More concerning student loan payoffs

Can't compare your SL situation to that faced by today's students. How much did you owe & what was your rate?

 

and that interest will be removed from the asset side of the ledger. it has to be added to the debt side. it just doesn't disappear. it is being forgiven means it is being shifted to the taxpayers.

 

See my post on the previous page. No, not really.

 

People love saying this, but if the "taxpayers" aren't paying more in taxes, is it actually shifted to them?

 

did it add to the national debt

 

I don't know. Did it? And I reiterate. Are the "taxpayers" actually "paying" for it if it is being added to a national debt that we're not even trying to address?

 

yes, it adds to the national debt. whoever pays that, pays for it, along with the interest that will be accrued on it.

 

Does it? As for the national debt, the answer is that nobody is paying for it.

 

Borrowed about 40k for 2 years, rate was about 8%.
It was 27 years ago and my starting salary was about 65k.
Now I was smart and didn’t get a BA in basket weaving and only borrowed money for PA school.

 

Yet the Federal Gov spent what 6 Trillion last year.
They are borrowing to fund 25% of the Gov.

 

I think that’s a bit extreme.
Most people aren’t dying with loads of student debt, unless they are dying at a very early age.

 

Would American society benefit more from reducing “some” student debt or continuing to subsidize American oil companies?

The Zombies of the U.S. Tax Code: Why Fossil Fuels Subsidies Seem Impossible to Kill

The fact that we continue to subsidize that industry under laws dating back to 1913 is insane to me but I don’t see much bitching about that. This NYT article is interesting in that gives some history about the subsidies and why we can’t get rid of them. Personally, I’d rather pay for someone’s education but that’s just me.

 

This is a true argument. The cost of higher education seems to go up double for every dollar of aid they get. Then there are the criminal costs for textbooks. Honestly the most sleazy scuzzy profit driven thing in this country is text books. Put the textbook publishers against the wall first. Then we can go after the other scumbags.

 

This is my biggest problem, fix the damn bloated college payment scheme then look into relief. This seems like the worst outcome, just looks like buying votes.

But neither sides want to fix anything these days, just pander to their voters

 

And the increase will be the fault of the boomer generation. Lol

 

Two wrongs don’t make a right. Eliminate both.

 

Take it a step further then, don’t subsidize ANYTHING.
BTW, the three biggest areas of subsidies are oil and gas, agriculture, and transportation.

IMO, helping to subsidize education is a better investment but that’s just me.

 

Petroleum (fuel for every aspect of the US economy and military), agriculture (food), and transportation (where would US be without it) are relatively more important to everyone in the US than ….. oh ….. paying off the personal debt of those folks who chose to incur that debt to earn a degree that has not generated a sufficient cashflow to retire the debt.

Maybe it’s just me but it seems wholly inappropriate to payoff student debt …. but do nothing for the tradesmen entrepreneurs who skipped college and started their own business, having to borrow and risk capital to build that business.

But, I’m not an biscuit-eating progressive.

 

They should try to fix both. But Biden can't unilaterally do that. Congress has to be involved, and Congress is a dysfunctional mess. A part of the problem is states no longer funding higher education the way they used to. They passed the costs onto the students.

 

Why would you subsidize an industry that generates BILLIONS in profit every year?

In addition, you do know student loans also apply to trade schools also, right?

I’m assuming that you also don’t think that teachers, nurses, social workers and the like are important to a functional society.

You’re not a biscuit eating progressive but you sure are something.