Department of Education

Senate Democrats Want Biden To Unilaterally Forgive Billions of Dollars in Student Loans

Legally, he might be able to do it. Fiscally, he shouldn’t.


With Democrats staring down the possibility of Republicans maintaining control of the Senate, Sen. Elizabeth Warren (D–Mass.) and 12 other Democratic Senators want President-elect Joe Biden to forgive hundreds of billions of dollars in student loan debt by using the Education Department's power "to modify, compromise, waive, or release student loans." 

Warren promised during her own presidential campaign that she would, if elected, "direct the Secretary of Education to use their authority to begin to compromise and modify federal student loans consistent with my plan to cancel up to $50,000 in debt for 95% of student loan borrowers (about 42 million people)." It appears she'd like Biden to do the same. 

This would be quite a gift for many student loan borrowers who still have outstanding balances (myself included). As the Manhattan Institute's Beth Akers noted last year, the typical four-year college graduate completes their degree with less than $30,000 in student loan debt. Meanwhile, the College Board's most recent effort to calculate the lifetime earnings premium of a college degree finds that the average four-year degree holder makes $400,000 more over their working lifetime than someone with just a high school diploma. In 2015, researchers Christopher R. Tamborini, ChangHwan Kim, and Arthur Sakamoto published a paper in Demography that measured the 50-year lifetime earnings gap between high school graduates and bachelor's degree holders at $896,000 for men and $630,000 for women. In 2011, Georgetown University's Center on Education and the Workforce pegged the B.A. earnings premium at $964,000. Whether the premium is shrinking or we're just getting better at measuring it—or some combination of both—it's still a good return on what comes out to roughly $7,000 in interest for borrowers who repay the average-sized loan in the standard 10-year timeframe.

As I outlined in a feature earlier this year, many student loan borrowers do not feel like they're getting a good deal. That's because while federally issued and guaranteed loans have made it possible for the poorest Americans to attain education, those subsidies have also driven up the cost of education at a rate multiple times higher than inflation. It is also now quite clear that making student loan debt easy to accumulate but nearly impossible to discharge in bankruptcy (which I also cover in the above-linked feature) has helped millions of students get ahead while enabling a smaller (but still large) number of students to borrow money they can't repay in order to purchase degree programs they can't complete, can't utilize, or can't recognize as crap.  

A Democratic administration is unlikely to do nothing on student loans, but even when it comes to borrowers who have the hardest time making their payments, there are policies that do not involve giving money away to the upper-middle class. As education researcher Susan Dynarski wrote in The New York Times in 2015, it's actually people who borrow the least amount of money that have the hardest time repaying it: 

Defaults are concentrated among the millions of students who drop out without a degree, and they tend to have smaller debts. That is where the serious problem with student debt is. Students who attended a two- or four-year college without earning a degree are struggling to find well-paying work to pay off the debt they accumulated.

Most borrowers have small debts, according to the Federal Reserve Bank of New York; 43 percent borrowed less than $10,000, and 72 percent less than $25,000. And borrowers with the smallest debts are most likely to default. Of those borrowing under $5,000 for college, 34 percent end up in default. The default rate steadily drops as borrowing increases. Among the small group (just 3 percent) of those borrowing more than $100,000, the default rate is just 18 percent.

If the Education Department forgave up to $50,000 in student loan debt for every borrower, it would be helping many people like myself who don't need it at the expense of the public fisc (and where is the "free" money for people who paid off their student loans, or haven't gone or won't ever go to college?). The stimulus effect would likely be small, considering that the money a liberated borrower would now have to spend on something other than student loans is not the full amount of the loan, but the monthly payment. As with the COVID-19 stimulus checks, borrowers might bank that amount or put it toward other debts. 

The most libertarian policy preference in my view is two-pronged: get the federal government out of the lending and guaranteeing game, and make student loan debt reasonably dischargeable in bankruptcy. These two policies would realign the incentives of colleges, lenders, and students to bring down prices and saddle fewer potential students with loans they are unlikely to repay.

