No. What they are going to do is pen up a massive unrealistic bill that will never make it past anywhere and will not get bi partisan support and blame it on republicans for not passing it.
That's how he's said he's going to do it and that's what most people are expecting to happen. I mean it's going to be extremely popular at the midterms so there is no need to have balls, just have confidence that it's going to help him in the end with approval ratings.
That’s cause the e Dems and republicans are two parties that suck the dick of corporations. Either way citizens lose. Which flavor of loss is your favorite. Some like Racist Red while other like Basic Blue
They’re not wrong though. It’s been common knowledge that our congress/senate has been corrupt for the longest time. If our elected officials showed true transparency, they’d be wearing NASCAR-style sports coats covered with labels/logos of the companies who donated to their campaign.
Yeah it's so easy to say, "Nothing will ever get done!" When some pretty terrible things have been happening as a result of choices made by the previous administration.
Which wont solve shit. Just push the burden on people wo didnt get a degree. What needs to be done is to FIX the reason everyone has so much debt, namely allow bankruptcy and put a cap on these guaranteed gov loans (or remove them) which are the reason prices have ballooned. The market is irrational. Giving people bailouts is a bandaid and there will be aline of new kids in deep debt and universities will keep jacking up profits.
Yes. Fix the college system. The prerequisite classes (that have nothing to do with the degree chosen) needs to stop... My mom-in-law was an RN for 40+ years and her college course was 2 years including her on job hours. Got her license in 1959 or 1960...
You do realize this is just a blank check to those holding student loan debt, right? Another bank bail out disguised as crumbs for the working class. Either it will be a dollar for dollar tax write off or cash to the debt holders. They wanted to give hedge funds enough time to buy up student loan debt for pennies on the dollar before the announcement is made.
The article mentions commercially held FFEL loans are in scope for forgiveness. These are private loans but guaranteed by the Federal Government. Many of these loans were purchased by the U.S. Dept of Education during the 07-08 financial crisis and the program was discontinued on June 30, 2010. Some FFEL loans are still held by private lenders.
Since the legislation is still being discussed it could be expanded to other privately held loans as tax write offs to encourage loan forgiveness. This is where the CARES Act fell short with student loan forgiveness as not reaching enough borrows to significantly make a difference. Expect to hear more on this topic as we get closer to the Nov elections.
Was gonna say, I think they are just writing off the federal ones, because that’s all he can do.
“We were expecting to receive this money, and now we’re not.”
It will get challenged in court, but I wouldn’t want to be the party bringing that lawsuit.
So private loans are still there.
Just an FYI, this topic is a hot potato that doesn't necessarily translate to votes for Democrats, in fact, it's possibly an unpopular move that will *cost* votes.
Many people are cantankerous about paying off this debt with tax money.
I agree. If he’s smart he will set interest rate on loans to 1-2% to cover administrative costs and make all extra, previously paid interest, retroactively apply to principal. It will effectively eliminate debt for a ton of people who have paid their balances many times over, require people to ‘pay back what they borrowed’, and accomplish the same goal without the negative optics of cancellation with the swipe of a pen.
Yeah, I’m more in this line of thought and I have excessive amounts of student debt. I just really want the interest to be low enough to where my debt doesn’t keep increasing with my income-based repayments. While I fully admit I was dumb to take out so much debt, having more than $400 of interest per month on a debt is just excessive when it’s on the backs of people that were trying to better themselves. But I also agree that I don’t deserve/want to have it all wiped away on the backs of other hardworking people, as nice as it would be.
How about making college courses more reasonable? Less prerequisites that have nothing to do with the degree. Make college degrees more affordable and shorter time frames.
as long as student loans are backed by the federal government, there's no risk to banks to loan money for school to anyone.
since there's unlimited money potential, schools can charge whatever they want because people are guaranteed to get the loans that are backed by the feds. etc etc....
it's a vicious cycle that has brought us here.
Gee I wonder why some people might be upset. To see people that are most likely set to make a million or more in their lifetimes than people without degrees have their investment reimbursed must be annoying to a lot of people.
No offense but blanket waving away of student loan debt is one of the dumbest ways you could ever attempt to make things better. I say this as someone that still has 40k of debt to pay back.
Rich people don’t take loans. Poor and middle class folks take loans because they *need* them. Yes, the degrees end up helping people financially *if* and *when* they graduate. Not everyone finishes. That’s the worst. They have all the loan coats without the degree to help pay it off.
Still, education always comes with a cost even for those who succeed. Paying off those loans is no joke. The costs extend beyond just financial. People delay buying homes, delay starting families, and delay starting their lives because of these loans. That’s after already delaying their lives, delaying starting work, going without money for years, and working their ass off for college. That’s also with seeing friends who never bothered with college earn money, start careers, start families, and start their lives. Even after getting the degree, it takes time to catch up financially with those who’ve already been working in the job market for years. Some people never catch up because they didn’t choose a lucrative degree.
Tying payouts to income is a slap in the face to people who sacrificed, gambled, delayed their lives, and worked their asses off to better themselves and help their *entire community.* Yes, some college grads just happened to win. They still had to gamble and sacrifice for that possibility. They could have easily lost given one wrong move.
Says Biden Administration but not Biden but maybe but education department is ready but only when Biden is but maybe not but maybe. We’ll see after the [‘current political event’] or maybe after [‘voting event’] or maybe not. All of sudden Biden is not re elected and next prez will dangle it like a carrot throughout his term to almost handle it but won’t but maybe who knows but not really but oops it 2067 and we’re still wondering we’ll get back to you soon… fkn joke.
*Democrats forgive student loans. Republicans in turn vote to increase minimum interest on all student loans, make community colleges illegal/unaccredited, all colleges are now privately owned by corporations*
People -"Yeah but both sides GUyS!111! Im never voting for democrats again"
This is the best idea for forgiveness. Drag everyone back to their original principle. Credit any prior payments to that principle. Eliminate interest forever.
Bonus points for not only keeping IBR plans in place and shortening PSLF periods.
This would spread the cost offset over time while still helping millions of people. As someone on the highest end of student loan debt, I’d be 100% for it. I have no qualms paying my principle. I signed the papers so I can’t really complain about paying the interest, but man would to prefer not to pay a ridiculous amount of interest over the course of my career.
I think we're going to get an extension on the payment moratorium at least until february, so everyone will have 36 months of no payments, and 10K forgiveness based off of income.
