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Student Loan Forgiveness Discussion


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Since January, Schumer and Warren have been pointing at Biden to forgive federal student loans.

Today, Pelosi set the record straight. 

"The President can only postpone payments. Forgiveness requires an act of Congress."

https://www.washingtonpost.com/video/national/pelosi-holds-weekly-news-conference/2021/07/28/fac066ef-492b-4d4d-9a11-fa80dd3153e1_live.html

 

Why are Schumer and Warren not simply pushing for this in a reconciliation package?

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It's against my self interest to say this, as someone with student loan debt, but I don't think it's fair to ask average Americans to pay for the student loan debt of those who used debt to finance co

I’m not a student debt forgiveness fan.  While I do think the cost of education is rediculous and in need of reform, which is another subject, they signed on for what they signed on for.     I’

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9 minutes ago, luvyablue256 said:

Since January, Schumer and Warren have been pointing at Biden to forgive federal student loans.

Today, Pelosi set the record straight. 

"The President can only postpone payments. Forgiveness requires an act of Congress."

https://www.washingtonpost.com/video/national/pelosi-holds-weekly-news-conference/2021/07/28/fac066ef-492b-4d4d-9a11-fa80dd3153e1_live.html

 

Why are Schumer and Warren not simply pushing for this in a reconciliation package?

 

They might. Honestly I haven't heard much about the specifics of the reconciliation package as of yet anyway. Most of the talk has been about infrastructure and covid.

 

The next 2 will be voting rights and reconciliation... and I honestly don't expect the next reconciliation package to take that long. 

 

Granted extended the debt limit will have to come up soon too.

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4 minutes ago, tgo said:

It's against my self interest to say this, as someone with student loan debt, but I don't think it's fair to ask average Americans to pay for the student loan debt of those who used debt to finance college. And to Pelosi's point - I don't think it's within the purview of executive power and would require an act of congress. 

 

We do it to finance elder care. And infrastructure that we don't use. 

 

I'll probably never drink water or drive a road in Montana, but my taxes are about to pay to replace pipes and roads up there. 

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5 minutes ago, luvyablue256 said:

 

We do it to finance elder care. And infrastructure that we don't use. 

 

I'll probably never drink water or drive a road in Montana, but my taxes are about to pay to replace pipes and roads up there. 

 

Yeah, there are much better arguments against student loan forgiveness than hers. Her argument can be used against pretty much any social spending.

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7 minutes ago, tgo said:

It's against my self interest to say this, as someone with student loan debt, but I don't think it's fair to ask average Americans to pay for the student loan debt of those who used debt to finance college. And to Pelosi's point - I don't think it's within the purview of executive power and would require an act of congress. 

 

I have no problem w/ state or federally funded college education which is essentially what that'd be. it'd be paying it retroactively but paying it none the less.

 

The real question is of what value does the gov have in collecting these loans? Revenue in the interest? Is it that much? Would the economy benefit more from the gov collecting on these debts over the course of 30 years or would the economy benefit more by clearing the debt and have all of those people w/ increased spending power in the current economy b/c let's face it. If most people w/ student loan debt had an extra $200/month or whatever their payment is (probably more), would they save it or spend it on something? If the answer is to spend it then does that economic impact greater than the government collecting it to pay for something else?

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57 minutes ago, reo said:

 

I have no problem w/ state or federally funded college education which is essentially what that'd be. it'd be paying it retroactively but paying it none the less.

 

The real question is of what value does the gov have in collecting these loans? Revenue in the interest? Is it that much? Would the economy benefit more from the gov collecting on these debts over the course of 30 years or would the economy benefit more by clearing the debt and have all of those people w/ increased spending power in the current economy b/c let's face it. If most people w/ student loan debt had an extra $200/month or whatever their payment is (probably more), would they save it or spend it on something? If the answer is to spend it then does that economic impact greater than the government collecting it to pay for something else?

 

If they spend the extra money on bitcoin....

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1 hour ago, LongTimeFan said:

Why single out just student loans? The people who didn't go to college and have a mortgage, or other debt, should that be forgiven? 

 

Oh, I dunno, maybe because other forms of debt aren't needed to attain gainful employment and contribute to the economy? 

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8 minutes ago, luvyablue256 said:

 

Oh, I dunno, maybe because other forms of debt aren't needed to attain gainful employment and contribute to the economy? 

 

You mean like small business loans that people use to start businesses?  Or what about the tons of credit card debts college students amass because their student loans only pay for tuition/books and don't cover food, etc.?

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