Off topic posts about student debt forgiveness (many snippy)

[betstarship]

Anyone perchance know how much immediate, new disposable income may be available in the US economy if the government decides to forego student loan debt?

More:

Report: Biden to announce $10K in student loan forgiveness for many

The plan would likely eliminate student debt entirely for millions of Americans and wipe...

www.chron.com

 

[betstarship]

Even more:

Canceling Student Debt Would Increase Wealth, Not Inflation - Roosevelt Institute

Mike Konczal and Alí Bustamante explain how canceling student debt will increase wealth for those who need it and promote racial equity—without increasing inflation.

rooseveltinstitute.org

 

[Nocturnal]

Anyone perchance know how much immediate, new disposable income may be available in the US economy if the government decides to forego student loan debt?

More:

Report: Biden to announce $10K in student loan forgiveness for many

The plan would likely eliminate student debt entirely for millions of Americans and wipe...

www.chron.com

Just saying (EV buyer demographics) People making 125k and lower are probably the bulk of 3/Y buyers as it is, no? EV buyers are a little older than the average student loan holder but without a loan payment maybe they could get an EV.

 

[betstarship]

Just saying (EV buyer demographics) People making 125k and lower are probably the bulk of 3/Y buyers as it is, no? EV buyers are a little older than the average student loan holder but without a loan payment maybe they could get an EV.
View attachment 844297

Solar?

Also, kids and loans mixed with the push toward EVs with the inflation reduction act.

 

[Usain]

Anyone perchance know how much immediate, new disposable income may be available in the US economy if the government decides to forego student loan debt?

More:

Report: Biden to announce $10K in student loan forgiveness for many

The plan would likely eliminate student debt entirely for millions of Americans and wipe...

www.chron.com

Student loans have been frozen since the pandemic. So nobody has been forced to make payments for quite some time. As far as I know it's still unclear when payments will resume because Biden could extend the freeze.

If Biden forgives $10,000 to most borrowers, but says they have to start paying again then it might actually reduce disposable income in the near term. Right?

 

[betstarship]

Student loans have been frozen since the pandemic. So nobody has been forced to make payments for quite some time. As far as I know it's still unclear when payments will resume because Biden could extend the freeze.

If Biden forgives $10,000 to most borrowers, but says they have to start paying again then it might actually reduce disposable income in the near term. Right?

I get excited and you just have to swoop in with the curmudgeonness

 

[elasalle]

Student loans have been frozen since the pandemic. So nobody has been forced to make payments for quite some time. As far as I know it's still unclear when payments will resume because Biden could extend the freeze.

If Biden forgives $10,000 to most borrowers, but says they have to start paying again then it might actually reduce disposable income in the near term. Right?

10K Debt Forgivness
7.5K EV credits

FSD - 15K Just saying

 

[Usain]

I get excited and you just have to swoop in with the curmudgeonness

Sorry. It was a cool idea though.

 

[bkp_duke]

Anyone perchance know how much immediate, new disposable income may be available in the US economy if the government decides to forego student loan debt?

More:

Report: Biden to announce $10K in student loan forgiveness for many

The plan would likely eliminate student debt entirely for millions of Americans and wipe...

www.chron.com

We're off-topic, but as someone that worked HARD to pay all his student debt off, and has a wife that did the same thing, I'm going to be seriously pissed if the gov is just handing out money for people that made bad life choices (picked an "unmarketable" major that they can't get a job with, etc.).

 

[GrandEnigma]

Just saying (EV buyer demographics) People making 125k and lower are probably the bulk of 3/Y buyers as it is, no? EV buyers are a little older than the average student loan holder but without a loan payment maybe they could get an EV.
View attachment 844297

Ah yes, because $10k of education debt I possibly shouldn’t have taken on has been wiped I should immediately take on $70k in auto debt that has no ROI?

This one will make me quite mad as I spent the first few years of my marriage aggressively paying off my wife’s student loans when instead it could have gone into Tesla.

 

[bkp_duke]

We're off-topic, but as someone that worked HARD to pay all his student debt off, and has a wife that did the same thing, I'm going to be seriously pissed if the gov is just handing out money for people that made bad life choices (picked an "unmarketable" major that they can't get a job with, etc.).

@madodel @PeterJA

If you are going to disagree, you should have the courtesy to post why. No one forced debt upon these people. Why should the rest of us through our tax dollars have to pay for their debt? I'm not talking scholarships here, which are worthwhile. We're talking literally having to pay for someone else's education.

