4 ms·

White House officials planning to cancel $10k in student debt per borrower

4 points by CSMastermind 4y ago

cyberlurker 4y ago
Not solving the underlying problem.
- jfengel 4y ago
  No. But the underlying problem is even harder. This is something that helps actual people today.
  - vinyl7 4y ago
    The underlying problem is simple. Stop having government backed student loans
    - jfengel 4y ago
      If you do that, college loans will be given only to the risk-free people. It's good for the country that some people go to college and fail to become wealthy off of it. That's why the government got involved. It's wasting human potential, and keeps poor people poor. So it's not simple. Realistic solutions that promote the country as a whole involve balancing different goals. One of them is avoiding the way colleges use the loans to increase prices without increasing education.
      - vinyl7 4y ago
        On the other hand, non-government backed loans will cause the tuition costs to drop precipitously...which then would cause the risk-assessment to be easier. I don't think it's good that poor people get stuck with insurmountable debt, especially when a lot of college degrees don't result in well paying jobs.
      - polski-g 4y ago
        College loans are pointless because college is pointless.
  - cyberlurker 4y ago
    At the expense of others and hurts more people in the future.
Bostonian 4y ago
It's unconstitutional. Congress is supposed to appropriate money. Can a Republican president "forgive" up to $10K in capital gains taxes?
- cyberlurker 4y ago
  A republican president (Trump) kind of started this whole thing by reducing interest rates on federal student loans during the pandemic to zero. Only the courts can decide what is constitutional, but Biden could virtually cancel $10k in student loans by continuing to set the interest rate at 0% for that portion indefinitely. So I would reason if that power is constitutional, canceling it is too. Disclaimer: I think it is a terrible idea.
uejfiweun 4y ago
I can't imagine this is going to help curb inflation, which is the number 1 thing on everyone's mind right now.
WheelsAtLarge 4y ago
I know there is a subset of borrowers that really need the help so I fully support it for them. I wish there was a way to single them out rather than giving it to all. Some of whom are more than able to repay the loan.

4 points by CSMastermind 4y ago

cyberlurker 4y ago

Not solving the underlying problem.

jfengel 4y ago
No. But the underlying problem is even harder. This is something that helps actual people today.
- vinyl7 4y ago
  The underlying problem is simple. Stop having government backed student loans
  - jfengel 4y ago
    If you do that, college loans will be given only to the risk-free people. It's good for the country that some people go to college and fail to become wealthy off of it. That's why the government got involved. It's wasting human potential, and keeps poor people poor. So it's not simple. Realistic solutions that promote the country as a whole involve balancing different goals. One of them is avoiding the way colleges use the loans to increase prices without increasing education.
    - vinyl7 4y ago
      On the other hand, non-government backed loans will cause the tuition costs to drop precipitously...which then would cause the risk-assessment to be easier. I don't think it's good that poor people get stuck with insurmountable debt, especially when a lot of college degrees don't result in well paying jobs.
    - polski-g 4y ago
      College loans are pointless because college is pointless.
- cyberlurker 4y ago
  At the expense of others and hurts more people in the future.

Bostonian 4y ago

It's unconstitutional. Congress is supposed to appropriate money. Can a Republican president "forgive" up to $10K in capital gains taxes?

cyberlurker 4y ago
A republican president (Trump) kind of started this whole thing by reducing interest rates on federal student loans during the pandemic to zero. Only the courts can decide what is constitutional, but Biden could virtually cancel $10k in student loans by continuing to set the interest rate at 0% for that portion indefinitely. So I would reason if that power is constitutional, canceling it is too. Disclaimer: I think it is a terrible idea.

uejfiweun 4y ago

I can't imagine this is going to help curb inflation, which is the number 1 thing on everyone's mind right now.

WheelsAtLarge 4y ago

I know there is a subset of borrowers that really need the help so I fully support it for them. I wish there was a way to single them out rather than giving it to all. Some of whom are more than able to repay the loan.