Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: Report

Since there are no new taxes paying for this, how do you figure you will be paying for any of it? It isn't like they changed your tax rate to pay for this particular program.

 

Sorry to hear you suffered hearing loss, and thank you for your service! I was only responding to what you said "I paid for my college. When I could no longer pay for it, I joined the military and finished while I was in. My oldest son is currently in the military. I paid for my youngest son's education. You didn't have to pay for it. Why should I have to now pay for yours?"
I in no way meant it as a dig or insult, just pointing out that others did pay for some of what you explained.
Usually I highlight a specific part, but was using my phone and I don't know how to highlight. Probably is a simple way, but I'm not good on phones.

 

I am Texan. I didn't take it as an insult. The military used me and I used them back. I agreed to the terms when I enlisted and it was one of the best decisions I ever made. I worked a lot of 80 hour work weeks without a hint of overtime. I got great work experience and a second chance at finishing college. I was one day from deploying to Desert Storm when they decided to send another squadron instead. It was luck of the draw that I didn't have to deploy. Even if I had, my job kept me hundreds of miles away from the action. They like to keep their jets safe so I could work on them.

 

Do you think Trump was wrong in 2020 in stopping students from having to pay education loans?

 

How about we make the colleges who sell the education make sure the students get their monies worth? Increase funding increase tuition. Pass the debt to the taxpayers increase tuition. And make work jobs are not productive to pay back the cost of the debt. We already have the military and the military is struggling to fill it's ranks, when you REALLY have to work for it the numbers drop dramatically. One of my sons who has just retired Major USMC enlisted and came up through the ranks getting his degree in avionics in the process. It certainly wasn't as this story relates

And would urge you to read the entire narrative, this is a liberal idealist who developed that and credits her training and experience there yet in end admits it does little if anything for the community and the people there, it was more to her about how it shaped her viewpoint.

I was an AmeriCorps Member in West Virginia. The Benefits and Limitations of National Service.

...I am not the first to question the efficacy and workings of VISTA. Even before there were VISTAs, there were Appalachian Volunteers (AVs), a similar volunteer corps that came together organically when students from Berea College in Berea, Kentucky volunteered to go repair a one room school in Harlan County, Kentucky. Soon college students and young people from around the northeast had gotten word of the opportunities to work against poverty in Appalachia and began showing up.

“Sometimes I wonder about the real value of [AV/VISTA] in places like Fonde [Kentucky],” wrote one corps member there in 1966. “We’re supplying candles when the house needs to be wired for electricity.”...

....“There are so many problems we’re not the solution to,” wrote the same doubting VISTA in 1966. “We by-passed the big problems . . . and threw a lot of time, money and effort into little things that don’t amount to no more than memories of good times spent together.”...

.... It may be that national service programs like VISTA are not effectively for the communities they purport to help, but rather that they are for those who serve: to employ us, to radicalize us, to wake us up. “We had basketball games in the elementary school gym in Nellis,” wrote John D. Rockefeller IV, who after being raised in New York City served as a VISTA in Emmons, West Virginia in his twenties. “I was on the team because I was still young enough then to play. We had baseball games. We never won a single game in two years…It was exhilarating. I was reborn—like I had finally found my soul.”

...This may be alright, necessary even, as an investment America is making in educating and equipping young people and educating us in the meaning of “service.” But a single VISTA costs the government about $22,000; at around eight thousand active annual VISTA members, that’s about $176 million per year, money that could be spent on changing systemic policies that affect the rural poor or creating opportunities for those central Appalachians impacted and then discarded by the coal, timber, and fracking industries...
https://time.com/5811820/americorps-member-benefits-limitations-national-service/

Until we can control the actual COST, not just lower the cost to one person by passing the cost off on someone else this is all bandaid stuff that will on exacerbate the problem. Make the colleges be the lender and absorb the uncollected debts. Perhaps then they will help insure the cost of the education is worth the results and perhaps not take on students who are not prepared for what they are offering and doomed to fail.

 

You're saying pretty much what my son has been saying (he works for a college student loan debt). He and his wife are still paying back their loans which have only gone up. The 10k won't do him a bit of good, but he's not going to say no to it. The pause just presented another problem when it expires thanks to inflation. He wasn't able to save the money he normally would have been paying and once the payments restart he'll have less money to pay the loans.

 

Speaking of partisan nonsense, what's up ButterBalls?
The issue that I mentioned was the rich tend to pay lower tax rates. Pay Attention next time.

 

Republicans bail out rich corporations

Dems help the Low and middle class

President Biden is on a roll getting legislation passed for the Future of America

Thank God

 

Even better. It’s not likely this 10K reduces the paid back to less than the amount borrowed. It’s just less interest total paid.