If that is a bridge too far for Biden and a Democratic Congress—and it probably is, considering those policies would also make it harder for low-income students to borrow and the market upheaval would probably snuff out a significant number of schools—Dynarski's writing has convinced me that rethinking repayment timeframes is an acceptable middle way: 

One solution is to lengthen the timeframe of loan repayment. In the U.S., the standard is for borrowers to repay their loans in ten years. Other countries let students pay back their loans over a far longer horizon. In Sweden, students pay their loans back over 25 years. For a $20,000 loan with an interest rate of 4.3 percent, this longer repayment would mean a monthly payment of $100 instead of $200.

Borrowers with very low earnings will struggle with even a payment of $100. Some countries, including England and Australia, therefore link payments directly to income, so that borrowers pay little to nothing during hard times.

Income-driven repayment (IDR), various forms of which U.S. borrowers have been able to apply for since 2009, caps your monthly payment as a percentage of your income and extends the repayment period from 120 months to 300 months. Make 25 years' worth of payments under any one of several IDR plans, and your balance is forgiven, with the forgiven amount taxed as income.

Researcher Daniel Herbst found that transitioning struggling borrowers onto IDR reduced payment delinquency and increased their credit scores. The Congressional Research Service issued a report in 2019 on loan forgiveness and repayment plans in which it said it is too soon to measure (or even estimate) the full impact of IDR. Some estimates predict 33 percent of IDR participant will fail to pay off their balance after 25 years, but the amount they pay over 300 months could still exceed the amount they borrowed for all but the poorest loan holders (and you're not getting blood from those stones no matter how hard you squeeze).  

A longer repayment plan tied to income is also a sensible way to think about the returns of student loan debt, which under the conventional 10-year repayment model sees borrowers making the highest monthly payments when their income is lowest, and their lowest monthly payment after 10 years of post-college earnings. People who'd rather get payments done in 10 years (or sooner) would, of course, reserve that option. People who are struggling right out of school could pay more as they earn more, while people who will carry their debt to the grave no matter how it's structured should be able to seek relief in bankruptcy (which carries enough of a stigma to discourage abuse by physicians, lawyers, and other white-collar degree holders who accumulate large debts but also make a lot of money). 

Working with Congress to improve the IDR process and allowing the most overleveraged borrowers to discharge their student loan debt in bankruptcy would go a long way toward alleviating real problems without further increasing the already generous premium enjoyed by people who complete four-year (and two-year!) college degrees. 

NEXT: Pentagon Fails Another Audit, Will Likely Get Budget Increase From Congress Anyway

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  1. Why not make colleges pay refunds?

    1. This. I’m only receptive to the idea of canceling debts if they can be clawed back from the universities that cashed in on them.

      But what about all the people who paid off their debts last year? Or who start school next year?

      Why not just write a $50k check to everyone? Or $500k?

      1. Or who start school next year?

        That’s a feature. Paying loans at taxpayer expense now will help build the case for paying them off again at taxpayer expense later.

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      4. “Why not write a 50k or 500k check to everyone”?

        Via executive order….Give them time.

    2. Yep. Federal loans are the #1 reason that a university education is as expensive as it is. The universities are insulated from market forces that would normally keep costs down.

      Forgiving the loans doesn’t do anything to encourage better behavior. It does the opposite. If they want to seek relieve for students and alumni, they should put pressure on the universities -with their billion dollar endowments. Instead of encouraging individuals to act responsibly, their plan will bail out both the students AND the universities.

      1. Many universities have no endowments, let alone billion dollar endowments. Only a select few universities have the huge endowments that get so much attention.

        1. We’ll just have to take more from those who have it then.,

          1. From each according to their ability

    3. Glad to see this idea sort of spreading. If leftists are pushing the idea that college tuition is too expensive, why not make the fat cats that made it too expensive pay the expense?

      1. Guess who the fat cats are.

  2. Seize university endowments if the students are getting ripped off enough for the government to have to order debt forgiven.

    Education is a human right? OK, is a MA in Interpretive Dance from a private school that costs $75K/semester a human right, or can we decide what we don’t pay for?

    You can get educated thru High School from various taxpayers. If that isn’t good enough, blame the teachers unions for violating you rights, not the taxpayers.

