Warren unveils $640 billion college debt forgiveness plan

Mook

El Presidente
Admin
Joined
May 23, 2007
Messages
163,802
Reaction score
1,761
Location
Elgin
COLUMBIA, S.C. (AP) — 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 Warren’s 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 nation’s 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 Warren’s 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 Sanders’s 2016 presidential run. Warren, Harris and Sen. Kirsten Gillibrand, another presidential contender, all signed on as co-sponsors of Sanders’ 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 “more than covered by my Ultra-Millionaire Tax -- a 2% annual tax on the 75,000 families with $50 million or more in wealth.”

Warren’s plan would also create a fund with a “minimum of $50 billion” 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
 

b00sted

He's Still Your President
Joined
Oct 6, 2010
Messages
3,104
Reaction score
40
Location
Not paying plastic bag taxes
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.
 

Spivitz

The Throttle is ur friend
Donating Member
Joined
Oct 5, 2012
Messages
22,398
Reaction score
370
Location
60191
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
 

zenriddles

Molon Labe - come and take them!
Joined
Aug 18, 2005
Messages
3,214
Reaction score
42
Location
Holiday Inn
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.....
 

tinfoilhat

TCG Conspiracy Lead Investigator
Donating Member
Joined
Jul 8, 2007
Messages
38,243
Reaction score
689
Location
Riding the Hubble
more incentive to do less work to make less money to get more government TIT.

Democrats 101
 

GLADIATOR

Are you not entertained?
Donating Member
Joined
Mar 29, 2004
Messages
20,896
Reaction score
205
Location
New Lenox IL
But screw me for trying to claim my miles driven on my taxes...

 

Bruce Jibboo

Well-known member
Joined
Apr 18, 2008
Messages
19,780
Reaction score
18
Location
Elgin
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. :rollpicard:
 

Flyn

Go ahead. I'll catch up.
Super Moderator
Donating Member
Joined
Mar 1, 2004
Messages
47,002
Reaction score
244
Location
Selling homes on the Gulf Coast of Florida
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).
 

Knowklew

Well-known member
Donating Member
Joined
Aug 5, 2014
Messages
1,804
Reaction score
9
Location
EGV
If you can't afford college costs, then don't go or pick a cheaper school. Seems awful simple to me.
 

Blownbyyou

Well-known member
Donating Member
Joined
Mar 27, 2008
Messages
2,618
Reaction score
8
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 can’t 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 it’s really worth it to go to good school (that’s 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
 

Knowklew

Well-known member
Donating Member
Joined
Aug 5, 2014
Messages
1,804
Reaction score
9
Location
EGV
Well by that logic if you can’t 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.
 

b00sted

He's Still Your President
Joined
Oct 6, 2010
Messages
3,104
Reaction score
40
Location
Not paying plastic bag taxes
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.
 

98GrandPrixIraqVet

Well-known member
Joined
Jan 26, 2015
Messages
14,077
Reaction score
81
Location
Nowheresville North Dakota
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.
 

98GrandPrixIraqVet

Well-known member
Joined
Jan 26, 2015
Messages
14,077
Reaction score
81
Location
Nowheresville North Dakota
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?
 

98GrandPrixIraqVet

Well-known member
Joined
Jan 26, 2015
Messages
14,077
Reaction score
81
Location
Nowheresville North Dakota
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....... :fu:

Crooked scams raping the middle class again.
 

Marko

Well-known member
Joined
Feb 19, 2005
Messages
16,682
Reaction score
64
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.

It’s Greed too, is why some people don’t want to pay back loans.


Where’s that thread of all the auto loans that aren’t being paid back either?
 

Sprayin

Public Enemy #1
Donating Member
Joined
Oct 8, 2008
Messages
17,343
Reaction score
182
Location
Chicago, IL
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.
 

Blood on Blood

rumble baby rumble
Joined
Apr 6, 2005
Messages
36,403
Reaction score
199
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)
 

Blood on Blood

rumble baby rumble
Joined
Apr 6, 2005
Messages
36,403
Reaction score
199
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!
 

Dan00Hawk

Well-known member
Joined
Apr 10, 2011
Messages
1,677
Reaction score
3
Location
Plainfield
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.
 

P40E

Well-known member
Joined
Nov 4, 2012
Messages
7,403
Reaction score
40
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)
That is just downright crazy to me to have a school bill that astronomically high.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Top Bottom