59 Members Of Congress Owe Nearly $3M In Student Loans; Push For Loan Forgiveness

[Darryl]

Lol

https://www.foxbusiness.com/politics/squad-biden-cancel-student-loan-debt

Darryl

[CitizenBBN]

So what happens to those who worked hard or sacrificed elsewhere to either not have loans or to pay them off?

Typical socialism. From each according to ability, to each according to need. Tax the ants and hand the money to the grasshoppers.

My mother worked like a dog to pay for my college, and I worked like a dog to get done with it as quickly as possible due to the high cost involved. Does mom get a check from the Treasury now, with all that interest? No, we were just suckers. I should have applied for loans, hung out in college a lot longer, and then deferred payment for 30 years and let the government pay them off with other people's tax dollars.

Leftists just don't get it. If you want to encourage something you subsidize it, if you want to discourage it you tax it. they always want to encourage the grasshoppers, and discourage the ants. One day there will be no more food for winter, when the Chinese stop buying our debt, and they'll all wonder what the hell happened.

[dan_bgblue]

I want them to pay me the loan payments I made in 1972,73,74,75, and 76

[kingcat]

Not surprising. I understand Biden's plan is considerably less than that of his more progressive democratic rivals.

Biden says he would forgive $10,000 in student debt for all borrowers, and the rest of the debt for those who attended public colleges or historically Black colleges and universities, and earn less than $125,000 a year.

Slashing the country’s $1.6 trillion outstanding student loan tab by about a third.

The current base salary for all rank-and-file members of the U.S. House and Senate is $174,000 per year, plus benefits.

[VirginiaCat]

WE will take my wife's $180K back please. Plus interest.

[catmanjack]

America is not a place where you have to work hard any longer we just give things for free.

[CitizenBBN]

Not surprising. I understand Biden's plan is considerably less than that of his more progressive democratic rivals.

Biden says he would forgive $10,000 in student debt for all borrowers, and the rest of the debt for those who attended public colleges or historically Black colleges and universities, and earn less than $125,000 a year.

Slashing the country’s $1.6 trillion outstanding student loan tab by about a third.

The current base salary for all rank-and-file members of the U.S. House and Senate is $174,000 per year, plus benefits.

I'm asking this as a serious question. Does it bother you that part of Biden's plan is to discriminate against anyone who went to a private college and is not African American? Is there a reason they are less equal before the law?

[KSRBEvans]

A lot of my clients are young people who joined the Army to go to college on the GI Bill. I guess they were suckers.

[catmanjack]

The whole narrative for the past 6 months has been to make whites feel racist and less worthy as if we have no value.
The whole movement to video young ladies bowing down and talking about how they feel unworthy because of their so called white privilege.

[CitizenBBN]

A lot of my clients are young people who joined the Army to go to college on the GI Bill. I guess they were suckers.

They could have borrowed the money, blown off school, then gotten it all paid for them. Call of Duty is a lot less strenuous than answering the real call of duty.

[Doc]

When we had our first child, me and my wife started paying into the FL college prepaid fund when Brooke started kindergarden. We by passed having health insurance, having new car, not going to sporting events or travelling so we could fund for the future. Did the same for our son. Both kids will graduate debt free bc we decided to put away and plan for the future. Now I could be expected to pay for those who failed to do what we did. Wonderful way to encourage bad behavior... by punishing those who did. And just ti mention, college debt does no just disappear, even if King Biden "forgives it" by decree. It is funded by somebody, and if you think its "the rich" that will fit the bill, well, the rich can only cover so much. Is it Universal Health, college debt or one of the other give aways? Or is the rich pit bottomless?

[catmanjack]

Could be the fully funded Green deal.

[CitizenBBN]

When we had our first child, me and my wife started paying into the FL college prepaid fund when Brooke started kindergarden. We by passed having health insurance, having new car, not going to sporting events or travelling so we cod fund for the future. Did the same for our son. Both kids will graduate debt free be we decided to put away and plan for the future. Now I could be expected to pay for those who failed to do what we did. Wonderful way to encourage bad behavior... by punishing those who did. And just ti mention, college debt does no just disappear, even if King Biden "forgives it" by decree. It is funded by somebody, and if you think its "the rich" that will fit the bill, well, the rich can only cover so much. Is it Universal Health, college debt or one of the other give aways? Or is the rich pit bottomless?

