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Old 04-22-2019, 07:10 PM   #1
 
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Default Warren unveils $640 billion college debt forgiveness plan

COLUMBIA, S.C. (AP) ó Democrat Elizabeth Warren is proposing the elimination of existing student loan debt for millions of Americans, part of a sweeping set of education funding proposals announced as she and other presidential candidates seek to differentiate themselves in a sprawling field.

The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000. According to Warrenís description of the plan in a piece to be posted on Medium, the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.

Many in the growing field of Democratic candidates have proposed reforming the nationís student loan programs, including dramatic restructuring of existing refinancing structures, but Warren appears to be the first to propose flat-out debt cancellation. Warren and others in the field, including Sens. Cory Booker, Kirsten Gillibrand and Kamala Harris, are backing the Debt-Free College Act , a bill that would cover all costs for students attending a public college without necessitating loans.

Among Warrenís other proposals is elimination of tuition and fees for two- and four-year public college degree programs, as well as a $100 billion investment in Pell Grants, a federal aid program that requires no payback.

Tuition-free higher education was a mainstay of Vermont Sen. Bernie Sandersís 2016 presidential run. Warren, Harris and Sen. Kirsten Gillibrand, another presidential contender, all signed on as co-sponsors of Sandersí 2017 College for All Act , which would have allocated $47 billion annually to states to cover two-thirds of the tuition obligation, leaving states responsible for the rest.

The costs of debt cancellation and universal free college, Warren said, would be ďmore than covered by my Ultra-Millionaire Tax -- a 2% annual tax on the 75,000 families with $50 million or more in wealth.Ē

Warrenís plan would also create a fund with a ďminimum of $50 billionĒ intended to keep per-student spending at historically black colleges and universities and minority-serving institutions comparable to other area colleges.

Warren announced the policy ahead of a CNN town hall in New Hampshire focusing on issues important to young voters. Her slot in the five-hour broadcast Monday comes along with other appearances by Harris, Sanders and Sen. Amy Klobuchar as well as Pete Buttigieg, mayor of South Bend, Indiana.

Following New Hampshire, Warren this week is making stops in South Carolina, Texas, Iowa and Nevada.

https://apnews.com/22d33168a8104bf3b94f25a3ce2d8550
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Old 04-22-2019, 07:13 PM   #2
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Well I took out a loan on my house but don't really feel like paying it back after the fact now... Can the government bail me out as well? I mean, since we're apparently so flush with cash.
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Old 04-22-2019, 07:20 PM   #3
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Back in the 1980's our current POTUS bought a hotel in New York for $100,000,000, he worked a deal to not pay property taxes for 40 years.

My point, why do we have to pay property taxes
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Old 04-22-2019, 07:30 PM   #4
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Sure thing.

I'm a relatively successful white guy who never went to college and worked 60-70 hr weeks for the last 30 years, but yeah, no problem, I'll pay for it because I have savings...



Assholes. Fuck off deadbeats. Should pay interest too I hope. Consequences.....
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Old 04-22-2019, 07:31 PM   #5
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more incentive to do less work to make less money to get more government TIT.

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Old 04-22-2019, 07:35 PM   #6
 
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Had it in the Trump thread but it applies....

Sorry, nobody twisted your arm to go into debt for school, you took the loans, you owe the money.

Plus this does ZERO to penalize the schools for their ridiculous cost increases over the years...
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Old 04-22-2019, 07:36 PM   #7
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But screw me for trying to claim my miles driven on my taxes...

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Old 04-22-2019, 07:36 PM   #8
 
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Quote:
Originally Posted by Spivitz View Post
Back in the 1980's our current POTUS bought a hotel in New York for $100,000,000, he worked a deal to not pay property taxes for 40 years.

My point, why do we have to pay property taxes
whats funny is these fucking idiots are already ramming K-12 + the fuckin community college + libraries down our throats with property taxes so we might as well bail out all these fucking university kids out while the universities themselves laugh all the way to the caymans.
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Old 04-22-2019, 07:36 PM   #9
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College debt forgiveness (and free college) money has to come from somewhere.

The rich won't pay all the costs. They have lobbyists and Congress in their back pockets. In the final vote, the new "tax" will fall on the middle class hardest as always.

All this really is is a new tax and a big one. Instead of just paying for your own kids' educations, you'll be paying for everyone else's kids, too.

Two real fixes I see for college loans are go after the colleges that are getting rich from this scam. Get tuitions back down to a manageable level. Second, change the current law so bankruptcy gets rid of college loans as well as other debts. That would put the risk of loan failures on the rich businesses that provide the loans for safe cash returns. The worse the loan, the more chance of bankruptcy so it would self regulate. There's absolutely no reason college loans are immune to bankruptcy (except for intense lobbying and easy ways to get richer for the already well off).
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Old 04-22-2019, 07:43 PM   #10
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If you can't afford college costs, then don't go or pick a cheaper school. Seems awful simple to me.
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Old 04-22-2019, 07:52 PM   #11
 
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If you can't afford college costs, then don't go or pick a cheaper school. Seems awful simple to me.


Well by that logic if you canít afford to pay cash for your house live in the trailer?

