Student debt cancelation. Seems there are strong opinions against it from some.

Polski

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Do you know how a bank creates a loan? It's actually interesting.

As for loans to everyone, they could, then the dollar would crash.
I would not mind if the dollar crashed, I have some cash that is waiting to get exchanged to $$$ ;)





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ford20

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Has anyone said, why this would be a good policy? Why is it when it comes to tax cuts, everyone gets up in arms about them favoring the upper middle class and upper class, but when it comes to student loan forgiveness no one cares that it disproportionately favors those same people as well as people who have the potential to earn enough to put themselves in that class at the expense of the poor?
 

RPDBlueMoon

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Funny how a lot on here mention people abusing the welfare system. We just paid banks hundreds of billions of dollars a few years back for their reckless behavior. More recently we forgave about a trillion in taxes to corporations that collectively have put us in this mess. But we are complaining about the people abusing the system and getting what a grand a month in free food.
The welfare system is always the go to when it comes to these things, its the low hanging fruit. One of the reasons people abuse the welfare system is because its not effective. I know people that are on welfare because they actually benefit from it more than if they were to work and get a job. They actually make less money and loose benefits like food stamps because the minimum wage in some states are so low that it makes no sense to work (since the vast majority of people on welfare have no labor skills and little education, they are not able to get skilled high paying jobs). Our welfare system isn't designed to help people get ahead, it designed to keep people at the same low income level and offer no way for them advance.

Say what you want about college but at least it is a way to increase your wealth, I know its nothing like welfare but there are benefits to it. Nobody on welfare is rolling in the cash. Some of the abusers may have some nice things like nice car or some fancy bling but you aren't going to find them out living in a 'picket white fence' while still abusing welfare. There are obliviously some people that have made it through but its harder to get out of poverty than it is to get in it.
 

RPDBlueMoon

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I agree with this. I just wish we had more variety in the Navy. So many good potential leaders who don't join or the get out and leave us with all the crap leadership. Officers included. Just so many people who think the military is a brain dead operation and that they are too good for it or have another entirely wrong idea about it.
Yeah I completely agree, the military does a very good job in getting young motivated soldiers to join that have the potential to make the military a career run away and never look back. They tell their sons and friends to not join and it just brings the whole military down as a whole. Everybody that got to my company at the same time I did, got out and didn't re-enlist. Only one person out of our group stayed in, and that was because his girlfriend was pregnant and he got scared about becoming a civilian. Nobody I knew that re-enlisted did it because they liked the Army.

If I stayed in I would probably be an E-7 now. I just couldn't handle the never ending BS, Afghanistan drained the life out of me, and I didn't feel like singing a 3 year contract to maybe become SF, I didn't have the motivation and I was broken so I would not have cared to push myself. If I didn't have toxic leaders I would have stayed in. I was on the fence about staying in before I deployed but after we all got screwed at every possible chance during our deployment; it was an easy to decision to make what to do when I got close to my ETS.
 
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Yeah I completely agree, the military does a very good job in getting young motivated soldiers to join that have the potential to make the military a career run away and never look back. They tell their sons and friends to not join and it just brings the whole military down as a whole. Everybody that got to my company at the same time I did, got out and didn't re-enlist. Only one person out of our group stayed in, and that was because his girlfriend was pregnant and he got scared about becoming a civilian. Nobody I knew that re-enlisted did it because they liked the Army.

If I stayed in I would probably be an E-7 now. I just couldn't handle the never ending BS, Afghanistan drained the life out of me, and I didn't feel like singing a 3 year contract to maybe become SF, I didn't have the motivation and I was broken so I would not have cared to push myself. If I didn't have toxic leaders I would have stayed in. I was on the fence about staying in before I deployed but after we all got screwed at every possible chance during our deployment; it was an easy to decision to make what to do when I got close to my ETS.
It is interesting what you have said . IM old LOL and I remember an older documentary on the army and about basic training and people who joined the military. It was done by some famous News Anchor I cant remember now. There is one part that has always stuck out in my mind over the years. She was at the Place they took in the new people and there was a line of like 200 of them. She was like watch this... she asks out how many people are here cause they want to serve their country. 1 guy raised his hand. She then asked how many are here for the free college... everyone else in the line raised their hand.

I would guess this is why things are as you say because no one is there because they want to be they are there to get their entitlements and then get out. So I dont see many of them really giving a crap when they are there. The military knows what its doing. If they didn't give all the freebees away with enlistment my guess is not many to no one would join.

