re: Cancel student debt for nearly everyone?

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stop the lies dude. I can't stand Lizzie but that's not where she is getting the money to pay for her proposals.. please start educating yourself esp if you have children. it's sickening

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She won't raise near the amount of revenue she's projecting with her ultra millionaire tax. Most people that have that type of wealth have it tied up in stock shares or a private business. What's she going to do, confiscate it?

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I'm not a boomer but you don't write off your mortgage interest? I pay as little in taxes as possible.

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You have to itemize the take advantage of the mortgage interest deduction. Below a certain threshold of income and mortgage balance, taking the standard deduction is the better option and the vast majority of Americans are below those thresholds.

The mortgage interest deduction benefits upper-middle class families far more than anyone else. Effectively, it's a federal government subsidy of ~1-2 mortgage payments each year to families that earn enough enough and owe enough to take advantage. And that's with historically low mortgage interest rates. When rates are higher the subsidy is even more significant.

I believe the mortgage interest deduction, at least as it currently exists, should be eliminated. Doing so is probably in the best interest of the country as a whole. That said, on a personal level I hope there are no changes to the mortgage interest deduction in the next 15 years or so because my upper-middle class family has made decisions based on that subsidy existing. We wouldn't go broke if it was eliminated tomorrow, but eliminating it would probably push back our retirement back a year or two.

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stop the lies dude. I can't stand Lizzie but that's not where she is getting the money to pay for her proposals.. please start educating yourself esp if you have children. it's sickening

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How would she pay for this? She would have to raise taxes on someone or something...unless she plans to give student loan servicers the shaft. I actually wouldn't mind if she told FedLoan to pound sand. They're every bit as awful as companies like Comcast. But doing that would completely destroy the (public) student loan industry.

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Last year, due to the Trump tax changes, was the first year in about 10 that I took the standard deduction.

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Yeah, those tax changes actually increased my tax bill over what they would have otherwise been. I know I'm a rare case, but capping SALT deductions fricked us in the arse. I'm not happy about it, but I'm glad pretty much everyone else got a tax cut.

Yep. Feds already too big to govern 350 million people. It needs to be reduced, not expanded.

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Most of them are younger people who paid their bills, and feel slighted. I can't say I blame them.

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On here? Sure. Lots of people who took out $15k for undergrad and feel rather chuffed about it. IRL? Not in my experience. It's Boomers and older Xers whining about how stupid and lazy Millennials are.

At the end of the day, I don't much care. There has yet to be a forgiveness plan (seriously) proposed that would significantly affect me. So, in spite of having a substantial student loan balance, I actually don't have much of a dog in this hunt.

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You are such a simpleton.

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he's trolling

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I’ve paid over $30k towards my loans and my balance is higher today than when I graduated.

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WTF

Could I get reimbursed? I just sent my $10k pay off payment last month.

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Exactly. You forgive this loan, how many more loans in the future are these people going to expect forgiveness on? We are training them the wrong way.

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The problem with all of these forgiveness plans is they do nothing to slow down the rising costs. The federal government has two options to accomplish this:

1. Price controls: The federal government could set limits on what universities can charge if they want access to the federal student loan program. I don't like this option because price controls are arbitrary and it's a band-aid. It doesn't get to the root cause. But it's probably the more politically feasible of the two options.

2. Stop distorting the market: The student loan program increases the demand for higher education while simultaneously obscuring price signals from consumers. That's a textbook scenario for runaway prices. Eliminating the federal student loan program, or at least reducing its size/scope several orders of magnitude would fix this. I don't think it's politically feasible because the Left would claim this would keep people out of college, discriminate, etc. And it would reduce attendance quite a bit. But the private sector, which already offers student loans, could fill the void. The "problem" with private sector student loans is that they require credit checks (discrimination according to the Left) and interest rates would be higher...market rates. This option would be painful, but it would actually fix the cost problem.