Should All Student Debt Be Cancelled?

[Cannibal]

Nothing is free. But ... this shit of education costing 100s of thousands. The truth of the matter is how much is profit, are institutions upcharging for educational services? I dunno the answer to that. You got to pay to get ahead, that ain't free. Put it this way, if you ran a school or if you even were a professor, should your services be free? Who should pay to sit in your class? The state? The problem I have though, at the end of the day, is the gov't can pump trillions into military campaigns but gives a drop in the bucket for making it's population more advanced. Boggles the mind. There's a lot that can be said about this, with the tax money going into war, yes, it should be free. The greedy monster wants to ensure that its own devil monster population stays in power and one way to do that is through debt. Debt and the fear of debt will keep a shit load of folks from applying themselves. My fam is a lawyer and he's damn near 50, still paying student loans.

 

[unknownsoldier]

Yes

 

[Fright Night]

So u saying u want 40 acres and a mule??
What ever is "given" will have to be funded from somewhere.

As long as racism is a factor whatever we as a people are compensated with will have some adverse string attached.

So knowing that.....what exactly do cats want as payment??

 

[dtownsfinest]

Yeah cancel the shit. Get rid of it all.

 

[thismybgolname]

If I can't enroll in a university right now for free then the debt doesn't need to be erased.

 

[thismybgolname]

So u saying u want 40 acres and a mule??
What ever is "given" will have to be funded from somewhere.

As long as racism is a factor whatever we as a people are compensated with will have some adverse string attached.

So knowing that.....what exactly do cats want as payment??

I'd take 40 acres and a John Deere.

 

[theoriginalgreatone]

See I have issues with this. Because, what about the people who don't have that debt? What about mortgages? What about health care costs and debt?

People choose to go to school and generally don't work in the field they are educated in.

Get rid of health care costs for seniors and reduce taxes across the country.

 

[Dr. Truth]

See I have issues with this. Because, what about the people who don't have that debt? What about mortgages? What about health care costs and debt?

People choose to go to school and generally don't work in the field they are educated in.

Get rid of health care costs for seniors and reduce taxes across the country.

Also college ain’t free so people will be back to square one when they finish. They plan on paying off student loans for every graduating class annually??? Good luck with that, deficit will inflate to trillions.

 

[fonzerrillii]

I'll say what I've been saying for years.. Student loan debt should be dischargeable in a Bankruptcy. It doesn't make sense why I'm able to discharge a FHA housing loan worth 40K, but I can't discharge a Federal Student Loan worth 40k.

 

[THE DRIZZY]

Even if we never receive it, that debt will be paid back one way or the other. Black people will judge the fate of this Murikkkan corporation. The more they continue to fuck us over now the more their future descendants will be victims of righteous indignation. Black people ain't gonna be suckers for ever. What I mean by us judging this land is that we will in the future be on code and will put us first as a people over trying to integrate into a system that wishes to exploit us. When we tune out this system and go for self and others like us shit will change. Black misery is keeping this entire shit afloat.

 

[thismybgolname]

Also college ain’t free so people will be back to square one when they finish. They plan on paying off student loans for every graduating class annually??? Good luck with that, deficit will inflate to trillions.

Shit it needs to be free annually or nothing at all.

I paid my loans off, if loans are wiped out I deserve to go back to a university for free

 

[Dr. Truth]

Shit it needs to be free annually or nothing at all.

I paid my loans off, if loans are wiped out I deserve to go back to a university for free

How about a credit if you were able to pay your loans off. You can spend how you want.

 

[footloose]

Them student loans is a burden man. It’s hard to get over them student loans. It should be a criteria to get them forgiven

 

[Thedod]

Hell no, I had to pay mine I expect same. There are no free handouts.

 

[thismybgolname]

How about a credit if you were able to pay your loans off. You can spend how you want.

I'd take that or free tuition at a state university.

 

[Heist]

No.
You took out the loan.
Someone else lent you money.
Pay it back.

