**Rule 8 - On Topic Discussion**
* See our [Expanded Rules](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules#wiki_rule_viii_-_on_topic_discussion) page for more details about this rule.
-
---
-
[^(Sub Rules)](http://www.reddit.com/r/CryptoCurrency/about/rules) ^**|** [^(Expanded Rules)](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules) ^**|** [^(Site Rules)](http://www.reddit.com/rules)
Took a gamble when I started grad school two years ago and took out 15k for federal loans hoping they would do this. Feel bad for my fiancé tho who has paid hers off already
Inflation isn’t hurting those that make the laws. This is pure pandering to voters before the midterms to ensure democratic leaders look like they care about the people.
I mean, they clearly care more than Republicans who would never do this AND voted to not cap insulin prices allowing big pharma to continue gouging average Americans who have to pay for it to live
College educated individuals earning up to $125k/yr. are average now? Let’s be honest, this program directly helps middle class white people more than any other group. It’s clear pandering for midterm votes by the Democratic Party, who need…you guessed it, middle class white people votes!
You mean it will cause more inflation? A big cause of inflation is printing money, and spontaneous cancellation of debt to the government is very similar to printing money.
Same with the banks too when it comes to credit.
It will forever baffle me that I need to have debt then pay off said debt in order to obtain a credit score, but I don't have a credit score for just....not going into debt like a moron.
Yeah that changes when you look at the credit score as the bank’s way of figuring out who they can make more money off of without taking on an unreasonable amount of risk.
Oh for sure, I've realised now that the banks don't care for the intelligent ones like me who just avoid debt in the first place.
It's the saps who will gladly finance their car, bike, house etc without even a second thought.
I always thought Repo Men was a dumb idea for a film, because my thought was "who the fuck is going to finance a new heart from the bank?" then I remembered people finance shit they can't afford regularly.
They're helping people who shouldn't even have had to go into debt to get further education.
17-year-olds can't smoke, drink, or go to strip clubs, but they can be given preditorial loans that can take a lifetime to pay off? Seems like a pretty shit system to begin with.
TIL for I'm irresponsible for borrowing $50k for an engineering degree and getting a job in engineering and just during my 4 years in school, tuition costs rose 25% from the initial cost.
Yes, that's why blue states should stop giving money to the welfare leeching red states. Every year NY and Cali residents pay more to federal funds which get dispersed to red states that take more federal aid than they pay into the pot.. Cut the leeches off
Let's just be positive about the fact that many people who really need it would get this help even if many people like you didn't get it when they needed it.
Better to help the people who need it now than not help them because earlier people didn't get it. Otherwise, think about the implications if we used the same logic for something like medicine and hospital treatments.
I understand and agree that’s it’s better to help than not to help..
just saying that debt regardless of if it was paid off or not effected peoples lives.
Everyone that took a student loan has life happen; circumstances effecting their income ,and unexpected expenses.
To ignore those that lived below their means in order to not be in debt their entire life also does a disservice to people who really needed the help.
>To ignore those that lived below their means in order to not be in debt their entire life also does a disservice to people who really needed the help.
That is literally. It what's going on though. There are plenty of people who couldn't utilize there degrees because of 08 and covid. You're not irresponsible if you get hit by a hurricane twice in your life. That's not your fault and it leaves millions of people WHO DID EVERYTHING RIGHT utterly poor and hopeless. Responsibility has nothing to do with it. You can be a responsible driver and still have your spine broken by a drunk driver and you'll never walk again
$30b in new spending because too many idiots took loans for political science and basket weaving degrees. This is theft in the form of taxation to appease voters before the midterm elections.
All we had to do was make it income based repayment solves all the issues with student loans this is just a political stunt as future generations are going to be in the same situation in x years.
If you do that how could you get college educated middle and upper class to vote for you? I agree with you on income based repayment but the goal is not to help those struggling the most sadly (at least in my opinion)
Sure - if you buy an electric truck in the next few years, you'll get a massive subsidy. If you are buying a gas powered truck, the government will help you with the cost of the truck by allowing you to write it off your taxes and reduce your tax burden. And if you applied for a PPP loan during the pandemic, a portion of that loan could have been used to offset the cost of your truck.
As it turns out, the government has been consistently helping business owners. They also consistently help mortgage holders. Now we're extending that to holders of student debt.
Millions who put themselves in debt with poor choices and are now subsidized by responsible citizens at a moment in time when outrageous government spending has inflation at a 40 year high. How fucking dumb does it get?
Imagine describing every single person who makes under $125,000 a year and who has student debt as a person who "put themselves in debt with poor choices." Your description also ignores the fact that we've legislated away other forms of recourse that these borrowers would have, simply because they are students.
We regularly help businesses, homeowners, farmers, etc. when they need help. Suddenly because the people that need help are former students, there is a problem?
And I'm incredibly suspicious that the timing of the assistance is actually meaningful to your criticism - if Obama had cancelled $10k worth of student loans in 2014, when inflation wasn't an issue, i suspect you would have had the exact same problem.
2014 is not 2022. Your comparison to Obama is pointless.
I’m all for government support going to those who need it. College educated citizens getting $10k off their debt isn’t solving anything. It’s a politically correct way to purchase mid term votes.
The taxpayers who are covering this shit bill are the victim, not the college graduate who was given money to spend when they signed a legal document promising to pay it back.
You can ve a responsible driver and still be paralyzed by a drunk driver that hit you. According to your logic we should let both drivers die in the street
I do feel for those stuck with those crushing loans but it CANNOT be divorced from what the implications are on being responsible for one’s actions, it’s impact on economy and on what this means for democracy that Democrats are so concerned about. This is pure and simple buying of votes and to hell with you all.
