HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » If people want 50k or eve...

Wed Aug 24, 2022, 01:13 PM

 

If people want 50k or even all of their student debt forgiven

then reelect a Democratic majority in Congress in 2022 so they can get rid of filibuster and pass a student relief bill that won't be struck down by the courts. It's that simple folks. I see some people on DU attacking Biden on this he promised 10k that was it and you got it.

16 replies, 2363 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread

Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 01:21 PM

1. No need anymore

Biden has fixed the student loan debt crisis with his repayment rules announced today. Making the income based repayment plans 5% of discretionary income versus the old 10% halves peoples payments. And redefining discretionary income as 2.25 times the poverty rate income vs the old 1.5 times subtracted from your adjusted gross income means payments are more than halved.

It's a total game changer and a permanent solution.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Johnny2X2X (Reply #1)

Wed Aug 24, 2022, 03:32 PM

3. I disagree that it is a permanent solution

If people die with enormous levels of debt, it doesn't just go away. It becomes their family's problem. On top of that, having the debt on your credit report effects numerous other life opportunities like buying a house or car. It is by far a temporary solution until a bill is passed that fully addresses the problem.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to ColinC (Reply #3)

Wed Aug 24, 2022, 03:38 PM

5. pretty sure that individually signed student loan debt doesn't pass down

to family members after death. For loans that are cosigned, that would be a different story. But for basic fed student loans, I don' think the debt passes along. How could it if the student was the only one signing for the loan?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to MissB (Reply #5)

Wed Aug 24, 2022, 03:41 PM

8. I stand corrected

https://www.thebalance.com/student-loans-after-death-4777625#:~:text=Federal%20student%20loans%20are%20not,get%20it%20discharged%20after%20death.

Federal student loans are not passed on to anyone in your family or even your estate. If you die, your federal student debt is instead fully forgiven and is no longer owned or owed by anyone. Someone will need to provide proof of death to the student loan servicer managing the debt to get it discharged after death.


Reply to this post

Back to top Alert abuse Link here Permalink


Response to Johnny2X2X (Reply #1)

Wed Aug 24, 2022, 03:39 PM

6. Executive orders are all temporary. Thenext President could wipe everything out with the stroke of

a pen. There need to be laws passed.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JoanofArgh (Reply #6)

Wed Aug 24, 2022, 03:42 PM

9. This would likely be tough to reverse, and enormously unpopular

But I agree, a law MUST be passed ASAP.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 01:25 PM

2. Attacks ? I guess I missed them. I have seen some discussion of the bill.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 03:35 PM

4. The bill seems fair to me. What seems unfair is the outrageous cost of higher education.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 03:39 PM

7. I do support more debt relief, but..

you’re right that it will likely only happen with a bigger Democratic majority. The President only promised 10K, so agree or disagree, we got what he campaigned on.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mvd (Reply #7)

Wed Aug 24, 2022, 03:51 PM

10. The repayment changes are a bigger deal than the forgiveness

This is a Biden special. Let the $10K grab the headlines while the real story is that the loan payments of millions are being reduced by 50-65% a month.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Johnny2X2X (Reply #10)

Wed Aug 24, 2022, 04:10 PM

11. I agree that it's a nice change

I wonder what happens though if your current income is $0.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mvd (Reply #11)

Wed Aug 24, 2022, 04:18 PM

12. If your current income in less than 2.25 times the poverty

You pay zero a month. So for a family of 3, they’d have to make over $45K a year or so to have e a payment at all.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Johnny2X2X (Reply #12)

Wed Aug 24, 2022, 04:20 PM

13. That's good

Thanks for the info.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mvd (Reply #11)

Wed Aug 24, 2022, 07:41 PM

15. If you sign up for the Income Based Repayment Plan,

it would be $0. Anything below the poverty line by a certain multiple (I don't remember what that is), is also $0.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 04:36 PM