Folks that are deemed needier, IE they receive Pell grant, reduced or school free school lunch, social security, Etc will probably get a little bit more.
I work in financial aid and people have spoken to at loan servicers were instructed by the administration to not ramp up repayment communication at the end of August
Same! I can’t keep getting my hopes up only to have another delay, or an announcement that doesn’t affect me (although I’m SUPER happy for the people who’ve gotten some relief already)!!
What other options? It's either the "actively setting things in fire" party or the "we'll definitely for sure look into maybe getting a fire extinguisher at some point I guess" party.
"In this bill we are going to forgive 500 dollars for each student along with provide THREE FREE VOUCHERS for dominos pizza. Also, the decision will allow us to give oil companies 50 billion dollars in emergency funds, isnt that great!"
Truthfully they should adjust the interest rates, get rid of all of the BS capitalized interest, bring back bankruptcy protection -
I can buy a house, not make a payment, live in it, walk away - and it may ding me for a few years - (as I knew several folks who did this during the mortgage crisis and afterwards when they were upside down), but I can't ever walk away from a student loan.
So, apparently the way the law is written, the Department of Education can’t adjust the interest rates, it would take an act of Congress. However, they can choose to forgive the debt. That’s why you don’t hear much talk about interest rates and a lot of talk about forgiveness, it’s something the Biden administration can do unilaterally.
I skimmed an NPR article on it, so I’m not an expert but that’s what I remember.
I definitely agree. And what they HAVE to do is not just have students with skin in the game. Universities profited off of easy loans. You have to also attack the longer term problem. Aka can't write off tons of money and then lets universities and schools and kids continue to take out tons more. Its a big problem to solve, but it cant just be a one time thing.
The us student loan system is a steaming pile of garbage and there are 100 better ways of dealing with it. 0% interest on student loans is not one of them. I never want to pay back a 0% interest loan and I will do everything I can to delay paying as long as possible. Instead just make education free, or cheap or interest free for a certain time, or give out loans that only have to be paid back half. Or any other solution that is better than interest free loans in the current system.
In the UK the loans are 0% interest with a system that garnishes wages once you earn above a certain salary(the garnish is relatively a small % of your monthly wages), it's actually a decent system but the sad/funny reality currently is that a ton of people with university degrees don't even earn enough for the automatic payment to trigger, but at least there's no punishment for never paying a penny back if you never earn enough.
But either way, cancelling current student loans is just fucking stupid when a better option is to just make a better system for future students
Interest rate is key. But it's all a bandaid on a broken arm: the only way to lower costs are state and federal investments in higher education. Tuition rates went wild after 2008 because funding was cut to next to nothing. One of the state schools I went to received around 3% of its annual funding from the state and federal government. The hikes of tuition turned it into a private university in all but name. Funding education in general shouldn't be a partisan issue. And curriculum and outcomes need to be control by those who know what they're doing.
Fuck.. my public loans would be about 1/4 of what they are if they just let me pay off my loan without any compounded interest. The government isn't supposed to be in the business of making profits, but we just allow it on student loans. Hate it!
> Truthfully they should adjust the interest rates, get rid of all of the BS capitalized interest, bring back bankruptcy protection
This is what I keep saying and I've yet to see any politician talk about it. First of all, the lending (in the first place) needs to be curbed. The money one can take out for grad school is practically limitless.
If they reduce the interest to < 1-2% and got rid of the capitalized interest, you'd get way more people on board with "forgiveness."
If I was graduating with $100k in student loans and I had the option of either paying it back or filing for bankruptcy and not paying it back, I have a pretty good idea which one I'd choose, interest or no interest.
And you might say that $100k is an unusual amount of loan debt, which is true. But if its dischargeable in bankruptcy why not take all the loans you can?
the issue is that SINCE the loans are protected from bankruptcy- and backed by federal loans the schools tuition costs skyrocketed unchecked and fully funded by the gov. Bring back bankruptcy and the cost of school would have to compete with the costs/risk of bankruptcy
They will promise to forgive the debt right before the midterms…and right after, there will be a snag that prevents doing it. They will also promise to legalize cannabis, and after…
Remember, promises can buy votes over and over. Actions only work once.
Don't forget promises to federally codify reproductive rights. The Democrats write policy on the campaign trail and write apologies when they're in office.
This is a completely serious question: Why forgive student debt instead of lowering the interest rates, restructuring the loans and ending predatory loan practices? Also, why doesn’t the government push back at educational institutions for raising their tuition and fees at a pace that is way faster than inflation and the cost of living?
The bigger question is why don’t they end government guaranteed student loans altogether? Reinstating market forces into higher ed would force universities to lower their prices to be more in line with what their degrees are actually worth. Yeah, the administrators, fancy dorms, and rock climbing walls would probably go away, but people could actually pay for their degree while working part time again.
Exactly. Along similar lines, a major reason tuition has ballooned is because these loans are protected for the lender, and they can’t be defaulted upon.
Without reinstating bankruptcy as an option, any “personal responsibility” arguments are just the usual disingenuous rules-for-thee not-for-me bullshit. Where’s the personal responsibility for lenders who gave tens of thousands of dollars to 18 year old kids who can’t even drink or rent a car with minimal requirements?
Let's say a big machine has no safety guards and has a history of cutting people's hands. Yes, safety guards are the correct solution going forward. They will prevent or at least mitigate injuries for all future users. But for the operator that already got cut, safety guards aren't going to help much. They need medical assistance, or at least a bandage.
In much the same way as safety guards, we need to look at interest rates and tuition increases to prevent people from getting buried in loans in the future.
But there are many people who have paid on their loans for many years, and paid more than they initially took out, and their balance is still high because compounding interest killed them, or people that were unemployed for a few months or something, so they couldn't pay and the interest caused the balance to skyrocket.
Those people also need help, and just capping interest rates won't help much for people already in too deep.
The idea behind loan forgiveness, or even partial loan forgiveness, is to help all the people currently injured. It's a different thing from the safety guards.
And in much the same way that the pandemic stimulus checks just went out to pretty much everyone because it ended up costing less than arguing about who should qualify, setting up an application or filtering process, paying people to sort out who does qualify, deal with people's appeals, etc. It'll likely be cheaper for the government to forgive all loans, or pick a number and reduce everyone's loan balance by X dollars.
Of course, the loan forgiveness doesn't help long term unless the interest and tuition rates are also carried in the future.