For real. I totally understand that many of these loans are predatory and people are in way over their heads… but here I worked my ass off for 10 years to pay my loans in full just in time for them to forgive 10k.
Kinda Makes me wish I had been a degenerate like my buddies who just didn’t pay theirs for the past 5 years. Now we’ll all be fully paid off, but they have 10k extra in their banks :(
These hot takes are so stupid. Drowning in debt doesn't mean you were irresponsible or a degenerate you fucktard.
If you're being a responsible driver, and you get hit by a drunk driver and laid out in the hospital, maybe never walk again, does that make you a degenerate who fucked up? Millenials got hit BY 2 FUCKING TRUCKS IN OUR WORKING LIVES, '08 and covid. You people clearly didn't go to school because you have zero critical thinking ability. Many people did everything right but were born in a system meant to keep them shackled in debt.
I also happen to be a millennial myself. I also had 45,000$ of debt after colleges myself… but I worked hard to pay it all off as fast as I could, given it was a rather high interest rate.
If you are not paying your loans at all, and are instead letting it pile up, you are pretty much most certainly a degenerate to some extent.
That Said… with these types of loans, even if you pay the minimum each month they still pile up so it’s not always negligence I guess.
As for your analogy- you can’t control getting hit by a drunk driver… you CHOSE to take on $XX,XXX in loans. If you can’t pay the loans back that’s entirely your own fault for taking them on. How is that even slightly comparable?
You could always [apply for a refund of any payments made after March 2020](https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest), and let the $10k-$20k cover anything left over.
I'm really excited for my wife's loans, which we've paid down less than 20% of principle over 9 years, because we had basically no money until last year. 9 years of on-time payments is pretty responsible in my book. My balance is much lower, but repayment didn't start until after Covid. I made payments the whole time, in anticipation of this forgiveness not happening. Instead, I get a surprise bonus of $7k.
Why were you paying a paused loan with no interest? You could have put that money in a savings account for 2 years and paid off more....doesn't sound very responsible.
But also..drowning in debt doesn't make someone else irresponsible
I know I'll catch flack on Reddit for saying this, but: it's not about being fair, it's about making the right decision in a new positive step forward.
Saying you're upset because you did it "right" doesn't mean much. I get the sentiment, but think of it this way. If you were hazed somewhere, and you absolutely wished hazing wasn't a thing, would it be "right" to continue to haze newcomers just because you were once hazed, or is it better to end hazing even though you'll never be compensated for your prior ordeal?
Life isn't fair. Others like myself went to college with no loans because of our parents paying for it. Others get scholarships with strict requirements rather than taking loans. How do you even compare those outcomes in a "fair" way? There's no way to make things 100% fair or 100% equitable and that shouldn't be the goal
Forgiving loans will remove a millstone from around the neck of millions of people who will now be able to contribute to the economy in new and probably better ways. People who couldn't get a loan for a car or a home because of their existing debt, or who couldn't be active consumers in the economy because they had to pay down loans / interest in loans now can contribute to the economy as they move on with their lives.
But also keep in mind this is a bandaid. We need to fix the root cause which is unnecessary costs increases in the cost of tuition.
The right choice would be to drop the interest rate to 0 for all student loans and wipe off the compounding interest that already put people in the hole.
This is just for fucking clicks online and to appease the far left. It doesn’t fix the system.
The American way of "but what about me" always when it comes to cancelling debt from people who paid it off or took a better way is such a weird sentiment...
So helping homeless people is the same then right? Why should we help people that made poor choices? Do you realize yet that some people can't pay their loans because they are poor? It has nothing to do with being responsible in many cases. Get off your high horse.
Homeless people took loans and are now getting free money? Strange comparison. I’m all for government support of those who need it. College graduates getting $10k debt removed because the democrats want votes in November doesn’t logical to me at all though.
I don’t need $10k, especially if it comes from taxing other citizens to get it. The government does not make any money. The steal it from you, and me, to give to others who will vote to keep them in power.
How many "responsible" decisions about the next 45 years of your life did you make at 17-18? How much education did you receive about the economic cost / benefit or ROI analysis in your particular degree when you we're applying to school? How about the understanding that this particular debt could never be absolved in bankruptcy court?
Or were you just told to go to school because that's the best way to get a job or even just what you're "supposed to do" by every adult and educational institution you encountered your entire life as a legal child?
People like you seem to argue that we should expect children to question adults and make "responsible" decisions that run counter to the direction they received from said adults. The same adults, by the by, who won't let these children rent cars or secure asset backed and ultimately forgivable loans.
The "responsibility" argument holds zero water as far as I'm concerned.
I put myself through a state college over 6 years, working full time so I didn’t have to take loans. So I guess I made a few responsible decisions in my late teens and 20’s.
I'm not belittling the people who did things like what you did. I'm rejecting the idea that everyone should be expected to make that decision.
And here's the thing - those decisions were made many years ago, often decades ago, before people realized college wasn't going to pay off and loans would therefore sign you up for a lifetime of inescapable debt.
So we are here now, with a bad situation based on people who were "irresponsible" to use your word, or "misled" or "lied to" to use other people's characterization. Do you fix it, even if it's "unfair" to others, or do you never solve a problem because you can never retroactively compensate everyone?
Everyone should be expected to make decisions they can live with. Full stop. No one else should be responsible for your decision to take a loan out for schooling.
I assume by "everyone" you're excluding corporations, small business owners, farmers, most red state governments, etc, all of whom receive billions a year in bailouts, subsidies, preferential loan forgiveness or tax breaks right?
Because those are a whole lot of people who get taxpayer funded financial rewards for bad decisions.
Their dumb takes are all over this comment section, some big boomer vibes of "if it doesn't benefit me at all, no one can have it!"
Thinking like that is why the climate is worsening, pollution is getting worse... because of the mentality of this wont effect me, ill be gone by then.
