Should All Student Debt Be Cancelled?

[Madrox]

"having that money re-enter and stimulate the economy"

How can debt forgiveness stimulate the economy. That makes no sense....Its more like, nothing from nothing equals nothing.

...because if people aren't paying $500 a month on student loans, they can own houses/cars or even invest in the market or businesses instead. These things also tie money up but they stimulate the economy at different levels without prolonged government interference and caretaking.

 

[bromack1]

Socialism is meant to mitigate the impact being a "winner" or a "loser" (a bullshit division but I'm rolling with it here) has on your basic rights, like the right to stay alive when you get cancer, your right to shelter and every child's right to an education.

Your definition of capitalism completely ignores the concept of generational wealth and considering the racial impact of that, it's pretty offensive. It's something a conservative white person would feel comfortable saying but any black person talking that way needs to reassess whose side they are on.

"Your definition of capitalism completely ignores the concept of generational wealth and considering the racial impact of that, it's pretty offensive."

Before you "blame" capitalism, consider the fact anyone who is collecting government benefits such as welfare payments is not allowed to accumulate wealth. For example, they cannot "own" a home. Home ownership plays a big part in calculating someones net worth. Do you agree...

 

[code_pirahna]

That kinda how evolution and progress work. Imagine your granny saying "wait, this nigga code pirahna dont have to enter back door of restaurants to order and can actually eat his food at the counter!! And he can go to same school as whites and has better opportunity to succeed than i had!!?!"

Your objections are based in pure hate and anti-progressiveness. Not to mention your future generations and current relatives will benefit from the measure. Essentially saying "i got fucked over so everyone else should as well" is a horrible tenet to live life by my man.

Comparing basic human civil rights with one person having to pay back a loan and the other not having to pay it back is not even close to an accurate comparison.

Its not hate and anti progressiveness its pure business. Its not "I got fucked over." Its "I had to payback my fucking loan."

Now if you want to change the cost of universities and the banking structure that is different but this bullshit is not it.

 

[bromack1]

...because if people aren't paying $500 a month on student loans, they can own houses/cars or even invest in the market or businesses instead. These things also tie money up but they stimulate the economy at different levels without prolonged government interference and caretaking.

But that's the problem.... a lot of people "aren't" even meeting their minimum payments. Besides, debt forgiveness equals a loss for the debt holder (the amount due to be received is an asset on his books or also called sunk costs). Thats why I said nothing from nothing equals nothing. The overall net effect equals no gain or loss. There will be no "stimulus" impact. Its called a "wash"

 

[bromack1]

Comparing basic human civil rights with one person having to pay back a loan and the other not having to pay it back is not even close to an accurate comparison.

Its not hate and anti progressiveness its pure business. Its not "I got fucked over." Its "I had to payback my fucking loan."

Now if you want to change the cost of universities and the banking structure that is different but this bullshit is not it.

accurate comparison... how about calling it a "false equivocation."
You are correct. Its economics. As student loan use increased for college students, the price of college tuition also increased proportionally. Easy student loans made it possible for colleges to add more administrators and faculty and raise salaries.

The college gets to keep the borrowed money from the student loans whether the student pays on the loan or not. If the student defaults on the loan, the government picks it up and becomes the collector. The bank is simply the "third party" .

 

[bromack1]

Also idiot. Dems like me aint down with no student loan forgiveness so I will vote republican next time.
Fuck the pussy ass bullshit.

Its estimated there are 40 million student loan holders totalling over 1.6 trillion. (BTW, a lot of them are black females, but thats another discussion)..
The democratic party through out this "hint" because of Bernie Sanders and Elizabeth Waters. This hint gained the Dems a lot of votes... people typically vote there wallet...Now, the bill is gonna come due for the democratic party. And for what its worth, no one likes being lied to.

 

[DC_Dude]

Yeah just lowering the fucking interest rates. I have my loans with Fed Student Loans and enrolled in the PSLF program which will eliminate your loans after working 10 years in a non profit, but the interest rates are killers. My house and care interest rates are much fucking lower....

