Poll: How Much Student Debt Would You Forgive?

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  1. #1
    Over 9000! Milchshake's Avatar
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    How Much Student Debt Should be Canceled?

    HOw much student debt would you cancel?

    Now that Joe Biden’s win has been certified by the Electoral College, there's hope that debt relief could be on the way. Just a question of much is politically possible. Some portion of the record $1.6 trillion of U.S. student loans ould be forgiven.

    President-elect Joe Biden proposed forgiving at least $10,000 of federal student loans per person under his Emergency Action Plan to Save the Economy, as COVID-19 cases set alarming records.
    Democratic Sens. Chuck Schumer (D-NY) and Elizabeth Warren (D-Mass.) urged the next president to cancel up to $50,000 in student debt immediately, a proposal outgoing Secretary of Education Betsy DeVos recently called a “socialist takeover of higher education.”




    $10,000 would help the largest class of borrowers. But $50,000 would be more life changing.
    Biden should definitely listen to Schumer and use executive order to cancel $50K of student debt per person.
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  2. #2
    Void Lord Elegiac's Avatar
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    All of it.

    We've reached the point in our society where tertiary education is an expected minimum for success in society, and as with primary and secondary education that should be available free of cost as a matter of right.

    Libertarians come @ me.
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  3. #3
    Banned JohnBrown1917's Avatar
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    All of it, but none of it will.

  4. #4
    All of it obviously, but somewhere in the realm of 50 -60k should wipe out student loan debt for the majority of people and is probably more realistic of a goal at this point in time.

  5. #5
    All. Education has no business being as expensive as it currently is today. It's public domain knowledge that an educator can reach thousands at a time with current technology. Something so mandatory for society to move forward shouldn't get locked behind schools wanting to make a profit.

    - - - Updated - - -

    Quote Originally Posted by IdiocracyIsReal View Post
    None. It would only encourage for profit institutions to charge more money to make bigger profits, then expect government to bail out students who can't pay their loans, resulting in even worse situation than it is now.

    It shouldn't have been that way in first place. Education should be free (as in paid for by taxes), like it is in many first world countries.
    Obviously a debt forgiveness action would have to come with changes to the education system as a whole. Just forgiving current debt is hitting a reset on the same problem.
    The wise wolf who's pride is her wisdom isn't so sharp as drunk.

  6. #6
    Debts of any kind should not be cancelled. Fraud amongst colleges and loan officers should be investigated and charges filed and reparations paid, but if you took out a loan you agreed to pay it back.

  7. #7
    The Unstoppable Force PC2's Avatar
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    None but if I'm going to cancel other people's debt i'd make it universal and not exclusive to college graduates. I'm not exactly sure why a college graduate would need $10k taken off of their student loan but a person who only has a high school diploma wouldn't need $10k taken off of their car loan or mortgage.
    Last edited by PC2; 2020-12-17 at 03:10 AM.

  8. #8
    All debt. But it needs to come with reform, otherwise, it's just gonna continue to be a problem, and doesn't help anyone who's going to be starting college in a year+

  9. #9
    Merely a Setback Kaleredar's Avatar
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    Quote Originally Posted by Jonnusthegreat View Post
    Debts of any kind should not be cancelled. Fraud amongst colleges and loan officers should be investigated and charges filed and reparations paid, but if you took out a loan you agreed to pay it back.
    Because everyone knows that an 17 or 18 year old has the best grasp on what the effect of what a long-term loan they're signing that may negatively financially effect a good chunk of their adult lives would be, right?


    And to bite this in the bud, the "Their parents should have known better" or "They should have been taught better financial practices" comebacks are not valid arguments. People can't pay back existing debts with should haves.


