Elections Warren makes bold claim to begin canceling student loan debt on day 1

[KeepItRealist]

Its actually kind of embarrassing that this is a major topic. I know that personal responsibility is out of fashion but this is a new low.
"I borrowed tens of thousands for a pos degree and i don't wanna pay it back pay mill bills and you've got my vote mommy"

Unfknreal that this is America.

I found out my philosophy degree wasn't of much use so I'm working as a barista and need the govt to pay off all my debt and subsidize my existence. Yes, I'll vote for you in exchange.

 

[Gutter Chris]

What do we people who never stepped foot in college get out of this? Do we get $50k out of this, too?

so if instead of student debt the plan was called the middle class bailout you would be on board?

 

[andnowweknow]

Well i figured if you thought some folks should get some stuff for free, why not reparations too?

Monetary reparations makes no sense for something like slavery. I always have this picture in my mind of a white guy handing a black guy a check with "for slavery" in the memo field and saying "we good?"...

It's ridiculous.

 

[Scerpi]

This woman is so full of shit... it's embarrassing to see her pandering

And lol at her going after Bernie... haha

 

[JudoThrowFiasco]

Ha, stupid people who picked degrees that produced a roi along with being able to manage and repay their student loans by choosing the proper school for their future costs and endeavors.

Everyone knows people with arts degrees from large party schools deserve to write off those loans

 

[Streeter]

Why not make most state schools free. Not the big ones like the B10 sec etc schools. But all the many little state schools noone has ever heard of the d2 n 3 schools free. Student can go for free to a lesser school or pay to go to a better school. But if loans are taken out they must be paid.

 

[second sight]

How many news anchors told her the president is not a dictator

 

[Dirt Road Soldier]

Take out 100k in loans the day she wins. Sign up for summer classes. Wait for loans to be canceled. Drop all classes. Laugh on way to the bank.

 

[panamaican]

I don't know if she can do it but I always wonder why people get upset at the idea of cancelling student loan debt. It's a legitimate drag on the economy. More curious to me is when people who support all sorts of random economic carve outs (farmers, the rich, clean coal, etc.) railing against helping people who attempted to "bootstrap" themselves into a better future.

It's not like it's credit card debt or a car loan or a mortgage and it's not dischargeable via bankruptcy. Why do students deserve this particularly unforgiving type of debt for the sin of trying to better themselves?

 

[HomeCheese]

Why not make most state schools free. Not the big ones like the B10 sec etc schools. But all the many little state schools noone has ever heard of the d2 n 3 schools free. Student can go for free to a lesser school or pay to go to a better school. But if loans are taken out they must be paid.

In some states it is relatively inexpensive to get a degree. In Cali, junior college cost you next to nothing for two year degree. Then transfer to a state school for around 8.5k a year, you can get a four year degree in cali for less then 20k. The UC schools in Cali are around 17k a year so with transferring from a JC you can get a degree at Berkeley or UCLA for less than 40k.

I don't want to pay for someone else mistake at taking on too much debt. I worked and saved my ass of to pay for my kids college, I sure as heck don't want to pay for someone else kid too.

 

[HomeCheese]

I don't know if she can do it but I always wonder why people get upset at the idea of cancelling student loan debt. It's a legitimate drag on the economy. More curious to me is when people who support all sorts of random economic carve outs (farmers, the rich, clean coal, etc.) railing against helping people who attempted to "bootstrap" themselves into a better future.

It's not like it's credit card debt or a car loan or a mortgage and it's not dischargeable via bankruptcy. Why do students deserve this particularly unforgiving type of debt for the sin of trying to better themselves?

Well the whole BK thing is kind of BS. On the other, hand it would be easy to go into student debt and declare BK just after graduating. After a period of time it should be okay maybe.

The reason why I am against it is that I paid my kids college so they didn't have to take loans. It's not fair to people who were responsible on the amount of debt they took on. There are plenty of cost effective options for education. Plus, many physicians are 100k to 300k in debt but they make from 200k-500k so I sure as heck don't want to forgive their debt. Further, paying off people's student loan debt also feels to me like subsidizing people's poor decisions and lackadaisical lifestyle.

There are lots of drags on the economy I would address first that would help everybody and not just the student debt peeps.

 

[Deleted member 159002]

It's not like it's credit card debt or a car loan or a mortgage and it's not dischargeable via bankruptcy. Why do students deserve this particularly unforgiving type of debt for the sin of trying to better themselves?

