Opinion | $1,896,944,109,232: Time to Hit Reset on Student Debt. All of It. | Bernie Sanders

  1. Yup. We always weigh it is a purely economic equation and if you’re in a bad spot, tough shit. Leaving out that there’s incredibly hard paths even a smart student might struggle with and pivot. There’s also professions where you need a masters or PhD and might not be able to bail out pre-debt if it’s not for you. There’s some professions that we absolutely need as a society to function, but don’t pay well and require an advanced degree.

  2. This is good and should be done, but do not lose sight that this is nothing more than treating a symptom of a dysfunctional higher education system from the standpoint of administrative bloat and operational cost obfuscation across the country. Fix that so we don't have to do this again.

  3. Correct. We need price controls for tuition. It started as a vicious cycle from student loans allowing students to afford more and then colleges charging more.

  4. Remove past interest and/or set interest rates to 1 or 0%. But you’re not going to get enough support to forgive ALL of the money. Also it doesn’t help out the upcoming generation like 0 interest does

  5. This. For people that were paying and their loans were in good standing, give them a credit towards the principal for the interest paid. It's bullshit how bad the interest rates on these are.

  6. bunch of young adults suddenly out from under crippling debt and find themselves with some disposable income, sounds good for the economy

  7. What's fucked is that since none of us have to pay right now, we are already seeing what effect it would have on the economy. Canceling the debt wouldn't really make things better, but restarting payments would be bad for the economy.

  8. More than a trillion of this will go to families and households earning more than $100,000 per year. This sounds more like a Trump tax cut than a progressive initiative.

  9. Yes, sounds GREAT for the economy when inflation is at 40 year highs! Let's make it even harder to buy a house or a car!

  10. It wasn't all that long ago that student loans were only $1T. Like in the last decade I think. Have we really almost doubled that in 10-12 years? Those figures look like runaway inflation.

  11. Cancel the debt. Remove interest and require repayment only of original amounts. Provide government-funded higher education. Remove centralized banks and lenders (and their need for profit) from the process. Allow payments made toward Federal student debt to count as tax write-offs for individuals. Consider payments made toward Federal student debt as a deduction to income, when applying for assistance programs. Provide government-funded job-placement programs for all graduates. Increase minimum wage. Edit: Combat predatory pricing and costs for education.

  12. Republicans cheered the 2T+ corporate welfare bill that republicans passed to reduce taxes for the most well off, wealthy, and fortunate people in the world. Surely they don’t mind helping thousands and thousands of future doctors, engineers, teachers, and average Americans.

  13. The federal deficit doesn't matter. If the world ever changed in a way that would make it matter, paying it off would be the least of the USA's worries.

  14. Neoliberals have deep pockets. Look at how many billionaires supported all the moderates like Biden, Harris, Buttigieg, Booker etc.

  15. I could careless what bernie sanders says. Talk is cheap but do your fucking job then. I hate politicians who love to talk the talk but when comes down to in creating the bill they want someone els to do it for them

  16. There have already been 3 or 4 standalone student debt forgiveness bills introduced in the past year or two that never go anywhere. We have failed to codify existing abortion rights and protect voting rights. There is literally nothing more Bernie or Warren can do beyond rallying the public. It's up to Biden now.

  17. Seems pretty unfair to all the people who made the sensible decision to pursue a cheaper education, or trade career, for their tax dollars to subsidize the ones that took a big risk on an expensive education they wouldn’t realistically be able to pay for.

  18. The whole student loan crisis is Biden’s fault. He lead the push to prevent student loans from being dissolved during bankruptcy.

  19. Yeah….these people brought the debt on themselves. How about we deal with things being inflicted on Americans like supply chain issues, lack of baby formula, etc

  20. The problem with this view is that prospective students at 18 years old are asked to take out loans worth hundreds of thousands of dollars that ultimately can't be repaid. It takes more work and upfront info to get a business loan than it does education, but for some reason 18 year Olds are permitted to sign up for something they don't truly understand. It shouldn't be legal. It's also a much bigger problem than "baby formula"

  21. Well, I was fortunate enough to make enough money to pay for my kids education (lots of money, I might add, no small sacrifice). So... not sure how to feel about this.

  22. I was fortunate enough to be able to pay off my wife's student debt years ago, but welcome this. I do wish it was coupled with measures to prevent it from happening again, but given how much money we're able to give to oil companies and the military, I'm more than comfortable with this.

  23. Well the debt to be repaid should be the loans taken and this does not refer to pell grants and others programs that pay for actual tuition in most cases. The student loans I’ve taken were completely separate and for other expenses, not the actual classes themselves. Some students have parents that had money or were dirt poor but checked out long ago and divorced, started dating in their 50s and forgot they had kids. That isn’t the students’ fault. If I didn’t take the loans I wouldn’t have been able to afford a ton of things that were unable to be paid for otherwise and it would have made school impossible. It’s all a hand of luck. I much rather would have had the silver spoon but it wasn’t in the cards.

  24. Only 16% of Americans have student debt. Only 12% of those are under $120k earnings. Unless fraud or economic circumstances or health reasons, what is the justification for 84% of Americans paying off 12% of Americans student loans?

  25. Lets have the politicians show a yearly budget for a university and explain why it is expensive and how we can make it more affordable, before we dump $1.8 trillion into loan payments. Making a one time payment is better to do knowing you will never have to do it again. I saw Elizabeth Warren saying that 30% of defaults on student loans are from people who dropped out without graduating. Learn why and how they failed and what is needed to stop people selecting bad degrees or placing themselves into situations flagged for failure.

  26. Reset button is a good way to put it, because without addressing underlying issues, we'll be here again in a few years.

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