Biden will not extend student loan relief

[jeremiahsaint1000 487]

are yall okay??? 

did you think that student loans would be suspended forever??? i myself have a lot of loans, but the pandemic is no longer at its peak, and people are working again, completely erasing all student loan debt would be a nice thought, but then why shouldnt we erase all medical debt, all credit debt, and mortgage debt. IF YOU BUY OR SIGN UP FOR SOMETHING WILLINGLY, YOU GOTTA PAY UP FOR IT. DONT WANNA PAY STUDENT LOANS??? DONT GO TO COLLEGE ARE U GUYS DUMB???? there are plenty of other options other than traditional four year colleges. Trump would never even consider erasing student loan debt, his party would never allow it. biden already extended it till feb, people need to start paying their **** back. we can rally the progressives to push on erasing some student loans for borrowers who make less than a certain threshold, but like here theres too many voices and nothing is getting done.

 

if you think biden can just sign an exec order and erase trillions of loans, you are dumb and delusional. that is not sustainable economically speaking and a different solution must be implemented. 

[jeremiahsaint1000 487]

https://www.forbes.com/sites/prestoncooper2/2021/08/30/no-biden-cant-forgive-student-loans-by-executive-order/?sh=411abc283b2b

 

he needs congress to pass a bill that erases all debt and congress will def not vote to erase all debt.

[AsleepOnTheCeiling 6,974]

6 hours ago, Frank Potion said:

Y'all really don't know what you're talking about and it gets tiring seeing these threads bumped.

Biden never promised to forgive all student debt. He said he would eliminate $10,000 of debt for students who went to public universities and who were from families making under $125k. Doing something that drastic by executive order if it doesn't pass congress would have huge repercussions and blowback. His term is not over. Something he never promised? Putting student debt payments on pause for 10 months, which he has done.

If all student debt were to be cancelled, the 1.6 trillion owed would get transferred to the national debt and become the burden of taxpayers.

Forgiving all student debt would also favor the wealthy. Students from high income families are likely to borrow more against attending expensive private colleges and have higher debts than students from low income families. Of all people with debt in the US, those who have attended college are likely to earn more money and those with the highest student debt of $50k or more are most likely to have graduate degrees, earning 2x the overall US median income. 

It would also disproportionately benefit those with student debt specifically. Student debt comprises $1.57 trillion of $14.96 trillion total US personal debt, or roughly 10%. Mortgage debt comprises about 70% of all personal debt in the US — are those people less deserving and in less need of help? For those of you constantly saying the democratic party is too elitist, you are right in this case. You want them to forgive only 10% of all US personal debt because those people attended college. That sounds very, what's the word, progressive!

And speaking of progressive, Joe Biden did not run as a progressive candidate and he did not win as a progressive candidate. The fact that he has gone so far to the left is actually what is shocking.

Should Biden only be doing what he's promised originally? The student loan companies themselves said they weren't even ready for loans to resume technically speaking. And I'm sorry but student loans are already the burden of taxpayers. Not only do student loans limit spending of borrowers, but they're able to write off the interest of the loans on their taxes (and rightfully so). With interest at some points becoming a higher amount than the principle of a loan, wouldn't this hurt taxpayers more than it would help? And you were talking about him promising to forgive public University loans but are arguing on the basis of private universities in a portion of your argument. 

 

Student loans are predatory in a different way than mortgages. And mortgages have been reformed since 2008, showcasing the crisis possible economically. I want them to forgive the debt because people are misled and coerced. They're misled by public schools that they must get a formal education, they're misled by universities, and they're coerced by an ever changing world and possibly by one's parents. People are hesitantly given even $1,000 for personal debt when they're 18, but they're able to rope themselves into $60,000 worth of debt at the same age. And there's almost no way out besides paying on those loans for decades. And they're still screwed over in the way their payments are applied. If Biden won't cancel the debt, which he could at LEAST attempt, reforms need to be made. Let's not act like he doesn't know what can and can't be done. He's done this for decades, and was second in command 4 years ago. It's an outright refusal and that's it. 

