The backlash against this small aid to help is disgusting. 10k is a small drop in the bucket but it’s certainly something. My two 30 something kids went to college with assistance from us, scholarships, money from jobs and loans. The price of college and grad school has skyrocketed and few can do it without loans.
As parents, we took out loans too but with a good salary we can pay ours back. My son works for a nonprofit at an abysmal wage just praying that the loan forgiveness will help. It’s nothing like it was when I went in the 1970s.
$10k loan forgiveness nice! and how much is the military budget this year that only profits those that produce weapons of war and increase fear and distrust between countries ?
What secondary education I got was, fortunately, funded by my father. However, I know several people that are going to benefit from this. One woman I know says that this will reduce her income/debt ratio enough to give her her the ability to buy a house. This is a bad thing? A friend of mine's three sons will all benefit from this. I'm thrilled for everyone that's getting a break. I'm very much #teamJulie B(rooklyn)Multi RacialResister. Now fix the damn student loan system, m'kay?
It's terrible that even "reasonable" Republicans like David French are spreading disinformation about this online. I just pushed back on his claim that this is only a benefit to the wealthy when the reality is that almost 90% of those who will benefit make less than 75k a year. And he is supposed to be a model of what ethical, intellectual conservatism can be.
During the final weeks before I graduated, I received 2 job offers , plus the US Air Force tried to woo me with lunch at the officers’ club & a short flight. I took one of the job offers, and that enabled me to pay off my student loan. Our daughter graduated 24 yrs. later and still hadn’t landed a job in her field 3 months later. She began paying off her student loan out of her part-time job salary. We took pity on her and began making the loan payments. Today, unlike in “our day”, a college degree doesn’t automatically get one a good job. College loans can burden a graduate for years. Freed from some of that debt, they can then buy things like a car or other items and thus boost the economy. I’m in favor of forgiving a portion of student loan debt.
The Trump/MAGA Party is terrified of an educated population, because it's one more way they will never win another election. That's why FPOTUS said he loves the undereducated.
I say education is a public good, along with healthcare, housing, walkable communities, and getting guns off the streets.
Yes, a lot of schools fleeced the federal student loan program. Anytime large amounts of money change hands, there will always be someone there ready to take a cut. That has to be fixed so that this never becomes necessary again.
I haven't read it myself, but some sources say the Powell Memo advocated higher costs for college education to make the indebted graduates thereof less inclined to buck the corporate status quo.
The entire college trip is out of control. It is not just the lenders but the colleges also lure kids into the financial morass. I remember when we took our first born to college, the bookstore was inserting credit card applications in all the bags. I don't recall any advisor/counselor speaking about the costs we face post-college. Biden put a bandaid on a broken leg but it is better than nothing. There was a time when college was more about the professors and courses than the amenities that too many university systems have promulgated at great expense which they have passed on to the students and their families.
No sure if it is a come to Jesus moment although some call it that or an acceptance of what is better for the common good. And not just the bottom line of some peoples income
-Provide relief to up to 43 million borrowers, including cancelling the full remaining balance for roughly 20 million borrowers
-Target relief dollars to low- and middle-income borrowers. The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year
-among borrowers who are eligible for relief, 21% are 25 years and under and 44% are ages 26-39. More than a third are borrowers age 40 and up, including 5% of borrowers who are senior citizens
Etc. etc. etc.
There are also proposed rule changes coming that will address predatory practices and include additional loan forgiveness.
Is this perfect? No. Nothing is perfect. If we waited for perfection, we'd still be waiting when skating rinks open in hell.
And yes, I had student loans despite scholarships and working throughout high school and college as well. Yes, I paid those undergraduate loans off after graduation, using every available cent to repay then in a bit over ten years. The loans for grad school were credit card debt and repaid while the horrific interest rates kept making them grow - something perfected apparently in most loans now so that those in debt have an almost impossible time repaying them.
Do I begrudge those who will benefit? No. I don't want anyone to have to go through what I did (or far worse): it's a joy to see education made more accessible/available, with the eventual hope that equity and opportunity will become universal.