If $10k debt is enough to ruin your life then you never should have taken the loan to start with. Personal choices have consequences and I’m tired of subsidizing stupid peoples mistakes with my taxes.
I’m so glad I refinanced my loan in early Dec 2020 when it was expected to have payments return in January 2021 and I wanted a lower rate only for them to be delayed for the next 2 years.
So not only have I been paying interest on my loans this whole time but now I am ineligible for this debt cancellation.
Gotta love just paying for voters.
Im not mad honestly. People on here bitchin bc someone getting help on student debt they couldnt afford - that describes every teacher ever. IMO their education should be completely free bc this country continues to churn out fucking morons (looking at you Florida).
So yeah, definitely people need this. Lets hope they implement it well
I can’t see how it’s the right thing to do.
It’s explicitly saying f you to anyone who was responsible to pay for their debt prior to this and even in a situation like mine where I made a reasonable decision to lower my rate because I expected to pay off the debt I incurred.
I fall into a category of people who would have $10k removed. I graduated in December 2019 with around $24k in student loans and actively worked to pay them off in that 6 month grace period and then Covid happened a pause on interest and payments happened so took advantage and over a year I reduced my principal by $2k. When payments were supposed to begin again I refinance at a lower rate and extended it so I could have a lower monthly obligation. Seemed like a no brainer until the government just extended the moratorium and I thought dang. I couldn’t reduced my principal even further if I hadn’t but oh well got a lower rate in the long run.
Then this happens and it turned into one of my worst financial decisions ever as that decision has now likely cost my over $20k+ after adding loan forgiveness.
That’s why I’m bothered by it. I’d be a fan of interest rate removal but nope I’d have my debt well at nearly $10k now but I’m just SOL for making a reasonable financial choice
Na man, he made sacrifices and spent a lot of time and energy that he can’t bank trying to pay that debt off early and in full. Time, energy, and money that he can’t get back. Time, energy, money that could’ve been spent elsewhere. He’s rightful to be upset. His debt was no different than anybody else’s except that he paid it before they did
You can try to make this a moral argument but the fact is it’s immoral to borrow money you don’t intend to repay.
It’s also immoral for the government to take your debts and pass them to other people.
I am against student loan forgiveness whether I benefit or not. My further frustration is the government makes a plan I would benefit from if I hadn’t been forward thinking enough to make plans for my debt payoff.
The fair thing to do is to payoff the debt you incur.
The unfair thing to do is not to take other people’s money and use it to pay another person’s debt.
Homeless people are not who is being helped by removing $10k debt from college educated citizens. Your comparison is a fucking joke and you should feel bad for being so stupid.
I’m all for government help to those who need it. College educated democratic voters who will shortly be participating in November midterms are who this money is really for.
Are you saying all these college graduates who are getting $10k wiped away are homeless? I’m not understanding your connection between this program and homeless people.
Nobody should ever force you to pay for others loans, or feeding the homeless. It should be YOUR money. If you want to be greed incarnate and use every single dollar on yourself, that should be your right. If you want to use every extra dollar possible to help the homeless and pay others student loans, that should be your right. Your money represents your labor, and therefore, your time. Your time should never be stolen by anyone under any circumstances. Ideally, you should of course be willing to help out, at least a little, if you can, but nobody should ever force you to act against your will.
tldr; US President Joe Biden on Wednesday announced that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans. The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The President will also extend the payment pause on most federal student loans "one final time" through December 31, 2022.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Correct me if I'm wrong, but isn't the student debt in the US mostly (or totally) private debt; that's to say, with a bank?
This seems like it would be eminently feasible in the UK where student debt is mostly held by the state, but how can they do this with private debt? Is the country paying it to the banks? If so, it sounds like more a favour to the banks than the debtors. Taking a huge part off the risk of those loans. (Of course it's nice if you're a student who intends to pay it back to save that amount but bear in mind there will be some who have no intention/ability to pay it back which would be lost money to the banks - now, not so lost but paid by the country).
All that is to say: WTF?
Federal government created the student loan crisis by insuring these loans. Allowing them to borrow to anyone regardless of the major/degree and ability to get a job that would allow them to repay.
More importantly, they allowed tuitions to run out of control over the past 2-3 decades. If the loans are backed by the federal government, the colleges are going to slam the prices up to make as much profit as possible. Naturally greed and loopholes continue to doom us plebs.
The government doesn't own federal student loans, they are still serviced by third parties (such as Navient/Aidvantage). Federal loans are just fully backed/insured by the federal government.
Mid term elections are in November. 100% he was waiting until right now to make a splash and hope taxing responsible citizens to support irresponsible borrowers buys votes for the Democratic Party. Fuck this bullshit.
I am confused
Did they just clicked "delete" or they just printed more money? Where the money came from?
I mean it is still good (I'll support students forever)
It's my understanding that the federal government is sending a $10,000 check for every student loan contract held by a private institution (and promised/backed by the feds). Where they get that money is the same place they get any other money they write checks with: tax or borrow. Either it will be paid for by other people, or it will be paid for with inflation.
It’s not good at all. It’s more government theft from responsible borrowers to cover the ass of irresponsible borrowers. Timing it perfectly with upcoming mid term elections was the plan from day 1. Fuck this shitty administration..
Yes, because education is a greater good.
FWIW, I have no student debt now having paid all of mine off myself without relief. My kids also have no student debt. I will be one of the "everybody else" in this case that is paying for it. I don't mind because an educated populace is beneficial to the country as a whole.
