Politics: 2020 Dem POTUS candidate catch all discussion thread - Page 85
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  1. #1093
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    So Bernie has now announced his plan to eliminate all student loan debt -- totaling $1.6 trillion -- in what would be the biggest economic stimulus the country has probably ever seen. It's something that might have seemed laughable in its scope... until the GOP gave $1.5 trillion to rich people.

    The problem I see is how this applies going forward. Bernie quotes the cost of debt today, but what about the student debt of tomorrow? Is that forgiven too? How much does this cost in perpetuity? And who benefits the most from this kind of universal forgiveness?

    As someone who has 6-figure student loan debt, this plan would greatly benefit me. But I think plans like Warren's -- graduated loan forgiveness based on income -- are much more reasonable. And the bare minimum reform that anyone should make, IMO, is to reduce the federal student loan interest rate to 0% and deduct all prior interest payments from your principle. The interest rate on my loans is 7%. Prior to this year, I'd made $40k in payments on my loans, but my interest had accrued $45k. That is absurd. I'm not on board with the notion that higher education should be free, but society benefits from an educated populace, and the government should not act as a predatory lender. It should facilitate education without punishing students afterward, and that's not the structure we have right now.

  2. #1094
    BamaNation Hall of Fame 92tide's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by CharminTide View Post
    So Bernie has now announced his plan to eliminate all student loan debt -- totaling $1.6 trillion -- in what would be the biggest economic stimulus the country has probably ever seen. It's something that might have seemed laughable in its scope... until the GOP gave $1.5 trillion to rich people.

    The problem I see is how this applies going forward. Bernie quotes the cost of debt today, but what about the student debt of tomorrow? Is that forgiven too? How much does this cost in perpetuity? And who benefits the most from this kind of universal forgiveness?

    As someone who has 6-figure student loan debt, this plan would greatly benefit me. But I think plans like Warren's -- graduated loan forgiveness based on income -- are much more reasonable. And the bare minimum reform that anyone should make, IMO, is to reduce the federal student loan interest rate to 0% and deduct all prior interest payments from your principle. The interest rate on my loans is 7%. Prior to this year, I'd made $40k in payments on my loans, but my interest had accrued $45k. That is absurd. I'm not on board with the notion that higher education should be free, but society benefits from an educated populace, and the government should not act as a predatory lender. It should facilitate education without punishing students afterward, and that's not the structure we have right now.
    i think this should be done in conjunction with some sort of policy to begin reducing costs of higher education. i'm with you, it shouldn't be free, but the costs nowadays are absurd.
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  3. #1095
    BamaNation Hall of Fame 92tide's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by Crimson1967 View Post
    I wish a serious Republican would primary him.


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    there aren't nearly enough republican votes for a not-trump candidate. he has completely taken over the gop/conservatism and they are all in with him.
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  4. #1096
    Super Moderator NationalTitles17's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by CharminTide View Post
    So Bernie has now announced his plan to eliminate all student loan debt -- totaling $1.6 trillion -- in what would be the biggest economic stimulus the country has probably ever seen. It's something that might have seemed laughable in its scope... until the GOP gave $1.5 trillion to rich people.

    The problem I see is how this applies going forward. Bernie quotes the cost of debt today, but what about the student debt of tomorrow? Is that forgiven too? How much does this cost in perpetuity? And who benefits the most from this kind of universal forgiveness?

    As someone who has 6-figure student loan debt, this plan would greatly benefit me. But I think plans like Warren's -- graduated loan forgiveness based on income -- are much more reasonable. And the bare minimum reform that anyone should make, IMO, is to reduce the federal student loan interest rate to 0% and deduct all prior interest payments from your principle. The interest rate on my loans is 7%. Prior to this year, I'd made $40k in payments on my loans, but my interest had accrued $45k. That is absurd. I'm not on board with the notion that higher education should be free, but society benefits from an educated populace, and the government should not act as a predatory lender. It should facilitate education without punishing students afterward, and that's not the structure we have right now.
    They could even begin with following the law on loan forgiveness for those in public service and stop trying to do away with that too. The system in place now is not sustainable or suitable.
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  5. #1097
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by NationalTitles17 View Post
    They could even begin with following the law on loan forgiveness for those in public service and stop trying to do away with that too. The system in place now is not sustainable or suitable.
    Absolutely. I actually think the PSLF program should be expanded so everyone in any discipline can apply. One reason I chose to make less money working at an academic hospital instead of private practice is because of that program. If it didn't exist, financial realities would keep me (and many others) from being a part-time teacher.

