Elizabeth Warren wants to forgive student loan debt for 42 million Americans...

[LesClaypool]

I just became a single-issue voter!

https://www.yahoo.com/finance/news/warren-student-loans-121342487.html

And before anyone says: "it's not fair...I paid my loans off...you knew what you were doing when you took those loans out...it's not the government's job...blah blah blah blah blah blah."

IDGAF!

If I can have the $17,000 of loans that I still owe, wiped out w/a single pen stroke, then call me Pocahontas, b/c I want that $350/month, that I'm committed to spending for the next 4+ years, back in my budget to spend on travel and/or, more likely, toward my own daughter's (no pics) upcoming college experience starting in August.
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How it would work
Currently there are $1.5 trillion worth of student loans out there, roughly 11.5% of which are more than 90 days delinquent or in default. The average student loan borrower holds about $28,650 in debt, according to Student Loan Hero.

Collection agencies are increasingly turning towards wage garnishments —obtaining a court order to make employers set aside portions of debtor’s paycheck — to get their money back.

Warren aims to cancel $50,000 in student loan debt for every person who has a household income of below $100,000.

For those who earn between $100,000 and $250,00, she promises a “substantial debt cancellation,” and that $50,000 amount “phases out by $1 for every $3 in income above $100,000.” In other words, a person who has an income of $130,000 would get $40,000 of debt cancelled, while a person earning $160,000 would get $30,000 off.

Those earning more than $250,000 would not qualify for the program.

 

[Kenneth Griffin]

This would do more to stimulate the economy than any tax cut.

 

[Run&Blade]

What about going forward?

I will stop helping my kids immediately.

Like I said before, the next president will increase the national debt maybe double what trump did.

 

[joelbc1]

This would do more to stimulate the economy than any tax cut.

But the richest of the rich wouldn’t gain the most! That’s what helps the middle class the most, you know.

 

[FlickShagwell]

This would do more to stimulate the economy than any tax cut.

My wife and I would get new cars the very next day.

 

[Run&Blade]

Why not forgive home mortgages also?

 

[LesClaypool]

With my luck, I'd get a $350/month tax hike for my trouble, cancelling out my newfound budget windfall.

 

[UNIowaHawk]

Warren aims to cancel $50,000 in student loan debt for every person who has a household income of below $100,000.

I told my friends the very same thing. My vote would be bought if they did this. I would tell my wife to take a year off work and I’d take unpaid time off to meet these qualifications. I’m forking our >$1K a month between the two of us. If this starts to get serious legs I should just put all my federal loans in deferral.

 

[LesClaypool]

Why not forgive home mortgages also?

Why not deal with the topic at hand instead of introducing unrelated, nonsensical, psuedo-corollaries?

 

[hydro2.0]

Glad I worked two jobs to pay mine off. I need to be less responsible

 

[GOHOX69]

Me please!

 

[Run&Blade]

Why not deal with the topic at hand instead of introducing unrelated, nonsensical, psuedo-corollaries?

What’s the difference?

You want to stimulate the economy that would do it

I would also forgive all car loans, credit card balances, and medical expense debt.

Just because you got your relief we should all shut up and smile?

Maybe just force all car dealers to put the keys in every car in the lot and let anybody just take it home as theirs. Just think how that would stimulate the economy when all the vat manufacturers have to rebuild their inventory.

 

[Sooner-Be-Dead]

Maybe we shouldn't encourage $50k of loans for an art degree from the University of Phoenix.

 

[Rifler]

Pretty slick move by Warren,... Purchase the nomination with a promise to spend other people's money.....

 

[LesClaypool]

What’s the difference?

You want to stimulate the economy that would do it

I would also forgive all car loans, credit card balances, and medical expense debt.

Just because you got your relief we should all shut up and smile?

But propose whatever debt forgiveness programs that you want to.

As I stated in the OP, IDGAF - if she runs on this platform, she just bought my vote.

 

[StonesCat]

I'd take anybody over Trump, but the seeming desperation out of Warren lately is a little pathetic. Every day, it's these grand proposals and statements trying to get a little bit of a kick start from a wobbly looking campaign. Booker always seemed like the "look at me" stuntsman, but she's not far behind.

 

[Run&Blade]

I promised and saved 6 figures to help my kids through school. I don’t have a fancy car, boat, big home, or go on fancy vacations in part because of the help I provided.

I say kiss my ass free loader. Maybe you should have skipped the tats and you would have less loans.

 

[LesClaypool]

For the record, my vote isn't for Warren, per se. It's for ANYONE who runs on this platform.

