Biden forgives $39B in student debt for some 800k borrowers | Hacker News Reader

Biden forgives $39B in student debt for some 800k borrowers

cnbc.com

11 pointsAnon8410 comments

>That’s three James Webb Telescopes.

The bigger chunk of it is interest.

It would be a fine thing if financial institutions pooled their money and built an amazing piece of technology like a space telescope instead of burdening young people's first credit activity with predatory lending practices.

That’s three James Webb Telescopes.

https://thehill.com/changing-america/enrichment/3567388-most...

That’s 10x our yearly federal research budget for Alzheimer’s disease.

https://alzimpact.org/research#:~:text=Following%20a%20%2422....

Who cares, American can just print more dollares....

Talk about buying votes to try to win the upcoming election.

I voted for Biden because I hated Trump.

The fundamental building block of American politics has become this: voting in lots and lots of Free Stuff, for as many people as possible. And voting in the politicians who will make that Free Stuff happen in the highest volumes possible. And voting out any politician who suggests that Americans shouldn't have so much Free Stuff floating around.

What did Margaret Thatcher have to say about that sort of practice?

You should read the whole story before commenting. Not just the headlines. These are people who have been making payments for 20-25 year and they are still not done paying somehow.

I worked in student loan collections a before (a long time ago). A lot of these loans are uncollectable.

"Forgiving" $39 billion in loans is very different than give people $39 billion... "Forgiveness" is just a really nice way of saying "writing off bad debts on book" for the government.

>These are people who have been making payments for 20-25 year and they are still not done paying somehow.

Sorry, I don't have any sympathy for these people. After I graduated from college, I moved back with my parents, worked my butt off for 3 years, saved every single penny and paid off all my loans.

I had a ton of friends from college to went on expensive vacations, rented their own apartments, while having the same loans as me. Some of them went to vacations using college loans while attending school.

Is it fair to the people who sacrificed in order to pay their college loans off while some others get their loans forgiven by tax payers (also me)?

This isn't about democrats vs republicans or red vs blue. I've voted for blue most of my life. This just purely about fairness.

At large, this isn't a set of people to worry about sympathizing with. This is a set of loans that were never going to reach maturity. Chasing the money would have almost certainly been more expensive than writing it off.

Should we be giving out fewer loans? Almost certainly. But don't fool yourself into thinking that they were all collectible.

And definitely don't fool yourself by looking at a handful of anecdotes of people abusing the system. At large, I've seen too many of these accusations fall silly flat. Is a bit like the medicare queens nonsense that got people to believe that folks are milking medicare. Most of those stories are not credible. To an almost criminal level.

This is still $39 billion the taxpayers will pay. Doesn’t matter how you slice it. Bad debt written off or a check to them, the taxpayers foot the bill.

Future has no obligation to honor our ephemeral debts.

Note how we keep kicking the can down the road via legislation.

It’s all just fear mongering roleplay for people who believe ephemeral boogeymen exist.

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