Page 2 of 2 FirstFirst 12
Results 31 to 38 of 38

Thread: Biden's debt relief

  1. #31
    Senior Member Flixy's Avatar
    Join Date
    Jan 2010
    Location
    The Netherlands
    Posts
    6,433
    Quote Originally Posted by Loki View Post
    Also, a reminder that congressmen can buy a stock knowing a law they're about to propose will significantly affect its value.

    Flixy, the tuition numbers you hear about are misleading. Most people go to community colleges or 4-year public colleges. Including various state programs, tuition for community colleges is a few thousand a year. Most 4-year public colleges charge about $10-15k a year (before scholarships). It's actually cheaper than British universities. It's why most people leave with about $25k in debt.
    I know, that's why I added it's outrageously high in some places.

    For comparison, tuition at universities and colleges here is €2.200 per year for EU citizens (only half for the first year). Back in my days you'd also get 100 to 250 a month from the government for the nominal duration of your study (depending on whether you live with your parents or not), more if your parent's income is low, which would be forgiven upon completion of your degree. Unfortunately that has been changed to a loan a couple of years ago.
    Keep on keepin' the beat alive!

  2. #32
    Senior Member
    Join Date
    Jan 2010
    Location
    Amsterdam/Istanbul
    Posts
    12,031
    Quote Originally Posted by wiggin View Post
    Yes I am. It wouldn't move the needle for me right now, but I'm not the target of this policy. That kind of money is pretty dramatic if you have zero margin in your budget.
    Indeed, today I had a short phone call with someone for whom the cost of travel to a psychiatric evaluation was problematic at the whopping amount of €80,-. She could not afford the regular re-imbursement procedure.
    Congratulations America

  3. #33
    Senior Member
    Join Date
    Jan 2010
    Location
    Amsterdam/Istanbul
    Posts
    12,031
    Quote Originally Posted by Flixy View Post
    I know, that's why I added it's outrageously high in some places.

    For comparison, tuition at universities and colleges here is €2.200 per year for EU citizens (only half for the first year). Back in my days you'd also get 100 to 250 a month from the government for the nominal duration of your study (depending on whether you live with your parents or not), more if your parent's income is low, which would be forgiven upon completion of your degree. Unfortunately that has been changed to a loan a couple of years ago.
    Let the record show, I think that loan system should count with the policy choices that should not have been made.
    Congratulations America

  4. #34
    We estimate that the program cumulativelypreserved between 2 and 3 million job-years of employment over 14 months at a cost of $170K to$257K per job-year retained. These estimates imply that only 23 to 34 percent of PPP dollarswent directly to workers who would otherwise have lost jobs; the balance flowed to businessowners and shareholders, including creditors and suppliers of PPP-receiving firms. Programincidence was highly regressive, with about three-quarters of PPP funds accruing to the topquintile of households.
    https://www.nber.org/system/files/wo...669/w29669.pdf

    More like the Parasite Protection Program, amirite
    The world is dreaming
    Your god is a demon
    And mine is a mountain of souls screaming

  5. #35
    So the government nationalizes student debt...and the debt owed balloons. Then the executive branch invents the power to forgive that debt, which is held by a narrow slice of educated people whose degrees have not made them monetarily more productive. And the thinking is that this will improve our education system.

    It's just bad policy. Even a congressional bill to forgive the debt and tightening the loan requirements in the slightest would have been better.

    This is Argentina-level shit.

  6. #36
    Quote Originally Posted by Dreadnaught View Post
    So the government nationalizes student debt...and the debt owed balloons. Then the executive branch invents the power to forgive that debt, which is held by a narrow slice of educated people whose degrees have not made them monetarily more productive. And the thinking is that this will improve our education system.

    It's just bad policy. Even a congressional bill to forgive the debt and tightening the loan requirements in the slightest would have been better.

    This is Argentina-level shit.
    This seems like a mischaracterization of both the present situation as well as of the path there.
    “Humanity's greatest advances are not in its discoveries, but in how those discoveries are applied to reduce inequity.”
    — Bill Gates

  7. #37

  8. #38
    If this had been categorized as converting loans to grants or scholarships (instead of debt relief) I wonder if it would have been more broadly supported? Particularly by older generations who took advantage of the GI Bill after WWII which sent millions to college and grew the middle class, but now have grandkids who struggle to get gov't loans or Pell grants, let alone afford the interest payments after graduating....since wages haven't kept pace with inflation or the astronomical rise in educational costs, and the middle class has been hollowed out.

    No idea if it will stand as an Executive Order, but it should at least motivate voters to choose politicians who actually value public higher education and demand real reforms that only congress can make. (Hint: It won't be Republicons who want to cut taxes for the wealthy and privatize just about everything in order to enrich their donor class. Just follow the money.)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •