Harvard law professor gloats that thousands of his rich former students will be getting their debts paid off by taxpayers
- Thread starter marvin martian
- Start date
I do not care about men and women graduating those places anymore.
Sixties Fan
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Endless excuse to bash the Democrats for what Republicans have always done.
It is called POLITICS during an election time.
Sixties Fan
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Too many examples from the Republican side.
If the Republicans did not complain about this just before elections, the WH would not have to show so many examples of Republican hypocrisy.
That was important at one time. People are graduating who will say having sex with a child is okay.
M14 Shooter
The Light of Truth
Yes, really.
"Oh yeah, what about this other forgiven debt"?
M14 Shooter
The Light of Truth
Well, sure.
"We forgave $10k of your student load debt. Vote fo' us in November and we'll forgive the rest"
- Democrats
RoshawnMarkwees
Assimilationist
She did?
Sixties Fan
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How about the Republicans? You are taking them for granted that they are going to vote Democrat. Stop speaking for all of them. You do not know them.
Those who were going to vote Democrat, may vote Democrat.
Those who were going to vote Republican, may vote Republican.
It is about the issues. There are plenty of them for both sides to consider.
They need to vote about the issues that matter to them.
marvin martian
Diamond Member
- Thread starter
- #54
More than that, since the limit for married couples is $250K.
Think of that, Biden cultists. A rich white couple making $249,000 a year is getting their student loans paid off by you.
LOL
Sixties Fan
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[ This is the reality for most students who took a loan ]
BluesLegend
Diamond Member
$250k for a married couple.
BluesLegend
Diamond Member
Millions of pour and working class people got screwed.
Sixties Fan
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[ The More You Know ]
Report Highlights. The average student borrower takes 20 years to pay off their student loan debt.
Undergraduate Class of 2022 Projected Student Loan Repayment Timelines (3.73% APR, $37,175 Average Debt†)
†The average debt is based on the federal student loan debt portfolio and does not necessarily reflect the true average debt for 2022 undergraduates.
‡ 10% of the typical starting gross income value for recent graduates (Bachelor’s).
◊10% of the typical starting net income value for recent graduates (Bachelor’s).
Doctoral Graduate Student Loan Repayment ($833 Monthly Payment)
Professional Graduate Student Loan Repayment ($843 Monthly Payment)
Alternative Professional Graduate Student Loan Repayment
(full article online)
educationdata.org
Report Highlights. The average student borrower takes 20 years to pay off their student loan debt.
- Some professional graduates take over 45 years to repay student loans.
- 21% of borrowers see their total student loan debt balance increase in the first 5 years of their loan.
- The average medical school graduate’s salary is not sufficient to make their student loan payments.
Undergraduate Class of 2022 Projected Student Loan Repayment Timelines (3.73% APR, $37,175 Average Debt†)
| Monthly Payment | Ultimate Cost | Time to Zero Debt |
|---|---|---|
| $461‡ | $42,863 | 7 yrs, 9 mos |
| $372 | $44,595 | 10 yrs, 0 mos |
| $345â—Š | $45,341 | 10 yrs, 11 mos |
‡ 10% of the typical starting gross income value for recent graduates (Bachelor’s).
◊10% of the typical starting net income value for recent graduates (Bachelor’s).
Average Student Loan Repayment Timelines
The amount of time it takes for an individual to repay their student loan debt depends on the initial amount borrowed, the loan’s interest rate, and repayment habits, among other factors.- 10 years is the ideal timeline for paying off student loan debt according to financial experts and the U.S. Department of Education (ED).
- In practice, it takes borrowers closer to 20 years to pay off their student loans.
- 21.1 years was the average length of repayment in a 2013 study of 61,000 respondents.*
- 45% of student loan borrowers decrease their balance in the first five years of repayment.
- 21% of student loan borrowers increase their balance in that same period.
- The average medical school graduate’s salary is not sufficient to make their student loan payments.
Class of 2021 Student Loan Repayment Timelines
Because student loan interest rates are at historic lows, current students may reasonably expect to pay off their student loan debts within the recommended 10-year timeline.- 3.73% is the 2021-2022 interest rate for Direct Subsidized and Unsubsidized federal student loans to undergraduate borrowers.