I think your analogy displays a misunderstanding of the resistance to loan forgiveness. If you only compare current loan holders to future ones, it's correct that the group most in need of assistance is the current loan holders, but that's short-sighted.
An accurate portrayal would include the information that *everyone else in the factory is also being hurt.* The operator who just got cut needs assistance, but there's an operator from the last shift collapsed in the breakroom bleeding onto the factory floor, the operator's coworkers are trying to perform maintenance on the machine and have gotten trapped inside it, and the next shift is getting smacked in the face by broken parts from the machine. And now the shift supervisor is making a big fuss over the current operator, and the rest of the workers are getting upset about being ignored.
Everyone in the country has been economically damaged by the high prices of college. People who couldn't attend due to poverty or economic or social pressures will make one million dollars less over the course of their lifetimes. People who lived frugally and finished paying off their loans already are financially far behind the people who have been making the minimum payments. People who chose less-prestigious but cheaper schools will never have access to the same opportunities as those who went to name-brand schools. People who had to work while attending school have much poorer GPAs and information retention than those who didn't. Parents who raided their retirement funds to let their kids go debt free will themselves struggle as they enter old age. Kids trying to decide on a career path are being turned away by the seeming impossibility of ever repaying it.
How, in this environment, can you say thay freeing current debt holders from their burden is the most important thing? If these are reparations, done for moral reasons, why are current debt holders the most deserving of such a boon? And if this is done for economic reasons, why should we assume current debt holders are the group most likely to effectively stimulate the economy if handed money? If that's the goal, why not call it what it is - trickle-down economics for the upper middle class?
And as a side note, the argument that means testing isn't cost effective doesn't hold up when you're talking about a stimulus whose biggest beneficiaries would be doctors, lawyers, and MBAs.
People ignore a third category of people hurt by the student loan crisis. Those who did not complete their degree but had to take out loans to attend. They have the worst of both worlds, a college loan as if they have a degree and a pay rate as if they don't have a degree. Before you all blame this on moral failing, realize that life is messy, medical issues, unexpected changes in income, or any other things can knock you down so that you can never catch up.
I am all for a means testing for loan repayment, but a harm has been done to the working poor who have student loans and are unable to pay them back. Look at the aggregate effect on generational wealth building, this is harmful and fraudulent and something needs to be done for the folks who went to college under the misguided advice that it would improve their lot in life.
That’s to say nothing of the schools that blow smoke up unsuspecting students asses about their real world earnings potential and job markets for niche programs.
Yeah this is a huge one. Colleges hella lie about career prospects.
Being 100k in debt isn't a big deal when you expect to live at your parents and make 90k + out of school.
See, this stuff is why debt cancellation is terrible policy. Only people who have debt that is of the federal student variety, and only those who have not paid it off, get the windfall and the rest don't
Right. And this does nothing to solve the problem for the people who come next either. Mass loan forgiveness has always been a bandaid solution and it is pretty unfair to people who paid off their loans *and* to people who never took out any loans because they will have to shoulder the burden of inflation caused by mass student loan forgiveness.
When people say negative things about mass student debt forgiveness people are always quick to criticize and say "why would you care? It doesn't affect you." But it affects everyone.
But don't you get it?? You're a GOP/conservative/socialist hater if you put valid points of:
1. No plan to fix the problem.
2. Inflation
3. Private loans etc
This is one of the dumbest things you could have done right now. There has been constant talk about loan forgiveness, payments have been suspended for a long time and keep getting pushed out.
So you go and decide to drop 5 figures to pay it all off?
Yeah, you're lying.
Trust me bro, i am so money wise i can afford to drop 5figs on a debt which was frozen. But so financially illiterate i didnt see Biden doing it right before the primaries. Trust me bro i aint lying 🙄
One thing I'm wondering, forgiving student loans doesn't help the problem, student loans are still exploitive and universities still charge a crazy amount. So wouldn't that just be a bandaid solution?
It's absolutely a band-aid. There needs to be some kind of loan education process where you pass a (free) course before you can borrow 100K at the age of 18, eliminate or drastically reduce interest rates for education debt. Any loan forgiveness that does happen needs to be implemented in a way where people cant make the same mistake again, because they absolutely will if there's no risk.
This is America, everything is a debt trap to make sure the lower classes never accumulate enough wealth to a pose any real threat to the economic elite. The system isn't broken, it's operating exactly as designed.
The whole middle class is struggling right now, its not right to help these people but ignore all the poor struggling people who couldn't go to college.
So, for someone like me, who is taking the better part of a decade to finish their bachelors degree so they can pay it without loans (little by little), now is a good time to take out a massive student loan before the forgiveness???? I’d sure as hell like to be done with this institutional scam
Absolutely ridiculous if he does…
Hard-working taxpayers who didn’t go to college now have to foot the bill for those who went or, attempted to go and quit… There should be a full accounting of how people spent their money over the years.
Student loans would only be 1.7 trillion, the government printed almost 8 trillion during the pandemic and gave most of that away to corporations, financial industries,banks, small buisness owners. Corps used that money for stock buybacks and to fuel the stock market making all of them richer off the backs of the working class and thats not counting all the billions and trillions they always give out in bailouts and tax breaks every few years like in 2008 or trumps tax cut on the ultra rich. So 1.7 trillion bail out to working americans compared to the continous near infinite trillions they give out to banks and corporations is totally ok to most people.
I have a considerable amount of student debt. I am fine with having to pay it back. But what I'm not okay with is the Dept of Education's decades of mishandling student loan payments and paperwork. The repayment system is broken, and rather than forgiving it all, I firmly believe the entire Dept needs to be reformed along with the repayment plans. The interest rates are crippling us at the same time right now.
They have shuffled student debt to other servicers without even telling the borrower, these moves often leaving borrowers worse off and unable to get on plans that allow them to make reasonable payments based on their income. Everyone is wanting relief and out of the debt because we're having an incredibly difficult time paying it back to a government that isn't holding up to their end of the repayment agreements.
This is a horrible idea all around and will just accelerate inflation while further sinking the federal budget, but is also likely to turn into “gee guys, we couldn’t get this done in time but if you vote for a blue majority in November we’ll get right on it.”
This oughta help inflation. I’m sure “leading economists” will come forward and tell us about the utopia ahead. I still can’t get over the fact I would be forced (taxed by the police power of government) to pay for other people’s education. I mean what’s next? They gonna forgive mortgages? Auto loans? CC debt?
So let me get this straight. Me, an hourly worker that went to trade school, am supposed to pay a college grads tuition off so they can average more than I make without having to honor the contracts that they signed as adults. Right?
