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While we were busy being horrified by the Harris-Trump race.....

Friday witnessed the launch of another shameless, unethical, unlawful Biden student loan policy. Specifically, loans are forgiven in the presence of “hardship,” which is identified by two provisions. The first cancels debt when the Department of Education predicts that the borrower is at least 80 percent likely to default within the next two years. THE DEPARTMENT OF EDUCATION!!! Is there a worse financial institution on this planet, less to be trusted to assess default risk, than the Department of Education?

The second is a real knee-slapper. Hardship is divined by looking at 17 “non-exclusive factors,” including one factor that the Department itself calls a “catch-all” to “preserve the Department’s flexibility” to forgive debt. This is a joke. A blatant, corrupt, wrongful joke.

- Douglas Holtz-Eakin, economist


OK... so the more likely the student is to default, the more likely they are to get free money! YAY! Great incentive for everyone to select a major wisely and become a productive self-supporting citizen.

We recently estimated the President’s new student debt cancellation plan would cost between $250 billion and $750 billion over a decade


https://www.crfb.org/blogs/how-much-would-student-loan-hardship-provision-cost?utm_source=American+Action+Forum+Emails&utm_campaign=34696190cb-EMAIL_CAMPAIGN_2020_11_19_05_40_COPY_01&utm_medium=email&utm_term=0_64783a8335-34696190cb-471107068


So, what's $750 billion among friends???? Compared to our ~$36 Trillion in debt it's just chump change I guess.
happilymarriedguy · 61-69, M Best Comment
When I married my current wife, she had a student loan. Did we ask for it to be repaid? NO! Did we stop making payments during the pandemic? NO! It was her debt to pay, and we finally got it paid off. When we were struggling on making a living, she refinanced it and had to pay back even more money, but again we paid it off.

If you take out a loan on a car/house should you get forgiveness or do you think the bank repossess the item to sell it to recover their money. I realize you can't repossess anything on a student loan, but the person should be held accountable to pay back the loan.
irishmolly72 · 56-60, F
@windinhishair Not a Trump fan here.
@Reason10
So you are advocating SLAVERY.

For College to be free, professors have to teach WITHOUT GETTING PAID.

Yes. That's exactly how it would work.

You know how firefighters will put out a fire and not charge you? Well, they're not actually getting paid through taxation. They're actually all slaves who are forced to put out fires.
@irishmolly72

As long as Big Brother doesn't try to tilt the scales either way.

So you don't support policies which stabilize farmers' incomes?

Or encouraging industries to stay or come back/start?

Even the student loan program is tilting the scales by even existing; I had a loan from a successor of the original program put in place to encourage students to go into...well, here:

The national defense student loans were especially targeted toward students who possessed superior capacity in mathematics, engineering, or a modern foreign language or who desired to teach in elementary or secondary schools.

SunshineGirl · 36-40, F
Hmm . . the idea of a "productive self-supporting citizen" is an interesting one.

People need support at different stages of their lives. A career path that appears rational and lucrative now may be completely transformed by technology in 20 years time and the holder of student debt may require assistance to retrain. People make mistakes. Should they just be abandoned? It is easy to be wise in hindsight or smug if everything has worked out well for you.

In my opinion spending tax money on education so that people can experiment and take risks is a much better investment that the vast sums that will be wasted on Trump's proposed trade tariffs.
Reason10 · 70-79, M
@whowasthatmaskedman I was educated in red state public schools. I didn't rewrite any history. I merely showed the FACTS, whether you Nazis like them or not.
SunshineGirl · 36-40, F
@irishmolly72 Well then, think instead of degrees in modern languages, mathematics, anything from "Trump University" . .
SunshineGirl · 36-40, F
@Reason10 If people are left poorer as a result of higher prices, if large sectors of the economy (such as agriculture) have to be compensated for the damage to their trade, then yes the taxpayer will have to foot the bill.
whowasthatmaskedman · 70-79, M
Another example of a short sighted profit based solution to a long term public good problem in America. Offer discounts, scholarships and forgiveness to those professiona that are needed in the nation. Teachers, Nurses, doctors. On successful completion.. The country doesnt need more lawyers and political science majors..😷
@whowasthatmaskedman

We have had targeted relief for people willing to teach in geographic areas needing teachers (not sure if this program is still ongoing).

It is typically for people willing to teach basic courses in low-income schools, and a fraction of school debt is forgiven over each of a period of years. It is likely most-used by those with undergraduate degrees; people with further education can often make more in their jobs, etc.

The majority of people affected by debt were scouted / marketed to by for-profit schools who were often just fronts for predatory loans. I believe that they were often certificate programs promising easy job placement and big salaries.