I already answered this in reply to another poster. Declaring bankruptcy does not give people a clean slate. Those who declare bankruptcy will have their credit scores lowered more than 100 points, which affects how they're treated by financial institutions and they'll become ineligible for certain jobs. So even though declaring bankruptcy ameliorates things for those who made bad economic chooices, these people will still have to live with negative consequences for years. Those who lived prudently thus have an economic advantage over them. If student debt is cancelled however, there's no real advantage for people who made lower risk, lower reward investments in their education.

 

[Zankou]

I don't know if she can do it but I always wonder why people get upset at the idea of cancelling student loan debt. It's a legitimate drag on the economy. More curious to me is when people who support all sorts of random economic carve outs (farmers, the rich, clean coal, etc.) railing against helping people who attempted to "bootstrap" themselves into a better future.

It's not like it's credit card debt or a car loan or a mortgage and it's not dischargeable via bankruptcy. Why do students deserve this particularly unforgiving type of debt for the sin of trying to better themselves?

Partly it’s because people who sacrificed for so long to keep debt low and then worked hard to pay it off—like myself—are bitter at other people getting a free windfall. Particularly when so many people have been spending like crazy. Take Stacy Abrams as an example ... she racked up huge debts through irresponsibility.

But at the end of the day, do I care that much about ensuring fairness to me? I’d rather see the system fixed. I think about all the sacrifices I made to go through school. Do I think it should be so difficult financially for everyone? No, I think it was terrible for me, and I don’t think it would be a good thing if other people had to deal with that level of crushing financial discipline. I’d be much happier if nobody has to go through abysmal poverty as a student. Even if it’s not fair relative to what I had to go through.

 

[KeepItRealist]

Someone please ask Michael Bloomberg how he can spend a billion dollars to help Democrats defeat Trump, but I go to prison if I donate above the FEC maximum?

 

[Shinigami]

https://elizabethwarren.com/plans/student-loan-debt-day-one?source=soc-WB-ew-fb-rollout-20200114

Stating that we can't wait for congress to act, Warren claims she will-

The Department of Education already has broad legal authority to cancel student debt, and we can’t afford to wait for Congress to act. So I will start to use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans

I’ll direct the Secretary of Education to use their authority to begin to compromise and modify federal student loans consistent with my plan to cancel up to $50,000 in debt for 95% of student loan borrowers (about 42 million people).

So federal student loans poof January 2021?

oooooOOOOOOOOOoooOoO
welfare for the middle class!

Take Stacy Abrams as an example ... she racked up huge debts through irresponsibility.
.

you think she would have got at least a little work done so people could look at her 5 mins wihtout having to stifle their vomit

 

[Paradigm]

I already answered this in reply to another poster. Declaring bankruptcy does not give people a clean slate. Those who declare bankruptcy will have their credit scores lowered more than 100 points, which affects how they're treated by financial institutions and they'll become ineligible for certain jobs. So even though declaring bankruptcy ameliorates things for those who made bad economic chooices, these people will still have to live with negative consequences for years. Those who lived prudently thus have an economic advantage over them. If student debt is cancelled however, there's no real advantage for people who made lower risk, lower reward investments in their education.

A BK should generally last 7-10 years...long enough time for someone to learn how to pay for things in cash. The only thing a normal person wouldn't probably be able to buy during that period would be a home but even that isn't out of the question.

Your credit score only matters if you utilize credit.

 

[Seano]

Why shouldn't people have to pay their debt? I don't really get the reasoning there.

 

[Headkicktoleg]

always wonder why people get upset at the idea of cancelling student loan debt

Do you really? Thought you were supposed to be smart

 

[D3thr0n3d K1ng]

I don't know if she can do it but I always wonder why people get upset at the idea of cancelling student loan debt. It's a legitimate drag on the economy. More curious to me is when people who support all sorts of random economic carve outs (farmers, the rich, clean coal, etc.) railing against helping people who attempted to "bootstrap" themselves into a better future.

It's not like it's credit card debt or a car loan or a mortgage and it's not dischargeable via bankruptcy. Why do students deserve this particularly unforgiving type of debt for the sin of trying to better themselves?

This.

Lets shovel money up the arses of rich corporate farmers who dont need it but lets punish people who would rather get educated and benefit the country than be a Mcdonalds slave their whole life because I want to live in a country full of stupid, uneducated Mcdonalds workers.

 

[JudoThrowFiasco]

So legit forgive people who got economically useless degrees relative to their Dept by attending large out of state private schools when the same degree and pathways were available with much cheaper in state public schools?