re: Biden Proposes Cancelling $50,000 In Student Debt For Every American

They’re punishing people for their virtue, and rewarding everyone else for their poor judgement.

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A forgiven $50,000 loan would cover that new Bronco I've had my eye on

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quick take out a loan that sends the money to you and then have Joe forgive it.

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Or people who lived with their parents, worked a full time job, and had a scholarship. I didn’t party hard and drove a pos car. I graduated debt free. What do I get?

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The bill for everyone else!

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Dang you doctor? I

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Wife and I both

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After graduating from TCU in 2011, I consistently worked 2 jobs every year until 2018 when I finally finished paying off over $100k in loans. I'll never forget when I made that last payment in June 2018 - wrote a check for $5,000 to finish it off.

I feel like me, more than anyone else, has the right to say - frick this. frick everything about this. What about people like me who actually paid them off.

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preach brotha

i am over $25k ahead and am sub-$20k right now. i'd LOVE to have known this was coming to have that $25k invested over the past 4 years

I paid off all of my loans almost 30 years ago. What do I get?

I’m going to encourage my two kids in graduate school to quickly go out and borrow $50,000.

They'll never do it. Pandering sonsabitches. Propose it now, turn the heat up on it immediately preceding 2022 midterms, drop it like a bad habit the very next day.

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Not for white people, you know, privilege and all.

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We all know they are going to use their typical mental gymnastics to try to sell this crap. Get ready for crocodile tears and cries of how black kids from underprivileged backgrounds take out loans at higher rates than other groups and struggle more to pay them back. That might be true.

But the reality is the overwhelming majority of this debt will be held by white people. Black people are only 13% of the population and they graduate HS and matriculate at lower rates than whites and asians. The math is obvious.

That's how you stop this. Shriek that suburban white kids are getting a TRILLION dollar (!!!) bailout while poor black kids who struggled to pull themselves out of the ghetto are getting less than 10% of that! Throw their race-baiting, manipulative crap right back in their faces. Oh, and their suddenly new-founded protective class of Asians are also getting screwed because those kids either pay their on way or get scholarships.

If they want to alleviate the hardships of student loans for those in the worst situations then revise the bankruptcy laws to allow for discharge under certain conditions. And change the borrowing guidelines to reflect some sense of logic that impose fiscal responsibility on the schools themselves.

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Cancelling debt doesn't fix the root of the problem - college has become way too expensive. Even state schools. Tuition prices have skyrocketed BECAUSE of student loans. It's a symbiotic relationship. Institutions see all this easy to access money out there and incoming 17/18 year olds don't really think critically about how much it truly costs to go to school.

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Tuition prices have gone up because govt student loans are not dischargeable in bankruptcy. Colleges can continue to shoot prices through the moon because the student loans are fully backed and society has overinflated the importance of a degree. Every Tom, Dick, and Harry who graduates high school is trying to go to college and all of them get loan applications approved. They all get accepted to college, pay the money, and the cycle repeats itself every year.

Government getting in the student loan game is the root cause of the student loan bubble.