Student Loan Debt

[Texsox]

3 hours ago, ScooterMcGuire said:

Sounds like Biden is going to make a decision in the next few weeks on widespread forgiveness

I've been thinking that since inauguration day. Sigh. 

[ScootsMcGoots]

23 minutes ago, Texsox said:

I've been thinking that since inauguration day. Sigh. 

I know...but we'll see. The republicans presented a bill that would, if passed, deny him the right to extend the pause further ot cancel debt. So I think there is real reason to move this forward if he's gonna do it. I'm just tired of not knowing what's gonna happen with this. Like do something just quit kicking the can.

[pettie4sox]

Wouldn't cancelling student loans boost the economy?  People will spend their money on having kids, buying homes, and probably more impulsive purchases.  I just finish paying my off and I'm about to turn 37.  I think if you don't eliminate all of them just do some.  10K might wipe a lot of people's bills out.

[he gone.]

7 minutes ago, pettie4sox said:

Wouldn't cancelling student loans boost the economy?  People will spend their money on having kids, buying homes, and probably more impulsive purchases.  I just finish paying my off and I'm about to turn 37.  I think if you don't eliminate all of them just do some.  10K might wipe a lot of people's bills out.

Yes, but it's not about that. It's about having a hand to play to get votes. It's essentially balancing do you want to play this hand now, or later? I'm not sure the calculation makes sense at this point for democrats. The pause has been ongoing for 2 years now and the economy is teetering. If you cancel, you don't get the boost now, you just get same spending patterns that have been developed/budgeted over the past 2 years by millennials. Playing the hand now won't result in extra votes nor boost in spending IMO. They'll want to hold back the total forgiveness for a time when the "economic boost" is really needed and can buy them more good graces than now.  That said, the dems are in a tough spot both based on promises, the mid-terms coming up, the current outlook of how mid-terms are likely to go, etc. 

My personal guess is they do something like that 10k forgiveness while still having the carrot out there to discuss "more robust" forgiveness in the future. aka, you deliver on a promise, buy some votes, but keep voters on the hook go-forward. This way they can judge how forgiveness is accepted across voter base, deliver, and keep you in the palm of their hand. 

You have to look it at it through the lens of a politician. they don't actually care about you, they care about your vote to further their personal agenda. 

[pettie4sox]

9 minutes ago, he gone. said:

Yes, but it's not about that. It's about having a hand to play to get votes. It's essentially balancing do you want to play this hand now, or later? I'm not sure the calculation makes sense at this point for democrats. The pause has been ongoing for 2 years now and the economy is teetering. If you cancel, you don't get the boost now, you just get same spending patterns that have been developed/budgeted over the past 2 years by millennials. Playing the hand now won't result in extra votes nor boost in spending IMO. They'll want to hold back the total forgiveness for a time when the "economic boost" is really needed and can buy them more good graces than now.  That said, the dems are in a tough spot both based on promises, the mid-terms coming up, the current outlook of how mid-terms are likely to go, etc. 

My personal guess is they do something like that 10k forgiveness while still having the carrot out there to discuss "more robust" forgiveness in the future. aka, you deliver on a promise, buy some votes, but keep voters on the hook go-forward. This way they can judge how forgiveness is accepted across voter base, deliver, and keep you in the palm of their hand. 

You have to look it at it through the lens of a politician. they don't actually care about you, they care about your vote to further their personal agenda. 

Very well written post.  I didn't even think about the student loan pause because I kept paying throughout it.  I wish more people would take your bold statement more serious and stop electing scumbags.

[CentralChamps21]

Crime and drugs are draining our resources, and forgiving student loans doesn't make even a small dent in this. This is pandering to young voters.

Jim Crow, Redlining, etc, have created a large underclass in our cities. Kids are turning to gangs, drugs and crime long before taking out student loans is even an option. Lets take the billions that that we're talking about using to forgive student loan debt and invest it into our most vulnerable kids, most of whom are in cities. Let's invest in their education and safety, and do whatever it takes to provide them more appealing opportunities than jacking cars at age 14.

Reduce student loan interest to zero? Fine. Increase the repayment period from 10 to 15 years? Great. But let's invest the bulk of the money where it's most needed. Kids in Engelwood should have the same resources and opportunities as kids in New Trier.

Edited April 29, 2022 by CentralChamps21

[pettie4sox]

17 minutes ago, CentralChamps21 said:

Crime and drugs are draining our resources, and forgiving student loans doesn't make even a small dent in this. This is pandering to young voters.