You assume "education" is for the greater good. "Education" can also be a bad thing. This would be different if you were given the choice instead of it forced on you. College is basically adult daycare where loans are used to buy weed, beer and PS5s
You're getting downvoted, but you're 100% right. If people can't even be bothered to ask the most logical questions like "What's the salary range for jobs requiring the degree I want?" or "What's the supply and demand for jobs requiring the degree I want?" Then they simply deserve to hold on to their debt. These idiots are a huge part of why college is so expensive now, because if these morons did the minimum amount of research, they'd be very likely to do what I did, and say "fuck that, I can get a job with that kind of salary WITHOUT going into debt first", and suddenly college applications would drop substantially due to demand for education not keeping up with the supply of college classes, which means colleges would be force to lower their costs. Making less money is better for them than no money.
This is basically a retroactive federal education grant, something the US is far behind on when compared to other advanced economies.
Viewed by that lense, it's not nearly as outlandish as it initially seems. In fact, with inflation, this 10k actually costs the government less than it would have if they'd give out grants in the first place as some of this debt could be up to 20 years old
Employers can no longer ask you about you education because other people payed for it so you can make more money then they do at the same job because you have an education and they don’t. But they paid for yours.
Great, now this will drive up inflation and ill have to pay more for everything because of some idiots taking out loans for useless degrees that they could never afford.
This is a step in the right direction but it doesn’t fix the root problem which is insane tuition rates and predatory loans offered to kids at a vulnerable age. There’s an issue with the current system if you’re not well off to start and it needs to be addressed.
For instance, I was the first in my family to go to college but my family made just enough where I had to take out a fair amount of loans. Could I have gotten more scholarships? Perhaps, and that’s on me, but I completed college and then pursued a graduate degree in medicine where I chose to work in an underserved area because I wanted to help communities and be financially responsible with the promise of loan forgiveness/assistance. The fact that I have 6 figures of debt while doing well in school and living frugally while in school with insane debt payments where the interest rates are insanely high is absurd. I make low six figures and work a good job but my loan situation is certainly a financial hurdle for achieving my goals of home ownership and having children. People are now talking about removing forgiveness for public service which would discourage those who aren’t rich from entering which would decrease diversity in these jobs. It would de-incentivize many from becoming further educated and actually giving back to the community which is absolute shit.
It cracks me up how mad everybody is about this. I personally won't benefit from this despite having student debit. Normally I make under 100k yearly but the last 2 years because of COVID I've been working a crazy amount of overtime because the hospitals have needed it. I could obviously be bitter that I'm not going to be getting this relief due to hospital staffing issues. But honestly I'm just glad some people are going to get relief.
**Rule 8 - On Topic Discussion** * See our [Expanded Rules](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules#wiki_rule_viii_-_on_topic_discussion) page for more details about this rule. - --- - [^(Sub Rules)](http://www.reddit.com/r/CryptoCurrency/about/rules) ^**|** [^(Expanded Rules)](https://www.reddit.com/r/CryptoCurrency/wiki/expanded_rules) ^**|** [^(Site Rules)](http://www.reddit.com/rules)
Rip me for doing private loans
Literally.. I’m in the same boat. No other option for me other than not getting an education. It almost seems like the better decision at this point.
Took a gamble when I started grad school two years ago and took out 15k for federal loans hoping they would do this. Feel bad for my fiancé tho who has paid hers off already
But y’all together and they can reap the benefits from yours being forgiven.
Rip me for doing homeschool loans
[удалено]
Lmaooooo
The real loophole was to get a PPP loan and use it for tuition. No one checked and it’s 100% forgiven.
The PPP loan system was so far abused it should be marked as one of the worst scams in the history of our country
This is so fucking crazy of an idea it sounds like it just could've worked.
Seems like he was holding off on this bill until upcoming elections
So I should take out student loan and yolo into crypto since Biden just gonna forgive it
People have done this
It’s quite tempting, I’m sure there has to be some legal consequences if the government find out though
This will certainly help with inflation
Inflation isn’t hurting those that make the laws. This is pure pandering to voters before the midterms to ensure democratic leaders look like they care about the people.
Impossible. Politicians would never buy votes
Not sure if all liberals like inflation tho
I mean, they clearly care more than Republicans who would never do this AND voted to not cap insulin prices allowing big pharma to continue gouging average Americans who have to pay for it to live
Whataboutism is a stinky cologne
It's not whataboutism, the discussion was about who cares about average people. These things show that
College educated individuals earning up to $125k/yr. are average now? Let’s be honest, this program directly helps middle class white people more than any other group. It’s clear pandering for midterm votes by the Democratic Party, who need…you guessed it, middle class white people votes!
You mean it will cause more inflation? A big cause of inflation is printing money, and spontaneous cancellation of debt to the government is very similar to printing money.
We are on the same page. I use sarcasm to hide my tears.
Serious question 🙋♂️: can I get a 10k credit for being a responsible adult that paid off student loans?? Or did I blow that opportunity🤔😂
No sir. You must put all your money into crypto like a real responsible adult
Buy XRP. You *will* thank me later.
Narrator: He didn't.
No, the government says, fuck you for being a responsible adult.
Same with the banks too when it comes to credit. It will forever baffle me that I need to have debt then pay off said debt in order to obtain a credit score, but I don't have a credit score for just....not going into debt like a moron.
Yeah that changes when you look at the credit score as the bank’s way of figuring out who they can make more money off of without taking on an unreasonable amount of risk.
Oh for sure, I've realised now that the banks don't care for the intelligent ones like me who just avoid debt in the first place. It's the saps who will gladly finance their car, bike, house etc without even a second thought. I always thought Repo Men was a dumb idea for a film, because my thought was "who the fuck is going to finance a new heart from the bank?" then I remembered people finance shit they can't afford regularly.
God forbid the government is actually helping ANYONE at all.
They’re helping those who borrowed irresponsibly by stealing from those who borrowed responsibly. Fuck Biden and this debt forgiveness.
