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Thread: Cancelation of student loans

  1. #21
    Simpleton Alan's Avatar
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    Quote Originally Posted by jp1 View Post
    I wonder if the people who intend to challenge the legality of this will include all the Republican congress people who applied for and received PPP loans and had their debt cancelled, several of them with cancellations of $100’s of thousands or even millions of dollars of debt.
    I wonder why the White House didn't name the Democrats who benefited from the PPP loans while they were outing Republicans? Someone should look into that.

    Oh, wait. Someone did. Firms tied to Democratic reps, their spouses got millions in PPP loans (nypost.com)
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  2. #22
    Senior Member jp1's Avatar
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    Quote Originally Posted by Alan View Post
    I wonder why the White House didn't name the Democrats who benefited from the PPP loans while they were outing Republicans? Someone should look into that.

    Oh, wait. Someone did. Firms tied to Democratic reps, their spouses got millions in PPP loans (nypost.com)
    Probably because the dems who did aren't whining about the 'evils' of debt cancellation?

  3. #23
    Senior Member Rogar's Avatar
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    I see it as a popular ploy to garner some votes, but not all that bad. It does nothing to make college more affordable without incurring massive student debt.

    Possibly one of those walked to school through 3 feet of snow stories, but I don't remember my college friends even having student loans back in the day.

  4. #24
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Rogar View Post
    I see it as a popular ploy to garner some votes, but not all that bad. It does nothing to make college more affordable without incurring massive student debt.

    Possibly one of those walked to school through 3 feet of snow stories, but I don't remember my college friends even having student loans back in the day.
    sure my generation was so virtuous that we didn’t have student loans!
    Even though I’m sure some loan money was around because I vaguely remember it as an issue in grad school, in general people just weren’t offered credit at the rate that they are today.


    That was back in the days when you couldn’t even get consumer credit easily. It took me a few years to get a general credit card.

  5. #25
    Senior Member JaneV2.0's Avatar
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    I didn't have college debt because my state tuition was $125 a term. My part-time job easily covered all my costs. I wasn't even aware there was such a thing as education loans.

  6. #26
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    Working at a university, I saw first-hand that a lack of financial literacy led many students to take on loans they did not understand. DD took one out for living expenses while in grad school yet they called it financial aid (I was pretty mad at her for that but oh well). I thought the debt forgiveness for public service workers after ten years made sense but not sure there was any follow through.

  7. #27
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    I had an NDEA loan for my last 2 years of college. At the time $1200 covered tuition and room and board if you were in state. My parents moved out of state so the last 2 years I had to pay out of state which was about $3000. So I applied and got the NDEA loan. Because I was a teacher in a Title 1 school each year the loan principle was reduced by 10% and deferred. The interest was very low, too. I made $6900 a year teaching and worked in the summer. I only had to pay back $1500 and had 10 years to do it. I paid it fast and was grateful to have had the loan. Many people defaulted on the NDEA loan reducing the number of loans available to undergraduates. That irritated me as most of them went into higher paying professions.

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    As a vote buying transaction, this move would seem to leave a lot be desired. For the most part, itís paying for votes the Democrats already own.

    I would think that for each person getting a windfall there are several it will antagonize and insult: people who paid their debts, people who worked their way through school, people who didnít go to college, people who earned GI Bill benefits, inflation hawks, people who resent wealth transfers from the less affluent to the more affluent, the far-left types who think itís not enough, etc. The campaign ads pretty much write themselves.

    It seems a lot of swing-district Democrats are hastening to distance themselves from this giveaway. I would think itís right up there with ďdefund the policeĒ as a political millstone.

  9. #29
    Senior Member iris lilies's Avatar
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    In another forum I made the analogy of the student loan forgiveness program to the library Fine Forgiveness days some libraries once hosted. That would be back in the days when libraries actually charged fines.

    Yes, on Fine Forgiveness day/week many good dobbie patrons were annoyed because they had worked to pay their fines or not racked them up to begin with. I remember one time for sure my library system held a fine forgiveness day or week, only one that I remember. It was a hotly debated topic in our library administration meetings.

    The children’s librarians pleaded for these fine forgiveness days because their young audience didn’t have the means to pay big fines, and it was especially unfair when parents had racked up fines for their own adult materials on the kids’ account.

    Evidently we decided Fine Forgiveness programs were not worth the fallout.

  10. #30
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    Quote Originally Posted by LDAHL View Post
    As a vote buying transaction, this move would seem to leave a lot be desired. For the most part, itís paying for votes the Democrats already own.

    I would think that for each person getting a windfall there are several it will antagonize and insult: people who paid their debts, people who worked their way through school, people who didnít go to college, people who earned GI Bill benefits, inflation hawks, people who resent wealth transfers from the less affluent to the more affluent, the far-left types who think itís not enough, etc. The campaign ads pretty much write themselves.

    It seems a lot of swing-district Democrats are hastening to distance themselves from this giveaway. I would think itís right up there with ďdefund the policeĒ as a political millstone.
    I don't remember you disparaging the tax cuts given to the rich by the republicans even though it was a way to get the wealthy's votes. So, it appears you would rather "giveaways" be given to the wealthy rather than the average Joe!!! Both, IMO, should not have been done but it seems hypocritical for you to complain now.

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