re: Biden announces more college debt forgivness

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It's even CNBC saying it. USSC says he DOES NOT have the authority to forgive student loan debt. Y

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Did you read the article?

Are people reading the article or just the headline?

Biden didn’t forgive anything. People who have been in the PSLF program had their loans forgiven. This is a program that was created during the Bush administration that stated if you work full time for the government or non-profit AND make 120 qualifying payments, your student loans would be forgiven. There are similar plans for teachers as well.

So the people who had their loans forgiven, met the requirements of the PSLF. Biden didn’t just randomly choose people to forgive.

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It would be nice if he forgave the student loans for doctors and others who are actually contributing to society

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Why would that be nice?

Why should one of the highest paying professions in the country not pay back their own loans?

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Because he's not?

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Show us the law that gives the president the ability to cancel a debt.

If he can cancel that debt, what's to say the next president can't cancel credit card debt or mortgage debt?

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Show us the law that gives the president the ability to cancel a debt.

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Keep reading the thread. I linked to it.

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If he can cancel that debt, what's to say the next president can't cancel credit card debt or mortgage debt?

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Congress would have to pass that law.

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It actually makes it worse. Every financial aid officer at every university will be telling students it doesn't matter what you borrow.

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Now this comes under the conservative principle of, "Whatever you subsidize, you will get more of."

Populists have no such guiding principles.

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In my opinion, the only way to curb this is to place universities partially on the hook for student loans.

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And you started out so well, only to implode into pure populist nonsense by the end.

Of course that's not "the only way to curb this."

Stop giving people government backed student loans to attend college. If they can walk into a private bank and convince them to give them a loan to go to college based on the criteria that that bank sets, fine. But otherwise they don't get student loans.

That doesn't just curb it, it stops it.

Making colleges responsible for the financial future of their students is the most idiotic (although very popular)idea ever, and it is derived directly from the populist notion that colleges are "scamming" people by people choosing "worthless" degrees.

That so many ostensibly otherwise reasonable people parrot that notion is scary to me.

First of all, it is not the responsibility of a college—nor could they act on this even if they wanted to...more about that is a minute—to make students successful. That isn't their job.

Their job is to teach the student what they promised to teach him or her.

As long as they do that without fraud, they've fulfilled their obligation.

As mentioned above, they couldn't be responsible for students' future success even if they wanted to.

Anybody here know the average college dropout rate?

40% for undergraduates. Almost half. And I don't know this, but I would think the dropout rate is higher for the STEM/hard and applied sciences than it would be for Lesbian Dance Theory majors because they would be a lot more intellectually challenging.

And about half of those dropouts don't dropout until after their second year, so they still have at least half of the student debt that a graduate would have.

So colleges are supposed to be responsible for the debt of engineering majors who can't make it or chemistry majors who party instead of studying?

What about the ones who graduate, but have problems in life? What about the gal who becomes an alcoholic and loses her medical license or the guy who becomes a gambling addict and gets fired from his engineering firm? Colleges should be financially responsible for that?

Not to mention, it makes no sense to say that colleges are partially responsible for students' failures, but not responsible for students' successes. So how much of their students' yearly income should they be entitled to while the loan is being paid off?

5%, pre-tax?

Higher?

And that's just an illustration of how it would be practically impossible to enact such an idea. That's not even getting into how abhorrent a violation of the principle of personal responsibility such an idea would be (although I will circle back to my original statement at this point and reiterate that at the back of this notion is the sometimes spoken, sometimes silent assumption that young adults entering college are not capable of making wise decisions regarding borrowing money like this. If that is the case, then—obviously—they ought not be allowed to do so, and the problem is—again—instantly and easily solved.)

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To say it was "by Biden" is stupid, because the program existed long before he came into office. It's a program that anyone can use as long as they meet the qualifications.

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exactly. Biden is it just taking credit for things they were already in place hoping idiots will buy it

Why is anyone surprised that a party that relies on the vote of the needy, gives them money in exchange for their vote?!

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Otherwise this forgiveness would presumably have happened under any president, and will after Joe is gone.

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Correct.

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Biden announces more college debt forgivness
Why is anyone surprised that a party that relies on the vote of the needy, gives them money in exchange for their vote?!

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There are just as many populists on the right who want student debt forgiven.

As has been pointed out a few times on this thread already, the law that Biden is using to give himself credit for this was signed into law by a Republican POTUS.

If you don't want the bases of both parties running around with their hands out and the politicians buying their votes every election, you better join me in decrying the populist takeover of the Republican Party.