19 minutes ago, jeremiahsaint1000 said:

are yall okay??? 

did you think that student loans would be suspended forever??? i myself have a lot of loans, but the pandemic is no longer at its peak, and people are working again, completely erasing all student loan debt would be a nice thought, but then why shouldnt we erase all medical debt, all credit debt, and mortgage debt. IF YOU BUY OR SIGN UP FOR SOMETHING WILLINGLY, YOU GOTTA PAY UP FOR IT. DONT WANNA PAY STUDENT LOANS??? DONT GO TO COLLEGE ARE U GUYS DUMB???? there are plenty of other options other than traditional four year colleges. Trump would never even consider erasing student loan debt, his party would never allow it. biden already extended it till feb, people need to start paying their **** back. we can rally the progressives to push on erasing some student loans for borrowers who make less than a certain threshold, but like here theres too many voices and nothing is getting done.

 

if you think biden can just sign an exec order and erase trillions of loans, you are dumb and delusional. that is not sustainable economically speaking and a different solution must be implemented. 

I didn't know half the people here were economists. All I'm gonna say is that a majority of Americans are 18 when they're sold on student loans, and at that point they have their foot in the door. A door that a lot of the time doesn't lead anywhere and then they're left scrambling. Student loans are predatory and something needs to be done in the long term. Pausing payments has done nothing for the people who graduated this semester, probably last semester, or any other future graduate. Yes people have had time to come up with some sort of plan, but that's not necessarily the case in a world that's rapidly changing due to the pandemic. 

[Shaney 5,515]

Just erase all debt. Boom. Money isn’t real and that’s evident by the US spending 300$ million dollars a day for twenty years, and not giving a single fu ck about the “deficit”, which also isn’t real.

[Shaney 5,515]

53 minutes ago, TortureMeOnReplay said:

Should Biden only be doing what he's promised originally? The student loan companies themselves said they weren't even ready for loans to resume technically speaking. And I'm sorry but student loans are already the burden of taxpayers. Not only do student loans limit spending of borrowers, but they're able to write off the interest of the loans on their taxes (and rightfully so). With interest at some points becoming a higher amount than the principle of a loan, wouldn't this hurt taxpayers more than it would help? And you were talking about him promising to forgive public University loans but are arguing on the basis of private universities in a portion of your argument. 

 

Student loans are predatory in a different way than mortgages. And mortgages have been reformed since 2008, showcasing the crisis possible economically. I want them to forgive the debt because people are misled and coerced. They're misled by public schools that they must get a formal education, they're misled by universities, and they're coerced by an ever changing world and possibly by one's parents. People are hesitantly given even $1,000 for personal debt when they're 18, but they're able to rope themselves into $60,000 worth of debt at the same age. And there's almost no way out besides paying on those loans for decades. And they're still screwed over in the way their payments are applied. If Biden won't cancel the debt, which he could at LEAST attempt, reforms need to be made. Let's not act like he doesn't know what can and can't be done. He's done this for decades, and was second in command 4 years ago. It's an outright refusal and that's it. 

I didn't know half the people here were economists. All I'm gonna say is that a majority of Americans are 18 when they're sold on student loans, and at that point they have their foot in the door. A door that a lot of the time doesn't lead anywhere and then they're left scrambling. Student loans are predatory and something needs to be done in the long term. Pausing payments has done nothing for the people who graduated this semester, probably last semester, or any other future graduate. Yes people have had time to come up with some sort of plan, but that's not necessarily the case in a world that's rapidly changing due to the pandemic. 

At the very least. Interest on student loans should stay at 0%. 

[Lion Heart 15,041]

Good grief. It's Ike they actively want to lose.

[Princess Diana 24,487]

watching Americans losing their heads over this is so funny to me what a mess of a country 💀 thank god I don’t live there lmao I’d be fuming 24/7 😭

[RAMROD 117,114]

3 minutes ago, Luna Lovegood said:

watching Americans losing their heads over this is so funny to me what a mess of a country 💀 thank god I don’t live there lmao I’d be fuming 24/7 😭

I don't study there either. But it is super real when I see what my colleague gone thru with their loans.

