Want to grow the US economy? Cancel student debt, new report shows

>“What our report shows is that you get a greater macro economics impact, bigger
bang for the buck, and that student debt cancellation has about half the
budgetary effect of the Trump tax cuts

archive.is/Rs1ms

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youtube.com/watch?v=OI-9iMrWRrw
studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven
youtube.com/watch?v=yTjnpJvZrwM
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get off this board Bernie Sanders

this

>i promise i didnt sage

That would actually be a good idea.

Just lower the ridiculous prices of higher education and everything will sort itself out.

The only people with higher education that become teachers are the ones that couldn't hack it in their chosen fields. Their pay should reflect this failure not make up for for it.

Because that's totally fair to all the people who worked hard to successfully pay off their debt.

This guy gets it

Id be fine with that as long as their degrees get cancelled, too

How about schools lower their pricing? The fact you can get same education in a community college for way cheaper, tells us the fact education is over priced.

>Because that's totally fair
Life ain't fair silly goose ;)

Still have 30k in loans. I agree completely.

>he doesnt want to pay for social studies degrees
Apologize!

The price of education is fine. The problem is morons putting their living expenses on their student loans. Every state has a universities with tuition less than 10k a year. A student loan of 40k for a bachelor's degree means a person pays 400 dollars a month for 10 years. This might sounds like alot, but that bachelor's degree allows them to make $15-30k more per year. It's a great investment, unless you charge your rent, utilities, food, etc to your student loans, or you get a degree in something useless.

Make it dischargeable through bankruptcy. That is the only fair way.

great idea. But tax the liberal arts colleges to pay for the debt cancellation. Liberal arts is a giant scam so they need to pay it all back.

If its dischargeable through bankruptcy, we need to raise interest rates to make up for those filing bankruptcy. You're getting an unsecured loan for 5% a year, why are you crying?

LOL DUDE FREE SHIT

how about reform an increasingly useless higher education system or admit its a cash machine for kikes

>but that bachelor's degree allows them to make $15-30k more per year

thats a load of shit

Bankruptcy is a serious action that the vast majority of debtors will not opt for.

i dont have any debt but i agree this would be a good idea. but at the same time prices of universities should be lowered.

Most work that require degrees also require you to live in a city. Living in a city is not exactly cheap. Your $15-30k extra becomes a $15-30k less than you need very quickly.

Yes, sinking your life savings into a degree is retarded, but people coming out of school have no choice. They have fuck all savings because they can't land a decent job and they can't land a decent job because they don't have the education.

The lowest paid among my cohorts got offers for $40k per year. Without a college degree, they'd be working at McDonalds making 20-25k per year. They'll also see more significant pay raises in the future.

Or to taxpayers who lent it

Basically becomes a grant to every college retard to the tune of 200k

The federal government already allows them to discharge their debt after making payments for 20 years.

I think you misunderstand what I'm saying. They are adding in their living expenses while they're in college. This is where a bulk of college debt comes from.

>Mic
fucking dropped
I cant believe this is Sup Forums and none of you know the political reason for the student debt being so high.
>College is expensive
>Get loans from banks for college
>Banks don't want to loan to niggers and spics because they never get their money back
>Government assures banks they will get their money back
>Banks start making loans like mad because they are now guaranteed payments
>Shlomo running the college sees the fountain of money and continuously asks for more

Federal student loans also have built in protections for cases like you describe. Students don't have to start paying back their loans until 6 months after graduation, and even after that they can have their payments adjusted based on their income. When loan repayment is based on income, the minimum payment is only 10% of a student's discretionary income. After 20 years of making payments, the debt is forgiven.

