$300 billion wealth transfer

[L.W. Baxter]

progressives have finally browbeaten the president into signing a blanket student loan forgiveness of $10k to those making less than $125k/year.

one of their pet ideas since occupy. it's going to benefit both my kids.

will benefit nobody who has already paid, or did not incur debt, starts college today, did not or will not go to college. but all those people will pay for it.

dumbest **** ever.

[Boatbum]

Re: $300 billion wealth transfer

Not a fan of this either. I feel bad for my daughter who scrimped to pay off her loan - she should have delayed paying it and she would have been able to write it off now for free.

[bluedog225]

Re: $300 billion wealth transfer

Great way to piss of the middle and guarantee a lot of people don’t ever vote democrat. No matter how reasonable a candidate.

[Puttputt]

Re: $300 billion wealth transfer

I thought voting age in the U.S was 18.
Gotta be several million undergrads who will benefit from this and get to vote in 2024.
Perhaps not the dumbest **** ever.

[bluedog225]

Re: $300 billion wealth transfer

It’s bull**** not to repay your debts. Wrong on every level.

[Keith Wilson]

Re: $300 billion wealth transfer

Right. Bitter toxic resentment of those who might get something you don't is just what drives voters . . . Oh wait, never mind. Anyone who thinks like this already votes Republican.

What horsesh!t. This is a modest good idea. Very far from utopia, but still a good idea.

[TerryLL]

Re: $300 billion wealth transfer

I never had student debt, but I did pay a chunk of #1 daughter's student loan. I have no resentment about this gift. Actually, I think the forgiveness should be a lot larger. Actually, I'm all in favor of free college for anyone who wants to go.

[David W Pratt]

Re: $300 billion wealth transfer

I'm not really up on this:
Who holds this debt?
Does the President really have the authority to do this? It sounds like a pursestrings issue, the bailiwick of the Congress.

[Canoeyawl]

Re: $300 billion wealth transfer

I was thinking they should start a small business loan forgiveness program, same deal, right?

[Boatbum]

Re: $300 billion wealth transfer

Right. Bitter toxic resentment of those who might get something you don't is just what drives voters . . . Oh wait, never mind. Anyone who thinks like this already votes Republican.

What horsesh!t. This is a modest good idea. Very far from utopia, but still a good idea.

Wait...... isn't that the argument for taxing the rich? They are getting something that you don't? I'm just messing with you a little!

I have found that too many people go to college that shouldn't. It has become the middle class expectation that everyone should go to college after high school. If people start to think that their educational costs will be written off by a generous government it will only exacerbate the problem. College costs have outpaced inflation and sadly this is because Universities are becoming overloaded with non-teaching middle and upper management. Less teachers and facilities and more administrators. It has added great cost to an education without improving the academics. Writing off some of the tuition is not the solution as it only treats the symptom. Universities need to be held more accountable. What is their graduation rate? How many of their graduates obtain employment in their trained field? What is their acceptance rate? The ability to even offer loans and financial aid should be strongly tied to these metrics.

Roughly 40% of college graduate report that they are not using their degree in their current employment.

[Reynard38]

Re: $300 billion wealth transfer

Our daughter used the Hope Scholarship to pay for her undergrad. Had to keep and maintain at least a 3.0 to get the $$. Does Biden’s plan have any such requirements on academic performance or will a 2.0 in Gender studies still allow a Starbucks Barrista to pay off her useless degree on my daughters dime?

[CWSmith]

Re: $300 billion wealth transfer

Right. Bitter toxic resentment of those who might get something you don't is just what drives voters . . . Oh wait, never mind. Anyone who thinks like this already votes Republican.

What horsesh!t. This is a modest good idea. Very far from utopia, but still a good idea.

Isn't this always the way with all change if it helps anyone? It's a great argument to fix nothing that's broken.

[sonofswen]

Re: $300 billion wealth transfer

Right. Bitter toxic resentment of those who might get something you don't is just what drives voters . . . Oh wait, never mind. Anyone who thinks like this already votes Republican.

What horsesh!t. This is a modest good idea. Very far from utopia, but still a good idea.

The College experience today is ridiculously expensive...

• This last year, the average cost of a college degree (4 years) was roughly $122,000 including fees, tuition, rooms and board, textbooks, and other necessities.
• The average fixed interest rate on a 10-year private student loan was 7.16% from August 15 to August 20. That's for borrowers with a credit score of 720 or higher who prequalified on Credible.com's student loan marketplace
• So buck up..the $10K is just a leg up for students, most have many thousands left to pay.

[Jim Bow]

Re: $300 billion wealth transfer

So, instead of dumping money into these often oversold loans, that money will be pushed into the economy via housing, purchases, etc.

Do you suppose those diabetics who’ve paid thousands for insulin will resent those who only have to pay $35 a month?

[Keith Wilson]

Re: $300 billion wealth transfer

College costs have outpaced inflation and sadly this is because Universities are becoming overloaded with non-teaching middle and upper management

One reason, anyway. Tuition inflation has been utterly ridiculous, higher than anything else in the economy, and it sure as hell ain't because the professors are getting paid that much more.