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Most student debt is owed by people who are already in the top quartile of wealth. I like free money too, but let’s call it what it is: a handout to people who
by egdod 7y ago
Most student debt is owed by people who are already in the top quartile of wealth. I like free money too, but let’s call it what it is: a handout to people who largely don’t need handouts.
- jihadjihad 7y agoThen there's those who've gotten to the point of giving themselves their own handout...https://www.wsj.com/articles/college-financial-aid-loophole-wealthy-parents-transfer-guardianship-of-their-teens-to-get-aid-11564450828 https://www.wsj.com/articles/college-financial-aid-loophole-...
- daxorid 7y agoThis is demonstrably untrue, as 2010's SAFRA effectively nationalized 80% of student debt. Direct Loans by the government, not private lenders, comprise almost all of the student debt market, as of now. https://en.wikipedia.org/wiki/Student_Aid_and_Fiscal_Responsibility_Act https://en.wikipedia.org/wiki/Student_Aid_and_Fiscal_Respons...
- egdod 7y agoI’m talking about the students who owe the money, not the lenders that own the debt.
- mempko 7y agoThis isn't true, the majority of student debt is owned by those in the bottom 3 quartiles. Only 34% is owed by the top quartile. https://www.urban.org/urban-wire/which-households-hold-most-student-debt https://www.urban.org/urban-wire/which-households-hold-most-... Which means a student loan cancellation would help the middle class the most since student debt would be a higher percentage of their income and the bottom 75% hold 66% (the majority) of the debt.
- refurb 7y agoRead your link again. It says 34% of educational debt is held by the highest quartile households by income. Only 17% by the lowest.
- mempko 7y agoOP Said > Most student debt is owed by people who are already in the top quartile of wealth I interpreted most to mean majority. It's clear the middle quartiles holds the majority of the debt not the top.
- egdod 7y agoI probably should have phrased that better. My point was that the top quartile has a disproportionately large amount of the debt.
- basch 7y ago2/3rds is owned by the top half.