Warren unveils $640 billion college debt forgiveness plan - Page 3

[ARCHIVED THREAD] - Warren unveils $640 billion college debt forgiveness plan (Page 3 of 7)

Posted: 4/22/2019 10:34:32 AM EDT

[#1]

What about all the people who went to college previously? Had to pay our own way through and loans? Do we magically get $50,000 back?

Posted: 4/22/2019 10:36:15 AM EDT

[#2]

What about student loans that have already been paid and those still to come? Let's be fair about this.

Posted: 4/22/2019 10:36:44 AM EDT

[#3]

Quote History

Quoted:
I think a more realistic approach would be a government program to allow consolidatation of all existing student loan debts into a 0% loan. Discharging/forgiving the interest of existing loans is a lot more reasonable.

The new consolidated loan would be federal and not dischargable under bankrupcy. Any missed or partial payments incur a %APR penalty on the remaining balance. A long period without missed or partial payments can reduce the %APR penalties back to 0%.

Furthermore, the bill should limit tuition rate increases for any university that acccepts federal subsidies and student grants. The rate of tuition inflation is absurd.

Finally, something should be in there to encourage the use of vocational and trade schools. I’ll bet 75% of the people with degrees don’t actually need them to do their jobs. They would have been money ahead with no loan debt and 6 months of on the job training. Imagine putting all those student loan payments into a 401k that early in your career instead of paying back banks... you’d have $100,000’s more when you retire.

View Quote

Something like this needs to happen. Either the government gets completely out of student loans, which is the best option, or the interest rates need reduced on government loans. The only way out of student loans is death. That's pretty fucking guaranteed. Interest rates should reflect that. Ideally, just let people go bankrupt and discharge them. The whole system would change very quickly and people would no longer be approved for loans for dumb shit.

I have $25,000 left to go on my loans. Forgiveness is bullshit.

Posted: 4/22/2019 10:36:56 AM EDT

[#4]

Quote History

Quoted:
Can we add auto loan debt forgiveness in there too, cause im sick of paying my truck payment. Kthx

View Quote

How about home loan forgiveness first...for people who have paid taxes for decades and served in the military.

Or just end the US government control of the college loan program and put that issue into the commercial loan area. Then see what happens to costs and how college loan debt plummets.

Posted: 4/22/2019 10:37:58 AM EDT

[#5]

Make the colleges that issued the worthless degrees pay for that.

Posted: 4/22/2019 10:38:28 AM EDT

[#6]

If this happens the government is basically funding the shit courses and professors that would be axed if colleges were forced to tighten their belt.

Posted: 4/22/2019 10:40:24 AM EDT

[#7]

How about you just make student debt dischargable in bankruptcy?

Posted: 4/22/2019 10:40:31 AM EDT

[#8]

Colleges already got their money but I bet they will jack up their prices taking this loan forgiveness into account.

Posted: 4/22/2019 10:41:12 AM EDT

[#9]

Quote History

Quoted:

They put it out there, the rest of the commies now have to adopt it as part of the platform.

View Quote

It's this. Got to be first with these and the commies have to try and out-commie each other with silly free shit for the masses.

Posted: 4/22/2019 10:41:26 AM EDT

[#10]

Quote History

Quoted:
How about you just make student debt dischargable in bankruptcy?

View Quote

That would make too much sense.

Posted: 4/22/2019 10:43:01 AM EDT

[#11]

$640 billion?

Posted: 4/22/2019 10:43:46 AM EDT

[#12]

Quote History

Quoted:

Since she's proposing eliminating $50k, I wouldn't recommend it.

View Quote

Well, can I take out 50k for one class that I don't have to pass?

Asking for a friend.

Posted: 4/22/2019 10:44:01 AM EDT

[#13]

In exchange for a Constitutional amendment permanently dissolving the Dept. of Education and barring the federal government from being involved in any way with student lending forever.... almost worth it.

Posted: 4/22/2019 10:44:45 AM EDT

[#14]

Except for the proposal to grant slavery "reparations", I've never heard of a more craven attempt to buy votes.

Posted: 4/22/2019 10:47:15 AM EDT

[#15]

What if I make 100k but I still don't want to pay my student loans? Why do the poors get a break?

Posted: 4/22/2019 10:47:35 AM EDT

[#16]

Quote History

Quoted:
Yep, screw over all the responsible people.

Seems reasonable.

View Quote

I swear half the country read The Grasshopper and the Ant in reverse.