Basically folks are just pissed they can’t stick it to borrowers with larger interest amounts.

If they didn’t charge usurious interest on student loans it wouldn’t take folks so long to pay back.

 

3.75%

 

College is an outdated model. In the age of the internet, companies should be banned from asking if a person attended college. The model should be replaced with neutral technical tests that evaluate a persons abilities in relevant skills. For example, I could take technical tests on the C programming language, embedded systems, closed loop control, technical writing, etc... That would much more valuable knowledge to a potential employer than what college I may have attended.

 

Outrageous amounts for a student loan.

No degree. No job offer in our office.

 

By what objective standard?

 

It’s higher than my home loan

Over the normal life of 100k loan your going to have to pay 154k. I don’t think the taxpayer or the government needs that flippin extra 10K.

 

Right now. If we get power, we could make it illegal for employers to do that and the Supreme Court could make it stick. Replace college degrees with certification tests. Do that and we eliminate our enemy. Power is returned to the people. No more spending $250,000 for a piece of paper. People could learn the skills apart from the monsters running the education system and could do it for pennies on the dollar. The people win and employers win. Progressives lose permanently.

 

How does it compare to today's home loans?
Car loans?
Credit card rates?

 

Don’t have to ask you if your degree. We do a thorough background check. It will tell us if you did indeed graduate, from where, and it’s perfectly legal for us to do the test.

Apples and oranges. Typically education cost more than you will borrow on credit cards or for car. Education loans should be about half of mortgage rates,

 

I am saying that Republicans should CHANGE THE LAW the next time they get power. They should make it illegal for companies to do it. I am talking about the future, not the present. The future has not happened yet. It is different than the present. What your company is doing in the present is therefor irrelevant. Now present a reason that college degrees should not be replaced with skill certifications. Here are the reasons for going with skill certifications:
1. Removes financing as an impediment to entry to poor people.
2. Objectively measures the skills of a potential employee and therefor benefits employers.
3. Removes massive debt from people just starting out in life.
4. Skips the social conditioning of radical leftist professors

 

There is no congressional authorization for this in spite of the fact that it is basically new spending. The loan system was never meant to pay off anything.

So, in essence, it is ILLEGAL as Nancy Pelosi claimed that it was back in July of 2021. Joe Biden is breaking his oath of office by spending money he has no authority to spend.

 

I would rather not go to a doctor who cheated through a certification class and test to get a certificate.
I would rather not have my airplane built by an Engineer who googled his answers for his certification test.
I would rather not have my real estate contract reviewed by a lawyer who learned law on the internet.

You can possibly reform college, but you can’t eliminate it.

Actually he can’t but the Secretary of Education can. The Heroes act says that he/she can.

 

None of that speculation challenges the part of my post you quoted... but I suppose we'll see what the courts have to say, much like they did when a recent former POTUS did the same thing, for a worse purpose...

 

I have often said that we can subsidize whatever we want if we're willing to pay for it (medical care, college education). That means, we, the People, pay for it with real money out of our paychecks.

How do you propose that we pay for "directly subsidizing Higher Education with Government funding".

 

Actually he can't. The money he is spending was never authorized by Congress to be spent. The loan fund is a separate monetary fund. This is a new spending situation and is ILLEGAL.

 

There is nothing to spend. It is already spent. Most for many years. And yes he can. The Secretary of Education can waive at anytime a national emergency has been declared. We actually have Donald Trump to thank for the forgiveness.

Also student loans have been forgiven more than once.

 

I think these two posts illustrate poignantly problems with the higher educational system in America. We have come to a point where College isn't the best way to get a "skill" ... if it ever was. College, historically, was never meant to be a trade school, it was meant to be a place to be "educated", which is a worthy, stand alone, goal, but in today's world, especially, not always the best economic goal. In today's world it doesn't always make sense to spend 4 to 12 years "getting educated" when you can become a valuable wage earner in 6 to 12 months, to use HDad's example, learning to program. I think the days of "no degree, no job" are fast coming to an end, sorry Yulee.

But back to the thread, the Student Loan Program, as presently setup is PREDATORY. <-period As Overital points out, in post #281, Student Loan debt is often a crushing burden that some of our youth may never get out from under. "OUR" representatives allowed that to happen; "WE" should find out how they did and replace those that wrote the bills. But that doesn't solve the immediate problem of unburdening our young workers and letting them get on with their lives financially. "WE" allowed it to happen and "WE" elected Joe Biden and "he" said he would do something about "OUR" PREDATORY Student Loan Debt problem ... and ... IMHO ... "He/WE" should. In the, not so, long run it will be good for OUR economy ... and ... it's the RIGHT thing to do.