Sen Elizabeth Warren introduces bill to eliminate college loan debt
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  1. #1
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    Sen Elizabeth Warren introduces bill to eliminate college loan debt

    https://www.cnbc.com/2019/07/23/eliz...twitter%7Cmain

    i have mixed feelings about this. on the one hand i understand the overwhelming burden of having high college loans has on someone trying to get started in the real world. but i really hate the idea of the burden being shifted on to tax payers. i worked my tail off to pay off my loans....but i can see where a certain subset of borrowers would need help with this. personally i think anyone making more than about $75k per year should not be able to have more than 50% their college loans forgiven.

  2. #2
    BamaNation Hall of Fame Tidewater's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    My freshman year at Alabama, I paid $348/semester. Not per semester hour, per semester.

    I'm not sure the education of 30 times better now than it was in 1981.

  3. #3
    BamaNation Hall of Fame DzynKingRTR's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by Tidewater View Post
    My freshman year at Alabama, I paid $348/semester. Not per semester hour, per semester.

    I'm not sure the education of 30 times better now than it was in 1981.
    People now pay more than I paid as an out of state student.

    I just question where all the money will come from to pay this off. My guess is huge taxes for me and everyone else. My student loans are almost paid off (i didn't borrow much because I worked 2 jobs to pay the rest) and now I have to pay off student loans for people that got degrees in Sociology and philosophy and gender studies? Free education for all? How? Are professors in colleges going to start making about as much as a waiter?
    Architects do it with models.

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  4. #4
    Super Moderator NationalTitles17's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    The articles states where the money will come from on the small chance it passes in current form.
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  5. #5
    BamaNation All-American TrueCrimson7's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    With what I owe in student loans, I could buy a very nice house. I am against this idea of sweeping loan forgiveness. Contracts mean something. I knew how much I was taking for education, and if I didn't, I should have before signing for them. First, this action teaches that others will pay for your dealings. Bad precedent. Secondly, it removes the valuable lessons of responsibility in making regular loan repayments. I'm sure there are some who want the handouts. It's a slippery slope and not the kind of life I want to lead.

  6. #6

    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    So can I get repaid for the loans I diligently paid off?

    Do all new students get their loans paid off? All kids can now attend college for free?

    Or maybe, just maybe, we could work to reform the collegiate system, making it more competitive and removing degrees that have little or no hope of ever allowing the recipient to repay the loans in the first place...
    Oderint dum metuant - Lucius Accius

  7. #7
    Super Moderator NationalTitles17's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by crimsonaudio View Post
    So can I get repaid for the loans I diligently paid off?

    Do all new students get their loans paid off? All kids can now attend college for free?

    Or maybe, just maybe, we could work to reform the collegiate system, making it more competitive and removing degrees that have little or no hope of ever allowing the recipient to repay the loans in the first place...
    I agree the system needs reformed, although I would love to have my loans disappear. The system as it is is not sustainable and is a drag on the economy.
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  8. #8
    BamaNation Hall of Fame Bazza's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Well done Pocahontas....that's gonna leave a mark........
    "Old dog - new tricks"

  9. #9
    BamaNation Hall of Fame seebell's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by NationalTitles17 View Post
    The articles states where the money will come from on the small chance it passes in current form.
    Under Warren’s proposal, introduced along with Rep. James E. Clyburn, D-S.C., borrowers with household incomes under $100,000 would get $50,000 of their student debt forgiven. People who earn between $100,000 and $250,000 would be eligible for forgiveness on a sliding scale – the cancellation amount reduces by $1 for every $3 a person earns over $100,000. And those who earn more than $250,000 would not get any debt relief.

    The plan would likely be funded with a 2% annual tax Warren proposes to levy on accumulations of wealth exceeding $50 million, with an additional 1% levy on wealth exceeding $1 billion.

    Critics say the plan is costly and fails to address the root of the problem with today’s higher education system. “This proposal does nothing to decrease the cost of college and does not help future students,” said Richard Hunt,

    Yep what about the next crop of college students. Will the wealth tax mean free college for all?
    Last edited by seebell; July 23rd, 2019 at 05:48 PM.

  10. #10
    Suspended JBama_in_PCOLA's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    I swear.


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  11. #11
    BamaNation Hall of Fame Bamaro's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    So we're going to borrow money to pay off loans

  12. #12
    Super Moderator NationalTitles17's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by Bamaro View Post
    So we're going to borrow money to pay off loans
    I remember 2008.
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  13. #13
    BamaNation All-SEC BamaHoHo's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by rjtide View Post
    https://www.cnbc.com/2019/07/23/eliz...twitter%7Cmain

    i have mixed feelings about this. on the one hand i understand the overwhelming burden of having high college loans has on someone trying to get started in the real world. but i really hate the idea of the burden being shifted on to tax payers. i worked my tail off to pay off my loans....but i can see where a certain subset of borrowers would need help with this. personally i think anyone making more than about $75k per year should not be able to have more than 50% their college loans forgiven.
    They shouldn't be able to have any of it forgiven. The government isn't paying for it. We the taxpayers are!

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