    1. Community colleges are damned near free if you need additional education.

      Local one is $100/credit hour with pre-established transfer programs to several local state schools for 3rd and 4th years.

      1. Before ITT Tech was put out of business (how DARE they profit from education!) I went there for 2 years to get an Associate’s. I think my classes were like $1500 each, I think all in I paid ~$18k for the schooling and degree. This was affordable on the retail job I had, I was fortunate that my parents let me live at home while doing this. I left with no student debt and make more than a lot of my high school classmates who went to 4 year schools and spent their entire 20s penny pinching to pay off loans.

        If the objective of “free” school is to make sure people are skilled enough to provide for themselves, trade schools ought to be in the discussion.

        1. And in countries with “free” education, everyone doesn’t just get to go to whatever liberal arts college and do whatever they want. There is a lot of tracking and a lot of trade schools. If we want to be more like Germany or other places that have very good educational systems, we will need to start with a dramatic restructuring of primary and secondary education. Which would mean (for starters) someone would have to stand up to teacher unions, make sure you can fire bad teachers and hire actually qualified people to teach difficult subjects, and get over this idea that almost everyone should be on a college-prep track.

          1. If we want to be more like Germany or other places that have very good educational systems

            Obviously we don’t. We’re unwilling to tell little Johnny’s parents he doesn’t doesn’t have what it takes to learn anything useful in college. Race complicates this by a factor of 100.

            We will never overcome this.

            1. Pretty much, especially in the post-Fentanyl Floyd era. Imagine some mother in the hood finding out that Da’Quan is going to have to be a garbage man for the rest of his life because he can barely read at a 1st grade level, despite being 13 years old.

              1. The problem is less her than the Dem party activist moonlighting as a school administrator who tells her the only reason her son can’t read is structural racism and if she just hates Republicans enough her son can become Ibram X Kendi.

                1. “Dem party activist moonlighting as a school administrator”

                  Moonlighting implies performance of actual work.

                  But otherwise spot on. This whole thing is nothing more than a direct payout to a political party.

    2. Bingo. Harvard sits on a $40 billion endowment, last time I checked a few years ago. Yale => around $20b.

      I’m sure all the endowments would add up to the few hundred billion they otherwise want to seize from taxpayers like me who paid for their education. Or are they going to give me reparations too?

      What bullshit. Classic robbing Peter to pay Paul. Classic government-helping-create-a-problem then coming up with a solution that essentially places the burden on the rest of us.

      Fuck you, Warren. Why should the universities continue to amass monstrous wealth? Eh–lay it on the backs of the taxpayers, like you always do while you and your cronies get wealthy.

      If this is an indication of what’s to come in the Biden administration, we are going to get totally fucked. Hey Warren, you asshole, how about you and your wealthy congress buddies put up some cash instead? I understand you have about $8 million, I’m sure you don’t need that.

      1. I just checked. Regarding Harvard’s endowment: “The University’s net assets increased by $2.3 billion to $49.3 billion at June 30, 2019”

        Assuming a tuition of just over $60,000 (I’m guessing), that’s enough to pay for 800,000+ undergrad students for one year, or 200,000 for a 4-year degree.

      2. The Ivy Leagues at this point are basically hedge funds that run universities as a hobby.

  3. this is pure class warefare and will be one of the most destructive executive orders ever. It’s utterly disgusting and fucking enraging.

    1. It’s a reward to the upper-middle and chattering classes for fighting so valiantly against the proles.

      1. It is an award to shit for brains liberal arts majors that are so uneducated they vote for people like Biden.

        1. Why did you quote the post you replied to without adding or changing any of the text?

      2. EXACTLY–this isn’t something that’s being proposed to help the “working class.” Like I said this morning, this is a bailout for the upper middle class Millennials who willingly took out tens of thousands in student loans, and once again Mommy and Daddy (in this case, the federal government) to cover their bills instead of accepting responsibility for their choices.

        If you need a student debt loan jubilee, then college isn’t actually worth the return on investment. But more to the point, it’s yet another example that the Participation Trophy Generation is the most spoiled in the country’s history.