It's the nature of socialism. Reward the grasshoppers by taking from the ants. I'm sure lots of hardworking people have school debt, and it's a struggle, but there are also lots who have pissed away their time and not worked all that hard, and it will get paid for by people who have worked very hard. As you point out, the 50% of the population (and declining) who actually pay all the taxes.

The great irony of it is the rich wont' pay for it. The middle class has far more taxable basis than the rich, and even if you taxed both it won't cover.

No, it's everyone's children and grandchildren who will pay for it, b/c we're paying for it with mountains of debt. Since many people seem to think we can do that forever and the bill will never come due, they're all for it. That bill will come due, and it will come due on their kids and grandchildren.

[kingcat]

I'm not well versed in the student loan forgiveness program. And i haven't heard facts presented by both sides regarding minority forgiveness programs as to why they should or shouldn't be implemented. Maybe some others will chime in.

But I thought it already existed for certain segments of the population including teachers, etc..
And all students are eligible to apply for loan forgiveness after ten years I believe, though not all are guaranteed to meet the requirements. There are plenty of student loan debt forgiveness programs available I've heard. Several states have their own

Those who work in public service jobs have their student loans forgiven after working ten years and making payments, no matter what they owe. Anyone with disabilities or injury can be forgiven too.
Also I read where Parents can now receive relief under the ICR and have the balance of student loans forgiven after 25 years.

Student loan debt forgiveness is already a thing. So when someone qualifies for forgiveness under the current programs, isn't it already equally unfair to those mentioned?
The ten thousand across the board seems fair enough as an extension of pandemic relief. “I’m going to make sure everyone gets $10,000 knocked off of their student debt” in response to economic hardships caused by the pandemic" ..Joe Biden

At least one in four student loan borrowers are delinquent, in default, or otherwise unable to pay their loans due to low income or economic hardship. The threshold level of $125,000.00 dollars a year seems a little high for forgiveness to me, but if those in a certain lower level income group are in default anyway or struggling, it sounds like a good thing.

These are just things I researched after reading this thread.

As for minorities having loans forgiven..as long as they fall under that 125 grand limit (or another figure agreed upon) I dont see the problem. That is the plan as i read it.

Make public colleges, historically Black colleges and universities, and minority-serving institutions tuition-free for families making less than $125,000.
Which is really the same as forgiving their debt in advance. Now, this I will have to be convinced it's not just a form of reparation.
I do understand there are better arguments than someone like me can offer either way..

But as to the point of the thread, doesn't Biden's program exclude anyone in congress from receiving SLF?

[CitizenBBN]

Kingcat, yes it's already unfair in some ways. It's already socialism. And it's already inequality before the law.

Of course the problem is that this is the creep of socialism. Once you take that first step you justify every other step with the last one. "we've already done X, so this is no different." Of course Bernie is the logical conclusion of this, withe 100% free college for everyone, magically paid for by those rich bastards who deserve it.

The $125K number is so high so it can cover people in New York and California. In places like Kentucky it's a joke. If you make $125K here and can't pay back your loans it's bc you're living high.

[kingcat]

The $125K number is so high so it can cover people in New York and California. In places like Kentucky it's a joke. If you make $125K here and can't pay back your loans it's bc you're living high.

That's certainly true Doc.

[Doc]

This morning I am calling my son. Having him get a student loan for 10,000 and I will invest the money. Then simply not repay it. Figure since I will be asked to pay it I might as well get it. Its almost like FREE MONEY

[dan_bgblue]

Or is the rich pit bottomless?

Did you kill the money tree in your back yard? Mine died. I kept pulling those money leaves off of it and it up and died.

[catmanjack]

I planted one this summer and all I have gotten are the nickels I dug up.
That salesman lied!