Dont get me wrong more power to those who join. IM not downing anyone. My daughter and her husband are in air force shes 21 and has 3 cars, a house and working on second degree all because of military (they have no other source of income) and was only reason she joined. She would never have those things with out the military but once her 4 years is up shes out. she said there is no way in hell she would sign back up.
 

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As for loans to everyone, they could, then the dollar would crash.
Based on your logic, it apparently wouldn't crash the dollar if the govt simply called the loans to all citizens student loans.
 

Hack

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What about people who took loans and paid them back? What are we going to do? Give them reparations? Are they going to ask for refunds? I mean, where does all of this stop?
Easy, they ALL stop working and go back to college (this time for free) and get advanced degrees of their choices. It could be fun spending the next 10 years living off the government learning something new.

If the government starts paying for college, it seems dumb not to take advantage of it.
 

HoosierDaddy

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If the government starts paying for college, it seems dumb not to take advantage of it.
Absolutely. I'm so glad the govt has all that money to spend that it didn't take from us citizens by force under penalty of prison. ;)
 

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Based on your logic, it apparently wouldn't crash the dollar if the govt simply called the loans to all citizens student loans.
A slight difference between 331 trillion and 1.5 trillion. But ok.

To put it in perspective, the student loans are capital that is in the economy today. To finalize the loan, the lender repays the FED. Which is over a course of years, actually decades in a lot of cases. So it is not an instant influx of 1-1.5 trillion into the economy. So we are talking about absorbing over 100b a year into the economy yearly for the next 15 years. The stock market has evaporated hundreds of millions in many single days. Black Monday's crash was roughly 3.9 trillion in today's dollars that evaporated in one single day.

So no, forgiving all the student loans would not crash the dollar, I doubt it would even create 0.5% in inflation.
 

Geosh

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IM curious show many of you with paid off loans sitting in offices with degrees telling others to not be afraid to go out and get a trade job and do good old manual labor , got your degree so you could get a office job because you yourself didnt want to do manual labor?
I’ve got a 4 year engineering degree and work in an office. My dad was a long-haul truck driver until I was 24 and worked his butt off every day of his life so my mom and brothers and sisters could live comfortably. I learned at a young age the importance of hard work and earning what you have. Yes, I work in an office now but I worked manufacturing support for years and still love getting my hands dirty when I can.
It isn’t about wanting or not wanting to do manual labor. It’s about earning your living, and not expecting handouts.

Also I paid for college myself. Worked part/full time as I could, got good grades and got some scholarships that helped some. Also, I stayed in state because out of state tuition was insane. Yeah, I might have preferred other schools, but I stuck with the best I could AFFORD.
 

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as they say "suffer and forgo things and have hardships" basically wish the same thing upon others. Why in the world knowing how crushing student debt can be would you wish it upon others instead of going along with a plan to eliminated it?
Why do people wish hardships on others?
You dont need credit cards to make it in life. An education...yeah.
I dont wish it upon anyone just because "I had to do it"
Why would someone take on six-figure debt for a masters degree if they can't get a high paying job to allow them to pay off their debt?
That would be poor decision making in my opinion....
this country is going broke faster than you and I can type.
the colleges pad the tuitions because the government is backing them... so yeah the government needs to pay the crap off.
this endless money printing by the central banks a
I dnt think people are wishing hardships on anyone. No one's promised a job by going to college. It does open the door for other opportunities but nothings promised. I think if you say you'll pay something back then you should and thats probably the position others have too.
student loan forgiveness plan would give 2/3 of the benefits to the top 40% of income earners in the United States at the expense of the bottom 60% of earners.
Again, Why should student loans be forgiven, exactly? You choose to sign on that loan you better be full expecting to pay it back! I wanna own a million dollar home, you wanna pay it off for me..
my 2nd kid, a 20 YO son, who blew 3 semesters of my money because he couldn't control his leisure time.........gaming and internet. He won't or can't hold a job and is now of the belief that he deserves socialism.
I Looking out for my fellow man. But i can see from most all the responses Im alone here. caring about others is a lost thing people now a days are just screw everyone else I guess. its sad.

Hello; I tried to read thru this entire thread but did not make it. I was grabbing quotes along the way but stopped around page four. Figure I can not add much which has not already been said and said well in many cases.

