Student Loan Cancellation

[DGS49]

Biden must cancel all student loan debt, including for those with graduate degrees | Derecka Purnell

Politicians argue that canceling student debt will mainly benefit doctors and lawyers. But it is first-generation graduates of color who are struggling to make payments

www.theguardian.com

Interestingly, forgiveness of student loans is an issue that is opposed by an overwhelming majority of the American public;. The fact that Biden and the Leftist posse are keen to do it anyway is one of the most cynical attempts at buying votes in recent memory.

Read the attached opinion piece and try to control your gag reflex. The author has been HANDED hundreds of thousands of dollars in "free" education for no reason other than her race. She has made a dumpster fire of her own life, yet she whines about how the cold, cruel world stacks the deck against her.

Words fail me.

She is Exhibit A of the people whose figurative feet should be held to the fire on these student loans. That the Guardian even publishes this bit of Leftist trash tells you all you need to know about their readership.

 

[Rambunctious]

This will go on the students credit history as a forgiven debt.... and that's not a good thing for their credit score economists are saying....

 

[Polishprince]

My nephew graduated in 2018 from the tremendous U. of Akron and is having no problem in dealing with his education expenses, and in fact bought a new Caddy as well as a $200,000 townhome.

There is apparently a sufficient enough demand for guys in industrial engineering, that he isn't moaning at all about student loans.

Doofuses who go to overpriced schools and get degrees in fields which will qualify them to be a barista if they are lucky- those are the people having problems. Guys like my nephew or his girlfriend who is going for dermatology don't have much of a problem with this.

 

[White 6]

Biden must cancel all student loan debt, including for those with graduate degrees | Derecka Purnell

Politicians argue that canceling student debt will mainly benefit doctors and lawyers. But it is first-generation graduates of color who are struggling to make payments

www.theguardian.com

Interestingly, forgiveness of student loans is an issue that is opposed by an overwhelming majority of the American public;. The fact that Biden and the Leftist posse are keen to do it anyway is one of the most cynical attempts at buying votes in recent memory.

Read the attached opinion piece and try to control your gag reflex. The author has been HANDED hundreds of thousands of dollars in "free" education for no reason other than her race. She has made a dumpster fire of her own life, yet she whines about how the cold, cruel world stacks the deck against her.

Words fail me.

She is Exhibit A of the people whose figurative feet should be held to the fire on these student loans. That the Guardian even publishes this bit of Leftist trash tells you all you need to know about their readership.

I oppose it, as it will not benefit me or anybody I know. I came out of the University debt free, as did my sons. Others I know have long since paid off their small loans, never accumulating higher education debt in the range, people foolishly invest in many cases. It was not necessary then, my own sons prove it is not necessary now. I do not like to pay for other people's mistakes in judgement.

 

[Polishprince]

This will go on the students credit history as a forgiven debt.... and that's not a good thing for their credit score economists are saying....

I sure the hell wouldn't want to loan someone money who has a record of not paying back.

 

[Admiral Rockwell Tory]

My nephew graduated in 2018 from the tremendous U. of Akron and is having no problem in dealing with his education expenses, and in fact bought a new Caddy as well as a $200,000 townhome.

There is apparently a sufficient enough demand for guys in industrial engineering, that he isn't moaning at all about student loans.

Doofuses who go to overpriced schools and get degrees in fields which will qualify them to be a barista if they are lucky- those are the people having problems. Guys like my nephew or his girlfriend who is going for dermatology don't have much of a problem with this.

You do realize that dermatology is a doctor specialty and she will likely have tons of student loans for medical school?

 

[Polishprince]

You do realize that dermatology is a doctor specialty and she will likely have tons of student loans for medical school?

I certainly understand that, but the point is that as a Dermatologist, she will be able to generate the kind of income need to retire the loans.

Unlike someone who graduates and takes a job as a barista.

 

[Admiral Rockwell Tory]

I certainly understand that, but the point is that as a Dermatologist, she will be able to generate the kind of income need to retire the loans.

Unlike someone who graduates and takes a job as a barista.

Great point,

However, why should be pay back her student loans if the Democrats want to just cancel them?

 

[Unkotare]

You do realize that dermatology is a doctor specialty and she will likely have tons of student loans for medical school?

Sure, but she will be motivated because she has skin in the game.

 

[DGS49]

I graduated from a middling law school (Duquesne Univ.) in the middle of my graduating class. It was 1982. The top couple grads were offered jobs at the top local firms in the $80-100k range, and presumably were set for life. Those two were brilliant, and hard workers as well. Good for them.

But for those who did not graduate at the top of the class - let's say the bottom 2/3 - it was not so rosy. Half went to work at small firms, or with government, or took jobs that did not really require a law degree or membership in the Bar. Some were later successful, but some of them never really hit it big. I personally was doing reasonably well in my career; my employer was glad to have a member of the Bar on staff, and in effect for me it was just a "super-MBA." I never practiced law.

I have always wondered what it would be like to graduate from a top school...at the bottom of the class. This is the case for a lot of "minorities" who manage to get through. They often fail once or twice at the bar exam, and my sense is that most of them either work for government or foundations and public advocacy groups. Doesn't generate a lot of cash unless you get to the very top levels.

Unlike medical school, if you really want to be a lawyer there is ALWAYS some law school that will take you. And this is why we have about two or three times as many lawyers as we "need."

 

[Dekster]

discharged debt hurts your credit score. cancelled debt does not. As long as people are paying as they are supposed to the only impact will be a slight dip because the oldest part of your credit history goes away. Age of current debt postively impacts your score. Make your payments on time over a long period and your score goes up. Another part of your credit mix is your debt to income ratio so that will jump way more favorable without student loans in the mix. There was one point where my credit report was about a foot thick it seemed because my student loans were being transferred around rapidly before settling into a single servicer.