re: U.S. poised to forgive $108 billion in student debt

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Nothing like older generations imposing onmillennials even more of a reason to be a smarmy, entitled, worthless group of people

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FIFY

It all goes back to the Baby Boomers trying to create another generation just like them.

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Another example of things going wrong when the government inserts itself into a private market.

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The loans exist because the government inserted itself in the first place. The federal government guaranteed these loans for several decades, meaning there was zero risk to the lenders. The worst part is that the federal government makes money off the scheme -- to the tune of $60 billion per year.

I would humbly suggest to you that this situation is much worse than you think, and it is not a matter of the government simply stepping in and playing hero. They created this situation in the first place.

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I just went back to school and had to take out a small amount in student loans (to cover what my work tuition reimbursement didn't cover). Won't graduate till February. So I won't have to pay that back now?

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Yes, you will.

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Don't loose too much sleep over it. They will spend the rest of their lives bailing out boomer pensions, social security and Medicare. You are winning.

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I love how this board blames all their problems on the boomers like a bunch of whiny pussies.

"I can't help it that I went to college, the boomers made me this way!!!!!!"

Grow up and quit blaming everyone else for your problems.


I'm technically a millennial, BTW.

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Millenials

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Did not create this situation, buddy.

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don't get too excited.

pretty sure that:

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income-driven repayment plans

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means you have to make payments for 20 years. then after 20 years the balance is "forgiven"

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Then, you report the "forgiven" amount as taxable income on your next tax return.

So say after 20 years, you still have $20,000 of loans left, the government forgives that $20,000...but your taxable income jumps $20,000 on your next filing.

Ouch. Not only did you just spend 20 years paying a shite ton in interest, now you have a bloated tax bill on top of that.

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There are a couple problems here.

1. The cost of college is way too high because they're run by bloated govt bureaucracies so most of the problem lies with the govt itself.

2. Paying for some retard to get a degree in art history or gender studies is not an investment. It's pissing away taxpayer money.

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So restrict access and offer degree programs as dictated by industry. Don't have enough doctors? Offer to pay their school bill, on the condition they work in certain sectors for a certain time. Don't have enough welders/carpenters? Put the higher education dollars in votech programs.

The money should go to where the jobs will be, not where the students want to go.

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I think that is his point.

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Maybe, but his comment seemed narrowly construed to focus on the government's latest policy, which (as another poster pointed out) is primarily geared toward recovering a certain percentage of loan payments.

This is a stop-gap revenue scheme, not a solution.

That was exactly my point. Hence my comparison to the ACA

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Don't have enough doctors? Offer to pay their school bill, on the condition they work in certain sectors for a certain time.

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I think they have something like this for a commitment to work in poor areas. Same with teachers.