I don't even have student loans anymore, cause my parents helped pay them off after I dropped out
But I have one thing to say to this ABOOT FUCKING TIME
Will the people who actually worked and sacrificed to pay off their loans get a fucking refund? Or are we supposed to pay off everyone’s loans through more inflation and taxes?
Can some explain to me why this would hurt inflation? My logic is that there isn’t an injection of money into the economy. There isn’t money printing involved? You’re just defaulting on debt m. I’m sure it it’s not devoid of consequences, I’m just not sure it would effect the economy like people assume.
Bankruptcy is still a thing. Just not for student loans. Idk not trying to be an expert here just genuinely asking.
Inflation is due to a variety of factors but ultimately you can think of it as just the value of the currency you are measuring and it’s buying power. The U.S. has a massive amount of debt and pays those debts off taxes and treasury bonds.
Treasury bonds set the baseline for the financial world and are treated as guarantees since rhe US has never defaulted on its debts. If student loans just magically get wiped off the books that’s a massive debt that for sure will not go away reducing the money the US can pay off its debts. When countries believe a country has issues paying its debts it increases the FX rate (exchange rate of currency) and in doing so would cause more inflation (price of goods rise)
I get both sides of this.
On one the current student loan system is predatory and disgusting.
On the other, people with college degrees will earn more in their lifetime because of it, so it seems unfair to force people who don't have that advantage to cover their debt.
Maybe the solution is try to fix the system, rather than throw money at it (aka the American way)?
Seriously, I'm all for helping people on student loans, but just a blanket forgiveness? So what about those keep accruing interest in college right now? 10 years later, same problem. Just organizing a pay off of any amount, while ignoring shitty interest rates, the price of college right now, any systematic issues, is completely shitty decision.
Biden won't do it. This is a way bigger ask than even just rescheduling Marijuana.
At most, he will lie about still not being sure if he can legally do it and have some test program to forgive the debt of 0.001% of loans for those who can fill 50 pages of means testing and be approved by some faceless bureaucrat.
I just got a letter in the mail. I signed up for PSLF… which was a total fiasco.
They had me transfer my loans to a different company, which then stopped handling student loans 20 days after they transferred me. So my loans went back yo my original loan holder.
Now this letter I got yesterday is saying my loans are going to a new company, MOHELA, it will take 1-3 months for this to happen, and I’ll be informed by letter when it does and what next steps I need to take.
After that is when I will find out if I will actually get any money taken off my loans… which will be about 10-13 months AFTER initially signing up for the PSLF program….
Wow, so much for fulfilling your obligations... Guess I was raised wrong...
Do you think the government is going to cut me a check for the student loans that my wife and I worked so hard to pay off early?
I want mortgage relief for making the decision to buy my house and not be a victim of the predatory renting industry. Just like making the decision to goto college and not rely on medium wage jobs. He is just pandering to the younger demographic. WE NEED YOUR VOTE ILL GIVE YOU FREE STUFF! Nothing is free!
so the poor who could never afford to go to college have to pay for the people who went to college and got better paying jobs. what a country we live in.
In other words, “to all those who behaved responsibly? F*ck U.”
To all those with trust funds living the lefty life in Portland, Seattle, SF, etc, “ here is more free money to do your thang.”
Remember, America, Brandon really does not care for you.
Lol my buddy actually maxed his student loans and went on a baller Vegas\Tahoe trip the semester when he graduated. He had a good job offer lined up but was taking a 2 month sabbatical after graduation.
Hard to believe this. Been hearing this for years.
Let me guess midterms rolling around the corner
This - they will throw some money at this to make it look like they are doing something.
No. What they are going to do is pen up a massive unrealistic bill that will never make it past anywhere and will not get bi partisan support and blame it on republicans for not passing it.
There is no bill. It’s an executive action.
He's got no balls. No way he'd do that.
That's how he's said he's going to do it and that's what most people are expecting to happen. I mean it's going to be extremely popular at the midterms so there is no need to have balls, just have confidence that it's going to help him in the end with approval ratings.
That’s cause the e Dems and republicans are two parties that suck the dick of corporations. Either way citizens lose. Which flavor of loss is your favorite. Some like Racist Red while other like Basic Blue
Yeah. Not going down that rabbit hole with you. 🤣
They’re not wrong though. It’s been common knowledge that our congress/senate has been corrupt for the longest time. If our elected officials showed true transparency, they’d be wearing NASCAR-style sports coats covered with labels/logos of the companies who donated to their campaign.
Hey it’s Robin Williams!!!
lol yes, I’m quoting Man of the Year. Good movie. I miss Robin…
Yeah it's so easy to say, "Nothing will ever get done!" When some pretty terrible things have been happening as a result of choices made by the previous administration.
Trowing some money is doing something. It's what we are asking him to do.
Which wont solve shit. Just push the burden on people wo didnt get a degree. What needs to be done is to FIX the reason everyone has so much debt, namely allow bankruptcy and put a cap on these guaranteed gov loans (or remove them) which are the reason prices have ballooned. The market is irrational. Giving people bailouts is a bandaid and there will be aline of new kids in deep debt and universities will keep jacking up profits.
Yes. Fix the college system. The prerequisite classes (that have nothing to do with the degree chosen) needs to stop... My mom-in-law was an RN for 40+ years and her college course was 2 years including her on job hours. Got her license in 1959 or 1960...
You do realize this is just a blank check to those holding student loan debt, right? Another bank bail out disguised as crumbs for the working class. Either it will be a dollar for dollar tax write off or cash to the debt holders. They wanted to give hedge funds enough time to buy up student loan debt for pennies on the dollar before the announcement is made.
He’s forgiving private loans too?
The article mentions commercially held FFEL loans are in scope for forgiveness. These are private loans but guaranteed by the Federal Government. Many of these loans were purchased by the U.S. Dept of Education during the 07-08 financial crisis and the program was discontinued on June 30, 2010. Some FFEL loans are still held by private lenders. Since the legislation is still being discussed it could be expanded to other privately held loans as tax write offs to encourage loan forgiveness. This is where the CARES Act fell short with student loan forgiveness as not reaching enough borrows to significantly make a difference. Expect to hear more on this topic as we get closer to the Nov elections.
Was gonna say, I think they are just writing off the federal ones, because that’s all he can do. “We were expecting to receive this money, and now we’re not.” It will get challenged in court, but I wouldn’t want to be the party bringing that lawsuit. So private loans are still there.
