MVP
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- Feb 28, 2008
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***Official Political Discussion Thread***
- Thread in 'General' Thread starter Started by rico x hood,
- Start date
- Oct 14, 2008
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They can’t forgive too much of student debt or you risk exacerbating inflation again. Restarting student payments should help tame it a bit as well
MVP
Supporter
- Feb 28, 2008
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How much money has been given to Ukraine?
- Dec 23, 2009
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What's a good compromise? Spitballing here but 10k per borrower per year seems good to me. Itll effectively phase out studen loan balances over the next, idk lets call it 7-8 years assuming people keep making regular payments, with the more extreme examples of high-balance loanees on income based repayment closing the books in that time instead of 15 years.
It will help tame current inflation if its an amount per year since there's different tranches of loan balances being waived annually, so you don't see an immediate spike in spending across all income levels.
And then go ahead and throw a tax credit for anyone else that finished paying their loans off in the past 10 years or w/e.
- Jul 20, 2009
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You have to opt into an income based program to be eligible for the loan forgiveness. And you have to recertify your participation in it every year.
The plan the put people on at the start is the 10 year plan.
You then have to opt into the loan forgiveness when the time comes and the warn about the tax hit
Maybe I am missing something but the IRS can't unilaterally "fix" anything
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- Jul 20, 2009
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About 12% of what Biden's rumored forgiveness plan would cost
MVP
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- Feb 28, 2008
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Dems been pushing for 50K he's at 10K the loans have been paused going on 2 years since he took office. If they've been getting by on not having all the revenue from the over 1.5 trillion that's in debt now, is inflation really what's stopping him from delivering on the one thing that is not only a political win and layup but common sense given the frivolous spending that goes on in Washington daily? Like this is a stroke of the pen thing he could do, correct?
- Aug 23, 2019
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$10K seems reasonable. Wouldn't mind a higher amount and more targeted approach but I am also not an expert
The problem with most of these plans is that they are backwards looking and don't really focus on controlling costs moving forward
Debt relief/loan forgiveness is good but how do we control for the runaway costs of higher education? Arguably an ever greater problem than the current debt load
The problem with most of these plans is that they are backwards looking and don't really focus on controlling costs moving forward
Debt relief/loan forgiveness is good but how do we control for the runaway costs of higher education? Arguably an ever greater problem than the current debt load
- Jul 20, 2009
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-Dems universally have not been pushing 50k. Like only a few of them have. Biden has been on the 10k number with means testing from like March of 2020.
-It would be more generous than when he first proposed it because people will not get taxed on the 10K, that was passed in the Dems COVID Bill.
-It is not a easy political win. Biden's plan polls above 50 but I don't believe it is wildly popular. Numbers shift based on the plan and who is sampled. This is because Mainly student loan forgiveness, of any kind, benefits a minority of voters directly. It is popular with people that would benefit, but it isn't crazy popular with voting groups that will make or break them in November. Actually, on balance, Biden might take a political hit for doing it.
- Jul 20, 2009
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A mistake I see a lot of people doing mistaking legislative action with executive action.
Biden has the unique opportunity to unilaterally do something that will cost hundreds of billions.
It is wrong for people like Larry Summers to adopt some zero sum framing and act like he is chosing to do this over something else to help people
It is wrong for people make demands of Biden that should be made of Congress. The student loan and education cost hyperinflation situation needs to be addressed by Congress. Biden is not a King, he can't just do whatever he wants.
Also stop acting like he unilaterally controls all spending in Washington. And acting like him forgiving over a trillion dollars in loans is an easy ask.
People need to keep some perspective here.
Biden has the unique opportunity to unilaterally do something that will cost hundreds of billions.
It is wrong for people like Larry Summers to adopt some zero sum framing and act like he is chosing to do this over something else to help people
It is wrong for people make demands of Biden that should be made of Congress. The student loan and education cost hyperinflation situation needs to be addressed by Congress. Biden is not a King, he can't just do whatever he wants.
Also stop acting like he unilaterally controls all spending in Washington. And acting like him forgiving over a trillion dollars in loans is an easy ask.
People need to keep some perspective here.
- Dec 23, 2009
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Wasn't there also a lot of concern over the amount he was actually able to unilaterally forgive? Like I vaguely recall some argument that he can't wipe the slate clean because that requires congressional approval first - i.e. never happening.
- Mar 27, 2004
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This should be the real focus, and it is a much tougher problem to solve.
- Jun 14, 2007
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- May 25, 2004
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I’m surprised countries with cheap school haven’t marketed towards people here for something like “college tourism” or something.
MVP
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- Feb 28, 2008
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But he said he was going to do it right? I know I know candidates make promises all the time and don't follow though on it. But this would seem politically at very least to try and deliver on something?
- Jul 20, 2009
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From what I recall, I don't think he promised he would use an executive order to do widespread loan cancellation.
He said he supported Congress doing it. The 10k figure came from Warren trying to get it in the first COVID Relief bill, and Biden saying he supported it.
- Jul 20, 2009
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Multiple sources telling news outlets that the news is probably dropping tomorrow
10k for people making 125k and under
And pausing payments a few more months
10k for people making 125k and under
And pausing payments a few more months
- Jul 20, 2009
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And yes, loan forgiveness, and pauses are inflationary
Biden's plan with means testing is relatively more progressive that Bernie/Warren/Schumer plan.
I supporting loan forgiveness but I don't see the need to deny these things
Biden's plan with means testing is relatively more progressive that Bernie/Warren/Schumer plan.
I supporting loan forgiveness but I don't see the need to deny these things
- Apr 15, 2007
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Is there more detail to this plan?
This is $10k in total or $10k per year can be forgiven?
Also I would love to see the number of people that make under $125K and have over $10k in Federal loans. I only ask because i have paid off all my college debt and i only was able to get $15k or so in federal loans the rest was private. I am all for college loan forgiveness in any capacity. I am just curious how many people this will help, and is it so many that it would materially effect inflation
This is $10k in total or $10k per year can be forgiven?
Also I would love to see the number of people that make under $125K and have over $10k in Federal loans. I only ask because i have paid off all my college debt and i only was able to get $15k or so in federal loans the rest was private. I am all for college loan forgiveness in any capacity. I am just curious how many people this will help, and is it so many that it would materially effect inflation
- Nov 29, 2012
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I have about 7K left in student loans debt. And I make less than $125K/yr. So I'm pleased.
- Dec 23, 2009
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Anecdotally, with the 10k forgiveness, I could pay off the rest of my loans in one swoop if I wanted.
I'll wait until forbearance is actually cut and then do it.
- Jul 18, 2013
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Politician just now realizing that his decisions actually affect, and sometimes even end, people's lives
- May 25, 2004
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I’ll owe a couple racks if the 10k thing is actually real.
I’ll wait too to pay off the remaining balance once the details are out on that.
I’ll wait too to pay off the remaining balance once the details are out on that.
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