 

[bromack1]

Dems who aint with bullshit for these weak faggots who complain about nonsense.

Niggas like you borrowed money and were living in townhouses with jacuzzis and balconies.

Now it is time to pay that loan but you want a car and a house and a playstation every year.

So now you mad at the student loans cause THAT is what is keeping you from balling?

FOH jabroni.

Life will fuck your ass and make you humble!

Life will fuck your ass and make you humble!

Yep, its time to grow up and take on adult responsibilities....A grown married man with a wife, home and kids who suddenly loses his job gets no debt forgiveness...

 

[bromack1]

Yeah just lowering the fucking interest rates. I have my loans with Fed Student Loans and enrolled in the PSLF program which will eliminate your loans after working 10 years in a non profit, but the interest rates are killers. My house and care interest rates are much fucking lower....

Thank you.... nothing feels better than eliminating debt. I can tell you from experience the world begin to feel a lot easier. If you don't pay attention to whats going on around you, "life" will put some knots on your head till you wake up and start to pay attention.

 

[DC_Dude]

I will bet he does something though...Too many people that voted for him wanted him to enact some form of education reform....
As a man, if I owe a bill I don't mind paying back what I owe, but when my car note interest rates are so much cheaper than what I pay back in student loans it's crazy....

 

[DC_Dude]

If you don't eliminate them, can I write a portion of that shit off on my taxes or something?? Once you hit a certain income, you can't even write the shit off on your taxes.

 

[Amajorfucup]

Its not hate and anti progressiveness its pure business. Its not "I got fucked over." Its "I had to payback my fucking loan."

Whats business about you being upset over something that doesnt change your financial standing one bit? Loan forgiveness literally has ZERO effect on your life or livlihood or net worth, yet you call your objection "business". Its the antithesis of "business". Its as personal and petty as a thing can get. Its textbook envy.. Which in another word is "hate".

Now if you want to change the cost of universities and the banking structure that is different but this bullshit is not it.

More evidence of pure hatred. You have the mindset similar to that of poor trash whites. They dont care what cause or effect a thing has, or how its remedied, as long as its not a beneficial one to blacks. You dont care how unfair or unjust the issue is or how its fixed, you just dont want kids in debt getting a benefit you didnt.

Institutions and corporations are fucking us over daily and no one blinks an eye.. But poor folk get up in arms over other poor folk possibly getting relief of some kind from those same corporations and institutions.

 

[bromack1]

I think we are mostly in agreement. I'll wrap, by saying the financial and educational institutions, like all the others in this country have been central to maintaining white supremacy through exploiting black people for the benefit of white people. Redlining, and many, many other discriminatory policies were propagated by the highly learned executives that came out of this countries most prestigious universities.

No one forces you to drink alcoholic beverages. You pick up the drink and swallow it all on your own. I get lots of mail offering me loans.. I immediately throw it in the trash. I don't need a loan with a 25% interest rate.

Besides, one of the biggest knowledge problems in the U.S., is lack of financial literacy. Trust me when I say this, it crosses all socioeconomic lines...I've seen it first hand.

 

[bromack1]

Whats business about you being upset over something that doesnt change your financial standing one bit? Loan forgiveness literally has ZERO effect on your life or livlihood or net worth, yet you call your objection "business". Its the antithesis of "business". Its as personal and petty as a thing can get. Its textbook envy.. Which in another word is "hate".

More evidence of pure hatred. You have the mindset similar to that of poor trash whites. They dont care what cause or effect a thing has, or how its remedied, as long as its not a beneficial one to blacks. You dont care how unfair or unjust the issue is or how its fixed, you just dont want kids in debt getting a benefit you didnt.

Institutions and corporations are fucking us over daily and no one blinks an eye.. But poor folk get up in arms over other poor folk possibly getting relief of some kind from those same corporations and institutions.

