Biden cancels 1.3 billion in student debt.

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Little Raven
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Biden cancels 1.3 billion in student debt.

Post by Little Raven »

Collectively, Biden has cancelled $2.3 billion of student loans for more than 110,000 student loan borrowers.
If you have been following the latest on student loan cancellation, Biden cancelled student loans for the second time this month. First, Biden cancelled $1 billion of student loans for 72,000 student loan borrowers. Today, he cancelled another $1.3 billion of student loans for 41,000 borrowers with total and permanent disability.
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Paingod
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Re: Biden cancels 1.3 billion in student debt.

Post by Paingod »

There's one group of people angry that they had to pay and this isn't fair, but I'm of the mind that most colleges should be free. If you need a Bachelor's degree to go flip burgers somewhere - and I've seen a Master's required for a job that offered no more than $60,000 per year - then it can't be be something we're expecting kids to pay out of pocket for.

Good on Biden for this, honestly. The US needs more steps towards remaining socially competitive with other "First World" nations.
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Re: Biden cancels 1.3 billion in student debt.

Post by noxiousdog »

There's more folks worried about paying for other people's grad school and private school which is where the vast majority of debt is, but I support very targeted relief.
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Re: Biden cancels 1.3 billion in student debt.

Post by malchior »

This is the smart approach. Avoid the income/school trap and focus on populations who are at high risk of default and also need relief the most.

On its own this decision is similar to what private institutions do all the time. They weigh the cost to collect, its likelihood of success, and write off bad loans all the time. It often makes fiscal sense. The social aspects are a net good that makes the action all the better.
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Re: Biden cancels 1.3 billion in student debt.

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Little Raven wrote: Wed Mar 31, 2021 2:17 am Collectively, Biden has cancelled $2.3 billion of student loans for more than 110,000 student loan borrowers.
If you have been following the latest on student loan cancellation, Biden cancelled student loans for the second time this month. First, Biden cancelled $1 billion of student loans for 72,000 student loan borrowers. Today, he cancelled another $1.3 billion of student loans for 41,000 borrowers with total and permanent disability.
I've got close to 20,000 that's been there for close to 30 years, but unfortunately I'm not considered to be permanently disabled. I'm temporarily disabled, which they automatically renew every two years.
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Re: Biden cancels 1.3 billion in student debt.

Post by Octavious »

If they don't want to forgive all the loans they could at least drop the interest rates to some super low rate or make it interest free. It's really insane the burden that is dropped on people as even the state colleges aren't cheap. Here's 80-100k in debt have a nice life. :P
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Re: Biden cancels 1.3 billion in student debt.

Post by Octavious »

Jesus Rutgers with room and board 33,457 a year. And that's one of the cheaper schools and that's for in state people. :P
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Re: Biden cancels 1.3 billion in student debt.

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We should expect no less from a great, if not the greatest, President ever.
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Re: Biden cancels 1.3 billion in student debt.

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stimpy wrote: Wed Mar 31, 2021 10:25 am We should expect no less from a great, if not the greatest, President ever.
Well said!
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Re: Biden cancels 1.3 billion in student debt.

Post by LawBeefaroni »

I'm ok with this since it's targeted relief for a particularly vulnerable, and definable, sunset of borrowers.

Bad debt, little to no chance to collect. And not exactly a situation someone can use to take advantage of the relief.
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Re: Biden cancels 1.3 billion in student debt.

Post by wonderpug »

LawBeefaroni wrote: Wed Mar 31, 2021 11:26 am I'm ok with this since it's targeted relief for a particularly vulnerable, and definable, sunset of borrowers.
And as the sun sets on the loans of this sunset of borrowers, the sunset the sun sets on is thankful for their new set of sums.
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Re: Biden cancels 1.3 billion in student debt.

Post by Smoove_B »

LawBeefaroni wrote: Wed Mar 31, 2021 11:26 am Bad debt, little to no chance to collect. And not exactly a situation someone can use to take advantage of the relief.
I'm sure Tucker is putting together a piece right now that will show how there are hundreds - if not thousands - of people that intentionally disabled themselves after earning a college degree to get out of debt payments.
Maybe next year, maybe no go
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Re: Biden cancels 1.3 billion in student debt.

Post by coopasonic »

Smoove_B wrote: Wed Mar 31, 2021 11:44 am I'm sure Tucker is putting together a piece right now that will show how there are hundreds - if not thousands - of people that intentionally disabled themselves after earning a college degree to get out of debt payments.
I'm just glad his name is so very easy to rhyme. It makes it almost joyful to bitch about him.
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Re: Biden cancels 1.3 billion in student debt.

Post by LordMortis »

Smoove_B wrote: Wed Mar 31, 2021 11:44 am
LawBeefaroni wrote: Wed Mar 31, 2021 11:26 am Bad debt, little to no chance to collect. And not exactly a situation someone can use to take advantage of the relief.
I'm sure Tucker is putting together a piece right now that will show how there are hundreds - if not thousands - of people that intentionally disabled themselves after earning a college degree to get out of debt payments.
And I be they're illegal immigrants that will double dip and get free health care for their disability claims and for their families that you and I can't get either from the taxes we paid. (All that said, I won't weigh in on the real topic because I have no idea what the facts of the matter really are. I'm generally opposed to canceling student debt but 1.3 billion is a drop in the student debt bucket)
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Re: Biden cancels 1.3 billion in student debt.