    To that end, all Student debt should be cancelled. The amount of financial windfall of its existence is negligible save for the loan agency, whereas increasing the money available to people starting their lives out of college is far, far more advantageous to... basically every other person and business.
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  10. #10
    Herald of the Titans D Luniz's Avatar
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    If you graduated
    all current debt should be paid to ten years, anyone over that time, the rest is gone, anyone under that time, you keep up with your payments till the end of that ten year period
    free college from here on if you graduate
    if you fail to graduate, or you take more than 5 years on a 4 year degree (barring health, or family issues, or other major life event), then your on the hook for it. all of it
    at the least, free college for all STEM degrees
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  11. #11
    Herald of the Titans TigTone's Avatar
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    All of it, Americans should not be punished with crippling debt for striving to become better educated/skilled citizens.

    Becoming a skilled asset to your country should be welcomed with open arms not debt.
    Last edited by TigTone; 2020-12-17 at 12:57 AM.

  12. #12
    The Undying
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    Quote Originally Posted by PresidentElectMilchschake View Post
    HOw much student debt would you cancel?

    Now that Joe Biden’s win has been certified by the Electoral College, there's hope that debt relief could be on the way. Just a question of much is politically possible. Some portion of the record $1.6 trillion of U.S. student loans ould be forgiven.

    President-elect Joe Biden proposed forgiving at least $10,000 of federal student loans per person under his Emergency Action Plan to Save the Economy, as COVID-19 cases set alarming records.
    Democratic Sens. Chuck Schumer (D-NY) and Elizabeth Warren (D-Mass.) urged the next president to cancel up to $50,000 in student debt immediately, a proposal outgoing Secretary of Education Betsy DeVos recently called a “socialist takeover of higher education.”




    $10,000 would help the largest class of borrowers. But $50,000 would be more life changing.
    Biden should definitely listen to Schumer and use executive order to cancel $50K of student debt per person.
    Given the chart, I would say about $40k relief would be appropriate - $40k-60k and below. Just cancel it. No income restrictions or anything.
    @PresidentElectMilchschake - Are we seeing serious indications that Biden might actually do this?

  13. #13
    Quote Originally Posted by Kaleredar View Post
    Because everyone knows that an 17 or 18 year old has the best grasp on what the effect of what a long-term loan they're signing that may negatively financially effect a good chunk of their adult lives would be, right?


    And to bite this in the bud, the "Their parents should have known better" or "They should have been taught better financial practices" comebacks are not valid arguments. People can't pay back existing debts with should haves.


    To that end, all Student debt should be cancelled. The amount of financial windfall of its existence is negligible save for the loan agency, whereas increasing the money available to people starting their lives out of college is far, far more advantageous to... basically every other person and business.
    It doesn't matter whether or not they should have known - they signed a contract and contracts are binding. If loans are cancelled, then faith in lending practices is diminished. I would be OK with a significant interest-only reduction, but loan cancellations are literally stupid.

    No one is discussing their parents - they aren't involved. Unless they co-signed, then they are legally responsible. And then yes, they should have known that their child was getting a worthless degree that they were paying for. Those are the terms of a contract. They can't pay back with should haves, but they certainly can pay it back with their house.

    Additionally, cancelling student debt is regressive. It favors the rich. The rich don't need more support. I read an article on NPR that stated that there are families making $200,000 per year and can barely make ends meet and I nearly spit out my drink. There are lots of stupid people out there!

  14. #14
    The Unstoppable Force PC2's Avatar
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    Quote Originally Posted by Jonnusthegreat View Post
    Debts of any kind should not be cancelled. Fraud amongst colleges and loan officers should be investigated and charges filed and reparations paid, but if you took out a loan you agreed to pay it back.
    Quote Originally Posted by Jonnusthegreat View Post
    It doesn't matter whether or not they should have known - they signed a contract and contracts are binding. If loans are cancelled, then faith in lending practices is diminished. I would be OK with a significant interest-only reduction, but loan cancellations are literally stupid.

    No one is discussing their parents - they aren't involved. Unless they co-signed, then they are legally responsible. And then yes, they should have known that their child was getting a worthless degree that they were paying for. Those are the terms of a contract. They can't pay back with should haves, but they certainly can pay it back with their house.

