President Joe Biden took questions from Americans during a televised town hall event in Milwaukee, Wisconsin on Tuesday and revealed that he does not support a plan from Democratic lawmakers... Who's Online | Find Members | Private Messages
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Joe Biden says "no" to eliminating $50,000 of student debt via executive order

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19 days ago - Wednesday 2/17/21 - 12:26:32 PM EST (GMT-5)
President Joe Biden took questions from Americans during a televised town hall event in Milwaukee, Wisconsin on Tuesday and revealed that he does not support a plan from Democratic lawmakers to cancel $50,000 in debt for student loan recipients.

"I will not make that happen," Mr. Biden said during the CNN town hall when asked about the measure introduced by progressive Democrats earlier this month. While campaigning for presidency, Mr. Biden promised to cancel $10,000 in student loan debt, but has not committed to the plan to cancel up to $50,000 in debt.

https://www.cbsnews.com/news/biden-...
19 days ago - Wednesday 2/17/21 - 12:39:45 PM EST (GMT-5)
The average student loan balance is around $30k. Why are they pushing for canceling $50k in debt?

https://www.usnews.com/education/be...

I see student loan forgiveness as being most important for people who had to drop out of college but still have loans to pay off without the benefit of having a degree to get a higher paying job.
19 days ago - Wednesday 2/17/21 - 12:41:49 PM EST (GMT-5)
*It should be 'average student loan debt' rather than 'balance'...
19 days ago - Wednesday 2/17/21 - 1:00:50 PM EST (GMT-5)
i know some people who are $100k+ in debt. mostly people who wanted to become lawyers, doctors, etc.
19 days ago - Wednesday 2/17/21 - 1:06:22 PM EST (GMT-5)
I don't know why taxpayers have to pay for other people's debts. Will they pay off my mortgage too?
19 days ago - Wednesday 2/17/21 - 1:07:23 PM EST (GMT-5)
It sucks for people that took years to pay off their student loans without taxpayer money.
19 days ago - Wednesday 2/17/21 - 1:09:15 PM EST (GMT-5)
On Wednesday 2/17/21 - 1:00:50 PM Inquizitor2 wrote:
i know some people who are $100k+ in debt. mostly people who wanted to become lawyers, doctors, etc.


Going $100k in debt for a career in law or medicine seems more like an investment that opened the door to what is typically a well compensated career.
19 days ago - Wednesday 2/17/21 - 1:11:06 PM EST (GMT-5)
On Wednesday 2/17/21 - 1:00:50 PM Inquizitor2 wrote:
i know some people who are $100k+ in debt. mostly people who wanted to become lawyers, doctors, etc.
On Wednesday 2/17/21 - 1:09:15 PM CowDung wrote:
Going $100k in debt for a career in law or medicine seems more like an investment that opened the door to what is typically a well compensated career.


Those are also usually private loans.

So. A private company basically owns your career as an investment.
19 days ago - Wednesday 2/17/21 - 2:00:37 PM EST (GMT-5)
a N overall student loan forgiveness without taking personal circumstances into account would seem to be reckless expenditure that would be attacked by his political opponents.

To evaluate the claims of students for debt forgiveness could cost as much as paying off the debt.
19 days ago - Wednesday 2/17/21 - 2:51:18 PM EST (GMT-5)
On Wednesday 2/17/21 - 1:00:50 PM Inquizitor2 wrote:
i know some people who are $100k+ in debt. mostly people who wanted to become lawyers, doctors, etc.
On Wednesday 2/17/21 - 1:09:15 PM CowDung wrote:
Going $100k in debt for a career in law or medicine seems more like an investment that opened the door to what is typically a well compensated career.
On Wednesday 2/17/21 - 1:11:06 PM amaqdrinker wrote:
Those are also usually private loans. So. A private company basically owns your career as an investment.


That's a good point. The maximum amount of Federal loans is around $31k. Are the Dems that are seeking $50k in forgiveness looking for the Feds to buy out private loans and pay them off?

19 days ago - Wednesday 2/17/21 - 3:08:33 PM EST (GMT-5)
It's about $55k per year for USC, not including room and board. So $220k for 4 years.

It's about $13k per year for UCLA, not including room and board and for California residents. So $52k for 4 years.

$50k just about pays of UCLA.
19 days ago - Wednesday 2/17/21 - 3:12:28 PM EST (GMT-5)
That assumes that 100% of the college costs are funded by loans, and nothing is provided in the way of scholarships, grants, need based assistance, etc.
19 days ago - Wednesday 2/17/21 - 3:12:35 PM EST (GMT-5)
I would prefer it was based on merit. 4.0 students get a free ride. 3.8 gets you $50k, 3.6 gets you $25k, 3.4 gets you $10k. Below that you're on your own.
19 days ago - Wednesday 2/17/21 - 3:14:48 PM EST (GMT-5)
On Wednesday 2/17/21 - 3:12:35 PM Noldor wrote:
I would prefer it was based on merit. 4.0 students get a free ride. 3.8 gets you $50k, 3.6 gets you $25k, 3.4 gets you $10k. Below that you're on your own.


A lot of colleges award merit scholarships along those lines...

Miami of Ohio is one:

https://miamioh.edu/admission/merit...
19 days ago - Wednesday 2/17/21 - 3:15:39 PM EST (GMT-5)

19 days ago - Wednesday 2/17/21 - 3:19:46 PM EST (GMT-5)
That's good. But considering their tuition for one year is $16,224. $1,000 to $3,000 (for the lowest range 3.50-3.59) is pretty low.
19 days ago - Wednesday 2/17/21 - 4:07:30 PM EST (GMT-5)
3.5 isn't exactly a high gradepoint either- - particularly when one factors in AP and weighted classes.
19 days ago - Wednesday 2/17/21 - 5:51:22 PM EST (GMT-5)
Of course, there are others way to pay for it. You could work fulltime for a year or two after high school, and then go to college. Or join the military. But I guess that's harder than just asking for a free government handout.
19 days ago - Wednesday 2/17/21 - 11:05:59 PM EST (GMT-5)
btw, Kudos to Biden for saying no to $50k.
18 days ago - Thursday 2/18/21 - 8:59:10 AM EST (GMT-5)
I read a news article this morning that featured a couple of people with big student loans. One borrowed $200k to attend NYU for bachelor's degree in English and Acting. The other has $132K debt getting a bachelor's degree in finance and marketing.

https://www.cnbc.com/2021/02/17/stu...

If one has no college savings, and no scholarships, maybe private university isn't the best way to go...
18 days ago - Thursday 2/18/21 - 9:41:06 AM EST (GMT-5)
You also have to take interest into account.

200k to get a diploma in English and acting? Did it come with free beer?
18 days ago - Thursday 2/18/21 - 9:54:07 AM EST (GMT-5)
I would have expected better from the person getting their degree in finance...
18 days ago - Thursday 2/18/21 - 1:20:24 PM EST (GMT-5)
I don’t remember what I got for financial aid. It took me five years and a semester to graduate though so that tacked on quite a bit.
5 days ago - Wednesday 3/3/21 - 9:26:00 AM EST (GMT-5)
Democrats just said that to get votes. Also, it's not like Biden said no. Biden is a senile puppet. There is a reason he will never do an open Q&A.

It's a good thing not to go through with it. If you want to go to college then pay for it yourself. Plus, get a degree that is worth something.



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