Jim Crow, Redlining, etc, have created a large underclass in our cities. Kids are turning to gangs, drugs and crime long before taking out student loans is even an option. Lets take the billions that that we're talking about using to forgive student loan debt and invest it into our most vulnerable kids, most of whom are in cities. Let's invest in their education and safety, and do whatever it takes to provide them more appealing opportunities than jacking cars at age 14.

Reduce student loan interest to zero? Fine. Increase the repayment period from 10 to 15 years? Great. But let's invest the bulk of the money where it's most needed. Kids in Engelwood should have the same resources and opportunities as kids in New Trier.

The government should have never got into the loan business.  The government should have capped tuition, fees, room and board, to make it affordable for anyone to go if they so desired.  They made this mess and now they are stuck holding the bag because I don't see people paying back their loans.

As for the investment into cities, I agree but one thing most people fail to realize, is policing is a big business.  If cops didn't have manifested crooks to chase all day, their budgets would be reduced and certain parties can't have that happening.

[CentralChamps21]

Just now, pettie4sox said:

The government should have never got into the loan business.  The government should have capped tuition, fees, room and board, to make it affordable for anyone to go if they so desired.  They made this mess and now they are stuck holding the bag because I don't see people paying back their loans.

As for the investment into cities, I agree but one thing most people fail to realize, is policing is a big business.  If cops didn't have manifested crooks to chase all day, their budgets would be reduced and certain parties can't have that happening.

Until we all make a bigger deal out of it, those parties will continue to get their way. It's time for things to change.

Carjackings are starting to happen more and more during daylight hours and in better neighborhoods. Maybe that will start to tip the scales a bit.

[pettie4sox]

3 minutes ago, CentralChamps21 said:

Until we all make a bigger deal out of it, those parties will continue to get their way. It's time for things to change.

Carjackings are starting to happen more and more during daylight hours and in better neighborhoods. Maybe that will start to tip the scales a bit.

Yeah, I am not sure if that is correlated to the law passed about CPD ceasing high speed chases or something along those lines (some feel free to correct me).  Life is odd, we as adults come across situations where we have to make good decisions regularly and all these politicians muppets can't do the simplest of things for partisan reasons.  It's outrageous.

[greg775]

59 minutes ago, CentralChamps21 said:

Carjackings are starting to happen more and more during daylight hours and in better neighborhoods. Maybe that will start to tip the scales a bit.

Carjacking and home invasions are unacceptable. If I lived in Chicago you better believe I'd get a gun and have it ready to go in case of carjacking or home invasion. We're done as a society if these violent crimes become commonplace. If let's say there's a 50 percent chance you could get carjacked every time you get in your car, wow, civilized society will be over with.

It's vicious and animalistic to brutally take somebody's vehicle or bust in their homes and ransack the place. I could list reasons why I believe these type of crimes are increasing but I don't want to risk getting banned from the site.

Edited April 29, 2022 by greg775

[Texsox]

19 hours ago, greg775 said:

Carjacking and home invasions are unacceptable. If I lived in Chicago you better believe I'd get a gun and have it ready to go in case of carjacking or home invasion. We're done as a society if these violent crimes become commonplace. If let's say there's a 50 percent chance you could get carjacked every time you get in your car, wow, civilized society will be over with.

It's vicious and animalistic to brutally take somebody's vehicle or bust in their homes and ransack the place. I could list reasons why I believe these type of crimes are increasing but I don't want to risk getting banned from the site.

it could happen anywhere. Why wait until you're a victim? You may be running out of time to get trained and put together a cache of personal protection items. Some "broomsticks" might be a good idea to keep them away from your home. 

 

[Texsox]

20 hours ago, pettie4sox said:

The government should have never got into the loan business.  The government should have capped tuition, fees, room and board, to make it affordable for anyone to go if they so desired.  They made this mess and now they are stuck holding the bag because I don't see people paying back their loans.

As for the investment into cities, I agree but one thing most people fail to realize, is policing is a big business.  If cops didn't have manifested crooks to chase all day, their budgets would be reduced and certain parties can't have that happening.

At least in Texas those fees are set by the government, at least at the Universities they own and run. 

[greg775]

6 hours ago, Texsox said:

At least in Texas those fees are set by the government, at least at the Universities they own and run. 

It's unfair to those who paid off their debts or who are almost done paying off their debts to get no similar relief from Joe. If Joe gives 10,000 dollar relief to those with outstanding student loan debt, he should similarly sent 10,000 bucks to those who can prove they had that kind of debt. Fair is fair. It's just money, just paper.  Just print some more ... and more ... and more.

What Joe may be doing is evaluating how to get the most votes out of this. Do you gain more votes from the current people who need relief from student loan debt following this decision than you lose from those who get no payback after being good citizens and paying back their debt?