    2. Ike warned about the dangers of the military-industrial complex.

      This one is much worse, The education system isn’t merely a favored constituency of the Democratic party, it is the engine of the party.

  4. Do the people who paid their loans off on their own get anything? Or is this just another way of Democrats telling productive people who pay their own bills to fuck off?

    1. the latter but it’s worse than that. The credentialed elite and starbucks baristas who stand to gain from this are the base of the democratic party at this point. The blue collars and small business owners are the outgroup.

      1. Its just another way to get another $50K/student into the left wing slush fund that is the college system.

      2. The credentialed elite and starbucks baristas who stand to gain from this are the base of the democratic party at this point.

        The key Dem benefit to this plan is benefitting useless majors. These are primarily grievance studies but also social sciences which require grad level work to reach a productive level. People with worthwhile majors earn enough to pay back their loans (they’re also usually smart enough not to run up a fortune in loans). It’s important not to let these majors become known for failing its students because a drop in majors means fewer far left radicals supported with taxpayer dollars. This is also why the left wants equity police in every organization. Without jobs the pyramid scheme comes toppling down.

        This is much like Obama’s loan forgiveness plan for people who join charities and government: have government pay for those who vote Dem and stick the bill to people who don’t. Put that way I think we’ve discovered the entire Dem theory of governance.


      A man approached Warren with a question. “My daughter is getting out of school. I’ve saved all my money [so that] she doesn’t have any student loans. Am I going to get my money back?”

      “Of course not,” Warren replied.

      “So you’re going to pay for people who didn’t save any money, and those of us who did the right thing get screwed?”

      1. If only he punched here right afterwards.

        1. Ask the question, “If something were to happen to me, then can I be sure that my daughter’s loan will be forgiven and that my family will still be cared for?” Wait for her to answer, “Yes.” and *then* punch her.

      2. Silly man. It’s not debt forgiveness.
        It’s really a $1.5 trillion gift to universities for all their help.

        1. This,

          “University” sounds so much nicer than “government indoctrination center.”

      3. They mean it when they say “to each according to his need”

    3. I paid my own fucking way post grad level and have ZERO problem w/today’s students being bailed out. Fuck off, you selfish ass.

      1. 1. The dollars spent will stimulate economic growth. (The author of this above tripe is thinking micro, not macro-what a fucking douche.)
        2. The federal government easily can pay for it all without levying any taxes.

  5. Spending Per Pupil Increased for Sixth Consecutive Year
    MAY 11, 2020 —The amount spent per pupil for public elementary and secondary education (pre-K through 12th grade) for all 50 states and the District of Columbia increased by 3.4% to $12,612 per pupil during the 2018 fiscal year, compared to $12,201 per pupil in 2017, according to new tables released today by the U.S. Census Bureau.

    The increase in spending was due in part to an overall increase in revenue. In 2018, public elementary and secondary schools received $720.9 billion from all revenue sources, up 3.8% from $694.3 billion in 2017.


      In 2016, the United States spent $13,600 per full-time-equivalent (FTE) student on elementary and secondary education, which was 39 percent higher than the average of Organization for Economic Cooperation and Development (OECD) member countries of $9,800 (in constant 2018 U.S. dollars). At the postsecondary level, the United States spent $31,600 per FTE student, which was 95 percent higher than the average of OECD countries ($16,200).

      1. The left complained our healthcare was too expensive citing numbers quite similar. Their solution to that cost emergency was a subjugate the system to government control. Isn’t it interesting the left’s reaction to the same circumstance in education is to demand vastly greater sums be spent?

        I’m sure the fact that educations systems are overwhelmingly government employees voting Dem and the healthcare systems are not is just a coincidence.

  6. Biden will show you he has balls. Shriveled but they are there we promise. He’s got a pen and, well ok not a phone, but he has a rolodex. His secretary will call.

  7. This would be such a remarkably dumb political move, I just can’t see Biden and the Dems pulling the trigger on it.

    1. so was obamacare, they sometimes do this shit anyway.

      1. I don’t disagree, political parties are their own worst enemies. But Obamacare was sold to help people who couldn’t afford healthcare. That’s much more politically saleable than giving a bunch of middle class college grads free money. The political taste that it leaves in your mouth is much different than Obamacare.