Posted: 4/22/2019 10:57:56 AM EDT

[#17]

I'd almost consider it if it simultaneously stipulated an end to all college subsidies. We'd break even in about 4 years and be rolling in clover every year after that. And college tuition would have to quickly adjust to become more affordable. It would break the grip leftists have and convert their lib training camps back into capitalist institutions.

Posted: 4/22/2019 11:01:09 AM EDT

[#18]

Quote History

Quoted:
I need to apply for a bunch of student loans

View Quote

Iz needin reparations for the loans I paid....

Posted: 4/22/2019 11:03:12 AM EDT

[#19]

Quoted:
https://www.kron4.com/news/national/warren-unveils-640-billion-college-debt-forgiveness-plan/1944583355

The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000.

Warren says the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.

View Quote

...and then a whole new generation of students winds up in even more debt because College costs are still way too fucking high for what you get.

Posted: 4/22/2019 11:03:49 AM EDT

[#20]

My wife and I worked while going to school so we had no loans.
Since we both were responsible how about forgiving the taxes we will owe on our 401k accounts?

Posted: 4/22/2019 11:05:04 AM EDT

[#21]

thats one way to buy votes

Posted: 4/22/2019 11:05:24 AM EDT

[#22]

So long as they send me a check for the college debt I paid off.

That's the 25 trillion dollar plan.

Posted: 4/22/2019 11:05:49 AM EDT

[#23]

Attached File

Posted: 4/22/2019 11:11:45 AM EDT

[#24]

Quote History

Quoted:
Pell grants actually require certain GPA targets to be met in order to qualify.

This other stuff is just pandering.

My wife and I paid for our school and recently got even on student loans.

People should pay what they owe.

View Quote

And that means NO MORE BAILOUTS for ANY “too big to fail” banks, insurance companies, and/or corporations.

Posted: 4/22/2019 11:18:26 AM EDT

[#25]

Quote History

Quoted:
And that means NO MORE BAILOUTS for ANY “too big to fail” banks, insurance companies, and/or corporations.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
Pell grants actually require certain GPA targets to be met in order to qualify.

This other stuff is just pandering.

My wife and I paid for our school and recently got even on student loans.

People should pay what they owe.

And that means NO MORE BAILOUTS for ANY “too big to fail” banks, insurance companies, and/or corporations.

Are you expecting people to disagree with that position?

Posted: 4/22/2019 11:21:22 AM EDT

[#26]

Quote History

Quoted:
How about you just make student debt dischargable in bankruptcy?

View Quote

Because then the loans would dry up and colleges would have to get rid of fluff courses like genderfluid underwater basketweaving.

Posted: 4/22/2019 11:24:44 AM EDT

[#27]

Now wait... does that work retroactively? Because I have maybe a year and a half left on my student loans, of which in their entirety was under 50K.

Posted: 4/22/2019 11:26:48 AM EDT

[#28]

Hmmm...

She has my vote

Posted: 4/22/2019 11:27:11 AM EDT

[#29]

Wow! This was unexpected! I would have never thought a Democrat would even suggest such a thing to get votes!

<<<>>>

Posted: 4/22/2019 11:28:20 AM EDT

[#30]

Quote History

Quoted:
That would make too much sense.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
How about you just make student debt dischargable in bankruptcy?

That would make too much sense.

Warren wants to keep the gravy train rolling to the college-industrial complex. She knows that $50k in SL forgiveness just gives another $50k buffer for them to raise prices even more.

Discharging SLs in bankruptcy however will kick-start the enema that academia so sorely needs.

Posted: 4/22/2019 11:28:40 AM EDT

[#31]

Take the money from Snap and welfare

How else are the middle class white kids gonna get their SJW degree paid for.

Posted: 4/22/2019 11:29:10 AM EDT

[#32]

Typical Democrat strategy, buying their way into office with taxpayer money.

Posted: 4/22/2019 11:29:11 AM EDT

[#33]

Quote History

Quoted:
I think a more realistic approach would be a government program to allow consolidatation of all existing student loan debts into a 0% loan. Discharging/forgiving the interest of existing loans is a lot more reasonable.

The new consolidated loan would be federal and not dischargable under bankrupcy. Any missed or partial payments incur a %APR penalty on the remaining balance. A long period without missed or partial payments can reduce the %APR penalties back to 0%.

Furthermore, the bill should limit tuition rate increases for any university that acccepts federal subsidies and student grants. The rate of tuition inflation is absurd.

Finally, something should be in there to encourage the use of vocational and trade schools. I’ll bet 75% of the people with degrees don’t actually need them to do their jobs. They would have been money ahead with no loan debt and 6 months of on the job training. Imagine putting all those student loan payments into a 401k that early in your career instead of paying back banks... you’d have $100,000’s more when you retire.