So if she gets the rest of the field, and/or Trump, for that matter, to include such a proposal in their platform(s), then my vote is for sale baby!

 

[LesClaypool]

I promised and saved 6 figures to help my kids through school. I don’t have a fancy car, boat, big home, or go on fancy vacations in part because of the help I provided.

I say kiss my ass free loader.

Say what you want...I'm spending your money on hookers and blow and there's nothing you can do about it!

 

[SotaHawk87]

Glad I worked two jobs to pay mine off. I need to be less responsible

I’m in that boat too.. worked my ass off to pay off 81k in 7 years so that I wouldn’t be screwed for my 40s-60s.. So now what?

 

[DogBoyRy]

This would do more to stimulate the economy than any tax cut.

Why not home debt? Car debt?

 

[LesClaypool]

I’m in that boat too.. worked my ass off to pay off 81k in 7 years so that I wouldn’t be screwed for my 40s-60s.. So now what?

Nothing is promised in life.

Take what you get.

 

[prymethyme]

I disagree. A lot of people didn't go to college because they were smart enough to know that it would put them in horrible debt.

We should not reward irresponsible behavior.

 

[OrlandNole]

I don't have a problem with this is theory, but I'm also curious to hear how she plans to address this issue moving forward - the millions who will inevitably incur student loan debt for some type of "higher education" in the years to come.

 

[SotaHawk87]

Nothing is promised in life.

Take what you get.

I know what I’m gonna do.. I’m gonna take out 90k for grad school and then quit.. let her forgive that debt, take the money and we’re square. It’s all good.

 

[UNIowaHawk]

I disagree. A lot of people didn't go to college because they were smart enough to know that it would put them in horrible debt.

We should not reward irresponsible behavior.

That could be said for most govt programs— social security, Medicaid, Medicare, welfare, all forms of borrowing, free food programs, etc.

 

[SoProudNole]

What’s the difference?

You want to stimulate the economy that would do it

I would also forgive all car loans, credit card balances, and medical expense debt.

Just because you got your relief we should all shut up and smile?

Maybe just force all car dealers to put the keys in every car in the lot and let anybody just take it home as theirs. Just think how that would stimulate the economy when all the vat manufacturers have to rebuild their inventory.

 

[Run&Blade]

Great explanation. Thanks.

 

[Huey Grey]

This is nuts. People are actually saying that going to college is unresponsible behavior.

 

[Run&Blade]

This is nuts. People are actually saying that going to college is unresponsible behavior.

I don’t think anybody cares if you go to college or not. Just pay for it.

Nobody should rack up that much debt. Junior college + state school + working = very small debt.

 

[artradley]

Why not forgive home mortgages also?

My guess is because the U.S. government isn't holding the note on home mortgages.

 

[Hoosierhawkeye]

I don't think paying back student loans is a wise use of government resources.

However it would be a wise use of government resources to make college education and any sort of job training cheaper for qualified students.

But going back and paying off people's student loans isn't a wise use of resources if you ask me.

And for the record I do have some student loans outstanding although at this point they are more than 2/3rd's paid off.

 

[SotaHawk87]

I don’t think anybody cares if you go to college or not. Just pay for it.

Nobody should rack up that much debt. Junior college + state school + working = very small debt.

Agreed.. Would be much better to cap tuition at a certain dollar level.

 

[LesClaypool]

I don't think paying back student loans is a wise use of government resources.

However it would be a wise use of government resources to make college education and any sort of job training cheaper for qualified students.

But going back and paying off people's student loans isn't a wise use of resources if you ask me.

And for the record I do have some student loans outstanding although at this point they are more than 2/3rd's paid off.

I don’t disagree with you.

That said, when HAVE you seen a wise use of government resources?

 

[Run&Blade]

My guess is because the U.S. government isn't holding the note on home mortgages.

So what. Going to need to raise taxes to pay for it. Just raise enough taxes to send a check to my mortgage holder.

Certainly the democrats will not just roll it over into more debt.

 

[Run&Blade]

Agreed.. Would be much better to cap tuition at a certain dollar level.

I would cap loans.

 

[Huey Grey]

And this would cost about the same as Trump's military increase.

 

[gonegolfing]

This is nuts. People are actually saying that going to college is unresponsible behavior.

No, going to college and pursuing a worthless degree is irresponsible.

 

[hexumhawk]

It just became a single issue vote for me...against it.

 

[Hoosierhawkeye]

I don’t disagree with you.

That said, when HAVE you seen a wise use of government resources?

Not that there isn't waste or excess but the government uses our resources far more wisely than most give them credit for.