I took out $5500 in student loans in the mid 70s. It paid for BOTH my undergraduate and masters degrees at NYS public universities. I paid $63.86 every month for 10 years. I had a job paying $18,000 after I graduated and was able to pay rent and the student loan. Education was affordable back then. I’m glad these youngsters today are getting some relief.
I agree it’s a good start. Times have changed. I did live in a dubious neighborhood and worked side jobs to pay off my loans. But the financial burden now is too great for that equation to work for people. So let’s help them get out from under predatory lending and exorbitant debt.
I had 2-3 summer jobs at once at times, workstudy, grants/scholarships and took loans, too. Plus, I had some financial help from my parents. Going to a private, top school definitely gave me a boost in job opportunities and salary, right from the start. I worked hard through school, but I was also lucky. And I was able to pay off my debts in 10 years, thanks to a good paying job and more help from my parents. If I were in the same position today, applying to colleges, I'd never be able to afford the same school. It's over 10x the cost today as it was then. Wages haven't kept up with the rising college costs, my parents aren't wealthy, and loans are not subsidized in the same way as they were then. It's financially much harder today to afford a higher education than it was then and much more difficult to get out from under the massive school debt. Something needs to be done to make college and post-HS programs more affordable. We know, on average, there are life long financial advantages for those with a college degree. And I'll point out, that also means more taxes are collected, on average, from those with a college degree, as well. That benefits all of us. The loan forgiveness is a start, but not a long term fix. I'm with you, more needs to be done for sure.
Moreover, a lot of people are promulgating rubbish about the cancellation of these debts involving expenditure by other taxpayers. No. That is not how eliminating an asset from one side of a balance sheet goes. It generates no bills.
I said that to someone who then claimed that it does it does it does cost tax payers because that's how tax rates are determined, which also no. I don't know whether they made this up in their pretty little head or have some spurious source for it.
It's exhausting, as well as mean-spirited and miserable.
The backlash against this small aid to help is disgusting. 10k is a small drop in the bucket but it’s certainly something. My two 30 something kids went to college with assistance from us, scholarships, money from jobs and loans. The price of college and grad school has skyrocketed and few can do it without loans.
As parents, we took out loans too but with a good salary we can pay ours back. My son works for a nonprofit at an abysmal wage just praying that the loan forgiveness will help. It’s nothing like it was when I went in the 1970s.
$10k loan forgiveness nice! and how much is the military budget this year that only profits those that produce weapons of war and increase fear and distrust between countries ?
What secondary education I got was, fortunately, funded by my father. However, I know several people that are going to benefit from this. One woman I know says that this will reduce her income/debt ratio enough to give her her the ability to buy a house. This is a bad thing? A friend of mine's three sons will all benefit from this. I'm thrilled for everyone that's getting a break. I'm very much #teamJulie B(rooklyn)Multi RacialResister. Now fix the damn student loan system, m'kay?
Absolutely. The system is horrific and this will only plug the hole for so long.
It's terrible that even "reasonable" Republicans like David French are spreading disinformation about this online. I just pushed back on his claim that this is only a benefit to the wealthy when the reality is that almost 90% of those who will benefit make less than 75k a year. And he is supposed to be a model of what ethical, intellectual conservatism can be.
I am sad to hear that. I mean, come ON.
During the final weeks before I graduated, I received 2 job offers , plus the US Air Force tried to woo me with lunch at the officers’ club & a short flight. I took one of the job offers, and that enabled me to pay off my student loan. Our daughter graduated 24 yrs. later and still hadn’t landed a job in her field 3 months later. She began paying off her student loan out of her part-time job salary. We took pity on her and began making the loan payments. Today, unlike in “our day”, a college degree doesn’t automatically get one a good job. College loans can burden a graduate for years. Freed from some of that debt, they can then buy things like a car or other items and thus boost the economy. I’m in favor of forgiving a portion of student loan debt.
I wish more people understood that. It seems pretty clear to me, but I teach at a university and see this all the damn time.
The Trump/MAGA Party is terrified of an educated population, because it's one more way they will never win another election. That's why FPOTUS said he loves the undereducated.
I say education is a public good, along with healthcare, housing, walkable communities, and getting guns off the streets.