[kingcat]

I go to the dollar tree quite often

[Catonahottinroof]

My daughter is weighing a commission to the Navy to pay her tuition at the Citadel right now. This may sway her opinion if it gains steam...

A lot of my clients are young people who joined the Army to go to college on the GI Bill. I guess they were suckers.

[Basket Case]

This would be a great way to turn the blue collar workers of the swing states away from the Democrat party forever. Those who did not go to college have to pay the bill for those that do? And they are paying the bills for those that earn more over time?

Sounds like a stupid move politically, but probably one of the more palatable issues the Squad is pushing.

[CitizenBBN]

This would be a great way to turn the blue collar workers of the swing states away from the Democrat party forever. Those who did not go to college have to pay the bill for those that do? And they are paying the bills for those that earn more over time?

Sounds like a stupid move politically, but probably one of the more palatable issues the Squad is pushing.

The pitch is that the blue collar workers won't pay for it, those unnamed "rich" people will, but that's a lie. A flat lie. It's a direct lie, b/c the working class in this country already pays massive taxes and all that money goes in a big pot and this is another ladle out of that pot, and it's an indirect lie, b/c if you tax the snot out of Amazon they will of course raise prices and you'll pay for it that way.

[catmanjack]

My 25 year old step daughter is all in on the socialist government and paying for education, she just graduated from a two year program at Yale so over her 6+ years of college she has accumulated 80-90K in loans, mind you she bought a car and took many trip over the years because she thought well she deserved them and the federal government should pay for them.
She will be a nice text case to monitor when she receives her first check and has lost 25% or more in taxes, can’t wait to her her complaints.

[catmanjack]

Oh and she totally believes the rich will get taxed and not her! Lol

[Catonahottinroof]

Same is true with the “over $400K” per year only will be taxed. Yeah right...that income class likely owns the property you rent, the businesses you frequent. When their cost goes up, the price of their product does too. And guess who pays for that?

The pitch is that the blue collar workers won't pay for it, those unnamed "rich" people will, but that's a lie. A flat lie. It's a direct lie, b/c the working class in this country already pays massive taxes and all that money goes in a big pot and this is another ladle out of that pot, and it's an indirect lie, b/c if you tax the snot out of Amazon they will of course raise prices and you'll pay for it that way.

[catmanjack]

And just to give you others a briefing her sister attends Carnegie Mellon and you great tax payers are covering about 90% of her college so she thanks you!

[catmanjack]

You definitely feel the trickle down your neck!

[Doc]

My 25 year old step daughter is all in on the socialist government and paying for education, she just graduated from a two year program at Yale so over her 6+ years of college she has accumulated 80-90K in loans, mind you she bought a car and took many trip over the years because she thought well she deserved them and the federal government should pay for them.
She will be a nice text case to monitor when she receives her first check and has lost 25% or more in taxes, can’t wait to her her complaints.


Here is the argument as I see it. Invest 80-90K in your future is small beans. That investment might earn her an INITIAL extra $14,000 per year (https://www.aplu.org/projects-and-initiatives/college-costs-tuition-and-financial-aid/publicuvalues/employment-earnings.html). Additionally, on average, college graduates earn $1 million more (https://www.cornerstone.edu/blog-post/do-college-grads-really-earn-more-than-high-school-grads/) in earnings over their lifetime. So figure an extra 14K/year minimum over the initial 10 year student loan payoff means $140,000 extra to pay off 80-90K. That seems like a pretty good deal. You have more than enough to cover the cash debt. If I could invest $80-90 with a strong potential to create $1,000,000 thirty years down the line, I would do it. That is far better than any investment plan I have ever participated in. The cost of a college education is far less than the benefits it affords, assuming you have a "usable" degree.

[Doc]

You definitely feel the trickle down your neck!

That's just rain

[CitizenBBN]

, assuming you have a "usable" degree.

Big assumption.

[kingcat]

Imo, and all while the other discussion has been enjoyable, to answer tho OP, Bidens plan would not absolve any Congressmen of student loan debt but would decrease it by ten thousand dollars. So I agree there is some incentive there.