Biden doesn't want to fight for 50,000 student loan relief. It's too hard

footloose

Rising Star
BGOL Investor
I don't understand people's sense of entitlement. If you sign up for $75K in student loans, there's an expectation that you'll repay it. How are borrowers upset w/ the government for not eating debt they fully agreed to repay?

It would be nice, but there are far more important things on the list in my opinion.
Well actually they should research how many people actually get a career off the education that was sold to them. And base loan forgiveness off of that.
let’s say 50% actually graduate. And 25% actually get a career. And out of 25% only 5% is minority. The rest are stuck with a student loan that hinders a mortgage payment and therefore hinders any black wealth being accomplished.
i got a cousin that has accumulated over 75k in student loans and they stopped any more finincial help so he can’t even finish school to graduate.
 

AllUniverse17

Rising Star
Registered
Well actually they should research how many people actually get a career off the education that was sold to them. And base loan forgiveness off of that.
let’s say 50% actually graduate. And 25% actually get a career. And out of 25% only 5% is minority. The rest are stuck with a student loan that hinders a mortgage payment and therefore hinders any black wealth being accomplished.
i got a cousin that has accumulated over 75k in student loans and they stopped any more finincial help so he can’t even finish school to graduate.

Why did they stop financial help?
 

footloose

Rising Star
BGOL Investor
I hear you.

No disrespect, but why should his debt be cancelled?
Just an example of his in particular if your not able to complete and then make money off of your completion to pay the loan back because you’ve exhausted your lending towards your classes part of it should be cancelled.
another example.
looking at it objectively through A lenders eyes I can see an opportunity to exploit borrowers.
And as far as signing up for it. Anything else gets cancelled over time. From mortgages to loans and credit to even tax debt is no longer collectible after 10 years.

And then when you bring race into it most white people have the money to send their kids to school payed for by them. Which leaves them no or little debt.
As opposed to a minority where the student will probably be paying that for the next 20-30 years coupled with them maybe not finishing or not getting hired as easily or at all or not even getting paid as much.
 
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AllUniverse17

Rising Star
Registered
Just an example of his in particular if your not able to complete and then make money off of your completion to pay the loan back because you’ve exhausted your lending towards your classes part of it should be cancelled.
another example.
looking at it objectively through A lenders eyes I can see an opportunity to exploit borrowers.
And as far as signing up for it. Anything else gets cancelled over time. From mortgages to loans and credit to even tax debt is no longer collectible after 10 years.

How does cancelling his debt help him graduate or find employment in his field of choice? Did he get exploited or didnt he?

Not only is canceling student not fair to everyone else who wont get the same gift (i can deal with that), the worst part is that the cancelation alone wouldnt fix any of the problems. Whats to stop the current batch of students from getting indebted the same way? And the next batch, and the one after that, so on.
 

footloose

Rising Star
BGOL Investor
How does cancelling his debt help him graduate or find employment in his field of choice? Did he get exploited or didnt he?

Not only is canceling student not fair to everyone else who wont get the same gift (i can deal with that), the worst part is that the cancelation alone wouldnt fix any of the problems. Whats to stop the current batch of students from getting indebted the same way? And the next batch, and the one after that, so on.
Im talking in general for certiain cases. And also I said it should be researched.
If I was to cover all corners of this this post would probably be 2 pages.
I can talk about students coming straight out of high school blindly picking a major and then Realizing this is not for me. Which most coming out of high school still wet behind the ears do. Which is why up to a certain amount makes sense to me. Because you should know by 3-4 semesters if this is what you wanna do. And I say 3-4 because your first year is really basic classes.
by the time you get out of high school your told to go to college. So before you have any life experience you committed to a life time debt and student credit cards without even knowing how to manage credit.
As a lender I can guarantee 10-20K $ debt minimum to anyone that even attempts college. And during the time of them paying that up after interest and penalties I can probably get 30-40k.
anything over 50$k most likely your all in. That’s why 50 is a good mark.
and fair isn’t a word I would consider cause fair isn’t considered to begin with in education.
 

DC_Dude

Rising Star
BGOL Investor
Yeah it’s the interest on these motherfuckers that kill graduates. I don’t mind paying back what I owe, but damn can you lower the interest rates some?
Your best bet right now is to do the PSLF program, work in the public sector or a nonprofit for 10 years, and lower your AGI as much as you can so that your monthly payments are not high. Truth be told it’s a lot of people doing this and getting a substantial amount of their loans forgiven in a 10 year period.
 

peterlongshort

Rising Star
Platinum Member
1. That Senate seat that Skee Wee Harris occupied went to Alex Padilla, a Mexican.
2. Stacey Abrams is still waiting on a gig after turning Georgia blue.
3. No Student Loan relief.
4. No Reparations.


But we got a last minute day off, that happened to fall on Gay Pride weekend. Awesome.
 

AllUniverse17

Rising Star
Registered
Im talking in general for certiain cases. And also I said it should be researched.
If I was to cover all corners of this this post would probably be 2 pages.
I can talk about students coming straight out of high school blindly picking a major and then Realizing this is not for me. Which most coming out of high school still wet behind the ears do. Which is why up to a certain amount makes sense to me. Because you should know by 3-4 semesters if this is what you wanna do. And I say 3-4 because your first year is really basic classes.
by the time you get out of high school your told to go to college. So before you have any life experience you committed to a life time debt and student credit cards without even knowing how to manage credit.
As a lender I can guarantee 10-20K $ debt minimum to anyone that even attempts college. And during the time of them paying that up after interest and penalties I can probably get 30-40k.
anything over 50$k most likely your all in. That’s why 50 is a good mark.
and fair isn’t a word I would consider cause fair isn’t considered to begin with in education.

I had to pay off a student loan myself, I understand the the costs, I know its alot to go over, but if they gonna do something, dont you agree that the goal should be to fix the system for every student current and future? Instead of just giving a gift that helps some but solves nothing?
 

Nzinga

Lover of Africa
BGOL Investor

Joe Biden is a fool. The US is in a shithole. China has taken everything and is not
giving it back. To all of you who think the US can just pull back shit from China,
you do not know what is going on. More than 50% of the engineers and scientists
in the US are from China and India. In the universities, the teachers are increasingly
Indian, Chinese and Arab. American youth are increasingly becoming left behind. A
Marshall Plan for American students is needed. The US needs to force all college
tuition in STEM to nearly zero in order to have a chance to compete in 25 years. At
this time, China has seized control and is running away.

Listen to arrogance of the Chinese

 

Nzinga

Lover of Africa
BGOL Investor

Student loan cancellation and zeroing of tuition are what are needed. Otherwise
explain to me how America students can compete with foreign countries where
students pay 0 for tuition. Joe Biden is a fool and this will cost the Democrats in
the mid-terms
 

bonammi

Star
BGOL Investor
If anyone expected Biden to forgive student loan debts have got to be insane. That will never happen. It's too much money the greedy bankers will loose and we know the bankers don't take kindly to loosing money.
 
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