Current Events > Is it time to give up the student loan forgiveness dream?

(+) Yeah! (+)

It just seems like politicians will use it for votes, I may be wrong but I thought Joe Biden could wipe away a significant amount with an executive order. I believe he refused to do the $50,000 forgiveness but was for $10,000 and forgiveness, but we haven't heard a peep since then.

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he can't do something like that with an executive order.

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Daddy Chuck said email Biden directly. Hopefully he ain't sleepin because those emails need readin.

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VipaGTS posted...

he can't do something like that with an executive order.

Directloans is under Department of Education, which is a cabinet-level agency in the executive branch. The president arguably could do something like that with an executive order.

Questionmarktarius posted...

Directloans is under Department of Education, which is a cabinet-level agency in the executive branch. The president arguably could do something like that with an executive order.

if you have to include the word arguably in there then there is definitely some nuance to it and not as cut and dry as people are making it seem.

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I think it was $8k, but lol if you ever thought a huge portion of it was getting cleared

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VipaGTS posted...

if you have to include the word arguably in there then there is definitely some nuance to it and not as cut and dry as people are making it seem.

There's never not nuance. It'll get tied up in the courts for essentially forever regardless.

Questionmarktarius posted...

There's never not nuance. It'll get tied up in the courts for essentially forever regardless.

Right. Which is why people saying "why isn't Biden just signing an executive order!?" should probably stop and think that getting something like that tied up will make it even more difficult to get passed. Sounds like we agree.

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Jiek_Fafn posted...

I think it was $8k, but lol if you ever thought a huge portion of it was getting cleared

Yep, I always thought it was a pipe dream. I made sure to pay mine off but I didn't have very large student wants to begin with.

VipaGTS posted...

Right. Which is why people saying "why isn't Biden just signing an executive order!?" should probably stop and think that getting something like that tied up will make it even more difficult to get passed.

Agreed, hence why I used the phrase" I may be wrong "in my original post

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I personally am guessing that it'll happen within the next year or two. At least partial student loan forgiveness.

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pure_temper posted...

I personally am guessing that it'll happen within the next year or two. At least partial student loan forgiveness.

It would be nice if they could at least waive the interest

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BignutzisBack posted...

It would be nice if they could at least waive the interest

Isn't there a moratorium on interest/payments through the end of this year? Thought I read that somewhere

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I'm not satisfied until college is free and all student loan debt is cancelled.

(I say this as someone who paid off my loans several years ago)

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Try_Another___ posted...

Isn't there a moratorium on interest/payments through the end of this year?

September, unless it's been extended again recently.

I have about 10K left in loans so I'll be pissed if even Uncle Joe lies about that supposed amount he said he COULD/WOULD forgive without a congressional vote.

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Forgiving it right now wouldnt really solve anything, they need to substantially decrease the cost of college first or people are just going to have huge loan debt again in a few years.

I guess it would help everyone whos already done with school but theyll just have to do it every several years if they dont also lower costs

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littlebro07 posted...

Forgiving it right now wouldnt really solve anything, they need to substantially decrease the cost of college first or people are just going to have huge loan debt again in a few years.

If they forgive existing student loan debt, all of a sudden the largest consumer base in the country will have anywhere from $300 to $800 more per month to spend, save, and invest.

It'd be rocket fuel to the economy, which we need. And since it's mostly federally-owned or controlled debt...we could make it disappear without risks.

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littlebro07 posted...

Forgiving it right now wouldnt really solve anything, they need to substantially decrease the cost of college first or people are just going to have huge loan debt again in a few years.

I guess it would help everyone whos already done with school but theyll just have to do it every several years if they dont also lower costs

They can do multiple things at once. In fact, Biden's plans include both!

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He could never "wipe it away" without consequences. If he basically tells lenders you're shit outta luck on that debt you're expecting, he re-creates the circumstances that started the great recession in 2008 as banks panic, we learn how many bad student loans are in our AAA investment vehicles we rely on for retirement, and insurance companies panic at damages. Best he could do is government forgiveness, AKA bailouts bailouts bailouts. Money printer brrr.

Moreover is the cultural impact. Debt forgiveness doesn't fix the education and job problems that got us here, and basically erodes any system that requires people to pay back debt as they now have precedent to say "fuck it, wipe it away". He can't fix the student debt thing without being ready with something to say it won't happen again.

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COVxy posted...

They can do multiple things at once. In fact, Biden's plans include both!

I know they can but this is the government were talking about. Itll get negotiated back and forth and then nothing will change and theyll say we tried

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littlebro07 posted...

Itll get negotiated back and forth and then nothing will change and theyll say we tried

Or, more likely, bandaids on top of bandaids on top of bandaids, while the underlying root cause is ignored.

Not sure why anyone believes this will ever actually happen.

littlebro07 posted...

I know they can but this is the government were talking about. Itll get negotiated back and forth and then nothing will change and theyll say we tried

Or how it usually goes: do what we want now and we'll do the other stuff later. Waits ten years, still nothing.


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It has been like 70 days or whatever. Seems like a good time to give up on everything that hasnt been done yet.

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We need hard restrictions on who can go to private colleges. I don't expect to ever not be crushed by debt, but I would like society to at least see how much it has harmed people. If not, then stop pretending we aren't social darwinists that worship money as God.

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