>cancel student debt

How is this different than the government making universities free (Bernie's plan)?

you will still take a big credit hit for not paying the loan in full. douche. in your 40s that hurts. commie.

nigger I could get a job at fucking walmart right now that pays 35-40k

also you could piss easy get into a trade and make 40k minimum, 40k what a joke lmao

Its my understanding that student loan forgiveness doesn't hurt your credit. You just have to pay income taxes on the amount forgiven. I don't see how this is worse than debt being discharged in bankruptcy.

bet most college kids dont know Obama brought back indentured servitude for college debt.
bancruptcy laws are part of our founding laws because of debtors prisions in europe.
law students were filing for bankruptcy as soon as they graduated so they could repair credit by 30. lawyers ruin shit for everyone.

40k is what my lowest paid cohorts received offers for. If trades in your area are paying that well, then go for it. College isn't for everyone. Though that's certainly no excuse for living off of student loans for 4 years and then crying when the payments become due.

How would that boost the economy? If Johnny Soy can't get a better job than Starbucks with his genderqueer studies degree cancelling his debt won't fix anything. He's not even paying his loan down anyway.

cancel student debt. lol how does that work

youtube.com/watch?v=OI-9iMrWRrw

you cant declare bankruptcy for student debt since Obama. and I really doubt banks are nice guys and forgive all debts without credit hits after 20 years.

Its neat how they use the term "cancel" student debt, when in reality most student debt has been purchased by private companies, meaning the government would have to pay out trillions of taxpayer dollars to accomplish it

Well that's just stupid then

The debt is forgiven? They just have to not earn a decent wage for 20 years and the college says they didn't really need the money? Obviously nothing wrong with this system, eh?

>go to college
>get loans
>get mediocre pay
>50% of pay goes to paying student loan
>no money for anything else but food and bills

Yeah this would be a good idea. Then people could stop bitching about why millenials aren't spending money by going out.

Student Loan Forgiveness after 20 years of payment is available for all federal student loans. Idk about private student loans, but you'd have to be a moron to get those anyway.

This.

The Jews would never allow anyone to just "cancel debts", silly leftists.

You know who it's really unfair to? The people who lend the money! Think of the bankers, you fools!

kek. this is the same sort of rhetoric the left uses to defend immigration. Your scenario is fiction, nobody has to pay more than 10% of their discretionary income towards their student loans. This usually works out to 2-4% of their total pre-tax income.

In your imaginary world.

They're federally back loans, we're on the hook for you idiots who don't pay. They have to be federally guaranteed because no sane lending company would give out unsecured loans to teenagers at 4.5%.

Cool, so our collective interest rate drops because you 2 spergs weren't clever enough to see through the uni meme? Real fair to actually useful people

Ayo Gibs me dat! Dat sheits a good ideuh muhfuggin bix nood I wants dat!

studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven

Only a brainlet like you would take out 80k in debt without actually researching what the fuck you're getting into. Bloody hell, they make you go through a program that explains this. Why are you people so stupid?

You're right. Life ain't fair. That's why these idiots should have to pay off their own money

not going to lie. would love this.

>American
> Says "bloody hell"
> I think someone has been listening to a little bit too much jp. Time to go clean your room

How do the retards figure this? Instead of cutting taxes, which benefits people who are working, cancel student debt, which benefits dumbasses who ran up debt to get useless degrees. Meanwhile, it's going to benefit the shit out of the bankers, who will get paid for the canceled debt, instead of working people having a bit more money in their pocket. They are literally shilling for a transfer of wealth from working people into the pockets of the 2%. How fucking stupid are the Left?

it comes out to more than that. Also they make your payments higher if your married and your spouse makes money.

oh fuck no. i had to work my ass off to pay for school so i could avoid student loans and now all the useless idiots who used someone else's money to pay for their 100,000 dollar liberal arts degree want an out. no make them pay it back, life has consequences.

It's a flat 10% rate. I think older loans are capped at 15%. It's based entirely on your discretionary income. If you're married and your spouse makes money, your discretionary income will go up.

>spend 1.3 trillion dollars
>increasr in 200 billion in gdp over the next 10 years
Hmm...
This is not even considering the study was made by some college kids triying to prove the benefits of condoning their debts (so totally overestimated data using a huge time base to show some small benefits).