There is a saying in economics that goes like this.... "there are no solutions, only tradeoffs"

 

[code_pirahna]

Whats business about you being upset over something that doesnt change your financial standing one bit? Loan forgiveness literally has ZERO effect on your life or livlihood or net worth, yet you call your objection "business". Its the antithesis of "business". Its as personal and petty as a thing can get. Its textbook envy.. Which in another word is "hate".

More evidence of pure hatred. You have the mindset similar to that of poor trash whites. They dont care what cause or effect a thing has, or how its remedied, as long as its not a beneficial one to blacks. You dont care how unfair or unjust the issue is or how its fixed, you just dont want kids in debt getting a benefit you didnt.

Institutions and corporations are fucking us over daily and no one blinks an eye.. But poor folk get up in arms over other poor folk possibly getting relief of some kind from those same corporations and institutions.

If I had a loan that was 50K and had to budget it into my monthly expenses. How that doesn t affect my current situation or net worth is beyond me. But if you say so.


And years later someone else has the same 50K debt that is forgiven. Then they instead of budgeting are investing that money. In stocks businesses etc.

So when both of us bid on a house who is in a better financial situation and why? FOH.

 

[Amajorfucup]

If I had a loan that was 50K and had to budget it into my monthly expenses. How that doesn t affect my current situation or net worth is beyond me. But if you say so.

Because your situation doesnt change regardless of another persons loan status. Not sure how this is such a hard concept for you to grasp. You should be mad at the institution who charged you for an education that you clearly didnt receive brother.

And years later someone else has the same 50K debt that is forgiven. Then they instead of budgeting are investing that money. In stocks businesses etc.

So when both of us bid on a house who is in a better financial situation and why? FOH.

How does their situation change yours tho? Again, your situation is stagnate in either outcome. Are you really concerned with this extreme unlikely hypothetical you pulled out your ass or are you just a fucking hater? Ask yourself.

 

[bromack1]

I will bet he does something though...Too many people that voted for him wanted him to enact some form of education reform....
As a man, if I owe a bill I don't mind paying back what I owe, but when my car note interest rates are so much cheaper than what I pay back in student loans it's crazy....

That's the little problem the Democrats "made" for themselves with this election.... we used to call it "writing checks yo ass can't cash." A "lot" of white folk voted for Biden because of the student loan debt problem.. and believe me... it was a lot...

Since most of its "federal debt," Biden should be able to write a simple little executive order to clear it all up. But, at the end of the day, Joe only cares about Joe...

 

[bromack1]

If I had a loan that was 50K and had to budget it into my monthly expenses. How that doesn t affect my current situation or net worth is beyond me. But if you say so.


And years later someone else has the same 50K debt that is forgiven. Then they instead of budgeting are investing that money. In stocks businesses etc.

So when both of us bid on a house who is in a better financial situation and why? FOH.

He's making a lot of questionable assumptions about forgiveness of debt....I suggest you don't take his advice.

What that guy fails to understand is when you start seeking large dollar loans like mortgages, "all" of your debt is factored into calculating your creditworthiness. There is one factor called "income to debt" ratio. Your total monthly income is divided against your total monthly debt payments. Signature loans won't be a problem. Car loans will be a slight problem but the loan is collateralized against the value of the car so non pay will result in repossession of the car.

 

[TENT]

It depends on the debt right cause in this society you always gonna have debt.
If you can HANDLE any debts you have, you are good money.
Apple is the richest company but they have debt that they do not pay off.
They keep it because it serves a purpose. It actually benefits them.

Thank you.... nothing feels better than eliminating debt. I can tell you from experience the world begin to feel a lot easier. If you don't pay attention to whats going on around you, "life" will put some knots on your head till you wake up and start to pay attention.

 

[TENT]

He is PAYING for someone else's loan.

Do you want to pay for MY bills each month?

No you wouldn't. I would not call you a hater for not paying my bills either.

Because your situation doesnt change regardless of another persons loan status. Not sure how this is such a hard concept for you to grasp. You should be mad at the institution who charged you for an education that you clearly didnt receive brother.

