Originally published at http://www.commondreams.org/views/2020/12/03/biden-could-cancel-student-debt-will-he
Education is the surest way to get the US out of the trap that it is in. Cancel the debt. Free tuition for students that will contribute to society. Pave the way to a better day.
It puzzles me much, how in these articles, or other similar advocacy pursuits, there is no mention of the fact that these students have been paying back several times more than they borrowed - which raises the issue of why and how much is the government profiting (via these schemes), from its own most vulnerable citizens, as a result of poor governance that does not provide these citizens non-discriminate free education for all. It is a fundamental issue in my view - that what seems for political reasons does not make it to the public discourse.
It worth noting people still deny systemic racism exists in the USA. The numbers relating to how much more debt Black people have and how much less they paid for the same degree should demonstrate that it still ingrained into the system. Naysayers will come up with some convoluted rationale as to why those discrepancies exist.
I am not sure how those College loans work in the USA. Is it the Government that is in fact lending the money or are Private banks involved?
Many European Countries have free higher education. I do not see those Countries as unduly suffering because of it.
Cancel student loans ? Only if you want to create more division in an already divided nation.
There are millions of us on the left who figured out how to pay back our loans without the US creating more moral hazard.
Refinance student loans ? Yes !
What Moral hazard is created by writing off debt?
Other Countries have done so. All of these Countries had a period where they transitioned from having a cost for higher education to one where it was paid for. All of these Countries had a period of time where peoples that had paid for their higher educations co-existed with those that received. Was this creating a Moral Hazard?
Canada saw its National Health care act implemented through the 50’s 60’s and 70s. Prior to that we had people who had paid for health care , many going into debt for the same ,co-existing with those that were getting it for free. There was no “Moral hazard”. Its how Countries progress.
That is a truly STUPID question. Yes, there are some stupid questions and lately they all seem to begin with the same two words, “will Biden…”
Biden wrote the law that made it impossible to have student debt forgiven, even in cases of bankruptcy.
Please stop asking these stupid rhetorical questions.
Moral hazard is the domain of the poor folks.
It’s funny how moral hazard is never applied to wealthy tax cuts or offshoring or the 1000 other ways the non-poor folks buy the priveledge to pull up their boot straps and walk away from paying their taxes.
Private banks and ‘lenders’ are involved. Apparently Betsy DeVos is one of the primary lenders for student loans int he U.S. The interest is paid to a private institution with the government guaranteeing the repayment. However if the student doesn’t pay off their loan, the loan is sold to debt collectors to hassle the debtor for the rest of their natural lives. Also, when someone owes student debt in the U.S., they’re not eligible for old age security when they reach 65. It is a backward and corrupt system, but a handful of gangsters are making a killing in the ‘student loan’ business.
There are also millions of people who could not pay back their loans.
In more developed countries, college is free.
No. He may lop off $5k from a $100k debt and call in some intersectional multiculti younguns for a photo op victory lap in the Oval Office.
I am also tired of people posing such silly questions like… “Will Biden do anything beneficial for the 99%?”
I honestly believe that the next four years of corporate encouraged theft of the public treasury by the Democrats for such unpopular things like endless war, corporate bailouts and bigger prison populations will finally energize the public to abandon the two “official” party’s for a sane collective that represents the public interest. But in the meantime we will be subjected to an endless stream of people ‘begging’ the Democrats to lift a finger for the bottom half of Americans. Too many people still believe that these politicians possess a moral conscience when in fact they were chosen to be politicians by corporate interests precisely because they have no moral compass. Understanding this basic principle of ‘soft fascism’ (surrounding yourself with obedient sociopaths) is fundamental if the public is to seize control of their government and implement a functioning democracy.
We need mass demonstrations against the Biden administration and Democratic congress to win our demands. Outside their offices.
What about Mitch McConnell? The man has sat on two Covid relief bills, a new voting rights bill, a paycheck fairness bill, a gun sales background check bill, a climate action bill, and a minimum wage bill, among others. There’s another side to the table with power, what’s achieved by ignoring it?
Biden was the architect of the student loan debacle. He authored the banker bankruptcy bill that screwed students. So he is going to do a 180 degree turn? Your confusing banker Joe with Bernie.
Poll after poll after poll show that the majority of Americans want student loan debt cancelled along with publicly funded higher education.
Good on you for figuring it out. Now you have more resources to help to bring about a more just educational system that serves the nation.
The USA is falling way behind other nations in education because we place the burden of education solely on the backs of students. Other nations that are putting resources into educating their population are moving way ahead and the USA can not continue to compete with a world population that educates their population rather than enslaves them in endless debt.
A 10 year payback schedule at 5% (typical) would result in 125% of the original loan being paid, not “several times more than they borrowed”…e.g. a total cost of $37,500 to pay off a $30,000 loan.
Just here to add to the parade of “no” votes.
Not gonna happen.
Next pointless rhetorical question!
Are you sure about not being eligible for social security based on student debt? I know in some cases they can garnish SSA benefits.
It is not 100% repay or suffer the consequences, there are conditions where debt can be discharged.