I would only approve of this if they did something like the government employee debt forgiveness program, which requires that you be employed in your field of study for 10 years and that during that time you were making at least the minimum monthly payment on your loan. The government then writes off your remaining loan.

I think a program like that is a.) Fair, because if you can't payoff the cost of your education working directly in your field, having never missed a payment in 10 years, than it shows that the cost of education in said area has been artificially inflated past the cost of its actual value and b.) I think such a program when stop people from pursuing meme degree where they cannot find employment correlated with their area of study. In other words... People would go to school for programs that they can find work in immediately.

The argument is more about increasing consumer spending. Can't spend if your last free cent is gone on pointless debt.

Also, daily reminder that the human brain isn't officially an "adult" until around age 25, when the prefrontal cortex finishes developing. Before then, especially the average age at which students enter college (17-18), those people should not be legally capable of assuming more than a couple thousand of debt in the form of credit cards. They are literally physically incapable of understanding the long-term consequences of their actions during that time, which is why dedicated parenting is crucial to the success of children (duh).

tl;dr: Adulthood happens past age 25, not magically at 18. 18 year olds are just as stupid as 12 year olds, but with a larger vocabulary. They do not fully understand the concept of long-term financial obligation.

The student loan crises has been caused by careless, meme-driven boomer parenting and predatory lending practices that fully exploited those circumstances.

That said, lenders should eat the debt. Predatory lending should not be made profitable - these lenders knew full well, just as they did before 2008, that lending large amounts at interest to complete morons would result in widespread default.

If loans are forgiven after 10 years regardless of which field you're in, wouldn't that subsidize those entering fields with low demand?

This. I worked my way through uni, most of the time with two jobs. Graduated debt free and with great credit. Also paid for my rent, living expenses, entertainment etc. Turns out that if you work hard, study hard and budget wisely college isn't that difficult to get through.
Will also tell the quick tale of a former roastie roommate
>early 20s
>dumb as a pile of bricks
>parents take out second mortgage on their house to get her a $40,000 loan for 4 years of school
>she blows it within a year
>expensive sushi
>shopping
>drinking
>lavish gifts for loser boyfriend
the kicker:
>she was still in junior college
Retards with debt from student loans are in debt due to their own stupidity/laziness. They deserve no forgiveness or leniency. I watched dozens of acquaintances waste money on the most frivolous crap in school while relying on loans and gibs from their parents and big daddy government. They made their bed, now they can lay in it.

please see
She was biologically an idiot. Most people are clinically retarded until they reach 26. Her parents were supposed to do the reasoning for her. They didn't and screwed their legacy. If she were 30 and decided to take out a $400k mortgage at > 8%, then I'd agree there is no reason to feel pity.

>Adulthood happens past age 25, not magically at 18. 18 year olds are just as stupid as 12 year olds, but with a larger vocabulary.
kek. By 25 I had already finished my masters, gotten married, bought a house, and had a kid on the way. You're telling me people under 25 are too stupid to understand a straightforward loan?

That is the case for most people. The age 25 marker is an average, btw. The upper bound can go as high as 30. Its a combination of genetics, stress, nutrition, and parenting habits. If one's parents never actively involved their children in finances, they won't know what "financially responsible" behavior would be, or how to emulate it. Behavior is largely emulated until the forebrain finishes developing.

Not necessarily. The reason the government does it is because, for the vast majority of government positions, the pay is substantially lower than the private sector market for those same fields. For example, engineers, actuaries, and in my case IT systems analyst. The government needs these very critical STEM professionals to manage physical and scientific/technological infrastructures, but they can't pay them what a private sector firm can. So it's really just an incentive to attract qualified people to work a position for less than they would be worth in the private sector. I can absolutely speak to this on a personal level, I took a pay cut to move from the private sector, where I had worked for ten years, for the opportunity to transition from my meaningless paperpushing career, to train and move up the ranks in the IT sector. Now, if I move back to the private sector, my salary will instantly go up no less than 30k.