How does their situation change yours tho? Again, your situation is stagnate in either outcome. Are you really concerned with this extreme unlikely hypothetical you pulled out your ass or are you just a fucking hater? Ask yourself.

 

[Amajorfucup]

He is PAYING for someone else's loan.

Do you want to pay for MY bills each month?

No you wouldn't. I would not call you a hater for not paying my bills either.

Huh?

How is he paying for someone elses loans? Are you niggas really this retarded?

 

[babygwirl18]

Socialism is meant to mitigate the impact being a "winner" or a "loser" (a bullshit division but I'm rolling with it here) has on your basic rights, like the right to stay alive when you get cancer, your right to shelter and every child's right to an education.

Your definition of capitalism completely ignores the concept of generational wealth and considering the racial impact of that, it's pretty offensive. It's something a conservative white person would feel comfortable saying but any black person talking that way needs to reassess whose side they are on.

I specifically said “strict” capitalism, not the bullshit that White people have been pushing for 200 years.

White supremacy is the ultimate form of socialism, where White people by the nature of their skin are given privileges by the government. There’s a reason why Nazis were the German national socialist party.

Capitalism, where people are given rewards because of their skill, not any form of popular vote - is the fear of White people. If they actually had to compete with Black people, and other races, they would lose privileges.

So instead they are pushing socialism through the vote in the US (where Whites are 66% of the population). So that a government voted on by 66% whites decided who the winners and losers would be.

Black people inherently know this, which is why so many of us turn to entrepreneurship, the truest form of capitalism.

The new move is White national socialists on the left (like Bernie) or the right (like The Hill or Tucker Carlson) try and convince Blacks to join their cause.

If we ever had a true “socialist” government, who do you think would be getting the bulk of the benefits? Black people have much less student debt that White folks, that’s why they are pushing this. Why aren’t those same White folks pushing reparations?

I say if they want us to go along with college debt forgiveness, pass reparations along with it.

Tell that to a socialist and watch how quickly their face changes up.

 

[blackpepper]

No one forces you to drink alcoholic beverages. You pick up the drink and swallow it all on your own. I get lots of mail offering me loans.. I immediately throw it in the trash. I don't need a loan with a 25% interest rate.

Besides, one of the biggest knowledge problems in the U.S., is lack of financial literacy. Trust me when I say this, it crosses all socioeconomic lines...I've seen it first hand

I don't think this is valid analogy, because drinking alcohol is a pure indulgence. Financing an education while speculative is not done with the simple goal being a very short term feeling of individual pleasure or well being. Furthermore, as an adult with some life experience it is much easier to decline financing offers that aren't remotely reasonable. Even if you explain financing pitfalls to a teenager most don't have the wherewithal to really comprehend all possible the long term affects on their future. Therefore many take the deal believing it will lead them to the american dream of a six figure salary with benefits, a nice house in the burbs or metro condo, and a generally independent, cushy lifestyle.

Even those with a more experience take on education debt to make a more modest increase in their standard of living, not because it gives them a quick buzz.

 

[code_pirahna]

Huh?

How is he paying for someone elses loans? Are you niggas really this retarded?

Cause I am paying taxes and my interest on my loan is helping to pay for it too.

 

[code_pirahna]

Huh?

How is he paying for someone elses loans? Are you niggas really this retarded?

So that government loan money just fell from the sky?

 

[Amajorfucup]

Cause I am paying taxes and my interest on my loan is helping to pay for it too.

So that government loan money just fell from the sky?

If your argument is that the loan funds originated from your tax dollars, then 1) youre wrong. 2) if we wanna play make believe and say that thats the case.. then you might wanna start getting outraged about more than some proposed loan forgiveness for the working poor... Start with the military, killer cops, wallstreet banksters, blank checks to foreign countries you cant spell or place on a map, corporate welfare, all the politicians robbing you blind on the hill, ultility companies, banks...etc...

You sound like a fool man. Just say you're a hater and get it over with.