All something like this does is encourage universities to raise prices further, and people to take out more loans in hopes that someone else will pay for it, now that a precedent has been set.

 

[PeterJA]

@madodel @PeterJA

If you are going to disagree, you should have the courtesy to post why....

It's not easy to reply courteously to someone who has blocked my posts, but here is a hint for others:

We're off-topic...

 

[Open Interest]

Student loans have been frozen since the pandemic. So nobody has been forced to make payments for quite some time. As far as I know it's still unclear when payments will resume because Biden could extend the freeze.

If Biden forgives $10,000 to most borrowers, but says they have to start paying again then it might actually reduce disposable income in the near term. Right?

Yes, I was thinking the same. My son hasn’t had a payment since early in the pandemic and has been waiting for forgiveness (and here I’m a banker ). But if payments were to resume at some point it would be money taken out of the economy.

 

[TheTalkingMule]

We're off-topic, but as someone that worked HARD to pay all his student debt off, and has a wife that did the same thing, I'm going to be seriously pissed if the gov is just handing out money for people that made bad life choices (picked an "unmarketable" major that they can't get a job with, etc.).

How did I know you'd be chiniming in with some whining here. When you and I stumbled drunkenly into college it was like $7-15k/yr. These poor kids are getting gouged like crazy AND come out getting paid the same thing we did dozens of years ago.

I'm not in love with the legit moral hazard here, IMO it'll just make the problem worse, but don't hate on these broke kids. Especially considering (I assume) you're filthy rich.

 

[bkp_duke]

How did I know you'd be chiniming in with some whining here. When you and I stumbled drunkenly into college it was like $7-15k/yr. These poor kids are getting gouged like crazy AND come out getting paid the same thing we did dozens of years ago.

I'm not in love with the legit moral hazard here, IMO it'll just make the problem worse, but don't hate on these broke kids. Especially considering (I assume) you're filthy rich.

What a load of crap.

First, college for me was more like 35k/yr. And I had to work during college to pay for part of it, and a lot more work later to finish paying it off.

Second, if you want colleges to STOP GOUGING for tuition, etc. the LAST thing you should do is hand them money. Notice that in all of this "forgiveness", there is nothing that puts any kind of cap on costs, on the rate of rise of costs, etc. We're just bailing out the kids. The schools already got the money, and as you correctly pointed out THIS DOES NOTHING to address the underlying problem.

It's literally, about the stupidest thing that you could do.

The ONE exception I could get behind are those "for profit" colleges that have gone under that were clearly scams. The students should not be held responsible for a "fraudulently sold" education.

 

[TNEVol]

We're off-topic, but as someone that worked HARD to pay all his student debt off, and has a wife that did the same thing, I'm going to be seriously pissed if the gov is just handing out money for people that made bad life choices (picked an "unmarketable" major that they can't get a job with, etc.).

Ok I get your superiority. My daughter in an RN who has a significant student loan. She has taken care of mental health patients with COVID and received a pizza lunch in return. She made 60k from Vanderbilt with 1 kid in college and a 10 year old. Tell me again why she shouldn't have suffered for your people who chose better majors.

 

[bkp_duke]

Ok I get your superiority. My daughter in an RN who has a significant student loan. She has taken care of mental health patients with COVID and received a pizza lunch in return. She made 60k from Vanderbilt with 1 kid in college and a 10 year old. Tell me again why she shouldn't have suffered for your people who chose better majors.

Who are "my people"? Those of us that pay our own debts?

 

[Open Interest]

It’s not always bad life choices. It’s not about whether kids can pay or not, it’s a blanket forgiveness. There is no test for ability to pay that I know of.

My oldest has med school debt up the wazoo and he’ll take a $10k reduction though it won’t matter. My youngest has a balance of about $10k and has never been unemployed since graduating; he can easily pay but he was thrilled payments were frozen. Of course he’s not going to argue if the gov comes along and retires his debt!

I am personally not in favor of forgiveness here except in cases of extreme need. Kids have to understand that when they sign a Promissory Note it is a promise to pay and a contract; there are consequences for not paying. But handouts are the way it is right now.

 

[UncaNed]

I'm personally in favor of another thread, yet again, for this topic...

 

[betstarship]

I apologize for starting all of this