Edited April 30, 2022 by greg775

[Texsox]

13 minutes ago, greg775 said:

It's unfair to those who paid off their debts or who are almost done paying off their debts to get no similar relief from Joe. If Joe gives 10,000 dollar relief to those with outstanding student loan debt, he should similarly sent 10,000 bucks to those who can prove they had that kind of debt. Fair is fair. It's just money, just paper.  Just print some more ... and more ... and more.

What Joe may be doing is evaluating how to get the most votes out of this. Do you gain more votes from the current people who need relief from student loan debt following this decision than you lose from those who get no payback after being good citizens and paying back their debt?

Exactly. Everytime we bail out an industry or corporation send money to everyone. Tax breaks for lowering carbon emissions? Send everyone money. Incentives to move jobs back to the US? Send everyone money! Hurricane hit Florida? Send everyone money! 

I always did like your figuring G-7.

Now when are you going put a six shooter in your pocket?? 

 

[greg775]

3 hours ago, Texsox said:

Exactly. Everytime we bail out an industry or corporation send money to everyone. Tax breaks for lowering carbon emissions? Send everyone money. Incentives to move jobs back to the US? Send everyone money! Hurricane hit Florida? Send everyone money! 

I always did like your figuring G-7.

Now when are you going put a six shooter in your pocket?? 

 

I really do need lessons  on how to use a gun, and I need to be armed at least at home and in my vehicle. I will say this. I was in Chicago in March for five nights and stayed at the hampton inn theatre district by the chicago theatre by the palmer house. I'm surprised I was not in total fear of getting mugged, etc. I even walked alone down there a few nights. It actually wasn't that crowded down there plus it was that weekend where it was cold, cold cold and very very windy. I can honestly say my only emotion was "cold," Fear never gripped me this trip.

p.s. i saw a segment on tv maybe it was bill maher about all these funds for different relief efforts, etc., that did not make it to the right hands. Can you imagine with all the billions and trillions out there in different bills and in different fundraising efforts how many crooks are becoming instant millionaries? Darn I wish i got one million or two free.

Edited April 30, 2022 by greg775

[Iwritecode]

On 4/30/2022 at 4:54 PM, greg775 said:

I was in Chicago in March for five nights and stayed at the hampton inn theatre district by the chicago theatre by the palmer house. I'm surprised I was not in total fear of getting mugged, etc. I even walked alone down there a few nights. It actually wasn't that crowded down there plus it was that weekend where it was cold, cold cold and very very windy. I can honestly say my only emotion was "cold," Fear never gripped me this trip.

Seems like there should be some sort of lesson learned here...

[pettie4sox]

26 minutes ago, Iwritecode said:

Seems like there should be some sort of lesson learned here...

C'mon now, you know it goes right over greg's head.

[ScootsMcGoots]

BIden set to announce $10,000 in loan forgiveness today for those with federal loans. $20,000 for those who received Pell Grants.

[pettie4sox]

I only had 5K left on mine after paying for 12 years.

[pettie4sox]

3 minutes ago, ScooterMcGuire said:

I just hope it's not blocked by the courts, if that's even possible.

Good point.  The court has been quite out of control lately.

[KipWellsFan]

3 hours ago, ScooterMcGuire said:

BIden set to announce $10,000 in loan forgiveness today for those with federal loans. $20,000 for those who received Pell Grants.

The 10 k is only for individuals or families under a certain income level though right? I think 125k and 250k. It's really only the quite wealthy who won't get the relief. Also, important to note that they are extending the moratorium to Dec. 31, but it is the final extension.

[ScootsMcGoots]

4 hours ago, KipWellsFan said:

The 10 k is only for individuals or families under a certain income level though right? I think 125k and 250k. It's really only the quite wealthy who won't get the relief. Also, important to note that they are extending the moratorium to Dec. 31, but it is the final extension.

This is correct. 

[T R U]

9 hours ago, pettie4sox said:

I only had 5K left on mine after paying for 12 years.

Same here, but hey that’s 5K I don’t have to pay now and puts $500 a month back into my pocket

[pettie4sox]

It's kind of funny the people complaining about relief don't realize the people with the extra money now will put it right back into the economy.  Homes, cars, consumables, vacations, etc...

[southsider2k5]

1 hour ago, pettie4sox said:

It's kind of funny the people complaining about relief don't realize the people with the extra money now will put it right back into the economy.  Homes, cars, consumables, vacations, etc...

This is just as much of job creation as any of the other tax incentive programs we give to people of way higher incomes.  Honestly it is probably higher because the spending levels of the income groups who have student loans aren't going to be the really rich families who have the highest savings rates either.