Look I get if your getting your degree in liberal studies you can get it from Joe Schmo university, but if you want to get a degree in business itís really worth it to go to good school (thatís coming from someone who hates school), I have student loan debt, but my salary is better than average persons while working less hours....I hate paying it every month, but I know it was worth it
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Old 04-22-2019, 07:58 PM   #12
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Well by that logic if you canít afford to pay cash for your house live in the trailer?
i didn't say you couldn't finance it, did I? If you can afford a reasonable payment, then by all means go for it.

Sure I can afford to finance a house, but not a 1 million dollar house right? Same thing applies to college.
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Old 04-22-2019, 08:08 PM   #13
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I don't think we should be bailing these dumbasses out... But I think we should definitely allow FUTURE students to default on their loans and have to ability to get it wiped out through bankruptcy.

That will force the banks(or isn't it mostly federal now) to be far more selective on who they hand student loans to. Right now there's absolutely zero due diligence on both the lenders' and the borrowers' parts.

They have to damn near tickle my prostate prior to giving me a 30k auto loan...But some dumbfuck 18 year old can rack up 100k in loans for an art history degree? Fuck off.
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Old 04-22-2019, 08:20 PM   #14
 
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Was thinking today whats going to be the next bailout?

Gas is going up quickly, New car sales numbers are falling. Auto industry?

Houses are sitting in market longer than usual lately. Housing?

Consumer Debt and Credit going to explode with people that cant make ends meet?

NOPE none of the above.

THIS this will be next bailout and next bubble to explode.

Persoanlly I say repay or go to jail.
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Old 04-22-2019, 08:23 PM   #15
 
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I don't think we should be bailing these dumbasses out... But I think we should definitely allow FUTURE students to default on their loans and have to ability to get it wiped out through bankruptcy.

That will force the banks(or isn't it mostly federal now) to be far more selective on who they hand student loans to. Right now there's absolutely zero due diligence on both the lenders' and the borrowers' parts.

They have to damn near tickle my prostate prior to giving me a 30k auto loan...But some dumbfuck 18 year old can rack up 100k in loans for an art history degree? Fuck off.
Exactly the 1st bank bailout was a scam to big to fail my ass. More like to big to properly screen your clients.

But hey itll all be banking bailout version 2.0 University edition soon.

Know what education fields are making an absolute killing right now? TRADE SCHOOLS nearly all of them.

But getting dirty or greasy or sweaty OMG NOPe cant do that! Oh hey whats the latest twitter slut doing?
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Old 04-22-2019, 08:27 PM   #16
 
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Quote:
Originally Posted by Flyn View Post
College debt forgiveness (and free college) money has to come from somewhere.

The rich won't pay all the costs. They have lobbyists and Congress in their back pockets. In the final vote, the new "tax" will fall on the middle class hardest as always.

All this really is is a new tax and a big one. Instead of just paying for your own kids' educations, you'll be paying for everyone else's kids, too.

Two real fixes I see for college loans are go after the colleges that are getting rich from this scam. Get tuitions back down to a manageable level. Second, change the current law so bankruptcy gets rid of college loans as well as other debts. That would put the risk of loan failures on the rich businesses that provide the loans for safe cash returns. The worse the loan, the more chance of bankruptcy so it would self regulate. There's absolutely no reason college loans are immune to bankruptcy (except for intense lobbying and easy ways to get richer for the already well off).
This and something something college admission scams something something in the news people should be in jail for and not just the parents something something recently in the news.......

Crooked scams raping the middle class again.
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Old 04-22-2019, 08:27 PM   #17
 
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Quote:
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Well I took out a loan on my house but don't really feel like paying it back after the fact now... Can the government bail me out as well? I mean, since we're apparently so flush with cash.
Lol. I was thinking of the same thing. Lol.

Itís Greed too, is why some people donít want to pay back loans.


Whereís that thread of all the auto loans that arenít being paid back either?
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Old 04-22-2019, 08:31 PM   #18
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Plus this does ZERO to penalize the schools for their ridiculous cost increases over the years...
This is the real issue here.
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Old 04-22-2019, 08:34 PM   #19
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I mean, I wouldn't complain if they wiped out my loans. And none of you would either if they offered it. It'll never happen, so it's kind of ridiculous to talk about.
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Old 04-22-2019, 08:37 PM   #20
 
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This is the real issue here.
Yep. Like I already mentioned, Greed.

But everyone has it. Including me. So Iím a hypocrite. Lol.
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Old 04-22-2019, 08:40 PM   #21
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I paid back my student loan, it took time, but I finished

My brother and his wife have $120k in student loans, it’s like another mortgage but they are paying it off (one works in IT, the other works in purchasing)
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Old 04-22-2019, 08:43 PM   #22
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In 1998 an apartment, courses and books cost me $7,800 a year

My co-worker now pays $27,000 a year for his kid.


The cost of college is too damn high!
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Old 04-22-2019, 08:47 PM   #23
 
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I managed to get a scholarship to the University of Illinois. I sure would have loved to put forth less effort, hard work, and sacrifices in order to essentially get free tuition after the fact.

Agreed that college costs now are ridiculously high. That's one of the cores of the problem.
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Old 04-22-2019, 09:47 PM   #24
 
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Quote:
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I paid back my student loan, it took time, but I finished

My brother and his wife have $120k in student loans, itís like another mortgage but they are paying it off (one works in IT, the other works in purchasing)
That is just downright crazy to me to have a school bill that astronomically high.
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Old 04-22-2019, 09:55 PM   #25
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Dang, was hoping for Warren Buffett
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