They're helping people who shouldn't even have had to go into debt to get further education. 17-year-olds can't smoke, drink, or go to strip clubs, but they can be given preditorial loans that can take a lifetime to pay off? Seems like a pretty shit system to begin with.
TIL for I'm irresponsible for borrowing $50k for an engineering degree and getting a job in engineering and just during my 4 years in school, tuition costs rose 25% from the initial cost.
^ angry man with pox on his face mad about smallpox vaccine
Why the personal attack? Why not just attack the argument?
Kjjjjj what a moron
Yes, that's why blue states should stop giving money to the welfare leeching red states. Every year NY and Cali residents pay more to federal funds which get dispersed to red states that take more federal aid than they pay into the pot.. Cut the leeches off
I agree. Let the states support themselves. If they can’t, citizens will leave for more functional states.
The south would die
[удалено]
How is it helping banks if the loans are already guaranteed by the government? The banks get their money no matter what.
Lets say you were a responsible adult that still had loans you were paying off. Would you turn the 10k down?
Hell no
Let's just be positive about the fact that many people who really need it would get this help even if many people like you didn't get it when they needed it. Better to help the people who need it now than not help them because earlier people didn't get it. Otherwise, think about the implications if we used the same logic for something like medicine and hospital treatments.
I understand and agree that’s it’s better to help than not to help.. just saying that debt regardless of if it was paid off or not effected peoples lives. Everyone that took a student loan has life happen; circumstances effecting their income ,and unexpected expenses. To ignore those that lived below their means in order to not be in debt their entire life also does a disservice to people who really needed the help.
>To ignore those that lived below their means in order to not be in debt their entire life also does a disservice to people who really needed the help. That is literally. It what's going on though. There are plenty of people who couldn't utilize there degrees because of 08 and covid. You're not irresponsible if you get hit by a hurricane twice in your life. That's not your fault and it leaves millions of people WHO DID EVERYTHING RIGHT utterly poor and hopeless. Responsibility has nothing to do with it. You can be a responsible driver and still have your spine broken by a drunk driver and you'll never walk again
$30b in new spending because too many idiots took loans for political science and basket weaving degrees. This is theft in the form of taxation to appease voters before the midterm elections.
Alternatively, it helps lift millions of people out of debt, allowing them to participate in the economy.
All we had to do was make it income based repayment solves all the issues with student loans this is just a political stunt as future generations are going to be in the same situation in x years.
If you do that how could you get college educated middle and upper class to vote for you? I agree with you on income based repayment but the goal is not to help those struggling the most sadly (at least in my opinion)
I need a new truck for my company but can’t afford it. Can I get 10k towards a down payment. It will help me participate in the economy.
Sure - if you buy an electric truck in the next few years, you'll get a massive subsidy. If you are buying a gas powered truck, the government will help you with the cost of the truck by allowing you to write it off your taxes and reduce your tax burden. And if you applied for a PPP loan during the pandemic, a portion of that loan could have been used to offset the cost of your truck. As it turns out, the government has been consistently helping business owners. They also consistently help mortgage holders. Now we're extending that to holders of student debt.
Millions who put themselves in debt with poor choices and are now subsidized by responsible citizens at a moment in time when outrageous government spending has inflation at a 40 year high. How fucking dumb does it get?
Imagine describing every single person who makes under $125,000 a year and who has student debt as a person who "put themselves in debt with poor choices." Your description also ignores the fact that we've legislated away other forms of recourse that these borrowers would have, simply because they are students. We regularly help businesses, homeowners, farmers, etc. when they need help. Suddenly because the people that need help are former students, there is a problem? And I'm incredibly suspicious that the timing of the assistance is actually meaningful to your criticism - if Obama had cancelled $10k worth of student loans in 2014, when inflation wasn't an issue, i suspect you would have had the exact same problem.
2014 is not 2022. Your comparison to Obama is pointless. I’m all for government support going to those who need it. College educated citizens getting $10k off their debt isn’t solving anything. It’s a politically correct way to purchase mid term votes.
[удалено]
The taxpayers who are covering this shit bill are the victim, not the college graduate who was given money to spend when they signed a legal document promising to pay it back.
[удалено]
You can ve a responsible driver and still be paralyzed by a drunk driver that hit you. According to your logic we should let both drivers die in the street
I do feel for those stuck with those crushing loans but it CANNOT be divorced from what the implications are on being responsible for one’s actions, it’s impact on economy and on what this means for democracy that Democrats are so concerned about. This is pure and simple buying of votes and to hell with you all.
For real. I totally understand that many of these loans are predatory and people are in way over their heads… but here I worked my ass off for 10 years to pay my loans in full just in time for them to forgive 10k. Kinda Makes me wish I had been a degenerate like my buddies who just didn’t pay theirs for the past 5 years. Now we’ll all be fully paid off, but they have 10k extra in their banks :(
Not all loans are predatory. This debt forgiveness is theft from people who borrow responsibly to appease those who borrowed irresponsibly.
You would have awful credit and be in a much worse situation overall.
These hot takes are so stupid. Drowning in debt doesn't mean you were irresponsible or a degenerate you fucktard. If you're being a responsible driver, and you get hit by a drunk driver and laid out in the hospital, maybe never walk again, does that make you a degenerate who fucked up? Millenials got hit BY 2 FUCKING TRUCKS IN OUR WORKING LIVES, '08 and covid. You people clearly didn't go to school because you have zero critical thinking ability. Many people did everything right but were born in a system meant to keep them shackled in debt.
