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Thread: Cancelation of student loans

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    Senior Member iris lilies's Avatar
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    Cancelation of student loans

    President Biden announced his plan to cancel up to $10,000 of student loans.

    I hope Ultralite comes in under this program.

    I assume it is for loans that are federally held, he is not screwing over the business institutions that hold student loans. He can’t do that anyway, right?

    Isn’t it great that people making $125,000 (individually! Not household) can delete this much debt, this in an era of high employment where anyone can get a job and has the means to pay their debt? /sarcasm

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    Yes it's just federally funded student loans. My partner has private loans. It's completely ridiculous that only some lucky people who have public loans get forgiveness. I mean if they were going to do it at all they could not be out and out discriminatory and just forgive private student loans too. But no the Biden admin hates people with private loans, and the feeling is mutual at this point.
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    Senior Member iris lilies's Avatar
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    Quote Originally Posted by ApatheticNoMore View Post
    Yes it's just federally funded student loans. My partner has private loans. It's completely ridiculous that only some lucky people who have public loans get forgiveness. I mean if they were going to do it at all they could not be out and out discriminatory and just forgive private student loans too. But no they hate people with private loans.
    Well, I suppose Nanny Gubmnt could “forgive” those privately held loans by paying them off, that would be a legally tenable thing to do.Because money is no object, it grows on trees. And everyone is deserving of the graft. And etc.

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    Senior Member catherine's Avatar
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    As "socialist" as my thinking usually goes, I agree that if you sign up for a loan, it's your responsibility. No one put a gun to your head. When I realized belatedly that my daughter's federally-funded loan had an unpleasant repayment schedule (interest only for YEARS), I was upset, but mainly at myself for not reading the terms.

    But in reality, I believe that $10-20k eases the pain for those who either started out needing help to go to college and/or for those who paid at least that 10k in interest in the early years of repayment..
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    Simpleton Alan's Avatar
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    It's an interesting political gambit I think. Forgiving some, if not all of roughly 43,000,000 student loans, and extending the moratorium to resume payments till after the mid-terms is bound to prompt some votes of gratitude from those who's debts are being transferred to the population at large. Of course it may also create a backlash from those who will ultimately be held responsible for those debts as well, but I'm guessing they think gratitude will win out.

    Overall, I think the nation would have been much better served by working with educational institutions to help bring down the costs of education, but that wouldn't have much impact on upcoming elections so why bother? Since past student loan payors are left out, I'm guessing our 'equity and inclusion' administration is just paying lip service to that ideology. But, if buying votes this election season pays off, I'm guessing future borrowers will benefit in 2024 and beyond. Why mess with a winning strategy?
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

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    Senior Member Yppej's Avatar
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    It's disgustingly regressive.

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    Senior Member Tradd's Avatar
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    Does the thinking go that “rich people” take out private student loans and so they don’t need any help?

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    I think the government should be looking at the BANKS that charge outrageous interest on credit cards and it never ends. $25%= Loan Sharks! And the banks keep making money hand over fist. Credit card debt must be larger than student loan debt but I don't know. I realize one must take responsibility and the banks make it difficult to ever catch up.

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    Quote Originally Posted by Alan View Post
    It's an interesting political gambit I think. Forgiving some, if not all of roughly 43,000,000 student loans, and extending the moratorium to resume payments till after the mid-terms is bound to prompt some votes of gratitude from those who's debts are being transferred to the population at large. Of course it may also create a backlash from those who will ultimately be held responsible for those debts as well, but I'm guessing they think gratitude will win out.

    Overall, I think the nation would have been much better served by working with educational institutions to help bring down the costs of education,
    but that wouldn't have much impact on upcoming elections so why bother? Since past student loan payors are left out, I'm guessing our 'equity and inclusion' administration is just paying lip service to that ideology. But, if buying votes this election season pays off, I'm guessing future borrowers will benefit in 2024 and beyond. Why mess with a winning strategy?
    I agree. I think this whole thing is ridiculous but not more so than the govt giving tax cuts to the rich!

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    Senior Member JaneV2.0's Avatar
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    Quote Originally Posted by nswef View Post
    I think the government should be looking at the BANKS that charge outrageous interest on credit cards and it never ends. $25%= Loan Sharks! And the banks keep making money hand over fist. Credit card debt must be larger than student loan debt but I don't know. I realize one must take responsibility and the banks make it difficult to ever catch up.
    Exactly. It's outrageous increases in college costs--even with more and more TAs at the helm--and unregulated predatory lending practices that I would target. It's one thing to sign up for a loan; it's another thing for your lender to sell or manipulate your loan unfairly.

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