Biden calls for student loan debt forgiveness of at least $10,000/person.

[RandySF]

Link to tweet

?s=20

Joe Biden (Text Join to 30330)
@JoeBiden
Additionally, we should forgive a minimum of $10,000/person of federal student loans, as proposed by Senator Warren and colleagues. Young people and other student debt holders bore the brunt of the last crisis. It shouldn't happen again.

[bucolic_frolic]

1. Loan reduction is good policy

College costs have inflated fast, and a flat amount helps those with less prestigious degrees most because their lifetime earnings aren't expected to be highest. It doesn't burden those without college degrees, who are also taxpayers, with the full cost of paying for it. I'd call this policy fair and easily understandable.

[jberryhill]

5. But wouldn't you think...

Loan forgiveness for the most educated and hopefully most successful just seems like feeding income inequality even more. Their earnings prospects as a group are great! Shouldn't we be doing something for waitresses, bakers, factory workers, retail clerks?

[crimycarny]

9. ?? Lots of students are also waitresses, retail clerks

My son went to community college first 2 years, transferred to 4-year college to major in education. His goal is teach public school in underprivileged areas. He goes to school full time and works part-time. School is over an hour drive from our home but he can’t afford to live on campus so commutes. At least twice a week he spends the night in his car on campus to save on gas money. $10K loan forgiveness would be huge for him. He certainly isn’t going to be living large off of a teacher’s salary in a poor community.

[jberryhill]

10. I think this DUer said it best

https://www.democraticunderground.com/1287445347#post8

[NCProgressive]

7. No one held a gun to the students' head when they signed the papers

[jberryhill]

11. .

https://www.democraticunderground.com/1287445347#post8

[King_Klonopin]

14. What??!! are you being provocative or callous?

How many people have $50,000 - $200,000 to pay for a college degree?
Your average, working-class student HAS TO FINANCE USING LOANS
or grants. They have no alternative.

Problem #1 : Tuition costs are absurdly high. I went to a state university
to get a BSN degree in 1984 and the tuition cost per semester was $800 !
I still needed a student loan which I paid off in 18 months.

Problem #2 : We are a nation enslaved by debt and obscene interest rates.

[crimycarny]

15. Thank you

I don’t get the reluctance to help out students. There seems to be an odd sort of snobbery in deciding ONLY those who work in minimum wage jobs are deserving of help and students in college are all going to land these amazing jobs that pay a ton of money. Well, some of those kids in college are the daughters and sons of those waitresses, retail clerks, minimum wage earners. Perhaps the first to go to college in their family. When they graduate they will probably be continuing to help support their family as well as pay off crushing student debt.

[crimycarny]

16. Lower interest

One other idea is to lower the interest rate to whatever the prime rate is. If people have such a hard time with the idea of forgiving student debt, then what about 1% over prime or even having a certain amount be interest free? That would save those students thousands of dollars without costing the taxpayer a ton of money.

[Cha]

2. Thank you, Joe Biden!

[jberryhill]

4. I heard it was "regressive, expensive and full of uncertainties"

https://www.brookings.edu/blog/up-front/2019/04/24/how-progressive-is-senator-elizabeth-warrens-loan-forgiveness-proposal/

[sandensea]

12. Sounds like Cheeto's marriages.

[appalachiablue]

3. Debt Jubliee is in the Bible's Old Testament:

> 'A Debt Jubilee Is The Only Way To Avoid A Depression,' Washington Post

https://www.democraticunderground.com/1016250018

[mcar]

6. A great idea!

[Vivienne235729]

8. Yes!!!

[demtenjeep]

13. yes that would be nice

after 22 years we still owe 45,000

now that is two bachelors and one masters