Same here. I averaged 18 credits a semester, worked full time, and did volunteer work. I regret missing out on some networking opportunities, but I was still able to get into grad school. I finished my undergrad with 15k in debt and added another 8k while working and completing my masters. Over the last two years, I've paid it all off.

SHUT IT DOWN

Cancel student debt and start a program
to teach trades IN high school, including manual labor and professional trades in IT and healthcare and even business/back office skills. Then implement massive tax cuts to companies who hire and train high school graduates. Bam you just solved tuition prices, employment, and everything.

Also, to be clear, I didn't actually take advantage of that government incentive (I've only been here 4 years and am debt free). I took advantage of my private sector employers tuition reimbursement plan and worked my way up from a lowly mail room clerk, and got myself a free undergrad and MBA. I don't know why more kids don't just go straight from hs to work and take advantage of tuition reimbursement programs employers offer. It's free money, and while it is hard going to work and school ft, what better time to do it than in your 20s before you have a wife, kids, and mortgage to worry about?

Now, having said that, I really do think there is something to that 10 year program that could be extrapolated and applied to the private sector successfully. It is a fairer comprise than flat out Gibs and debt forgiveness.

Maybe when our generation finally gets into power, Boomers would never implement such a thing

They want to cancel the debt, in other words government/tax payers pays off the debt, because all these SJW losers will never pay (((them))) their money back

>Trade in schools
That’s called a vocational high school

this bachelor pay and entry level jobs are artificially deflated by mass immigration

Development of the prefrontal contex isn't some switch that flips at a certain age. It happens along a progression. At 18, a person's brain is certainly developed enough to understand the consequences of long term debt. Your argument is especially absurd considering these same students are deemed intelligent enough to spend the next four years learning the skills necessary for their career. The infantilizing of teenagers and young adults has already gone far enough in this culture, trying to push the envelope more is utter revolting.

I would like to add that, while I agree the cost of stupidity should be strictly borne by the stupid, it is important to note that interest rates and inflation have gone up as a result of the 2008 mortgage fiasco - the result of banker clowns taking advantage of stupid people. Since the majority consists of stupid people, we need to implement some measure of protection against damage to our assets and interests indirectly caused by such behavior. If anything needs stricter regulation, that would be lending to anyone of college age. They are literally going to school to understand what to do with their lives, and in most cases, have no experience with debts larger than a few hundred.

A big red flag should go up in your head if your advisor says "oh, its just like a credit card." Such people probably get a commission for every loan the get approved. Walk the fuck away.

Guess 24 year olds should be charged as juveniles when they commit crimes then, right? Should take away their voting rights and ability to purchase tobacco, alcohol and porn as well. Better yet, make their parents still responsible for them until their magical 25th birthday, or wards of the state.
Quit taking agency away from people. I was in my early 20s too and yet didn't make the same idiotic decisions.

I know it's (((PragerU))) but they explain why college tuition is so expensive in this video:

youtube.com/watch?v=yTjnpJvZrwM

I would be livid. You knowingly took out money to pay for a shit degree, now pay the loan. It’s nobodys fault but your own. I took out a 30k loan for my university degree and worked the entire time while in school for 4.5 years. Paid it all off within a year of graduating. It’s not that hard... stop babying adults.

>it is important to note that interest rates and inflation have gone up as a result of the 2008 mortgage fiasco
You're an utter retard. It's acceptable not to know things. It's unacceptable to mascaraed as an expert when you clearly don't even understand the fundamentals.

I think the concept of not causing harm to another is fundamentally less confusing than understanding the nuances of finance. On one hand, they learn from the age of 2 that it's not nice to hurt others, and on the other, most of them never even receive the most basic of introductions to until they are actually in college... And even then, only if they are in a program related to business. The sad reality is, most people in this country never receive an education in finance until they go to the school of hard knocks.