14. Sick of

All the whining about student debt. Pull yourself up by your own stripper knee high boots. You spoiled wealthy college brats need to pay for your own 4 year party. Lauren Boebert did not need no stinking brainwashing college education to become successful and reach the AmurKKKan dream. She did it on her own, now she works tirelessly to make damn sure her constituents can reach for the stars with a GED after 3 attempts. Her persistence in her education is the same she uses to fight for the people of Colorado to be able to reach their own pinnacle of success. And she has zero college debt. A successful business woman, that went to school while working and managing a business while raising a lot of children. Then she fought like hell on her own and paid out of pocket to win a congressional seat to Save AmurKKKa. And still runs the Amazing small business while working 24/7 for her constituents and making their lives great.
Screw College. It’s a money making scam. GED’s are free, no matter how many attempts you need to get your certificate. Then you can become a successful Historically loved Congresswomen with a platform to passionately articulate your endless efforts to Make America Great Again. And stand proud with Donald J Trump and the radical left that attacks him viciously, like the warrior she is, after all he did for the people of USA. USA, USA!!
“Stop The Steal” of tax dollars to pay loans for Democrat elitists.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to DemocracyWins202 (Original post)

Wed Aug 24, 2022, 08:57 PM

16. Big problem is not just the cost of education, even at public schools.

The cost of education has skyrocketed. Profiteering and egos of edifice IMO are to blame. Education is now mostly a filter that further separates the haves from the have nots. Young people today have reason to complain and be disillusioned, especially if from poor or middle class families. My father went to 8th grade (and hated Cal the "hippie school". Best thing I ever did in life.

Went to Cal as an undergrad; Jan 74 (when turned 21) to March 79. Applied for financial aid. Got tuition waiver as was National Merit Semi-finalist (iirc tuition-student fees was about $90/quarter in 74 an $130 by 79). Got cash for books and supplies. Got a work study grant and a list of possible employers including a Federal lab in same agency (USFS) had worked for since age 16 and had a federal career job (as technician) since age 19. Had a 5 quarter break in middle. First two year was a flat on Durant not far from campus in a beautiful old building. Rent (lived with GF) started at $200/mth and was raised to $225 the 2nd year. Last two years (77-79) was a live in caretaker (free lodging and paid me for any actual work) on an estate off Sea View in Piedmont plus the District Ranger at home Ranger District fixed it so the USFS job switched me back and forth; instead work study was paid 20 hrs a week as GS-7 (and associated benefits). Managed to save money as a student. The two years post graduation went through two federal programs where earned 30 graduate units as a GS-9 and GS-11 all federally paid but had to sign a contract to stay with agency through 85. I considered myself a USFS lifer.

In 1983 the USFS announced 10 slots for midcareer employees to earn Masters. One was to get accepted into a university that would get a grant to support the research and pay salary and benefits but similar to the two opportunities mentioned above, had to sign a contract to stay with agency for 6 years. I was accepted into MBA programs at Stanford, Cal. and UCLA and chose Stanford. Part of this move was to get opportunity for exe to go back to school as well and be near her parents in Silicon Valley. Was to start Fall 1984. Marriage broke up and could not start as scheduled and still owed USFS time on initial 6 year commitment. Stanford was out and went to Cal Haas School in Fall 85. Took out a $5000 loan, mainly to buy first pc, a printer, and copies of word perfect, lotus 123 and DBase. Cashed out federal retirement to fund school. Paid back the loan in one payment the yea I graduated.

I only paid about $1200/year in student fees / tuition per year and was earning about as much in consulting as made with usfs while a student by mid 86. I paid $400 / mth with 3 others to rent a beautiful three story house near the Rose Garden.

Now what is shocking. Here are estimated costs per year at Haas B school now.

http://mba.haas.berkeley.edu/admissions/costs-and-financial-aid

Note at present student fees and tuition are $67,424 per year for a CA resident

Here is a problem more than student loans IMHO. This is a public university.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread