Forgive Student Loans?

#1,828
#1,828
DC_Vol said:
What kind of organization puts a ceiling over someone who doesn’t have an MBA? Is there something specific they want him to learn? Why not put him through a rotation through a few different areas of the business? Ops, finance, sales, marketing, etc?
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Every Fortune 500 company.

I’ve worked at 2 where you could not make Director without one.
 
#1,830
#1,830
I do like how we continue to worry about the debt cancellation when the reason people “need” the cancellation still exists. Another whole year of college freshmen have just enrolled taking out countless new loans to pay colleges and universities for degrees in areas that can never and will never provide adequate income for repayment.
 
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#1,831
#1,831
newyorkvol said:
I do like how we continue to worry about the debt cancellation when the reason people “need” the cancellation still exists. Another whole year of college freshmen have just enrolled taking out countless new loans to pay colleges and universities for degrees in areas that can never and will never provide adequate income for repayment.
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Treat the pain with a little pill without addressing the underlying disease....
 
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#1,832
#1,832
southgatevol said:
Treat the pain with a little pill without addressing the underlying disease....
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Seriously. Here’s the Academic majors page from our beloved University. 360 potential majors. At an in-state cost of $32k/year. Just scroll through and see how many might lead to a four year degree capable of paying off 120k in loans.

Programs & Majors | Undergraduate Admissions
 
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#1,833
#1,833
newyorkvol said:
I do like how we continue to worry about the debt cancellation when the reason people “need” the cancellation still exists. Another whole year of college freshmen have just enrolled taking out countless new loans to pay colleges and universities for degrees in areas that can never and will never provide adequate income for repayment.
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We have a really bad habit of slapping a Band-Aid on problems without ever addressing the cause. In many cases the cause was the earlier Band-Aid to gloss over a different problem. If there are any problem solvers in DC, there aren't many of them; and it's questionable that even they are looking at the real issues.
 
#1,835
#1,835
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#1,836
#1,836
So one of the reasons some of the Wall Street economists think this will have little impact on inflation is because the act RESUMES student loan payments and those payments will take money out of the economy.

Ummm, the payments were temporarily paused and were going to RESUME eventually.

I wish I could use this type rationale when doing my taxes.
 
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#1,837
#1,837
newyorkvol said:
Seriously. Here’s the Academic majors page from our beloved University. 360 potential majors. At an in-state cost of $32k/year. Just scroll through and see how many might lead to a four year degree capable of paying off 120k in loans.

Programs & Majors | Undergraduate Admissions
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Wow! Kinda makes you think some of the problem came from higher education becoming a major growth industry. Things looked a lot different when I was at UT and funding came from parents, work, or maybe a bank loan - that wasn't a maybe you pay it back thing or a given that you could get it. Scholarships were limited, and there was no lottery scholarship for almost all.
 
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#1,838
#1,838
so these new income-driven repayment rules are nuts.

you pay 5% of "discretionary" income. discretionary income is your AGI - 225% the federal proverty level where you live.

If you borrowed 57.5k in UG (max non PLUS loans) and got the average salary of 55K. Discretionary income: 55K - 12K standard deduction = 43K - 30.5K = 12.5K * 5% = about $52/mo.

52 bucks a month (interest is about 240 but the government pays the difference).

Until you make $100k per year you aren't even covering the interest but the government is paying the shortfall and will cover any balance left after 20 years.
 
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#1,841
#1,841
volinbham said:
SIAP - big #

The Biden Student Loan Forgiveness Plan: Budgetary Costs and Distributional Impact — Penn Wharton Budget Model
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The summary is just too awesome to not highlight.

Summary: President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1trillion
 
#1,842
#1,842
The true outrage here is that it only happened bc we are still operating as if we are under a federal emergency. We are not. Everyone knows it. Even people who support debt relief should be horrified that this has been allowed to happen. Of course most of those are big government folks. It's a scam. A gross abuse of power.
 
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#1,843
#1,843
Ashevolle said:
I'm loving this newfound insistence from Republicans for fairness. Conservatives have been demanding tax cuts for the rich and trying to slash social programs for the poor for 40 years. The party identity is antithetical to fairness.
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Well, at least we’re making progress.

We’ve moved off some false narratives:

1. This will fix the problem (it won’t)
2. This will help inflation (it won’t)
3. This won’t raise taxes (it will)

Now we can get down to the nitty gritty - Is it fair?
 
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#1,847
#1,847
NorthDallas40 said:
The summary is just too awesome to not highlight.

Summary: President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1trillion
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Biden’s new 87,000 IRS agents are gonna raise $700B in revenue
Biden’s new student loan cancellation is gonna cost us $600B

Can somebody do the math on that
 
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#1,848
#1,848
newyorkvol said:
I do like how we continue to worry about the debt cancellation when the reason people “need” the cancellation still exists. Another whole year of college freshmen have just enrolled taking out countless new loans to pay colleges and universities for degrees in areas that can never and will never provide adequate income for repayment.
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Yep.
 
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