> At 18, a person's brain is certainly developed enough to understand the consequences of long term debt.
IF the parents were focused on finance, and placed very heavy emphasis on responsibility. It really depends on the person. As you said, it isn't some magic switch. Some people develop very quickly, as early as 16, and can easily assume adult roles. These people are very rare.

> Your argument is especially absurd considering these same students are deemed intelligent enough to spend the next four years learning the skills necessary for their career.
Public universities will admit anyone. There are no more admission interviews. Also take note of how 50% of the curriculum is a duplicate of high school, and that the practice of awarding college credit for AP classes is becoming rare.

As I've said before, the majority are insufferable imbeciles, and this is the biological norm. We have to accommodate the majority with regulation, or suffer the consequences economically. Either way, the result of this student loan fiasco is inflation. Either most of these loans go into default, or they are all cancelled. The fed ends up reimbursing them regardless. At least if they are cancelled, those affected will have a little more spending power, and could help the economy a little. Paying interest on a ballooned loan does not help any business grow.

This explains the higher tuition costs, but most of the debt students take on is from charging living costs to their student loans. In the 23,000 price they quote, over half of that is from "room and board" and "meal plan" costs. Working a part time job to cover your rent payments and cooking your own food significantly lowers the cost of college.

You are a paid banking shill and should kill yourself.

Less monies for the banks we should keep raising tuition

If you only get government loans the interest rate is locked at 5% which isn't too bad.

I will graduate with 70k after masters degree. Either way I should be able to pay it off.

I think forgiving undergraduate gov't loans is reasonable though.

You gatta be one dumb son of a bitch to rack up debt while going to school. Its this retarded American culture of moving out and going to some overpriced school for the 'experience'. If you stay at home its possible to pay for uni with a fucking McJob. Also If you get a two year first, then you can get a real job and make money while going to school. Anyone drowned in student debt and can't pay it off more than likely deserves it. Because any decent stem, law or medical student with a good gpa will pay it off. That's how an investment works.

>How to crash the economy 101

>banking shill
You're making my point for me. You're too stupid to even realize the interest on Stafford loans goes to the federal government.

>hurr durr, everyone under 25 is a brainlet like me, why should there be consequences for us

>t. oldfag
get out.

That's why the gov't should promote being responsible and not give those entitled brats a dime. Here in Poland higher education is free but 70-80% of students go to college so that they don't have to get a job and suck their parents dry while drinking, partying and fucking strangers. Fuck free college.

Yeah yeah yeah, how bout you get on board with offering up constructive solutions to the problem, because holding penalizing people in perpetuity for poor financial decisions made in their youth sure doesn't seem to be working out well for anyone.

I finished my undergrad with 15k in debt. The only real regret I have is not doing my first two years at a community college. Most of my courses during my first two years at uni were taught by TAs in auditoriums. A community college would have offer lower prices, smaller class sizes, and faculty with actual degrees.

Just stop subsidizing the loans. We don't need everyone to go to adult daycare for 100k. Stop federal loans, the price will drop and so will attendance meaning the degree retains value.

That's a straight up lie, faggot.

>because holding penalizing people in perpetuity for poor financial decisions made in their youth
ffs, when will this "21 is still a child" meme end?

If you want a constructive solution, here it is: stop subsidizing loans or only subsidize loans based on demand for graduates from these programs.

Cancel all student debt, Stop the war on drugs, stop our endless war overseas, or else I will never support America.

This, also FUCK WHITE PEOPLE

and FUCK DRUMPF TOO

Be 18
Wanna be a SJW
Fight the patriarchy and racism
Meet Mr. Goldstein at community college.
He convinces me to take Women,LGBTQ, and Black studie classes
It's $15k a year
Mr. Goldstein says I'll be able to pay that off in 10 years, recommends to his friend at the bank Mr. Cohen
4 years flyby and I have my Womens and Black studies degree.
Buzzfeed isn't hiring at the moment.
Instead I have to work two jobs a day and the outlook is it'll take me 25 years to pay off my studebt debt