 

[Heist]

Them student loans is a burden man. It’s hard to get over them student loans. It should be a criteria to get them forgiven

So what you’re saying is it should be a criteria to steal from other people? Because in essence that is what you’re asking for.

Take other’s people money, use it as your own, then never pay them back and ask the government to legalize your theft.

 

[footloose]

So what you’re saying is it should be a criteria to steal from other people? Because in essence that is what you’re asking for.

Take other’s people money, use it as your own, then never pay them back and ask the government to legalize your theft.

Yea. Kinda like the banks that have the money but financially makes more sense for them to charge off bad debts and let it fall on the taxpayers. Uh. Yeah. Like that.

 

[kidmegaii]

Cancel that bitch...

 

[HeavyArmz]

So what you’re saying is it should be a criteria to steal from other people? Because in essence that is what you’re asking for.

Take other’s people money, use it as your own, then never pay them back and ask the government to legalize your theft.

Better stop talking like that. Wall Street don't like that shit.

 

[HeavyArmz]

Wow

 

[Famous1]

No. He had these talking points. The bastard had zero plans up until a fucking week ago. Warren rolled out positions and plans. Bernie, when asked about actual plans would kick the can down the road. Now, today, he has some vague "tax wallstreet" bullshit that will go absolutely no where. Eliminating all student debt is beyond unrealistic. Bernie sounds like a fool.

Why is it unrealistic. Who would lose money?

 

[Heist]

Yea. Kinda like the banks that have the money but financially makes more sense for them to charge off bad debts and let it fall on the taxpayers. Uh. Yeah. Like that.

I don’t think you understand capital markets or how any of this works.

When individual or entity charges off a debt, it doesn’t “fall on taxpayers.” The transfer of payment doesn’t become the taxpayer’s burden.

The banks don’t have the money, the money they have is a mixed pool of largely global investor capital co-mingled with some of their own capital.

When a bank is broken, it only succeeds in stripping reserve and investment capital away from individual investors.

But by all means let’s follow your plan. You’ll only succeed in:
• Willfully trigger the next Economic panic collapse

• Drying up investor capital as they flight to less risky assets and reserves

• Making student loan interest rates explode 3-4x fold to double digits

• Causing the qualification rate to plummet because qualifying for a student loan will now be extremely difficult

• Investors, domestic and foreign will sue the federal government enmasse, to claw back a government endorsed mass debt wipeout from lenders who had the means to pay their loans but “didn’t want to no mo’.”


Sounds like the brilliant plan of typical ultra-liberal nutters. “We’ll fix it by placating but making things extraordinary worse!”

 

[Amajorfucup]

Why is it unrealistic. Who would lose money?

Ultimately no one would lose money. It would probably even be a net gain for the government because it would equal more disposable income being pumped into the economy.

But the rich wont allow for an all out zeroing out of student debt for a litany of reasons... But before you get to that... you know who hates giving handouts to poor people more than rich people? Other poor people. Look no further than the replies in this thread for proof. You actually got bitter working class slave minded fools complaining about the prospect of loan forgiveness on nothing other than the basis of them not having school loans themselves.

Poor people will always do rich peoples bidding for them.

 

[Heist]

Better stop talking like that. Wall Street don't like that shit.

No one should like it. Not just Wall Street. People seem to forget that EVERYONES’ money is is tied up in the finance markets. When your county needs a new sewage treatment plant, or to school, or new road, guess who they issue bonds through?

Your employer’s retirement fund? Guess where the money is parked?

Etc etc.

 

[woodchuck]

Unrealistic and too expensive, huh? Funny how they found the loot to give banks multiple bailouts, even though it was those same banks that put this country in the predicament it found itself in, and when those banks got that "help", they spent it on bonuses. Congress asked them about it, they were basically told none of their business. Whenever there are plans for the people, somehow the money doesn't seem to be there, but when it comes to corporate bailouts, Israel, and senseless wars...

