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Thread: $300 billion Student-loan debt forgiveness

  1. #1

    Default $300 billion Student-loan debt forgiveness

    Student-loan debt forgiveness would cost $300 billion, report says — less than half of the defense budget

    The Biden administration is reportedly gearing up to cancel $10,000 in student debt for some borrowers.

    The announcement, targeted at borrowers making under $125,000, could come on Wednesday.

    A new estimate from the Wharton School finds forgiveness could cost $300 billion this year.
    https://www.msn.com/en-us/money/care...omMaestro=true
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.


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  3. #2

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    Default Re: $300 billion Student-loan debt forgiveness

    Someone is trying to buy Votes!



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  5. #3

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    Default Re: $300 billion Student-loan debt forgiveness

    Gee I wish my daughter's student loans got written off by the government. The loans I took out to help my daughter's get a college education averaged 4% - 7% interest. Why not have them pay their loans off at 1%. Maybe I should ask the government for a refund.
    May the force be with us.

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  7. #4

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    Default Re: $300 billion Student-loan debt forgiveness

    Apparently it was done last night. I'm seeing messages from folks who have been paying on their loans for years, and their balance was wiped out last night overnight.

    Ok folks- your debt is cleaned away. Now become good consumers and buy stuff.


    Check your student loan balance. President Biden Paid off my daughters Student loan last night.


    She owed just under 10,000 and now her balance is 0$. Just wonderful, She is crying on the phone.
    To those who are effected- this is a BFD.

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  9. #5

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by James48843 View Post
    Apparently it was done last night. I'm seeing messages from folks who have been paying on their loans for years, and their balance was wiped out last night overnight.
    I find it hard to believe that they paid off loans already before the announcement has been made. And if it is true, us TSPers should not be happy about it comparing that reaction to the slow service we're getting with the new TSP system (although apparently improving?)
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

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  11. #6

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    Default Re: $300 billion Student-loan debt forgiveness

    Well, it looks like the FED has to yank another $300 Billion out of the economy.

    Higher interest rates in the forecast.
    Lookin' up at the 'G Fund'!!!

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  13. #7

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    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by nasa1974 View Post
    Gee I wish my daughter's student loans got written off by the government. The loans I took out to help my daughter's get a college education averaged 4% - 7% interest. Why not have them pay their loans off at 1%. Maybe I should ask the government for a refund.
    My student loans in the 70's WERE 1.5% in fact. Back when we put priority on higher education access over corporate profit. My kids are paying about 7%, though fortunately we covered about 85% of their total costs ourselves (and that sure as hell wasn't cheap by any means).

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  15. #8

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    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by Khotso View Post
    My student loans in the 70's WERE 1.5% in fact. Back when we put priority on higher education access over corporate profit. My kids are paying about 7%, though fortunately we covered about 85% of their total costs ourselves (and that sure as hell wasn't cheap by any means).
    My student loans in the early 1980’s were at 8%, at a time when mortgages topped 21%.

    Luckily, the US Army made a small dent in the balance over 4 years, and I was able to pay off the rest while serving in the National Guard. I think those programs were very valuable to me. Thank you, America.


    Sent from my iPhone using TSP Talk Forums

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  17. #9

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    Default Re: $300 billion Student-loan debt forgiveness

    The student loan debt isn’t being paid off. It’s being transferred to someone else.


    Scott Harrison
    Senatobia, MS
    Scott Harrison
    Senatobia, MS


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  19. #10

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    Default Re: $300 billion Student-loan debt forgiveness

    Last week we paid off a job we had done to our property in October 2021. We initially placed the balance on a 0% interest rate card and computed what our bi-weekly payments had to be to pay it off before the interest rate took off. The job was in the $10,000 range so you can get an idea of the payments we were making. So many things we could have spent the money on. It wasn't fun, but man, was it a sense of accomplishment and relief to have it paid off after making some sacrifices each month.

    Loan forgiveness doesn't teach those kinds of lessons.

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  21. #11

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    Default Re: $300 billion Student-loan debt forgiveness

    I don’t think any President ought to be able to just summarily dole out taxpayer money that way.

    Why aren’t people concerned about taking on so much debt anyway? It’s not my fault they made bad decisions.

    Many things in life aren’t fair. I get that, but this problem (student debt) didn’t just spring up due to the pandemic. It is a campaign promise being fulfilled right here before the elections.


    Scott Harrison
    Senatobia, MS
    Scott Harrison
    Senatobia, MS

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  23. #12

    Default Re: $300 billion Student-loan debt forgiveness

    Larry Summers Says Student Loan Debt Relief Is Inflationary

    Larry Summers, President Emeritus of Harvard University and former Treasury Secretary, argued against “unreasonably generous student loan relief” because it is spending that “raises demand and increases inflation.”
    https://www.bloomberg.com/news/artic...s-inflationary
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

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