Most universities have endowments, Harvard University endowment is valued at $53.2 billion. Universities could forgive all student debts, tomorrow if they wanted to. No tax money required.
Why not? That's what our government does. Remember what had a biog part in the housing crisis about 15 years ago? People that bought houses they couldn't afford. What did the government do?
"WE'LL PAY IT FOR YOU!... (WELL, really, the taxpayers who DIDN'T buy something they couldn't afford.)"
No, you were told that ages ago. The reason student loans were made available to everyone is because the government said they would be guarantor for them.
Normally, a bank weighs the risks before granting a loan. Student loans? The government will pay, so there is no risk.
Now the government is saying it will actually do (some) of what it promised to do.
Don't be mad at the people who made bad choices because they were lied to.
Be mad at the con artist and the system that enabled them
(To be clear, that's the student loan companies, the colleges, and most of all the government).
Is this debt forgiveness plan really to pay the lenders with tax dollars, or to Jubilee (clearance of debt from public records across a wide sector or a nation)?
From a monetary policy perspective, there isn't a difference.
The fed prints money when spending. The Fed "un-prints" money when collecting taxes. As long as spending outruns tax collection, the fed is net-net printing money and causing monetary inflation.
If the fed clears the debt, then the $10k that the debtor owed to the government (or a bank) becomes $10k of cash that remains in circulation, whereas had they paid the debt instead, that $10k of cash would have exited circulation (un-printed) if the debt was held federally, or simply circulated if the debt was held by a bank. Either way, the Fed is creating net-net $10k additional dollars in circulation that were not there before.
It's been unfair for decades. Anyone who did a K1/K3 Visa and went the legal route while millions jumped the border and were welcomed in with benefits.
I've gotten told the same (being selfish because I had to pay) when I mention that my parents wanted to go to a well respected tech school in Upstate NY. After one year, I went broke, but still had to pay back thousands of debt in the form of student loans (at I think it was... 8%... if I'm not mistaken).
Guess what? I did it. Not gladly, but I had to eat it and couldn't bitch about it because it was my decision in the end to go.
My opinoin: You want a big name? Pay for it. Want to go to city/community college? Then we'll pay.
When I couldn't afford that school I came back home (Queens, NY) and went to a CUNY (City Univ. of NY). My finances were too fucked up to finish, but the year I did spend at CUNY was superior to that at big school. Professors that actually gave a shit, helpful admins.
I wish people stop shitting on such schools, and going for 'big name'. I bet they're better than everyone thinks, everywhere.
Edit: for comparison, again, this was the late 90's. Big tech school in Upstate NY was $23,000 a year. CUNY - $3,000.
Caveat emptor..emporium... if your degree didn't produce the promised result, give it back. Get a refund. Pay the loan. Seems at least the degree should have produced the income to pay the loan?
If not it's fraud, give them back the degree and never claim it again.
Hopefully less savvy politicians and political "influencers" will start echoing and amplifying President Trumps wise response.
Rather than mocking the victims of the College Scam; those duped into getting "gender studies" degrees, President Trump is choosing to target the self annointed "elites" who gain $$$ and power from the College Scam. These "elites are preying on all Americans.
While tempting to do, mocking the victims is a turn off, fuels emotional poison, incites enmity, increases division and deflect protects the predators.
We know it's not fair, but they did it/will do it anyways. All this nonsense stuff is going to be rapid fire now until the midterms.
Fight fire with fire. In this case in Desantis's analogy, his state could cut checks to truckers that have outstanding debts for certification/training and then significantly reduce all CDL related fees state wide.
Most universities have endowments, Harvard University endowment is valued at $53.2 billion. Universities could forgive all student debts, tomorrow if they wanted to. No tax money required.
I made a post about it yesterday. Total of all university endowments as of 2020 was 691 BILLION. YES … thats right …
$691,000,000,000.
I worked my way through college, two working useful degrees, and paid every penny of it myself. No student loans, no grants.
Now I'm being told that my taxes will increase to pay for someone else who took out student loans they can't pay back?
Why not? That's what our government does. Remember what had a biog part in the housing crisis about 15 years ago? People that bought houses they couldn't afford. What did the government do?
"WE'LL PAY IT FOR YOU!... (WELL, really, the taxpayers who DIDN'T buy something they couldn't afford.)"