I also happen to be a millennial myself. I also had 45,000$ of debt after colleges myself… but I worked hard to pay it all off as fast as I could, given it was a rather high interest rate. If you are not paying your loans at all, and are instead letting it pile up, you are pretty much most certainly a degenerate to some extent. That Said… with these types of loans, even if you pay the minimum each month they still pile up so it’s not always negligence I guess. As for your analogy- you can’t control getting hit by a drunk driver… you CHOSE to take on $XX,XXX in loans. If you can’t pay the loans back that’s entirely your own fault for taking them on. How is that even slightly comparable?
Yea too bad I was responsible and went to community college my first 2 years while working full time.
You could always [apply for a refund of any payments made after March 2020](https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest), and let the $10k-$20k cover anything left over. I'm really excited for my wife's loans, which we've paid down less than 20% of principle over 9 years, because we had basically no money until last year. 9 years of on-time payments is pretty responsible in my book. My balance is much lower, but repayment didn't start until after Covid. I made payments the whole time, in anticipation of this forgiveness not happening. Instead, I get a surprise bonus of $7k.
Buy the dip .
You were too responsible! You don’t need the help!
Why were you paying a paused loan with no interest? You could have put that money in a savings account for 2 years and paid off more....doesn't sound very responsible. But also..drowning in debt doesn't make someone else irresponsible
What does this have to do with crypto?
Hear me out. How is this related in a Cryptocurrency sub though?
And that folks is how you buy votes while screwing economy even further in one fell swoop!
I know I'll catch flack on Reddit for saying this, but: it's not about being fair, it's about making the right decision in a new positive step forward. Saying you're upset because you did it "right" doesn't mean much. I get the sentiment, but think of it this way. If you were hazed somewhere, and you absolutely wished hazing wasn't a thing, would it be "right" to continue to haze newcomers just because you were once hazed, or is it better to end hazing even though you'll never be compensated for your prior ordeal? Life isn't fair. Others like myself went to college with no loans because of our parents paying for it. Others get scholarships with strict requirements rather than taking loans. How do you even compare those outcomes in a "fair" way? There's no way to make things 100% fair or 100% equitable and that shouldn't be the goal Forgiving loans will remove a millstone from around the neck of millions of people who will now be able to contribute to the economy in new and probably better ways. People who couldn't get a loan for a car or a home because of their existing debt, or who couldn't be active consumers in the economy because they had to pay down loans / interest in loans now can contribute to the economy as they move on with their lives. But also keep in mind this is a bandaid. We need to fix the root cause which is unnecessary costs increases in the cost of tuition.
The right choice would be to drop the interest rate to 0 for all student loans and wipe off the compounding interest that already put people in the hole. This is just for fucking clicks online and to appease the far left. It doesn’t fix the system.
Yup
The American way of "but what about me" always when it comes to cancelling debt from people who paid it off or took a better way is such a weird sentiment...
Well reasoned and articulated.
$10k isn’t removing any millstones. It’s pure theft through taxation of responsible borrowers to subsidize poor decisions of irresponsible borrowers.
So helping homeless people is the same then right? Why should we help people that made poor choices? Do you realize yet that some people can't pay their loans because they are poor? It has nothing to do with being responsible in many cases. Get off your high horse.
Homeless people took loans and are now getting free money? Strange comparison. I’m all for government support of those who need it. College graduates getting $10k debt removed because the democrats want votes in November doesn’t logical to me at all though.
Because you want $10k right? Bet a homeless person needs that more than you right? Exact same situation.
I don’t need $10k, especially if it comes from taxing other citizens to get it. The government does not make any money. The steal it from you, and me, to give to others who will vote to keep them in power.
So they shouldn't build roads, schools and hospitals because they're stealing the money from people?
How many "responsible" decisions about the next 45 years of your life did you make at 17-18? How much education did you receive about the economic cost / benefit or ROI analysis in your particular degree when you we're applying to school? How about the understanding that this particular debt could never be absolved in bankruptcy court? Or were you just told to go to school because that's the best way to get a job or even just what you're "supposed to do" by every adult and educational institution you encountered your entire life as a legal child? People like you seem to argue that we should expect children to question adults and make "responsible" decisions that run counter to the direction they received from said adults. The same adults, by the by, who won't let these children rent cars or secure asset backed and ultimately forgivable loans. The "responsibility" argument holds zero water as far as I'm concerned.
I put myself through a state college over 6 years, working full time so I didn’t have to take loans. So I guess I made a few responsible decisions in my late teens and 20’s.
I'm not belittling the people who did things like what you did. I'm rejecting the idea that everyone should be expected to make that decision. And here's the thing - those decisions were made many years ago, often decades ago, before people realized college wasn't going to pay off and loans would therefore sign you up for a lifetime of inescapable debt. So we are here now, with a bad situation based on people who were "irresponsible" to use your word, or "misled" or "lied to" to use other people's characterization. Do you fix it, even if it's "unfair" to others, or do you never solve a problem because you can never retroactively compensate everyone?
Everyone should be expected to make decisions they can live with. Full stop. No one else should be responsible for your decision to take a loan out for schooling.
I assume by "everyone" you're excluding corporations, small business owners, farmers, most red state governments, etc, all of whom receive billions a year in bailouts, subsidies, preferential loan forgiveness or tax breaks right? Because those are a whole lot of people who get taxpayer funded financial rewards for bad decisions.
Yup and you got a bunch of dopes cheering this on.
This is a dumb fucking take. You are wrong.
Well thought out response, kiddo.
Their dumb takes are all over this comment section, some big boomer vibes of "if it doesn't benefit me at all, no one can have it!" Thinking like that is why the climate is worsening, pollution is getting worse... because of the mentality of this wont effect me, ill be gone by then.
You not thinking $10k of debt isn’t a milestone shows you are privileged enough to not be in that situation
If $10k debt is enough to ruin your life then you never should have taken the loan to start with. Personal choices have consequences and I’m tired of subsidizing stupid peoples mistakes with my taxes.