 

[bromack1]

I don't think this is valid analogy, because drinking alcohol is a pure indulgence. Financing an education while speculative is not done with the simple goal being a very short term feeling of individual pleasure or well being. Furthermore, as an adult with some life experience it is much easier to decline financing offers that aren't remotely reasonable. Even if you explain financing pitfalls to a teenager most don't have the wherewithal to really comprehend all possible the long term affects on their future. Therefore many take the deal believing it will lead them to the american dream of a six figure salary with benefits, a nice house in the burbs or metro condo, and a generally independent, cushy lifestyle.

Even those with a more experience take on education debt to make a more modest increase in their standard of living, not because it gives them a quick buzz.

Sorry, but it is a "valid" analogy. People have a tendency to get drunk from all the perceived "free" money they can get from the hundreds of lenders out there wanting to make you a loan. Yes, borrowing beyond your means is indulgent behavior. Its not a problem that only college-aged teenagers have.

I've listened to Dave Ramsey and some of the callers seeking advice for the most ridiculous credit problems. One caller was a Dentist who owed over 1 million dollars in student loan debt and other personal loans. He said he was planning to pay down all his debt with about 10,000 a month and that gave no consideration for accumulating interest. Another alarming story was a married couple with a combined income of over 250,000 a year. Yet they had over 800,000 in debt. Credit cards and other expenses were killing them... btw, it included student loans too.

If you think I'm lying, then go visit federal bankruptcy court. You think its only bankrupt business owners.... Nope. Its people who fell in love with the dream of buying everything they wanted on "credit." At the end of the day, money is a drug just like any other. It seduces you into making regrettable financial decisions. Its not only college kids that have problems with debt because there are plenty of grown folk who should know better that are doing the same things.

I guarantee, one vist to bankruptcy court should prove to you exactly what I am talking about.

 

[TENT]

He pays taxes. His tax money would pay the pays in order to forgive the loans.
How do you think the loans would be forgiven? How would the transaction work?

Huh?

How is he paying for someone elses loans? Are you niggas really this retarded?

 

[TENT]

No. Let's not start talking about the military and killer cops etc.

Stick to the topic of the thread! Student Loan forgiveness.

Tell us where the money to forgive student loans is gonna come from?

Tax payers fund everything this country does. It is coming from people's taxes.

So why should he pay for someone else's loan when he had to pay for his with no help?

If your argument is that the loan funds originated from your tax dollars, then 1) youre wrong. 2) if we wanna play make believe and say that thats the case.. then you might wanna start getting outraged about more than some proposed loan forgiveness for the working poor... Start with the military, killer cops, wallstreet banksters, blank checks to foreign countries you cant spell or place on a map, corporate welfare, all the politicians robbing you blind on the hill, ultility companies, banks...etc...

You sound like a fool man. Just say you're a hater and get it over with.

 

[jasonblacc]

Some you cats have no foresight. Eliminating student debt impacts you minimally at best. Fuxk if you don’t get, it would impacts US greatly and future generations. The government is giving billions to countries who give less than a fuck about people that look like you. Allowing billionaires to pay little to no taxes but y’all don’t want working class to get a break because y’all didn’t. I’ve never got a penny of unemployment but I’m not mad at those who did. Worked two jobs went to school while having a baby so I didn’t have to get Sec 8/Welfare or wic but to those who took advantage of those programs I don’t begrudge them and I’m nit going to ask for those programs to reimburse me because I didn’t take advantage of it.

 

[code_pirahna]

If your argument is that the loan funds originated from your tax dollars, then 1) youre wrong. 2) if we wanna play make believe and say that thats the case.. then you might wanna start getting outraged about more than some proposed loan forgiveness for the working poor... Start with the military, killer cops, wallstreet banksters, blank checks to foreign countries you cant spell or place on a map, corporate welfare, all the politicians robbing you blind on the hill, ultility companies, banks...etc...

You sound like a fool man. Just say you're a hater and get it over with.

Did Santa provide the funds?

 

[blackpepper]

Sorry, but it is a "valid" analogy. People have a tendency to get drunk from all the perceived "free" money they can get from the hundreds of lenders out there wanting to make you a loan. Yes, borrowing beyond your means is indulgent behavior. Its not a problem that only college-aged teenagers have.

