. I mean, having $10k or $20k still over your head however many year(s) later and you know based on whatever job you have that you're stuck with it for still a long time, and now all of a sudden it's gone? Relief of that nature in this hyper capitalist system goes a long way, long term issues of higher education or not. I'm really happy for anyone benefiting, and from what I'm seeing online, it's a lot of people. Like I've been saying, the student loan debt thing means a lot to a major part of the millenial voting block. Who knows, just erasing one's debt may even sway poor white broke college grads in poor red states.

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46 minutes ago, Comet said:

I'd love to hear what the executive branch could even do for this, if anything. 

 

Does the executive branch need authority from Congress to start putting caps on student loans? Colleges and universities have been massively upping tuition because the loan amounts are completely unlimited. If the feds put a maximum on how much student loans per yer people could get the schools would have a ton of pressure to rein in tuition to match the new loan limits.

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This helps me speed up my repayment time, my remaining student loan is now/will be 18k. I should be able to finish paying this off in 5 years. My wife will be fine as she will or at least should be able to get her loans forgiven with the public service loan forgiveness program. But something needs to be done after this goes through. I'm guessing the 5% cap on the IBR is going to help with this but in general tuition is too high and interest rate on student loans is nuts. Before all of this, my wife for example finished grad school and had a total 100k in student loans. 9 years later, with IBR at a recent $500+/month, her balance is now around 110k. That's insane.

 

Also, I am seriously shocked and amazed at how selfish and stupid people are by being upset that their fellow friends, neighbors and American's are getting relief. Even if I had zero student loan debt, I would still be happy that others aren't getting fucked in the ass with high student loan payments. I mean, before the pause, our combined student loan is almost $850/month which is fat chunk and that can easily set lower income folks even further back.

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