Post by Holman »

Jaymann wrote: Wed Mar 31, 2021 10:57 am
stimpy wrote: Wed Mar 31, 2021 10:25 am We should expect no less from a great, if not the greatest, President ever.
Well said!
It's sad that they think we must have a Biden Cult to match their Trump Cult.
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Re: Biden cancels 1.3 billion in student debt.

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Holman wrote: Wed Mar 31, 2021 5:04 pm
Jaymann wrote: Wed Mar 31, 2021 10:57 am
stimpy wrote: Wed Mar 31, 2021 10:25 am We should expect no less from a great, if not the greatest, President ever.
Well said!
It's sad that they think we must have a Biden Cult to match their Trump Cult.
You've already drank the kool-aid......

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Holman
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Re: Biden cancels 1.3 billion in student debt.

Post by Holman »

stimpy wrote: Wed Mar 31, 2021 5:11 pm
Holman wrote: Wed Mar 31, 2021 5:04 pm
Jaymann wrote: Wed Mar 31, 2021 10:57 am
stimpy wrote: Wed Mar 31, 2021 10:25 am We should expect no less from a great, if not the greatest, President ever.
Well said!
It's sad that they think we must have a Biden Cult to match their Trump Cult.
You've already drank the kool-aid......

https://octopusoverlords.com/forum/view ... =6&t=98129
Yeah, I know the OP post there was ironic. I feel pretty sure we all knew it at the time.

But the fact remains that Biden is getting good things done, which is the point of that thread's continuance.

You're so used to four years of Trumpian incompetence that you can't even imagine competence as anything but propaganda and bluster.
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stimpy
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Re: Biden cancels 1.3 billion in student debt.

Post by stimpy »

Did you actually read the article that was posted in that thread?
Talk about propaganda and bluster......

2 months in and this quote:

"just two months after Biden took the oath, they are branding him a transformational president.
The comparisons to Franklin D Roosevelt and Lyndon Johnson have already begun".

And there is no doubt the author of that article believes that spew 100%.

Give me a break......
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Re: Biden cancels 1.3 billion in student debt.

Post by Blackhawk »

stimpy wrote: Wed Mar 31, 2021 6:05 pm
Give me a break......
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Re: Biden cancels 1.3 billion in student debt.

Post by Alefroth »

stimpy wrote: Wed Mar 31, 2021 6:05 pm Did you actually read the article that was posted in that thread?
Talk about propaganda and bluster......

2 months in and this quote:

"just two months after Biden took the oath, they are branding him a transformational president.
The comparisons to Franklin D Roosevelt and Lyndon Johnson have already begun".

And there is no doubt the author of that article believes that spew 100%.

Give me a break......
It was so much better when that propaganda and bluster was coming from the president himself.
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Re: Biden cancels 1.3 billion in student debt.

Post by Jaymon »

Biden understands politics and compromise. He already knows he can't cancel the debt for everybody all at once, that is an unwinnable fight. So he makes targeted smaller cancellations that are winnable fights. But watch, he will make further cancellations later on.

I believe his strategy is, literally, to eat the elephant one bite at a time.
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Re: Biden cancels 1.3 billion in student debt.

Post by Paingod »

stimpy wrote: Wed Mar 31, 2021 6:05 pm2 months in and this quote:

"just two months after Biden took the oath, they are branding him a transformational president.
The comparisons to Franklin D Roosevelt and Lyndon Johnson have already begun".
There's no doubt that Florida Man was also a tremendously transformational president, just in the wrong way. He smeared racism and corruption on everything about the office and the people around it, turning the US into an even more divided nation for his own amusement. Like Voldemort, who also did great things...

Biden can't help but be considered transformational if he's not lusting after his own daughter, cheating on his wife, being investigated for 8 kinds of fraud, and whipping his base into a killing frenzy. He's restored a sense of dignity to the office he holds that wasn't just absent, but utterly shattered over the last 4 years.

Like his policies or not, he's not out preening before the cameras and bringing shame on the nation daily. I call it a win.
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Re: Biden cancels 1.3 billion in student debt.

Post by Remus West »

Paingod wrote: Wed Mar 31, 2021 7:06 amI've seen a Master's required for a job that offered no more than $60,000 per year
Teaching. Sure after a LOT of years people break the 60K line there but a Master's is required well before then to be considered "highly qualified".
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Re: Biden cancels 1.3 billion in student debt.

Post by Blackhawk »

Jaymon wrote: Thu Apr 01, 2021 12:41 pm I believe his strategy is, literally, to eat the elephant one bite at a time.
An actual elephant? Or is is he going to eat Republicans? He'd better cook them first. They have a tendency toward diseases. :wink:
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