I've listened to Dave Ramsey and some of the callers seeking advice for the most ridiculous credit problems. One caller was a Dentist who owed over 1 million dollars in student loan debt and other personal loans. He said he was planning to pay down all his debt with about 10,000 a month and that gave no consideration for accumulating interest. Another alarming story was a married couple with a combined income of over 250,000 a year. Yet they had over 800,000 in debt. Credit cards and other expenses were killing them... btw, it included student loans too.

If you think I'm lying, then go visit federal bankruptcy court. You think its only bankrupt business owners.... Nope. Its people who fell in love with the dream of buying everything they wanted on "credit." At the end of the day, money is a drug just like any other. It seduces you into making regrettable financial decisions. Its not only college kids that have problems with debt because there are plenty of grown folk who should know better that are doing the same things.

I guarantee, one vist to bankruptcy court should prove to you exactly what I am talking about.

I have less sympathy for someone leveraging their future earnings to take extravagant vacations, acquire luxury cars, or even exclusive brand name clothes. When those future earning don't materialize or as expected, they get what they get. However I do have compassion for people, especially very young but legal adults, that are lead to believe by society and manipulative marketing campaigns that financing a higher education will most likely lead to fulfilment of the american dream. I'll pass on bankruptcy court. I used to work in the recovery department of a large bank and processed a lot of those claims so, I know all the stories. In my opinion money is not a drug. Money is more like a tool.

 

[bromack1]

No. Let's not start talking about the military and killer cops etc.

Stick to the topic of the thread! Student Loan forgiveness.

Tell us where the money to forgive student loans is gonna come from?

Tax payers fund everything this country does. It is coming from people's taxes.

So why should he pay for someone else's loan when he had to pay for his with no help?

As I mentioned, I would not follow this guys advice.

The student loan business involves lenders providing tuition for a student borrower attending college. If the loan is "guaranteed" by the federal government, then the federal government is obligated to "pay" the lender in full for a defaulted student loan.

Now, the federal government becomes the debt collector The school has no worries because it is not obligated to pay back any money. So now the schools can charge higher tuition fees because its win-win all the way down the line. They don't lose one single penny if a student doesn't repay the loan.

So where does the federal government get the money from.... its from you and I taxpayer.

 

[TENT]

These people have not thought about the big picture.
All they are looking at is that dumb student loan they maxed out.
They don't wanna pay it "forever" and now trying to make their mistake political.

As I mentioned, I would not follow this guys advice.

The student loan business involves lenders providing tuition for a student borrower attending college. If the loan is "guaranteed" by the federal government, then the federal government is obligated to "pay" the lender in full for a defaulted student loan.

Now, the federal government becomes the debt collector The school has no worries because it is not obligated to pay back any money. So now the schools can charge higher tuition fees because its win-win all the way down the line. They don't lose one single penny if a student doesn't repay the loan.

So where does the federal government get the money from.... its from you and I taxpayer.

 

[Amajorfucup]

He pays taxes. His tax money would pay the pays in order to forgive the loans.
How do you think the loans would be forgiven? How would the transaction work?

You niggas is clowns.. That avatar fit you perfect. These cacs got you fools gamed. Your broke ass taxes wont change one fucking bit one way or another. All of a sudden you muthafuckas wanna take an accounting of your taxes and allocations.. Hilarious. fyi- the proposed legislation to "pay" for this measure was to have been a wallstreet tax. But again, either way, you wouldnt notice a difference and couldnt make a distinction between tax dollars going to Israel to pay some jews rent or to account for loan forgiveness. Funny what you silly niggas decide to get outraged over. You cats puling all kinds of gymnastic stunts to pretend you arent just haters.

No. Let's not start talking about the military and killer cops etc.

Stick to the topic of the thread! Student Loan forgiveness.

I tried to.. But you idiots made the mistake of making it about tax allocations... So i merely exposed your hypocrisy.