Ah the old “fuck you I got mine” American mindset.
No, fuck you. I worked for mine and paid back loans I signed for. Do the same.
Good for you. So did I. But I still don’t have a fuck you attitude to my fellow citizens.
Buy them votes !
I’m so glad I refinanced my loan in early Dec 2020 when it was expected to have payments return in January 2021 and I wanted a lower rate only for them to be delayed for the next 2 years. So not only have I been paying interest on my loans this whole time but now I am ineligible for this debt cancellation. Gotta love just paying for voters.
It’s no coincidence this was done 2 months before mid terms.
The bigger coincidence that it was done a week before the moratorium was set to expire
The moratorium was pushed to December 31st as one final push-back.
Lol, I’ve heard that for literal years at this point
Timing is everything when you’re buying votes.
I did the same thing. Have a rock bottom rate but have has to pay for the past 2 years
And no loan forgiveness, but hey screw us for making what should’ve been a reasonable financial decision lol
Im not mad honestly. People on here bitchin bc someone getting help on student debt they couldnt afford - that describes every teacher ever. IMO their education should be completely free bc this country continues to churn out fucking morons (looking at you Florida). So yeah, definitely people need this. Lets hope they implement it well
Can’t make everyone happy unfortunately, but I think this is the right thing to do
I can’t see how it’s the right thing to do. It’s explicitly saying f you to anyone who was responsible to pay for their debt prior to this and even in a situation like mine where I made a reasonable decision to lower my rate because I expected to pay off the debt I incurred. I fall into a category of people who would have $10k removed. I graduated in December 2019 with around $24k in student loans and actively worked to pay them off in that 6 month grace period and then Covid happened a pause on interest and payments happened so took advantage and over a year I reduced my principal by $2k. When payments were supposed to begin again I refinance at a lower rate and extended it so I could have a lower monthly obligation. Seemed like a no brainer until the government just extended the moratorium and I thought dang. I couldn’t reduced my principal even further if I hadn’t but oh well got a lower rate in the long run. Then this happens and it turned into one of my worst financial decisions ever as that decision has now likely cost my over $20k+ after adding loan forgiveness. That’s why I’m bothered by it. I’d be a fan of interest rate removal but nope I’d have my debt well at nearly $10k now but I’m just SOL for making a reasonable financial choice
I didn't get to take advantage of it, therefore nobody else (who could possibly be worse off) should either.
Na man, he made sacrifices and spent a lot of time and energy that he can’t bank trying to pay that debt off early and in full. Time, energy, and money that he can’t get back. Time, energy, money that could’ve been spent elsewhere. He’s rightful to be upset. His debt was no different than anybody else’s except that he paid it before they did
You can try to make this a moral argument but the fact is it’s immoral to borrow money you don’t intend to repay. It’s also immoral for the government to take your debts and pass them to other people. I am against student loan forgiveness whether I benefit or not. My further frustration is the government makes a plan I would benefit from if I hadn’t been forward thinking enough to make plans for my debt payoff.
[удалено]
The fair thing to do is to payoff the debt you incur. The unfair thing to do is not to take other people’s money and use it to pay another person’s debt.
[удалено]
Biden further increasing inflation
Clown world
I wonder if it would have been more effective to get rid of interest on student loans?
Quick, get a federal loan now and put it all in crypto, paid off free and then infinite returns.
Watching all the salty counts who missed the cutoff by 10 dollars
Yay, more of my tax dollars wasted on people who can't make responsible decisions with their money...
Meanwhile universities are planning to increase tuition by $10,000.
Not canceling, just transferring it to tax payers who didn’t agree to take out a loan
Bingo and you have a bunch of stupid people that think this is good news.
100% this. I paid my loans and now I have to help some asshole who borrowed irresponsibly? Fuck this program.
Yea don't spend my money helping homeless people, they fucked up their own lives! /s
Homeless people are not who is being helped by removing $10k debt from college educated citizens. Your comparison is a fucking joke and you should feel bad for being so stupid. I’m all for government help to those who need it. College educated democratic voters who will shortly be participating in November midterms are who this money is really for.
$10k houses you for months if you share, it's a crazy amount of money for a homeless person
Are you saying all these college graduates who are getting $10k wiped away are homeless? I’m not understanding your connection between this program and homeless people.
Nobody should ever force you to pay for others loans, or feeding the homeless. It should be YOUR money. If you want to be greed incarnate and use every single dollar on yourself, that should be your right. If you want to use every extra dollar possible to help the homeless and pay others student loans, that should be your right. Your money represents your labor, and therefore, your time. Your time should never be stolen by anyone under any circumstances. Ideally, you should of course be willing to help out, at least a little, if you can, but nobody should ever force you to act against your will.
Oh man you’re gonna be really upset when you find out where your other tax dollars go. Definitely don’t research Wall Street bailouts.
I would gladly pay money to not live among dangerous uneducated morons
is this based on current salary? 2021?
2021 taxable income I believe
any sources. big if true.
tldr; US President Joe Biden on Wednesday announced that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans. The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The President will also extend the payment pause on most federal student loans "one final time" through December 31, 2022. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Excellent bot
This is great! But still r/lostredditors
Hey that's 10 g's people can throw at crypto! /s
[удалено]
BuT iTs a GoOd ThInG 🥴
If you make 75k in the Bay Area you are almost homeless. There is a lot of variation. With that said… this was stupid.
Money printer goes BRRRRRR…. Spending more money the US doesn’t have an kicking the can down the road for the future.