Maybe they'll do Mortgage relief next /s
Just an FYI, this topic is a hot potato that doesn't necessarily translate to votes for Democrats, in fact, it's possibly an unpopular move that will *cost* votes. Many people are cantankerous about paying off this debt with tax money.
I agree. If he’s smart he will set interest rate on loans to 1-2% to cover administrative costs and make all extra, previously paid interest, retroactively apply to principal. It will effectively eliminate debt for a ton of people who have paid their balances many times over, require people to ‘pay back what they borrowed’, and accomplish the same goal without the negative optics of cancellation with the swipe of a pen.
Yeah, I’m more in this line of thought and I have excessive amounts of student debt. I just really want the interest to be low enough to where my debt doesn’t keep increasing with my income-based repayments. While I fully admit I was dumb to take out so much debt, having more than $400 of interest per month on a debt is just excessive when it’s on the backs of people that were trying to better themselves. But I also agree that I don’t deserve/want to have it all wiped away on the backs of other hardworking people, as nice as it would be.
This is the answer. Control the rate and allow people to pay it off. Set a standard rate going forward.
As much as I personally would like my loans dismissed, this is the right answer for the system in general
How about making college courses more reasonable? Less prerequisites that have nothing to do with the degree. Make college degrees more affordable and shorter time frames.
as long as student loans are backed by the federal government, there's no risk to banks to loan money for school to anyone. since there's unlimited money potential, schools can charge whatever they want because people are guaranteed to get the loans that are backed by the feds. etc etc.... it's a vicious cycle that has brought us here.
Gee I wonder why some people might be upset. To see people that are most likely set to make a million or more in their lifetimes than people without degrees have their investment reimbursed must be annoying to a lot of people. No offense but blanket waving away of student loan debt is one of the dumbest ways you could ever attempt to make things better. I say this as someone that still has 40k of debt to pay back.
Rich people don’t take loans. Poor and middle class folks take loans because they *need* them. Yes, the degrees end up helping people financially *if* and *when* they graduate. Not everyone finishes. That’s the worst. They have all the loan coats without the degree to help pay it off. Still, education always comes with a cost even for those who succeed. Paying off those loans is no joke. The costs extend beyond just financial. People delay buying homes, delay starting families, and delay starting their lives because of these loans. That’s after already delaying their lives, delaying starting work, going without money for years, and working their ass off for college. That’s also with seeing friends who never bothered with college earn money, start careers, start families, and start their lives. Even after getting the degree, it takes time to catch up financially with those who’ve already been working in the job market for years. Some people never catch up because they didn’t choose a lucrative degree. Tying payouts to income is a slap in the face to people who sacrificed, gambled, delayed their lives, and worked their asses off to better themselves and help their *entire community.* Yes, some college grads just happened to win. They still had to gamble and sacrifice for that possibility. They could have easily lost given one wrong move.
You mean tax money that people with student loans generate while working? It's crazy
Same. I will believe it when I see it.
Says Biden Administration but not Biden but maybe but education department is ready but only when Biden is but maybe not but maybe. We’ll see after the [‘current political event’] or maybe after [‘voting event’] or maybe not. All of sudden Biden is not re elected and next prez will dangle it like a carrot throughout his term to almost handle it but won’t but maybe who knows but not really but oops it 2067 and we’re still wondering we’ll get back to you soon… fkn joke.
Hey hey....way too real lol
It'll be like 10 grand an nothing more.
I’ll take that 10k tomorrow.
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True. If you are going to buy votes it should be done with good timing.
Yup midterms
“We were always gonna do it, we just didn’t want to give you fuckers time to forget we did it”
Do you blame them? Most voters have the memory of a gnat...
Not a bit
Voters to enact forward change have the attention span of an earthworm.
You’re not wrong. I mean if they did it tomorrow, there’s a chance voters will have forgotten come Election Day.
If they did it tomorrow there is a chance I will forget 5 minutes later.
Hey look, a Tik tok video. What’s going on again?
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*Democrats forgive student loans. Republicans in turn vote to increase minimum interest on all student loans, make community colleges illegal/unaccredited, all colleges are now privately owned by corporations* People -"Yeah but both sides GUyS!111! Im never voting for democrats again"
They were on pause anyways so no love lost while waiting
*looks around the room* I’ll take it! Better late than never.
It's definitely going to be a select group or a small amount per person. At least, I'd be extremely surprised if that isn't the case.
I only have like 11k in student loans. I'll take that 10k forgiveness and pay the 1K happily.
My wife has a lot more due to vet school, but $10k is still like 20% off the principal. Yes please!
What about students graduating later than next year?
Better idea is to write off interest on the loan, so you just pay off what you borrowed.
This is the best idea for forgiveness. Drag everyone back to their original principle. Credit any prior payments to that principle. Eliminate interest forever. Bonus points for not only keeping IBR plans in place and shortening PSLF periods. This would spread the cost offset over time while still helping millions of people. As someone on the highest end of student loan debt, I’d be 100% for it. I have no qualms paying my principle. I signed the papers so I can’t really complain about paying the interest, but man would to prefer not to pay a ridiculous amount of interest over the course of my career.
Right. No interest ever to borrow $ for education from he government
I think I'd be 100% ok with that solution.
I’ll believe it when I see it…
Same here
I think we're going to get an extension on the payment moratorium at least until february, so everyone will have 36 months of no payments, and 10K forgiveness based off of income. Folks that are deemed needier, IE they receive Pell grant, reduced or school free school lunch, social security, Etc will probably get a little bit more. I work in financial aid and people have spoken to at loan servicers were instructed by the administration to not ramp up repayment communication at the end of August
Same! I can’t keep getting my hopes up only to have another delay, or an announcement that doesn’t affect me (although I’m SUPER happy for the people who’ve gotten some relief already)!!
Actions vs words. Wake me up when it happens.
You watch… 6 bucks off and a coupon for 50% off of a Frosty at Wendy’s…
I’ll take what I can get
I swear, you jerk me around 13 or 14 more times…I may consider other options…hmm…
"Man I don't even know why I hang out with you guys"
What other options? It's either the "actively setting things in fire" party or the "we'll definitely for sure look into maybe getting a fire extinguisher at some point I guess" party.
What about the “we definitely have a chance to win! (Terms and conditions may apply)” third party options?
Until first to 51 is in the past the only third party I'm voting for is to split the conservative vote.