- 2.75% is the 2020-2021 interest rate for Direct Subsidized and Unsubsidized federal student loans.
- 10% of income should go toward paying off debts according to federal guidelines.
- 36% of income is the maximum amount that should go toward paying off debt.
- $42,500 is the low-end starting salary for a new graduate with a bachelor’s degree.
- $73,800 is the high-end salary.
- $64,900 is the average annual salary for a recent graduate with a bachelor’s degree.
- $52,000 is the median salary for new graduates with bachelor’s degrees.
- 4 to 12+ years is the projected student loan debt repayment period for bachelor’s degree holders who graduate in 2021.
| Average Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|
| $17,800 | $18,800 | 4 yrs, 1 mos |
| $28,300 | $31,000 | 6 yrs, 9 mos |
| $30,100 | $33,200 | 7 yrs, 3 mos |
Associate’s Degree Debt Repayment
Student borrowers with associate’s degrees are significantly less likely to take on student loan debt if they attend public institutions. Private school attendees are actually more likely than their bachelor’s degree-seeking peers to use student loans to pay for school.- Just 41% of Associate’s degree holders who graduated from public institutions use student loans to pay for school.
- 84% of attendees of private, nonprofit schools take on student loan debt.
- 88% of attendees of private, for-profit schools take on student loan debt.
- $46,100 is the average annual salary for a recently graduated associate’s degree holder.
- 4 to 7+ years is the projected student loan debt repayment period for associate’s degree holders who graduate in 2021.
| Monthly Payment | Average Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|---|
| $354 | $29,500 | $32,800 | 7 yrs, 9 mos |
| $354 | $35,000 | $39,700 | 9 yrs, 4 mos |
| $354 | $45,300 | $53,700 | 12 yrs, 8 mos |
| $541 | $29,500 | $31,500 | 4 yrs, 10 mos |
| $541 | $35,000 | $37,900 | 5 yrs, 10 mos |
| $541 | $45,300 | $50,400 | 7 yrs, 9 mos |
| $615 | $29,500 | $31,300 | 4 yrs, 3 mos |
| $615 | $35,000 | $37,500 | 5 yrs, 1 mos |
| $615 | $45,300 | $49,700 | 6 yrs, 9 mos |
Graduate Student Loan Debt Repayment Timelines
Graduate and professional students, on average, borrow more for school than undergraduate students. Their income rates tend to be higher, as well.- 4.3% is the interest rate for Direct Unsubsidized federal student loans to graduate or professional borrowers.
- 5.3% is the interest rate for Direct PLUS loans, which go to graduate or professional borrowers as well as parents of undergraduates borrowing on their behalf.
- $58,300 is the average student debt for a borrower who graduated from a public institution with a Master’s degree.
- $96,700 is the average debt for master’s degree holders who attended a private, for-profit institution.
- $101,200-$175,600 is the range of average debt for doctoral degree holders.
- $243,300 is the average debt for professional degree holders who attended private, nonprofit institutions.
- $77,800 is the average salary for a master’s degree holder.
- $96,800 and $97,900 are the average respective salaries for people with professional and doctoral degrees.