My first take is the OP is on the wrong track. Perhaps with good intentions but a wrong track. That anyone who might have a different point of view gets immediately labeled as a selfish A-hole sets the stage. We go from what might have been a worthwhile discussion to our corners then come out fighting for our position.
As the thread went along some got past that initial hurdle and made some sound points about why debt forgiveness is a bad idea. Then the OP comes back again with various forms of attack pretty much all founded on how he is a good guy and is looking out for others.

I am in a similar position to the OP in that I had student debt and have paid it all off. I did without for years to do so. I am not against student loan forgiveness because I had to pay off my loans. I may come back on and go over the reasons when I have the time and energy but figure others have covered pretty much all of them well already.
 

Jmtoast

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I’ve got a 4 year engineering degree and work in an office. My dad was a long-haul truck driver until I was 24 and worked his butt off every day of his life so my mom and brothers and sisters could live comfortably. I learned at a young age the importance of hard work and earning what you have. Yes, I work in an office now but I worked manufacturing support for years and still love getting my hands dirty when I can.
It isn’t about wanting or not wanting to do manual labor. It’s about earning your living, and not expecting handouts.

Also I paid for college myself. Worked part/full time as I could, got good grades and got some scholarships that helped some. Also, I stayed in state because out of state tuition was insane. Yeah, I might have preferred other schools, but I stuck with the best I could AFFORD.

Together, the bolded parts are called... debt cancelation...
 

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Yeah I completely agree, the military does a very good job in getting young motivated soldiers to join that have the potential to make the military a career run away and never look back. They tell their sons and friends to not join and it just brings the whole military down as a whole. Everybody that got to my company at the same time I did, got out and didn't re-enlist. Only one person out of our group stayed in, and that was because his girlfriend was pregnant and he got scared about becoming a civilian. Nobody I knew that re-enlisted did it because they liked the Army.

If I stayed in I would probably be an E-7 now. I just couldn't handle the never ending BS, Afghanistan drained the life out of me, and I didn't feel like singing a 3 year contract to maybe become SF, I didn't have the motivation and I was broken so I would not have cared to push myself. If I didn't have toxic leaders I would have stayed in. I was on the fence about staying in before I deployed but after we all got screwed at every possible chance during our deployment; it was an easy to decision to make what to do when I got close to my ETS.
I know all about shit leadership...
 

RPDBlueMoon

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It is interesting what you have said . IM old LOL and I remember an older documentary on the army and about basic training and people who joined the military. It was done by some famous News Anchor I cant remember now. There is one part that has always stuck out in my mind over the years. She was at the Place they took in the new people and there was a line of like 200 of them. She was like watch this... she asks out how many people are here cause they want to serve their country. 1 guy raised his hand. She then asked how many are here for the free college... everyone else in the line raised their hand.

Im pretty sure if the reporter went to FT Benning it would be a different story.

I would guess this is why things are as you say because no one is there because they want to be they are there to get their entitlements and then get out. So I dont see many of them really giving a crap when they are there. The military knows what its doing. If they didn't give all the freebees away with enlistment my guess is not many to no one would join.

Dont get me wrong more power to those who join. IM not downing anyone. My daughter and her husband are in air force shes 21 and has 3 cars, a house and working on second degree all because of military (they have no other source of income) and was only reason she joined. She would never have those things with out the military but once her 4 years is up shes out. she said there is no way in hell she would sign back up.
I have mixed feelings about it. I certainly did not join for college I didn't really know about the GI Bill and all of the benefits until I was getting ready to get out. I joined for multiple reasons, one being to be with a 'Band of Brothers' a group of friends that I know who have my back and I had that.

On one had I was treated miserably and my deployment was the worst experience of my life but had formed good relationships with some of the guys in my unit to the point that I am closer to them than my own brother and they know me more than my own family. We consider ourselves brothers and I have close relationships with their family, and I never had experienced that before. I had just graduated high school before I went in just like my friends so we all grew up together. I got extremely lucky in that I was able to get medically retired only weeks before my original release date. I was able to get a high disability percentage so I don't ever have to worry about money and have nice benefits. So in the end it did work out. I would not be the person and where Im at today if it wasn't for that, so I just accept it.

As much as I hated it, I know that I would never be able to live with myself if I had quit or stayed behind while my friends went over there, some people are okay with that but Im not that type of guy.

The problem is that very few people basically dictate how much you will hate or enjoy your life, and you won't know until you show up to the unit and its already too late. So many people re-enlisted and immediately regretted it after coming to my company lol. My Army experience was out of the ordinary and not normal at all. We mostly a NCO led platoon, didn't have a PL for long because he went to Ranger School for 6 months and then got fired soon after we deployed.
 
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