View Quote

I would think this whole problem would go away if they just allowed the bankruptcy of such loans. At that point, they would only lend money to those they could expect repayment from and for degrees that would actually generate a decent paycheck.

Posted: 4/22/2019 11:30:20 AM EDT

[#34]

Quoted:
https://www.kron4.com/news/national/warren-unveils-640-billion-college-debt-forgiveness-plan/1944583355

The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000.

View Quote

oh, so fuck all of us who worked our ass off to earn over $100,000 per household. Fuck our privilege, fuck our merit, fuck our accomplishments, earning is for suckers. I swear to god that should be the Federal Govt's motto: "Working & Earning Is Fo Suckas!"

But we also get to pay the taxes to pay for this program. See this next piece:

Warren says the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.

View Quote

Let's break this bullshit down

1. NOTHING ever costs the federal government anything. ANYTHING. It only costs TAXPAYERS.

2. This will require issuing $640B in 30yr bonds. At current long-term 30yr Treasury bond interest rates of 2.961%, that $640,000,000,000 will cost taxpayers $18,950,400,000 in interest every year, for 30 years, totalling $568,512,000,000 in interest payments.

3. That's on top of the $640,000,000,000 that will have to be repaid in 30 years, for a grand total of over $1.208 TRILLION dollars that it costs taxpayers.

4. And the ones paying the bulk of that tax (households making over $100K/yr) derive NO BENEFIT from this program.

Fuck EW's fake-Indian ass.

Posted: 4/22/2019 11:31:29 AM EDT

[#35]

Quote History

Quoted:
Yeah, Who needs personal responsibility.

View Quote

Posted: 4/22/2019 11:32:30 AM EDT

[#36]

Quoted:
https://www.kron4.com/news/national/warren-unveils-640-billion-college-debt-forgiveness-plan/1944583355

The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000.

Warren says the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.

View Quote

Posted: 4/22/2019 11:33:22 AM EDT

[#37]

Quote History

Quoted:
So are we going to give the former students who worked, and paid for their school $50K each?

View Quote

What about those of us who were successful and got married, but still have college debt?

Posted: 4/22/2019 11:33:31 AM EDT

[#38]

Quote History

Quoted:

I swear half the country read The Grasshopper and the Ant in reverse.

View Quote

Grasshoppers always do....

Posted: 4/22/2019 11:34:21 AM EDT

[#39]

Typical Massachusetts lefty. I swear every real whacko comes from Mass. Or somewhere in New England. It's a breeding ground.

Posted: 4/22/2019 11:34:51 AM EDT

[#40]

As long as we put an equal amount to building the biggest effing walls in history on the borders, I'm good with it.

Posted: 4/22/2019 11:37:59 AM EDT

[#41]

Quote History

Quoted:

Make everything free!

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Among Warren's other proposals is elimination of tuition and fees for two- and four-year public college degree programs, as well as a $100 billion investment in Pell Grants, a federal aid program that requires no payback.

Make everything free!

Sounds like a good way to make a college degree worthless and drive everyone who wants to succeed into the graduate programs. 14 years of indoctrination > 4.

Posted: 4/22/2019 11:38:44 AM EDT

[#42]

Would her program allow me to go back to college full time? Wouldn't mind free college, and I get to hang around college women

Posted: 4/22/2019 11:41:42 AM EDT

[#43]

So will this forgiven debt be taxed as income? What's the tax on an extra 50000? Could be a windfall for the government.

Posted: 4/22/2019 11:41:45 AM EDT

[#44]

Quote History

Quoted:
Except that wipe-out student debt will be replaced with debt from cars, mortgages, personal loans, etc. What's to stop them from going into debt again?

View Quote

Not agreeing with the plan.

But...

Cars, mortgages, and personal loans allow the lender to actually determine whether the borrower has the ability to repay them.

Posted: 4/22/2019 11:42:14 AM EDT

[#45]

It's not going to be enough to get her to the top of the Giving Shit Away list.

She's going to have to throw this bone in as well.

The first criticism revolves around the fact that sometimes tuition isn’t the highest cost of college. At community colleges, the hidden costs of attending college while working less than full-time — books, food, rent, child care — are much more expensive than the actual tuition. At public universities, room and board can cost almost as much as tuition.

Free tuition isn't enough anymore, everyone is going to be offering it up.
Living expenses are going to get added in, can't have our future leaders eating ramen for God's sake.
The ads in the local paper for student housing tout 55 inch smart tvs in every living room among other things.
We'll end up paying for that shit.
The left is creating a cradle to fucking grave free shit army.
Leeches on the ass of society.