| APR % | Current Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|---|
| 4.3% | $58,300 | $70,000 | 8 yrs, 9 mo |
| 4.3% | $77,000 | $99,500 | 12 yrs, 5 mos |
| 4.3% | $96,700 | $136,500 | 17 yrs, 0 mos |
| 5.3% | $58,300 | $73,700 | 9 yrs, 2 mos |
| 5.3% | $77,000 | $107,800 | 13 yrs, 5 mos |
| 5.3% | $96,700 | $154,400 | 19 yrs, 3 mos |
| APR % | Current Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|---|
| 4.3% | $98,700 | $128,700 | 12 yrs, 11 mos |
| 4.3% | $100,700 | $132,200 | 13 yrs, 3 mos |
| 4.3% | $171,400 | $311,300 | 31 yrs, 2 mos |
| 5.3% | $98,700 | $140,000 | 14 yrs, 0 mos |
| 5.3% | $100,700 | $144,300 | 14 yrs, 5 mos |
| 5.3% | $171,400 | $452,600 | 45 yrs, 3 mos |
Postgraduate Student Loan Debt Repayment Timelines
When indebted students return to school, they may not be required to make payments on any outstanding student loan debts. This does not mean, however, that these debts stop collecting interest. Students seeking postgraduate work may take out additional loans on top of existing student loan debt.Professional Graduate Student Loan Repayment ($843 Monthly Payment)
| APR % | Current Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|---|
| 4.3% | $152,600 | $246,500 | 24 yrs, 4 mos 292 |
| 4.3% | $237,400 | NA** | NA |
| 4.3% | $203,600 | $472,700 | 46 yrs, 9 mos 561 |
| 5.3% | $152,600 | $307,400 | 30 yrs, 5 mos 365 |
| 5.3% | $237,400 | NA | NA |
| 5.3% | $203,600 | NA | NA |
| Monthly Payment | % of Income | APR % | Current Debt | Ultimate Cost | Time to Zero Debt |
|---|---|---|---|---|---|
| $1,685 | 20% | 4.3% | $237,400 | $331,100 | 16 yrs, 5 mos |
| $2,528 | 30% | $237,400 | $289,900 | 9 yrs, 7 mos | |
| $1,685 | 20% | 5.3% | $203,600 | $291,700 | 14 yrs, 5 mos |
(full article online)
Average Time to Pay Off Student Loans [2025]: Data Analysis
An in-depth analysis of how long it takes to pay off student loan debt with various incomes and educational attainment levels.
Sixties Fan
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What is the process for student loan forgiveness?
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Public Service Loan Forgiveness (PSLF) - Federal Student Aid
Sixties Fan
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[ It Takes a Village, but some people really do not care to live in one and could not care less to help those who need help ]
“It’s not that we don’t worry about the macroeconomic implications [of student loan debt forgiveness], ” says Cody Hounanian, executive director of the Student Debt Crisis Center, a nonprofit advocating for student loan debt cancellation. “I just prioritize what everyday Americans are needing at this moment.”
Canceling student loan debt could remove significant barriers keeping everyday Americans from achieving upward mobility. Research suggests that it could help consumers from less privileged backgrounds build wealth and address racial disparities by benefiting those who carry the biggest loan balances typically Black and Latinx consumers. Those benefits, for some, are worth any potential ramifications in the future.
“Canceling those debts is a way to right a set of wrongs that are highly unequal by race, by gender and by socioeconomic background,” says Eaton. “It’s well worth it.”
As of now, the White House says a decision on federal student loan cancellation will be made before the last payment pause ends on Aug. 31. If Biden chooses to forgive $10,000 in federal student loans per borrower, it’ll add hundreds of billions of dollars to the national deficit—and sooner or later the general public will have to foot the bill.
www.forbes.com
Advocates Say Immediate Benefits of Canceling Student Loan Debt are More Important
Not everyone agrees that the long-term implications of increasing the deficit by forgiving federal student loans is worth worrying over. Student loan cancelation advocates argue that canceling debt now would immediately impact borrowers by putting more money in their pockets, and they say that’s more important than the federal deficit.“It’s not that we don’t worry about the macroeconomic implications [of student loan debt forgiveness], ” says Cody Hounanian, executive director of the Student Debt Crisis Center, a nonprofit advocating for student loan debt cancellation. “I just prioritize what everyday Americans are needing at this moment.”
Canceling student loan debt could remove significant barriers keeping everyday Americans from achieving upward mobility. Research suggests that it could help consumers from less privileged backgrounds build wealth and address racial disparities by benefiting those who carry the biggest loan balances typically Black and Latinx consumers. Those benefits, for some, are worth any potential ramifications in the future.
“Canceling those debts is a way to right a set of wrongs that are highly unequal by race, by gender and by socioeconomic background,” says Eaton. “It’s well worth it.”
As of now, the White House says a decision on federal student loan cancellation will be made before the last payment pause ends on Aug. 31. If Biden chooses to forgive $10,000 in federal student loans per borrower, it’ll add hundreds of billions of dollars to the national deficit—and sooner or later the general public will have to foot the bill.
Canceling Student Debt Isn’t Free. Here’s Who Pays For It
With President Joe Biden considering canceling up to $10,000 in federal student loans per borrower, a long sought after policy dream for millions of Americans who struggled with years of repayment could become a reality. But student loan cancellation isn’t a magic wand that makes those loans disa
www.forbes.com
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