[Petie Estie 5,707]

15 hours ago, Roughhouse Dandy said:

Gonna refrain from directly responding to any specific posts to avoid unnecessary messiness, but

1) remember which prominent party/party members are even entertaining the thought of helping this crisis and which party/party members are actively working against the idea

2) remember working against the party that is thinking of helping does in fact mean that you're working with the one that is NOT (in this country in this circumstance in this 2-party majority system) 

3) remember there is more you can do than just vote. If it is that serious. If it is negatively affecting your life. If it is swaying your feelings towards the party you still think is the less awful option enough to trash them and lose faith.... DO SOMETHING. Literally *actually* do something about it. Anything. Sign petitions. Write a half page letter to your representatives. Make signs and go annoy them outside their offices (safely and peacefully). Encourage others to do the same. 

At the end of the day, if all you are doing is complaining online about the party you ultimately end up voting for... You're just leaving negative "reviews" for others who are on the fence to find and get pushed closer to the other side of the political spectrum that definitely isn't going to help the causes you want the government to help. 

Thanks for letting me borrow the soapbox; y'all can have it back now tho cuz I'm done 😇

For now 

It is impossible to hold Democrats accountable without scared people posting stuff like this. We can be angry at democrats and still do the work to better the party. It's literally not our fault that Democrats make horrible decisions. We have to primary them all out. It's gonna take time and a lot of complaining. It's not the people's fault if Democrats lose - it's theirs. 

[Wolf 1,328]

He's giving Democrats such a bad rap. So much for keeping Trump out from the presidency.

[rojo 560]

Trump would have been a faster way to progressive change. Let Republicans destroy the country so we can build a better one. 

[Petie Estie 5,707]

23 hours ago, SEANGT said:

It is impossible to hold Democrats accountable without scared people posting stuff like this. We can be angry at democrats and still do the work to better the party. It's literally not our fault that Democrats make horrible decisions. We have to primary them all out. It's gonna take time and a lot of complaining. It's not the people's fault if Democrats lose - it's theirs. 

@Roughhouse Dandynice lmao, I'm right! It's absolutely insane to blame voters for not falling in line when the party isn't doing WHAT WE WANT. 

[Roughhouse Dandy 13,614]

7 hours ago, SEANGT said:

@Roughhouse Dandynice lmao, I'm right! It's absolutely insane to blame voters for not falling in line when the party isn't doing WHAT WE WANT. 

I lmao'd instead of responding because it went from a post about holding representatives to their word by actively pressing them without passively giving their opposition a leg up and nothing else to you labeling me things I'm not (democrat/scared) and completely mischaracterizing the entire post. Not exactly a good start to a conversation.

It's literally a difference in opinion, so you're certainly not "right" and neither am I. 

And it's wild to label me or anyone scared based off a comment about the effects of online posts; there's a reason foreign entities are using bot farms to leave random political opinions everywhere: it works.

I haven't blamed voters anywhere here because it's more than that. Gerrymandering, redlining, ghost addresses for district representatives, etc. also effects political outcomes here. 

All I've said is maybe it is more efficient for voters to do work to push the party that's giving them the most leeway in the causes they're looking for than do the bot farms' job for them and nothing else. Look to the Bernie Bro/ Green Party to far right pipeline that pretty much caused the 2016 election for evidence. It may not be the only factor when Hillary was much less than ideal, but it was a notable factor nonetheless. 

Not sure what's so wildly insane about that 

[Zilla 13,451]

Took me 10 years but I’m now debt free. Not having the interest the past 2 years really helped, y’all should’ve jumped on that time period if you didn’t. 
 

Over the years I’ve learned to never trust a politician or the system. 

[HuffsAhoy 7,433]

1 hour ago, Zilla said:

Took me 10 years but I’m now debt free. Not having the interest the past 2 years really helped, y’all should’ve jumped on that time period if you didn’t. 
 

Over the years I’ve learned to never trust a politician or the system. 

My loan manager wouldn't let me pay anything during this freeze  But, fortunately, I was smart enough to save a substantial amount to put toward it when they let me start making payments again. It should take me about the same time period...I'll be 40 by then though