The largest labor federation in the country calls on Biden to cancel student debt: 'We cannot ask working people to make further sacrifices'

[Dekster]

WTF are you talking about ?

Well if you knew anything about anything you would know that the Dept of Ed has been pushing people into ICR plans for the last over a decade (and they have been around almost 3 decades) and those plans have a drop dead date of 20 or 25 years depending on which version one went into. Payments are based on one's income and filing status, recalculated annually with a max payment of whatever it would be on a 15 year amortization. At the end of the 20 or 25 year period, any amount owed is then discharged pursuant to the terms of the loan. The discharged amount is then 1099'd to the borrower who has to file it on their taxes as income. Between now and January 1, 2026, the CARES Act waives them having to pay taxes on that discharged amount. As of January 2, 2026, they are going to have to pay income taxes. Ergo, not discharging it now and waiting to discharge it after2026 doesn't "make em pay" anything but more income taxes because if they aren't paying them what they would on a standard amortization, they sure as hell won't be until they get written off.

 

[The Sage of Main Street]

I don't know. He will certainly shore up some of his base (buying votes), when he likely hit's the campaign trail and hints that he needs majorities in Congress to get it done. Even though we know of course that he can do it with just a stroke of his pen.
If he does however, he will see a lot of outraged Americans who are disgusted with having to foot the bill for someone else's responsibility.

The University's Fundamental Fallacy

Corporations and consumers both benefit from having a highly educated work force. Where's their responsibility? Should we be parasites freeloading off the sacrifice of students?

The reason for feeling that only the college graduates themselves benefit is that it is true under our educational system, which puts inferior students in responsible positions, weakening the economy and depriving the consumer. It is undeniable that replacing this insulting system with highly paid professional training would produce the kind of graduates that the public would be grateful for having. Few of today's college graduates would qualify under a system where talent is rewarded up front. Unpaid education dredges the shallow end of the talent pool. It is work without pay, literally producing amateurs.

 

[The Sage of Main Street]

If I owned a company, I would ask job applicants if they have or had a student loan and if the applicant said yes, the next question would, "did you pay it off personally, or did you let the government pay off your loan. If the answer was yes, I would show them the way out. When you sign "your" name to a loan document, you are swearing that "you" are responsible for paying it off, no one else, unless there is a co-signer on the loan and you default. If you let the government pay your student loan, that means your word means nothing and are not to be trusted.

Prep School Means "Prepare for College." So College Is Only for Those Un-American Brats

You wouldn't dare reject your precious Preppies for having their Daddies pay their tuition, which is as bad as the government paying off a student loan.

 

[Silent Warrior]

It's certainly understandable. That organization is full of people that partied for 4 years on student loans to get a degree in Etruscan literature or some other non-marketable major, then found they couldn't find a decent job and joined a union.

 

[hadit]

So now we're to the point, that paying off YOUR OWN damn debt, is making sacrifices?!!
God please give me strength to not kill these people!!!!!!!!!!!!!!!!!!

MSN

Do they not realize that they are explicitly demanding that the working class, many of whom have NOT gotten a college education, pay the debts of those who DID get a college education? Or do they realize it and cynically expect no one else to notice?

 

[Resnic]

So now we're to the point, that paying off YOUR OWN damn debt, is making sacrifices?!!
God please give me strength to not kill these people!!!!!!!!!!!!!!!!!!

MSN

I'm a working person and I have to sacrifice to pay off my mortgage that's 160k+ to go because I made an agreement to borrow money to buy something. So will they pay off my mortgage also?

I mean if you cancel student debt they get to keep their education, I should get to keep my house also.

 

[Lisa558]

Here’s the irony: the least likely to be struggling on the college grads. What about the REAL working class, with high school diplomas? Why should they have to absorb the debt of higher-earning people who promised to repay their loans?

This is a very transparent vote-buying scheme.

 

[JoeB131]

Here’s the irony: the least likely to be struggling on the college grads. What about the REAL working class, with high school diplomas? Why should they have to absorb the debt of higher-earning people who promised to repay their loans?

This is a very transparent vote-buying scheme.

Yes, it is... what's your point?