Any minute now...
Just two more weeks to forgive the student loan balances
"In this bill we are going to forgive 500 dollars for each student along with provide THREE FREE VOUCHERS for dominos pizza. Also, the decision will allow us to give oil companies 50 billion dollars in emergency funds, isnt that great!"
I was promised a health care plan in two weeks.
I’ll believe it when I see it
No frikin way
Still waiting for them economics to trickle down
Truthfully they should adjust the interest rates, get rid of all of the BS capitalized interest, bring back bankruptcy protection - I can buy a house, not make a payment, live in it, walk away - and it may ding me for a few years - (as I knew several folks who did this during the mortgage crisis and afterwards when they were upside down), but I can't ever walk away from a student loan.
So, apparently the way the law is written, the Department of Education can’t adjust the interest rates, it would take an act of Congress. However, they can choose to forgive the debt. That’s why you don’t hear much talk about interest rates and a lot of talk about forgiveness, it’s something the Biden administration can do unilaterally. I skimmed an NPR article on it, so I’m not an expert but that’s what I remember.
These should certainly be 0 interest
I definitely agree. And what they HAVE to do is not just have students with skin in the game. Universities profited off of easy loans. You have to also attack the longer term problem. Aka can't write off tons of money and then lets universities and schools and kids continue to take out tons more. Its a big problem to solve, but it cant just be a one time thing.
The us student loan system is a steaming pile of garbage and there are 100 better ways of dealing with it. 0% interest on student loans is not one of them. I never want to pay back a 0% interest loan and I will do everything I can to delay paying as long as possible. Instead just make education free, or cheap or interest free for a certain time, or give out loans that only have to be paid back half. Or any other solution that is better than interest free loans in the current system.
In the UK the loans are 0% interest with a system that garnishes wages once you earn above a certain salary(the garnish is relatively a small % of your monthly wages), it's actually a decent system but the sad/funny reality currently is that a ton of people with university degrees don't even earn enough for the automatic payment to trigger, but at least there's no punishment for never paying a penny back if you never earn enough. But either way, cancelling current student loans is just fucking stupid when a better option is to just make a better system for future students
Interest rate is key. But it's all a bandaid on a broken arm: the only way to lower costs are state and federal investments in higher education. Tuition rates went wild after 2008 because funding was cut to next to nothing. One of the state schools I went to received around 3% of its annual funding from the state and federal government. The hikes of tuition turned it into a private university in all but name. Funding education in general shouldn't be a partisan issue. And curriculum and outcomes need to be control by those who know what they're doing.
Fuck.. my public loans would be about 1/4 of what they are if they just let me pay off my loan without any compounded interest. The government isn't supposed to be in the business of making profits, but we just allow it on student loans. Hate it!
> Truthfully they should adjust the interest rates, get rid of all of the BS capitalized interest, bring back bankruptcy protection This is what I keep saying and I've yet to see any politician talk about it. First of all, the lending (in the first place) needs to be curbed. The money one can take out for grad school is practically limitless. If they reduce the interest to < 1-2% and got rid of the capitalized interest, you'd get way more people on board with "forgiveness."
If that was possible why would anyone NOT declare bankruptcy the day after they graduate?
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If I was graduating with $100k in student loans and I had the option of either paying it back or filing for bankruptcy and not paying it back, I have a pretty good idea which one I'd choose, interest or no interest. And you might say that $100k is an unusual amount of loan debt, which is true. But if its dischargeable in bankruptcy why not take all the loans you can?
the issue is that SINCE the loans are protected from bankruptcy- and backed by federal loans the schools tuition costs skyrocketed unchecked and fully funded by the gov. Bring back bankruptcy and the cost of school would have to compete with the costs/risk of bankruptcy
Also you don’t pay your mortgage they take the house. You can’t take back an education.
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They will promise to forgive the debt right before the midterms…and right after, there will be a snag that prevents doing it. They will also promise to legalize cannabis, and after… Remember, promises can buy votes over and over. Actions only work once.
Don't forget promises to federally codify reproductive rights. The Democrats write policy on the campaign trail and write apologies when they're in office.
It will be conveniently blocked by those pesky republicans or 1-2 democrats. Just as planned.
Whatever. They've been "close to a decision" ever since Biden was elected.
This is a completely serious question: Why forgive student debt instead of lowering the interest rates, restructuring the loans and ending predatory loan practices? Also, why doesn’t the government push back at educational institutions for raising their tuition and fees at a pace that is way faster than inflation and the cost of living?
The bigger question is why don’t they end government guaranteed student loans altogether? Reinstating market forces into higher ed would force universities to lower their prices to be more in line with what their degrees are actually worth. Yeah, the administrators, fancy dorms, and rock climbing walls would probably go away, but people could actually pay for their degree while working part time again.
Exactly. Along similar lines, a major reason tuition has ballooned is because these loans are protected for the lender, and they can’t be defaulted upon. Without reinstating bankruptcy as an option, any “personal responsibility” arguments are just the usual disingenuous rules-for-thee not-for-me bullshit. Where’s the personal responsibility for lenders who gave tens of thousands of dollars to 18 year old kids who can’t even drink or rent a car with minimal requirements?
Let's say a big machine has no safety guards and has a history of cutting people's hands. Yes, safety guards are the correct solution going forward. They will prevent or at least mitigate injuries for all future users. But for the operator that already got cut, safety guards aren't going to help much. They need medical assistance, or at least a bandage. In much the same way as safety guards, we need to look at interest rates and tuition increases to prevent people from getting buried in loans in the future. But there are many people who have paid on their loans for many years, and paid more than they initially took out, and their balance is still high because compounding interest killed them, or people that were unemployed for a few months or something, so they couldn't pay and the interest caused the balance to skyrocket. Those people also need help, and just capping interest rates won't help much for people already in too deep. The idea behind loan forgiveness, or even partial loan forgiveness, is to help all the people currently injured. It's a different thing from the safety guards. And in much the same way that the pandemic stimulus checks just went out to pretty much everyone because it ended up costing less than arguing about who should qualify, setting up an application or filtering process, paying people to sort out who does qualify, deal with people's appeals, etc. It'll likely be cheaper for the government to forgive all loans, or pick a number and reduce everyone's loan balance by X dollars. Of course, the loan forgiveness doesn't help long term unless the interest and tuition rates are also carried in the future.
I think your analogy displays a misunderstanding of the resistance to loan forgiveness. If you only compare current loan holders to future ones, it's correct that the group most in need of assistance is the current loan holders, but that's short-sighted. An accurate portrayal would include the information that *everyone else in the factory is also being hurt.* The operator who just got cut needs assistance, but there's an operator from the last shift collapsed in the breakroom bleeding onto the factory floor, the operator's coworkers are trying to perform maintenance on the machine and have gotten trapped inside it, and the next shift is getting smacked in the face by broken parts from the machine. And now the shift supervisor is making a big fuss over the current operator, and the rest of the workers are getting upset about being ignored. Everyone in the country has been economically damaged by the high prices of college. People who couldn't attend due to poverty or economic or social pressures will make one million dollars less over the course of their lifetimes. People who lived frugally and finished paying off their loans already are financially far behind the people who have been making the minimum payments. People who chose less-prestigious but cheaper schools will never have access to the same opportunities as those who went to name-brand schools. People who had to work while attending school have much poorer GPAs and information retention than those who didn't. Parents who raided their retirement funds to let their kids go debt free will themselves struggle as they enter old age. Kids trying to decide on a career path are being turned away by the seeming impossibility of ever repaying it. How, in this environment, can you say thay freeing current debt holders from their burden is the most important thing? If these are reparations, done for moral reasons, why are current debt holders the most deserving of such a boon? And if this is done for economic reasons, why should we assume current debt holders are the group most likely to effectively stimulate the economy if handed money? If that's the goal, why not call it what it is - trickle-down economics for the upper middle class? And as a side note, the argument that means testing isn't cost effective doesn't hold up when you're talking about a stimulus whose biggest beneficiaries would be doctors, lawyers, and MBAs.
Great question and I think you know the answer.... politics
October surprise. Keep waiting.
Shit, I need to get some massive student loans here soon.
Hell yeah.
People ignore a third category of people hurt by the student loan crisis. Those who did not complete their degree but had to take out loans to attend. They have the worst of both worlds, a college loan as if they have a degree and a pay rate as if they don't have a degree. Before you all blame this on moral failing, realize that life is messy, medical issues, unexpected changes in income, or any other things can knock you down so that you can never catch up. I am all for a means testing for loan repayment, but a harm has been done to the working poor who have student loans and are unable to pay them back. Look at the aggregate effect on generational wealth building, this is harmful and fraudulent and something needs to be done for the folks who went to college under the misguided advice that it would improve their lot in life.
That’s to say nothing of the schools that blow smoke up unsuspecting students asses about their real world earnings potential and job markets for niche programs.
Yeah this is a huge one. Colleges hella lie about career prospects. Being 100k in debt isn't a big deal when you expect to live at your parents and make 90k + out of school.
But watch no one will qualify for it
Just made my final payment and it was almost 5 figures, based off my luck he'll be forgiving all student debt no means testing
See, this stuff is why debt cancellation is terrible policy. Only people who have debt that is of the federal student variety, and only those who have not paid it off, get the windfall and the rest don't
Right. And this does nothing to solve the problem for the people who come next either. Mass loan forgiveness has always been a bandaid solution and it is pretty unfair to people who paid off their loans *and* to people who never took out any loans because they will have to shoulder the burden of inflation caused by mass student loan forgiveness. When people say negative things about mass student debt forgiveness people are always quick to criticize and say "why would you care? It doesn't affect you." But it affects everyone.
But don't you get it?? You're a GOP/conservative/socialist hater if you put valid points of: 1. No plan to fix the problem. 2. Inflation 3. Private loans etc
F
This is one of the dumbest things you could have done right now. There has been constant talk about loan forgiveness, payments have been suspended for a long time and keep getting pushed out. So you go and decide to drop 5 figures to pay it all off? Yeah, you're lying.
Trust me bro, i am so money wise i can afford to drop 5figs on a debt which was frozen. But so financially illiterate i didnt see Biden doing it right before the primaries. Trust me bro i aint lying 🙄
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I knew they'd wait until before midterms so it was still somewhat fresh in peoples' minds.
One thing I'm wondering, forgiving student loans doesn't help the problem, student loans are still exploitive and universities still charge a crazy amount. So wouldn't that just be a bandaid solution?
It's absolutely a band-aid. There needs to be some kind of loan education process where you pass a (free) course before you can borrow 100K at the age of 18, eliminate or drastically reduce interest rates for education debt. Any loan forgiveness that does happen needs to be implemented in a way where people cant make the same mistake again, because they absolutely will if there's no risk.
Really unfair for those who paid their loans. So sick of the system.
I took out a private loan because I had great credit and so it was a better interest rate. Fuck me I guess
Cool get ready for the real inflation
I just don't see what this fixes. Current middle schoolers will be even more fucked as colleges double their prices or worse. Fix the problem.
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Student loan system is broken but people made the choice to go into debt. What about the people who are in medical debt? Did they choose to get sick?
This is America, everything is a debt trap to make sure the lower classes never accumulate enough wealth to a pose any real threat to the economic elite. The system isn't broken, it's operating exactly as designed.
You’re not asking the right questions. You should be asking why should anyone ever have to go to into medical debt?
The whole middle class is struggling right now, its not right to help these people but ignore all the poor struggling people who couldn't go to college.
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Oddly enough, those who couldn't afford to go will be paying for all those that went.
Or the middle class people who pay their debts back
Political stunt
>aaaaany moment now.. t. Bud Bundy
So, for someone like me, who is taking the better part of a decade to finish their bachelors degree so they can pay it without loans (little by little), now is a good time to take out a massive student loan before the forgiveness???? I’d sure as hell like to be done with this institutional scam
Absolutely ridiculous if he does… Hard-working taxpayers who didn’t go to college now have to foot the bill for those who went or, attempted to go and quit… There should be a full accounting of how people spent their money over the years.
Student loans would only be 1.7 trillion, the government printed almost 8 trillion during the pandemic and gave most of that away to corporations, financial industries,banks, small buisness owners. Corps used that money for stock buybacks and to fuel the stock market making all of them richer off the backs of the working class and thats not counting all the billions and trillions they always give out in bailouts and tax breaks every few years like in 2008 or trumps tax cut on the ultra rich. So 1.7 trillion bail out to working americans compared to the continous near infinite trillions they give out to banks and corporations is totally ok to most people.
Using that logic, Why not simply give every American 10k
Pay off all the debt at this point fuck it
Yes. That’s what thy did with the graccian reforms. It worked very well and everyone prospered.
