student loan foregiveness: BULLISH

[scaredyclassic]

[quote=gzz]What a disappointing student loan forgiveness. I won’t be getting any BidenBux, and also no SALT restoration either.[/quote]

10k, what a joke.

A years interest.

Still, as a conservative old guy who paid cash for 3 kids, I’m relieved I don’t have to feel like a moron for being prudent.

[teaboy]

$10k seems like the sweet spot between:

Liberals & youngsters: that’s not enough!!
Conservatives & oldies: that’s bad for the deficit & inflation!!

tb

[scaredyclassic]

How does this stimulate anything?

It’s not cash in hand just a slight decrease on a balance that might never be paid anyway.

I guess if I were a debtor it’s better than nothing

[sdrealtor]

My daughter may get it. Would cover half of the loans i told her to take out hoping something like this might happen. Her career might qualify her to have the other half forgiven. She’d get a helluva graduation gift

[an]

Seems like the next smart person who runs for president should say they’ll forgive another $10k in student loan AND $20k in mortgage AND $20k in car loan. That should get the majority to vote for you.

[XBoxBoy]

[quote=an]Seems like the next smart person who runs for president should say they’ll forgive another $10k in student loan AND $20k in mortgage AND $20k in car loan. That should get the majority to vote for you.[/quote]

One of the big questions I’ve been wondering is just how effective this hand out will be to get votes. Probably a lot of the people who will benefit from this will vote democratic already. Is this handout an effective way to get people to vote? I have my doubts. If nothing else, Trump showed me how effective anger and rage are at getting people to show up at the polls and to vote. I’m not so sure people bother to show up after they’ve gotten the handout.

[teaboy]

That pretty much sums up how the democrats lose at politics. They place too much emphasis on delivering good and not enough on winning elections. Perhaps it could be said they have too much faith in the voting public, as a whole.

The republicans seem to know what they’re doing. The opposite of the above. 🙂

tb

[an]

[quote=XBoxBoy][quote=an]Seems like the next smart person who runs for president should say they’ll forgive another $10k in student loan AND $20k in mortgage AND $20k in car loan. That should get the majority to vote for you.[/quote]

One of the big questions I’ve been wondering is just how effective this hand out will be to get votes. Probably a lot of the people who will benefit from this will vote democratic already. Is this handout an effective way to get people to vote? I have my doubts. If nothing else, Trump showed me how effective anger and rage are at getting people to show up at the polls and to vote. I’m not so sure people bother to show up after they’ve gotten the handout.[/quote]
We will never know… unless you decide to run and test this theory. Maybe add an extra 0 at the end for good measure. I would totally vote for you, regardless what party you run as.

[The-Shoveler]

If gov gives 10K student debt relief, IMO tuition will most likely just go up 10K more a year.

Same for EV, they will just go up 7K more.

[gzz]

” tuition will most likely just go up 10K more a year”

It is the availability of loans and permanent forgiveness programs, not random one-off forgiveness jubilees, that sets the tuition market.

College students generally are financially illiterate and assume they are going to be rich. They just sign the forms the finaid office tells them.

A very large percentage of the loans being forgiven were not going to be paid back anyway.

They were going to be defaulted or forgiven under one of many prior programs.

By capping income at 125k, Biden made sure the relief was targeted toward people already getting public interest job loan forgiveness, not paying much back due to low income, or in default.

[gzz]

Another thing about tuition, is that while the “rack rate” keeps going up, the amount actually paid is not because of aggressive discounting, which schools call “scholarships” rather than the more accurate “market-based tuition discounts” or “price discrimination.”

The willingness of young people to get overpriced college degrees is going down, and soon so is the number of young people period.

[XBoxBoy]

[quote=gzz]The willingness of young people to get overpriced college degrees is going down, and soon so is the number of young people period.[/quote]

Is that true? The number of young (college age) people in the USA is probably dropping, but what about world wide? And since people in other countries can get visas to come for college reasonably easily, I think you need to consider world wide. Plus, as fewer people live in abject poverty, even if there is a decline in college age people there could be a rise in people wanting to go to college. I suspect your claim isn’t as simple as it sounds.

[The-Shoveler]

I think I have to go with gzz on this one,

IMO the era of everybody needs to get a degree is about over.

[sdrealtor]

I think we are entering a new era where “alt degrees” will be more common. There will be more online options. There will also be more “tech trade school” options. One of my nephews was extremely bright and thought he wanted to go to law school. Racked up some student loans, graduated with honors and once he finished realized he did not want that. Ending up tending bar for a few years while he figured things out. A couple years ago went to coding boot camp and now works in that field. He’s not gonna compete with the coronita and an’s of the world anytime soon but he’s on a track he likes, earining decent money and on his way. He’s a very bright guy and with time capable of whatever he cant get the training and experience to do. He’s also in a more affordable part of the country where he does not expect or need CA income. I expect more of that slower route in tech industry

[an]

sdr, sounds like your nephew has it figured out. I also agree that not everyone needs to get a 4 year degree. I wouldn’t count him out on hitting it big either. It all comes down to grit, drive, and continuously learning. I know an extremely bright guy who graduated from bootcamp after switching careers. Continuously learn and take risks. He’s now a CTO of a startup.

[Author]

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