 

[footloose]

I don’t think you understand capital markets or how any of this works.

When individual or entity charges off a debt, it doesn’t “fall on taxpayers.” The transfer of payment doesn’t become the taxpayer’s burden.

The banks don’t have the money, the money they have is a mixed pool of largely global investor capital co-mingled with some of their own capital.

When a bank is broken, it only succeeds in stripping reserve and investment capital away from individual investors.

But by all means let’s follow your plan. You’ll only succeed in:
• Willfully trigger the next Economic panic collapse

• Drying up investor capital as they flight to less risky assets and reserves

• Making student loan interest rates explode 3-4x fold to double digits

• Causing the qualification rate to plummet because qualifying for a student loan will now be extremely difficult

• Investors, domestic and foreign will sue the federal government enmasse, to claw back a government endorsed mass debt wipeout from lenders who had the means to pay their loans but “didn’t want to no mo’.”


Sounds like the brilliant plan of typical ultra-liberal nutters. “We’ll fix it by placating but making things extraordinary worse!”

https://www.theguardian.com/commentisfree/2013/may/28/bank-bailout-cost-taxpayers

 

[stizz3000]

Now they want to cancel student debt after i paid my debt off

RIGHT....u know how much shit I to go through with Sallie fuckin Mae???? Deferments and shit??????

 

[Famous1]

No one should like it. Not just Wall Street. People seem to forget that EVERYONES’ money is is tied up in the finance markets. When your county needs a new sewage treatment plant, or to school, or new road, guess who they issue bonds through?

Your employer’s retirement fund? Guess where the money is parked?

Etc etc.

It's a transaction tax... a tenth of a PENNY on HIGH VOLUME STOCK TRADES and .005 of a PENNY on HIGH VOLUME DERIVATIVE TRADES.... your employer should not be involving your retirement savings in either of those.... sucker .

 

[Heist]

It's a transaction tax... a tenth of a PENNY on HIGH VOLUME STOCK TRADES and .005 of a PENNY on HIGH VOLUME DERIVATIVE TRADES.... your employer should not be involving your retirement savings in either of those.... sucker .

Transaction fees are generated in ANY economic activity short of direct barter. Intermediataries and market makers serve and important and vital purpose.
So I’m not gathering your point with respect to the complaint about the fractions of a cent.

Most people are not skilled or disciplined enough to manage their own retirement saving and investment plan. Nor is your employer.

Unless your employer IS part of the financial services industry, what all hell would they know about managing and investing the contributions into your retirement account

 

[Heist]

https://www.theguardian.com/commentisfree/2013/may/28/bank-bailout-cost-taxpayers

I’m sorry. This article does not support your point in the least.
The TARP and QE programs were LOANS. Loans that were paid back to the Fed and the Government.

What you’re advocating for is DEBT ERASURE. To simply make the loan net zero and erase the debt for no other reason than “we don’t feel like paying back our loan.”

You’re arguing Apples then presenting Potatoes as your comparative justification and support.

 

[theteacher]

if those loans are paid off,
my net worth will rise
lol​

 

[Famous1]

I’m sorry. This article does not support your point in the least.
The TARP and QE programs were LOANS. Loans that were paid back to the Fed and the Government.

What you’re advocating for is DEBT ERASURE. To simply make the loan net zero and erase the debt for no other reason than “we don’t feel like paying back our loan.”

You’re arguing Apples then presenting Potatoes as your comparative justification and support.

so would you be alright if they gave everybody that has a student loan another loan at the same interest rates that the banks got with TARP?

 

[HeavyArmz]

 

[crossovernegro]

I haven't read up on the plans for this, so someone may have spelled it out already....but what would happen after the loan debt was erased? Like, I mean lets say in 2020, all of the debt is forgiven...then fast forward to 2022... do the plans assume free college after the debt forgiveness or are 2022, etc students going back to taking loans?