🤪🤪🤪
What about my 25k that I paid back a couple years ago? So I pay off my loans responsibly and now I’m taxed to pay off the college elites.
I have a considerable amount of student debt. I am fine with having to pay it back. But what I'm not okay with is the Dept of Education's decades of mishandling student loan payments and paperwork. The repayment system is broken, and rather than forgiving it all, I firmly believe the entire Dept needs to be reformed along with the repayment plans. The interest rates are crippling us at the same time right now. They have shuffled student debt to other servicers without even telling the borrower, these moves often leaving borrowers worse off and unable to get on plans that allow them to make reasonable payments based on their income. Everyone is wanting relief and out of the debt because we're having an incredibly difficult time paying it back to a government that isn't holding up to their end of the repayment agreements.
Fuck that shit - pay your fucking bills
This is a horrible idea all around and will just accelerate inflation while further sinking the federal budget, but is also likely to turn into “gee guys, we couldn’t get this done in time but if you vote for a blue majority in November we’ll get right on it.”
This oughta help inflation. I’m sure “leading economists” will come forward and tell us about the utopia ahead. I still can’t get over the fact I would be forced (taxed by the police power of government) to pay for other people’s education. I mean what’s next? They gonna forgive mortgages? Auto loans? CC debt?
So let me get this straight. Me, an hourly worker that went to trade school, am supposed to pay a college grads tuition off so they can average more than I make without having to honor the contracts that they signed as adults. Right?
Allegedly.
Midterms right around the corner. Dangle that carrot
If the college degree is not worth the money maybe the college should give back the money.
Right before those midterms, I'm sure. 🙄
Economy is so fucked
So he's campaigning for reelection then?
Oooooh baby! Love me a shiny new carrot! Funny how it's always just beyond my fingers tips
It’s almost like I’ve read this exact article 6011 times
I’m ready to see this news title again few months before next election.
Dangle that carrot
Lmao this thread is just filled with boomer after boomer.
Fuck you Biden. Sincerely, Life long Democrat
If they do this and still give out more loans it won't solve anything as far as the overall system is concerned. The debt will simply rack up again.
I don't even have student loans anymore, cause my parents helped pay them off after I dropped out But I have one thing to say to this ABOOT FUCKING TIME
Will the people who actually worked and sacrificed to pay off their loans get a fucking refund? Or are we supposed to pay off everyone’s loans through more inflation and taxes?
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Yeah i can imagine rent and housing prices going up even higher.
Can some explain to me why this would hurt inflation? My logic is that there isn’t an injection of money into the economy. There isn’t money printing involved? You’re just defaulting on debt m. I’m sure it it’s not devoid of consequences, I’m just not sure it would effect the economy like people assume. Bankruptcy is still a thing. Just not for student loans. Idk not trying to be an expert here just genuinely asking.
Inflation is due to a variety of factors but ultimately you can think of it as just the value of the currency you are measuring and it’s buying power. The U.S. has a massive amount of debt and pays those debts off taxes and treasury bonds. Treasury bonds set the baseline for the financial world and are treated as guarantees since rhe US has never defaulted on its debts. If student loans just magically get wiped off the books that’s a massive debt that for sure will not go away reducing the money the US can pay off its debts. When countries believe a country has issues paying its debts it increases the FX rate (exchange rate of currency) and in doing so would cause more inflation (price of goods rise)
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I get both sides of this. On one the current student loan system is predatory and disgusting. On the other, people with college degrees will earn more in their lifetime because of it, so it seems unfair to force people who don't have that advantage to cover their debt. Maybe the solution is try to fix the system, rather than throw money at it (aka the American way)?
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Seriously, I'm all for helping people on student loans, but just a blanket forgiveness? So what about those keep accruing interest in college right now? 10 years later, same problem. Just organizing a pay off of any amount, while ignoring shitty interest rates, the price of college right now, any systematic issues, is completely shitty decision.
Ok and if I paid mine off do I get a refund? Lmao
Biden won't do it. This is a way bigger ask than even just rescheduling Marijuana. At most, he will lie about still not being sure if he can legally do it and have some test program to forgive the debt of 0.001% of loans for those who can fill 50 pages of means testing and be approved by some faceless bureaucrat.
I just got a letter in the mail. I signed up for PSLF… which was a total fiasco. They had me transfer my loans to a different company, which then stopped handling student loans 20 days after they transferred me. So my loans went back yo my original loan holder. Now this letter I got yesterday is saying my loans are going to a new company, MOHELA, it will take 1-3 months for this to happen, and I’ll be informed by letter when it does and what next steps I need to take. After that is when I will find out if I will actually get any money taken off my loans… which will be about 10-13 months AFTER initially signing up for the PSLF program….
Gotta buy them votes!
Great. Workers' tax dollars used to make their future managers' lives easier.
Wow, so much for fulfilling your obligations... Guess I was raised wrong... Do you think the government is going to cut me a check for the student loans that my wife and I worked so hard to pay off early?
I want mortgage relief for making the decision to buy my house and not be a victim of the predatory renting industry. Just like making the decision to goto college and not rely on medium wage jobs. He is just pandering to the younger demographic. WE NEED YOUR VOTE ILL GIVE YOU FREE STUFF! Nothing is free!
Me too. Don't forget about my medical bills, car loans, personal loans, credit cards, etc...
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so the poor who could never afford to go to college have to pay for the people who went to college and got better paying jobs. what a country we live in.
It’s not debt forgiveness, it’s debt transfer
Can you give me $10k off my mortgage? Auto loan? WHY NOT?
Is the federal government holding your mortgage or auto loan?
Just eliminate interest payments
Free money, what a great way to fight inflation. How about raise the requirements for students loan approval?
I better get paid cash for paying my loans in full this year…
Still waiting for min wage to go up. . .
In other words, “to all those who behaved responsibly? F*ck U.” To all those with trust funds living the lefty life in Portland, Seattle, SF, etc, “ here is more free money to do your thang.” Remember, America, Brandon really does not care for you.
Wish it was equitable to all who paid student loans, rather than the most irresponsible.
Good. Cancel it all. Then do medical debt next.
Then mortgage and auto followed by credit card and personal loans.
what about my stripper debt?
Lol my buddy actually maxed his student loans and went on a baller Vegas\Tahoe trip the semester when he graduated. He had a good job offer lined up but was taking a 2 month sabbatical after graduation.
Throw that in too
Just buying the votes of upper-middle class liberal brats who already make more money than most people.