Yes, a lot of schools fleeced the federal student loan program. Anytime large amounts of money change hands, there will always be someone there ready to take a cut. That has to be fixed so that this never becomes necessary again.
See, I've wondered about that. Is this a part of a grand plan to create more uneducated people? Because it seems we have more than enough.
I haven't read it myself, but some sources say the Powell Memo advocated higher costs for college education to make the indebted graduates thereof less inclined to buck the corporate status quo.
The entire college trip is out of control. It is not just the lenders but the colleges also lure kids into the financial morass. I remember when we took our first born to college, the bookstore was inserting credit card applications in all the bags. I don't recall any advisor/counselor speaking about the costs we face post-college. Biden put a bandaid on a broken leg but it is better than nothing. There was a time when college was more about the professors and courses than the amenities that too many university systems have promulgated at great expense which they have passed on to the students and their families.
There needs to be a come-to-Jesus (sorry) moment for everyone in the education industry. I agree entirely.
No sure if it is a come to Jesus moment although some call it that or an acceptance of what is better for the common good. And not just the bottom line of some peoples income
Amen.
The whiners and gnashers of teeth also ignore:
-Provide relief to up to 43 million borrowers, including cancelling the full remaining balance for roughly 20 million borrowers
-Target relief dollars to low- and middle-income borrowers. The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year
-among borrowers who are eligible for relief, 21% are 25 years and under and 44% are ages 26-39. More than a third are borrowers age 40 and up, including 5% of borrowers who are senior citizens
Etc. etc. etc.
There are also proposed rule changes coming that will address predatory practices and include additional loan forgiveness.
Is this perfect? No. Nothing is perfect. If we waited for perfection, we'd still be waiting when skating rinks open in hell.
And yes, I had student loans despite scholarships and working throughout high school and college as well. Yes, I paid those undergraduate loans off after graduation, using every available cent to repay then in a bit over ten years. The loans for grad school were credit card debt and repaid while the horrific interest rates kept making them grow - something perfected apparently in most loans now so that those in debt have an almost impossible time repaying them.
Do I begrudge those who will benefit? No. I don't want anyone to have to go through what I did (or far worse): it's a joy to see education made more accessible/available, with the eventual hope that equity and opportunity will become universal.
Thank you for this.
I took out $5500 in student loans in the mid 70s. It paid for BOTH my undergraduate and masters degrees at NYS public universities. I paid $63.86 every month for 10 years. I had a job paying $18,000 after I graduated and was able to pay rent and the student loan. Education was affordable back then. I’m glad these youngsters today are getting some relief.
I agree it’s a good start. Times have changed. I did live in a dubious neighborhood and worked side jobs to pay off my loans. But the financial burden now is too great for that equation to work for people. So let’s help them get out from under predatory lending and exorbitant debt.
I had 2-3 summer jobs at once at times, workstudy, grants/scholarships and took loans, too. Plus, I had some financial help from my parents. Going to a private, top school definitely gave me a boost in job opportunities and salary, right from the start. I worked hard through school, but I was also lucky. And I was able to pay off my debts in 10 years, thanks to a good paying job and more help from my parents. If I were in the same position today, applying to colleges, I'd never be able to afford the same school. It's over 10x the cost today as it was then. Wages haven't kept up with the rising college costs, my parents aren't wealthy, and loans are not subsidized in the same way as they were then. It's financially much harder today to afford a higher education than it was then and much more difficult to get out from under the massive school debt. Something needs to be done to make college and post-HS programs more affordable. We know, on average, there are life long financial advantages for those with a college degree. And I'll point out, that also means more taxes are collected, on average, from those with a college degree, as well. That benefits all of us. The loan forgiveness is a start, but not a long term fix. I'm with you, more needs to be done for sure.
Moreover, a lot of people are promulgating rubbish about the cancellation of these debts involving expenditure by other taxpayers. No. That is not how eliminating an asset from one side of a balance sheet goes. It generates no bills.
I said that to someone who then claimed that it does it does it does cost tax payers because that's how tax rates are determined, which also no. I don't know whether they made this up in their pretty little head or have some spurious source for it.
It's exhausting, as well as mean-spirited and miserable.
Point that out, and people really lose their minds (on social media).