Lawmakers Introduce Legislation Cancelling Student Loan Debt

[Life Long Learning]

The "cheap vote" political party trying to buy 45,000,000 votes from the lazy and dumb again.

https://diverseeducation.com/article/150375/

I worked three jobs (UPS/Sears/National Guard) for 5.5 years and went to college full-time to get my first BS.  Many of the 45 million Americans that have student loan debt are just greedy.  I know a 60-years old today going to get a Ph.D. with all loans who does NOT need it and has zero intentions of paying off this debt.  Way to subsidize bad decision making.  

[jsd]

Real boomer hours.

[PrettyFlyforaChiGuy]

To me, "greedy" is an incredibly lazy assessment of people trying to get ahead in their lives. As college costs rose while wages stagnated, many learners have had to take out loans to be able to afford that same education, on top of working the same hours and gaining less for it.

Personally, I'd say if this college debt is creating a large economic burden that ripples throughout our entire society, we should probably not listen to the aging segment of our population who wax on about the past (avoiding any mention of how they took advantage of the social policies that they now rail against for others), and look more to the rising generation and their inability to obtain a similar quality of life for a similar quantity of effort.

I know I had about $20K in college debt and paid it off in 3 years. Still, I can reason that since much of the American Dream mythos is driven by home ownership and access to a "brighter future," we'd likely want to work to preserve that for the current generation, many of whom are facing a level of debt that will preclude any kind of future resembling that which the Boomer babies had.

[Imbanewbie]

Special the people who own 100k student loan. Most of them are doctor or lawyer owns student loan. It is not fair the government bail them.

[cookderosa]

Average 10 year student loan takes 19 years to pay off.
Remember most people with student loan debt are the ones who didn't finish their degree, so their expected bump in pay and income didn't happen like they thought.

When one guy in a room is an idiot, it's easy to see, but when the whole room falls for the same "trick" it's clearly an indication that the system is set up to give us each enough rope to hang ourselves. While I'm 100% in the camp of taking personal responsibility, I think it's easy to think this is a 1-size-solves-all problem. Paying someone's bills solves nothing to fix a broken system.

[Ideas]

Special the people who own 100k student loan. Most of them are doctor or lawyer owns student loan. It is not fair the government bail them.

That is covered:

Cancel up to $50,000 in student loan debt for every person with household gross income at $100,000 or less.

Note that it's not necessarily the person's income, but household (gross) income.

[dfrecore]

To me, "greedy" is an incredibly lazy assessment of people trying to get ahead in their lives. As college costs rose while wages stagnated, many learners have had to take out loans to be able to afford that same education, on top of working the same hours and gaining less for it.  

Personally, I'd say if this college debt is creating a large economic burden that ripples throughout our entire society, we should probably not listen to the aging segment of our population who wax on about the past (avoiding any mention of how they took advantage of the social policies that they now rail against for others), and look more to the rising generation and their inability to obtain a similar quality of life for a similar quantity of effort.

I know I had about $20K in college debt and paid it off in 3 years. Still, I can reason that since much of the American Dream mythos is driven by home ownership and access to a "brighter future," we'd likely want to work to preserve that for the current generation, many of whom are facing a level of debt that will preclude any kind of future resembling that which the Boomer babies had.

I have 2 kids who are nearing college age, and I will be helping them pay for college - so you're telling me that I have to pay for THEIR college AND other people's college?  No thanks.  This is not because I'm stingy, or aging, it's because I believe in paying for what I signed up for.  Everyone didn't HAVE to take out these loans - they chose to.  I also don't want to pay off other people's cars, or houses.  Again, not because I am some greedy jerk, but because I didn't sign up for their car payments or mortgages.  AND, I don't think they should have to pay off mine.

[Imbanewbie]

Special the people who own 100k student loan. Most of them are doctor or lawyer owns student loan. It is not fair the government bail them.

That is covered:

Cancel up to $50,000 in student loan debt for every person with household gross income at $100,000 or less.

Note that it's not necessarily the person's income, but household (gross) income.

You are right, but you never know if they will quit their job and they report low income for the first year so they can quilify bailout their student loans.

[NolaRice]

My parents didn't pay for college and kicked me out early, it took 8 years to get my bachelor's degree without taking out any loans. I don't agree with having to pay someone else's bills, but I wouldn't be against some measure helping people to refinance their loans at a much lower rate, and writing off part of their loans in exchange for services to their community. Community college also needs to be free or near-free, and something must be done to lower tuition at state universities. A bachelor's degree at my flagship costs 50k, that's insane. But I don't wanna pay for someone's 70k art institute degree, while I busted my ass and worked around the clock doing things the right way, sorry.

[videogamesrock]

Yes it would incentive people to take a year off to erase 100k in debt. Or work some cash jobs such as bar tending or waiting tables.