        1. Incorrect – Obamacare was to help people who couldn’t afford INSURANCE. Now if you have a fully subsidized insurance plan because you make a poor wage, how the fuck are you going to come up with a $2,500 to $8,500 deductible? It means the taxpayer is paying the premium so people can carry a card in their wallet.

          The ACA was nothing but a huge gift to the insurance industry, and anyone who denies this is simply full of shit.

          1. I’m talking about the selling to the American public from a politics point of view. And the political optics was to provide healthcare to those that could not afford it. Contrast that with giving middle class college grads a huge amount of free money, the optics are way different.

            1. And my point it is cronyism bullshit in both cases, with the winners being colleges and insurance companies, and the losers being citizens, but they’re not the big donors so politically who gives a fuck?

    2. I mean, we said the same thing about running Clinton, then Trump, and then Biden for president, but throw enough terrible choices at us and we’ll clearly settle.

    3. Why? Obama already took the first step in loan forgiveness targeted to left wing do-gooders and there doesn’t seem to be much pushback.

  8. We voted for you. You owe us.

    I guess that was more than just an idle threat, or at least the Democrats think it is. There are a lot of groups that want to get to the front of the federal feeding trough, it’s strange to me this is the one that muscled it’s way to the front first.

    1. It remains to be seen if they’re actually at the front of the line. Biden has promised to do a lot of things, far more than he can realistically get done in 1 term.

      The education sector may have fucked themselves the same way Black people have for decades; once the Democrats have realized that you will not possibly vote for anyone else you’ve lost all your leverage. All they have to do is say the right things during campaign season, no need to actually follow through. What are you gonna do, vote Republican?

      1. “”Biden has promised to do a lot of things, far more than he can realistically get done in 1 term.””

        Most candidates do.

  9. Maybe Biden should refund the money he paid for salaries with his “Cancer charity” and use that money to actually pay ANY money for cancer research.


  10. And the Democratic enslavement Horror Begins… Whip those teachers into teaching for free else whip those productive citizens into paying for them – either way; slavery is back in!!!

    1. Why do you think they pulled all those statues down? So that people would forget.

      1. Who needs monuments to honor homicidal slave masters when we have you guys around to twist everything up into a nightmare.

        1. [D] Slavers tearing down their own historical precedence of “homicidal slave masters” in the quest of being a slavers themselves?

          Nah; That’s not a nightmare – it’s got-to-be some sort of sick joke.

  11. Students who attended a two- or four-year college without earning a degree are struggling to find well-paying work to pay off the debt they accumulated.

    Most of whom didn’t have the aptitude or discipline for it, and never should have been encouraged into going in the first place. College is not for everybody, but it’s been rammed down people’s throats that you can’t succeed without one.

    1. The electricians and HVAC techs who went to trade school instead and are now making serious bank because they are in short supply kindly request that you STFU.

  12. I think is says much about people who sign a note with the promise of paying back then not wanting to live up to that promise.

    1. I think it also says something when government student loans have interest rates of 3.5 to 7.5%, while they loan money to Goldman Sachs for damn near free.

      1. I recall proposals from the democrats suggesting a tax on each Wall Street transaction, with the purpose of “sending the money” to the (student) debtors. Robbing Peter to pay Paul… or, more specifically, introducing a corruption (government punishing an entire industry) to fix a problem government helped create.

        Fix the problem. Introducing more corruptions isn’t a solution.

      2. Jesus fucking Christ. 3.5-7.5% loans are not egregious. I’ve paid off $25K in student loan debt at that level in less than ten years. We paid off another $25K in student loans for my wife in less than five; we were on track to pay off in eight years the entire $40K she’d accumulated, but we made some equity on a house sale and used that to pay off the balance. All while raising several children, who are MASSIVE black holes of money to feed and clothe. We’re hardly wealthy; we’re ordinary middle class. And we managed to get it done–why can’t these tards?