    Additionally, cancelling student debt is regressive. It favors the rich. The rich don't need more support. I read an article on NPR that stated that there are families making $200,000 per year and can barely make ends meet and I nearly spit out my drink. There are lots of stupid people out there!
    lol do you think the people who want the government to save them from paying $40k in bills care about contracts and faith in lending practices? The people complaining about student loans couldn't care less about any of that.
    Last edited by PC2; 2020-12-17 at 01:47 AM.

  15. #15
    The Undying
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    Quote Originally Posted by Jonnusthegreat View Post
    It doesn't matter whether or not they should have known - they signed a contract and contracts are binding. If loans are cancelled, then faith in lending practices is diminished. I would be OK with a significant interest-only reduction, but loan cancellations are literally stupid.

    No one is discussing their parents - they aren't involved. Unless they co-signed, then they are legally responsible. And then yes, they should have known that their child was getting a worthless degree that they were paying for. Those are the terms of a contract. They can't pay back with should haves, but they certainly can pay it back with their house.

    Additionally, cancelling student debt is regressive. It favors the rich. The rich don't need more support. I read an article on NPR that stated that there are families making $200,000 per year and can barely make ends meet and I nearly spit out my drink. There are lots of stupid people out there!
    What you're forgetting in your analysis is that debt can be canceled, and it is canceled all the time. Except and specifically student loan debt. You are not allowed, except through rare exceptions, to bankrupt yourself out of student loan debt. And that will probably change, soon, if not to a limited extent, already. However, for the literally millions of people who bit off more than they could chew, it was something they could never get out of - whereas all other debt is possible to BK from.

    Allowing student loan debt to be canceled would help millions of people get out from under burdens they cannot carry, and would be an almost immediate boost the economy.

    As for your suggestion that it would diminish faith in lending practices...well, that's not the most well thought out idea. If BK'ing out of other debt (almost literally ALL other debt) doesn't "diminish faith" in lending practices, then this won't either.

  16. #16
    Void Lord Doctor Amadeus's Avatar
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    I struggled between All or None, here is why.

    First off if you took out loans and got a degree in something you didn't think to clearly about then TOUGH, suck it up butter cup and dig your way out, want to buy a house or car you need to make arrangements.

    However on the other hand. These kids are fucking broke and while all for being real, I am against putting people in pain and undo stress because they were manipulated and lied to along with everything else, but most importantly they will NEVER be able to pay this money back.

    How much money is literally wasted trying to recover funds that are never going to be recovered.


    I say cancel the dead ON the condition just like bankruptcy it stays with you a set number of years, and makes you ineligible for any other loans. For at least 10 years.


    Last point is we bailed out millionaires and billionaires who were just as stupid and irresponsible, so YES ASKING for this is a a very Valid request.
    Last edited by Doctor Amadeus; 2020-12-17 at 01:17 AM.
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  17. #17
    I came in wanting to say 20k just based off the title question. I voted for 10k.

  18. #18
    Pit Lord smityx's Avatar
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    None. People need to stop trying to live and spend beyond their needs. Same people screaming about student debt are sitting at a starbucks in designer clothes with their $10 coffee on their newest model $2000+ macbook and $1000 phone.

  19. #19
    Quote Originally Posted by PresidentElectMilchschake View Post
    HOw much student debt would you cancel?
    None, for a variety of reasons.

    First, an 18 year old should understand the long term consequences of a loan. Odds are unless they're taking economics, they aren't going to learn about it in college either. To me step 1 is teaching better fiscal management in high school. Otherwise they're just going to fail the next time they get a loan (like a mortgage).

    Second, it's a bad precedent. Why just student loans? Why not any debt? What if instead of going to college someone wants to take over a family business, or start one?

    Third, a simple graph doesn't tell the whole story, and can lead to both rewarding people for bad choices, and helping the rich.

    I'd sooner see programs set up where you can access interest free loans if you qualify.

  20. #20
    People comparing car/house/etc loans to the cost of education are missing the mark entirely.
    The wise wolf who's pride is her wisdom isn't so sharp as drunk.

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