  6. #1098
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by 92tide View Post
    i think this should be done in conjunction with some sort of policy to begin reducing costs of higher education. i'm with you, it shouldn't be free, but the costs nowadays are absurd.
    Yup. Bernie's plan is a give-away to universities, who would be free to raise tuition as high as they like, knowing that the government would cover it. But I'll give him the benefit of the doubt -- maybe he plans to address that as well and just wants all these headlines today. I'm sure it'll come up in the debates.

  7. #1099
    BamaNation Hall of Fame Go Bama's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by CharminTide View Post
    So Bernie has now announced his plan to eliminate all student loan debt -- totaling $1.6 trillion -- in what would be the biggest economic stimulus the country has probably ever seen. It's something that might have seemed laughable in its scope... until the GOP gave $1.5 trillion to rich people.

    The problem I see is how this applies going forward. Bernie quotes the cost of debt today, but what about the student debt of tomorrow? Is that forgiven too? How much does this cost in perpetuity? And who benefits the most from this kind of universal forgiveness?

    As someone who has 6-figure student loan debt, this plan would greatly benefit me. But I think plans like Warren's -- graduated loan forgiveness based on income -- are much more reasonable. And the bare minimum reform that anyone should make, IMO, is to reduce the federal student loan interest rate to 0% and deduct all prior interest payments from your principle. The interest rate on my loans is 7%. Prior to this year, I'd made $40k in payments on my loans, but my interest had accrued $45k. That is absurd. I'm not on board with the notion that higher education should be free, but society benefits from an educated populace, and the government should not act as a predatory lender. It should facilitate education without punishing students afterward, and that's not the structure we have right now.
    I completely agree. I owed roughly $50,000 in student loans after graduating dental school in 1980 and had held a janitorial job the whole time I was in school. I was able to pay it off in 10 years but was still buried under a mountain of debt from business loans so there was no relief. Many of my colleagues had the same experience. There should be zero interest on a student loan.

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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Regarding student loans. When they made it so that you can't file bankruptcy for student loan debt, it essentially turned young, often financially stupid kids into piggy banks for private lenders. I don't have a problem with student loans but there is no longer any risk that the banks have to assume for giving out loans. It may not be a popular opinion, but 40K for cosmetology school, or underwater basket weaving are just not sound investments from a banks perspective.
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    Quote Originally Posted by Obama
    If you like your doctor, you can keep your doctor. If you like your health care plan, you can keep your health care plan. Source
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  9. #1101
    BamaNation Hall of Fame Bamaro's Avatar
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Eliminating all student debt seems unfair to those who either had no student loans or already paid them off. Especially considering that we are now running about a 1 trillion yearly deficit. Shouldn't we take care of the US debt first?

  10. #1102
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Beto's latest proposal is a War Tax. God knows we need to do better by our veterans, but I'm not sure this is the best way to do it--particularly since it is the wealthy that gets us into wars and sends the poor to fight them while they stay at home.

    Should make the debate entertaining, though.
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  11. #1103
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    Re: 2020 Dem POTUS candidate catch all discussion thread

    Quote Originally Posted by Go Bama View Post
    I completely agree. I owed roughly $50,000 in student loans after graduating dental school in 1980 and had held a janitorial job the whole time I was in school. I was able to pay it off in 10 years but was still buried under a mountain of debt from business loans so there was no relief. Many of my colleagues had the same experience. There should be zero interest on a student loan.
    I had loans in 1958 and 1959 under the first NDEA and, IIRC, the interest rate was 1%. I didn't pay them off for a long time for obvious reasons...
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