What tax is increasing? And who told you?
No, you were told that ages ago. The reason student loans were made available to everyone is because the government said they would be guarantor for them. Normally, a bank weighs the risks before granting a loan. Student loans? The government will pay, so there is no risk. Now the government is saying it will actually do (some) of what it promised to do. Don't be mad at the people who made bad choices because they were lied to. Be mad at the con artist and the system that enabled them (To be clear, that's the student loan companies, the colleges, and most of all the government).
Do what was done years ago.
One year of debt forgiveness for one year of Military service.
You want 4 years of forgiveness or 7 years forgiveness?
Ok, do the service to your country.
You will have a livable salary and everything you need.
And the country will receive value for payment.
Even Steven.
Is this debt forgiveness plan really to pay the lenders with tax dollars, or to Jubilee (clearance of debt from public records across a wide sector or a nation)?
There really aren’t any big bank lenders anymore, though. The vast majority of student loans are federal, and the forgiveness only applies to these.
From a monetary policy perspective, there isn't a difference.
The fed prints money when spending. The Fed "un-prints" money when collecting taxes. As long as spending outruns tax collection, the fed is net-net printing money and causing monetary inflation.
If the fed clears the debt, then the $10k that the debtor owed to the government (or a bank) becomes $10k of cash that remains in circulation, whereas had they paid the debt instead, that $10k of cash would have exited circulation (un-printed) if the debt was held federally, or simply circulated if the debt was held by a bank. Either way, the Fed is creating net-net $10k additional dollars in circulation that were not there before.
Votes in the midterms and 2024? Sounds nefarious enough to me.
It's illegal PERIOD!! Lawsuits Incoming.
It's been unfair for decades. Anyone who did a K1/K3 Visa and went the legal route while millions jumped the border and were welcomed in with benefits.
I can hear the typical collective Reddit battle cry:
"FUCK BOOMERS. THEY DON'T WANT OUR LOANS TO BE FORGIVEN SO WE CAN BE MISERABLE LIKE THEM!!"
I've already heard people say, we are being selfish because we don't want them to get any relief from their 100K gender studies debt.
I've gotten told the same (being selfish because I had to pay) when I mention that my parents wanted to go to a well respected tech school in Upstate NY. After one year, I went broke, but still had to pay back thousands of debt in the form of student loans (at I think it was... 8%... if I'm not mistaken).
Guess what? I did it. Not gladly, but I had to eat it and couldn't bitch about it because it was my decision in the end to go.
My opinoin: You want a big name? Pay for it. Want to go to city/community college? Then we'll pay.
When I couldn't afford that school I came back home (Queens, NY) and went to a CUNY (City Univ. of NY). My finances were too fucked up to finish, but the year I did spend at CUNY was superior to that at big school. Professors that actually gave a shit, helpful admins.
I wish people stop shitting on such schools, and going for 'big name'. I bet they're better than everyone thinks, everywhere.
Edit: for comparison, again, this was the late 90's. Big tech school in Upstate NY was $23,000 a year. CUNY - $3,000.
No you didn’t.
Will you be receiving a bill for someone else's forgiven loans?
Caveat emptor..emporium... if your degree didn't produce the promised result, give it back. Get a refund. Pay the loan. Seems at least the degree should have produced the income to pay the loan?
If not it's fraud, give them back the degree and never claim it again.
Hopefully less savvy politicians and political "influencers" will start echoing and amplifying President Trumps wise response.
Rather than mocking the victims of the College Scam; those duped into getting "gender studies" degrees, President Trump is choosing to target the self annointed "elites" who gain $$$ and power from the College Scam. These "elites are preying on all Americans.
While tempting to do, mocking the victims is a turn off, fuels emotional poison, incites enmity, increases division and deflect protects the predators.
#TheyWantYouDivided #GandalfTrump
We know it's not fair, but they did it/will do it anyways. All this nonsense stuff is going to be rapid fire now until the midterms.
Fight fire with fire. In this case in Desantis's analogy, his state could cut checks to truckers that have outstanding debts for certification/training and then significantly reduce all CDL related fees state wide.
In this life, the best bet for those yearning for something fair is to attend a county or state fair.
Those who say "that's NOT fair" will hopefully realize they've been given a "crumb" that can lead them to reality.