In retrospect, I think most of these representations were "inducing conditions", representations made with an eye to making it more likely that students would take out loans, and that these representations were very much like the US armed forces' recruiters telling people for years that they "could study electronics" while working in tgeee forces...yes, some did, but many more did not.

And I didn't follow the info about accreditation and these universities, but certificate programs are usually not academic in nature, so (I think) are not in the accreditation scheme.
whowasthatmaskedman · 70-79, M
@SomeMichGuy Its the usual two step issue with American problems. First, how to get out of the mess you are in.. Second, how to build a system that doesnt get you back into the same problem. Loan forgiveness is part of the solution. Remembering that educting the next generation to enable the nation to compete and thrive is an investment in the future. The skills the country needs, it should pay for or subsidize heavily..😷
@whowasthatmaskedman I think no one saw that for-profits would be such a deal. Before DJT, the US Dep't of Education was going after these soul-sucking dreamkillers.

But the National Defense Student Loan (NDSL) program was started in the wake of Sputnik's beeping in near-Earth orbit and scaring the "bejesus" out of most Westerners, and was meant to help college students going into what we now call STEM (perhaps without the 'T').

When I attended college some years later, the NDSL was then the National Direct Student Loan program, and was not as narrow in application, though it was for students of families of more modest means (like mine).

Unfortunately, the US' ongoing model of the 19th century one-room schoolhouse in the early years (K-5) is an ongoing drag on our nation's intellectual prowess. We need to have specialist teachers in Math and Science from the earliest years in order to stop hobbling ourselves in that way. And we need this in every area if we are to make students better prepared for high school and college.
Greed will cause some people to vote Dem due to selfishness over the good of the country!

What good are these educations going to do these dummies when we have no country or it is 3rd world?!
windinhishair · 61-69, M
I guess we could just give the money to billionaires like Musk so he can have even more to pour on Trump.
Reason10 · 70-79, M
@windinhishair Trump worked as President of the United States without taking a salary.

Whatever money he has, he EARNED.

(I know the E word is so abhorrent to you goose stepping welfare staters.)
SunshineGirl · 36-40, F
@Reason10 Apart from the $500m odd he has inherited from, borrowed, or been given by his father 🙃
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HobNoblin · 36-40, M
Its that commie math again.
@HobNoblin That's that Marx Espresso.
HobNoblin · 36-40, M
@BohemianBabe Totally from Starbucks.
ViciDraco · 36-40, M
Oh yes, helping people trapped by crippling debt from a few mistakes made early in their life is so wicked!
irishmolly72 · 56-60, F
@ViciDraco $35 trillion in national debt isn't just some "function of living in society". You'll see.
ViciDraco · 36-40, M
@irishmolly72 maybe if we stop cutting taxes on the wealthy we could stop drowning in debt.
irishmolly72 · 56-60, F
@ViciDraco Might as well spit in the ocean. Jacking up taxes only lets the left wing rationalize more profligate government spending.
TheShanachie · 61-69, M
Perhaps it’s none of your business what someone else’s banking/loan business details are.
whowasthatmaskedman · 70-79, M
@TheShanachie If a person holds a public office with a responsibility to govern for the people, they dont have a private life. 😷
TheShanachie · 61-69, M
@whowasthatmaskedman I’m not referring to someone in public office here.
I think we just need a comet at this stage to reset everything..
evil is just too entrenched across the globe..
Wiseacre · F
@TheOneyouwerewarnedabout yep, and it seems contagious ☹
justanothername · 51-55, M
The MAGAs are getting desperate.
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The USA can't imagine that it has a responsibility to actually educate people. It's beyond help.
irishmolly72 · 56-60, F
@Roundandroundwego Yeah we're such an awful country that millions flock here illegally. Let's all apologize for how horrible we are to people. 🤓
@irishmolly72 sorry, but people move, less now than in the twentieth century. Most people fleeing socialism in Latin America would love to be employees in an apartheid state. Good murkans arrive every day
irishmolly72 · 56-60, F
@Roundandroundwego You, of course, are free to leave for that utopia that you know is out there somewhere.
ArcticDave · M
I’m edging to this
MethDozer · M
For many decades and decades the single biggest indicator that a person would likely vote Democrat or Republican was their job. Blue collar typically Voted Democrat, privileged white collar typically Republican.

Since 2009 the biggest indicator of how a person is likely to vote is education. With the more educated a person is, the more likely they are to vote Democrat and the less educated they are to vote Republican. Regardless off economic status.


That tells a lot.
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Reason10 · 70-79, M
@MethDozer I just present the facts, and
MethDozer · M
@Reason10 Again , no you haven't, you presented nonsense
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