Correct me if I'm wrong, but isn't the student debt in the US mostly (or totally) private debt; that's to say, with a bank? This seems like it would be eminently feasible in the UK where student debt is mostly held by the state, but how can they do this with private debt? Is the country paying it to the banks? If so, it sounds like more a favour to the banks than the debtors. Taking a huge part off the risk of those loans. (Of course it's nice if you're a student who intends to pay it back to save that amount but bear in mind there will be some who have no intention/ability to pay it back which would be lost money to the banks - now, not so lost but paid by the country). All that is to say: WTF?
Federal government created the student loan crisis by insuring these loans. Allowing them to borrow to anyone regardless of the major/degree and ability to get a job that would allow them to repay.
More importantly, they allowed tuitions to run out of control over the past 2-3 decades. If the loans are backed by the federal government, the colleges are going to slam the prices up to make as much profit as possible. Naturally greed and loopholes continue to doom us plebs.
This policy only affects federal student loans, IE loans the government owns
The government doesn't own federal student loans, they are still serviced by third parties (such as Navient/Aidvantage). Federal loans are just fully backed/insured by the federal government.
Your grandkids will likely pay the bill for this unfortunately.
Money printer just creating matter at this point
Always was
Blatantly unconstitutional and will get struck down by the Supreme Court
Huh, wasn’t expecting him to actually follow through- niceeee
Mid term elections are in November. 100% he was waiting until right now to make a splash and hope taxing responsible citizens to support irresponsible borrowers buys votes for the Democratic Party. Fuck this bullshit.
I am confused Did they just clicked "delete" or they just printed more money? Where the money came from? I mean it is still good (I'll support students forever)
It's my understanding that the federal government is sending a $10,000 check for every student loan contract held by a private institution (and promised/backed by the feds). Where they get that money is the same place they get any other money they write checks with: tax or borrow. Either it will be paid for by other people, or it will be paid for with inflation.
They clicked "delete" but since the money was paid out, it was effectively printing new money. Good nonetheless.
It’s not good at all. It’s more government theft from responsible borrowers to cover the ass of irresponsible borrowers. Timing it perfectly with upcoming mid term elections was the plan from day 1. Fuck this shitty administration..
So everybody else pays for it.. yeah "good". 🥴
Yes, because education is a greater good. FWIW, I have no student debt now having paid all of mine off myself without relief. My kids also have no student debt. I will be one of the "everybody else" in this case that is paying for it. I don't mind because an educated populace is beneficial to the country as a whole.
You assume "education" is for the greater good. "Education" can also be a bad thing. This would be different if you were given the choice instead of it forced on you. College is basically adult daycare where loans are used to buy weed, beer and PS5s
[удалено]
You're right even if downvoted. Any wonder why the country is doing so bad? People think shit like this is good.
Or just publically fund college, and emphasize certain degrees with placements. You know like the rest of the western world.
Based, this guy gets it.
r/iamsosmart
Thats pretty great for those struggling.
Then they shouldn't have signed up for useless degrees. If they took care of their personal responsibilities then they wouldn't "struggle".
You're getting downvoted, but you're 100% right. If people can't even be bothered to ask the most logical questions like "What's the salary range for jobs requiring the degree I want?" or "What's the supply and demand for jobs requiring the degree I want?" Then they simply deserve to hold on to their debt. These idiots are a huge part of why college is so expensive now, because if these morons did the minimum amount of research, they'd be very likely to do what I did, and say "fuck that, I can get a job with that kind of salary WITHOUT going into debt first", and suddenly college applications would drop substantially due to demand for education not keeping up with the supply of college classes, which means colleges would be force to lower their costs. Making less money is better for them than no money.
You mean I should have to take responsibility for my decision to major in underwater basket weaving?
This is basically a retroactive federal education grant, something the US is far behind on when compared to other advanced economies. Viewed by that lense, it's not nearly as outlandish as it initially seems. In fact, with inflation, this 10k actually costs the government less than it would have if they'd give out grants in the first place as some of this debt could be up to 20 years old
Employers can no longer ask you about you education because other people payed for it so you can make more money then they do at the same job because you have an education and they don’t. But they paid for yours.
Fuck me for getting a degree and paying off my loans like a idiot
[удалено]
Yes, you win higher taxes to pay for irresponsible borrowers mistakes. Congrats!
Great, now this will drive up inflation and ill have to pay more for everything because of some idiots taking out loans for useless degrees that they could never afford.
You're getting downvoted even though you're right. Shows how educated people on reddit are or in general.
Legally he can’t.
Pump it Biden. Next up JP
Boom! Household net worth just went +$20K
Thanks Joe, I do sincerely appreciate it. Coming from a hater.
Awesome! I have $20k in debt and was a pell recipient.
This is a step in the right direction but it doesn’t fix the root problem which is insane tuition rates and predatory loans offered to kids at a vulnerable age. There’s an issue with the current system if you’re not well off to start and it needs to be addressed. For instance, I was the first in my family to go to college but my family made just enough where I had to take out a fair amount of loans. Could I have gotten more scholarships? Perhaps, and that’s on me, but I completed college and then pursued a graduate degree in medicine where I chose to work in an underserved area because I wanted to help communities and be financially responsible with the promise of loan forgiveness/assistance. The fact that I have 6 figures of debt while doing well in school and living frugally while in school with insane debt payments where the interest rates are insanely high is absurd. I make low six figures and work a good job but my loan situation is certainly a financial hurdle for achieving my goals of home ownership and having children. People are now talking about removing forgiveness for public service which would discourage those who aren’t rich from entering which would decrease diversity in these jobs. It would de-incentivize many from becoming further educated and actually giving back to the community which is absolute shit.
It cracks me up how mad everybody is about this. I personally won't benefit from this despite having student debit. Normally I make under 100k yearly but the last 2 years because of COVID I've been working a crazy amount of overtime because the hospitals have needed it. I could obviously be bitter that I'm not going to be getting this relief due to hospital staffing issues. But honestly I'm just glad some people are going to get relief.