        The difference is, unlike these idiot Millennials, we didn’t spend our money on shit we didn’t need like bar-hopping, concerts, road trips, and condos in DA BIG CITY for those BIG CITY experiences. We waterfalled our debt and paid it off as fast as possible.

        I’m fine with a debt jubilee–as long as we get a fat check for $65K, plus another $15-20K in interest, for being acting like grown-ass adults instead of emotionally stunted 20-somethings.

        1. In a zero rate environment it is usury.

          And student loans are easily the number one reason college cost has increased many times higher than the inflation rate.

          1. No, it’s not even close to usury. This is yet another example of how fucking spoiled your generation is.

            And student loans are easily the number one reason college cost has increased many times higher than the inflation rate.

            Federally-backed student loans are the reason. Now you’re demanding a government solution to a problem that the government caused.

            1. My generation?

              I’m 63 in January.

              Fuck off.

          2. If you’re happily buying consoooooooooomer shit on 20-25% interest rate credit cards while bitching about student loan rates, you really don’t deserve a debt jubilee.

            1. I never carry a balance on my cards.

              Again I say, fuck off.

          3. Don’t buy a car then. Because even the 2.9% loans might be usurious in your mind. OTOH, at least they can repo the car if you don’t pay.

            1. I paid cash for my car.

              You can fuck off too.

      3. Do you have any idea of the concept of pricing risk? Do you really think it’s right to charge 18 year-olds with zero credit history and no education the same interest rate as a multi billion dollar investment bank that has been solvent and operating for many decades? Congratulations, you have the same understanding of the banking system as the idiot Warren.

        1. Oh you mean the same banks that took stupid risks and packaged toxic assets and sold them, nearly imploding the entire financial system, and then went to the Fed and got their asses bailed out?

          THOSE banks?

          How does that shoe leather taste?

      4. Yes. It says that they are very confident that the banks and Goldman Sachs will, in fact, pay back every penny they owe plus whatever little interest is charged. There’s virtually no risk in loaning money to them.

        Loaning people money in student loans comes with a significant rate of default, and with no assets to reclaim, the cost of those defaulted loans has to get paid in the interest rates. If the interest rates are too low, the rate of defaults can cause the whole body of loans to be a money-losing proposition.

        1. No it says that our country is being run by and on behalf of corporate America – so libertarian of us.

          Then libtards rail against the “evils of capitalism” – how the fuck would we know if that’s the case, we haven’t had any capitalism here for 70+ years, just Washington picking winners and losers, and corporations figuring out how to siphon public funds…that’s become the business plan.

  13. Here’s a question no one talks about: who does pay off that loan? Who was the money borrowed from, and how do they get repaid? My understanding has been that private banks make the loan with a government guarantee as creditor of last resort in case the student dies or does manage to qualify for some kind of bankruptcy option.

    If the government waves its hands and declares the loan paid, who pays the bank? If the government pays it, where does that money come from? All spending has to be appropriated by legislation. Biden can’t just tell the education secretary to pay it if it hasn’t been appropriated by Congress.

    Alternatively, if the federal government itself made the loan, then the loan repayment must be on the books as an asset, an account receivable, or expected income or something (I have little accounting knowledge and even less knowledge of government accounting). While this is not spending which has to be appropriated by Congress, it seems reasonable (ha!) to me that Congress has to approve just writing off a trillion in expected income.

    1. My college loans were for the most part, direct from the government, not private lenders. Some of them were later sold to private lenders. I believe that there are more private options these days – I graduated over 15 years ago.

      I also believe that student loans are one of the very few types of debt which cannot be discharged through bankruptcy. It’s one of the reasons they don’t ask you to put up any collateral, like you might be asked to do for a home loan, business loan, car loan, etc. Perhaps they should start requiring liens against the university’s endowment as collateral in the event of default.

    2. Obama bailed out the banks and federalized the loans…probably because they knew how much was not going to get paid back.

  14. College isn’t for everyone, and not everyone should go.

    However, there do need to be more opportunities for those who are not quite ready for college, but who still want more than what highschools currently offer. Trade schools, apprenticeships, community college, guilds, vo-tech, etc. This is an underserved demographic and it is no wonder that many of them feel like they “have” to go to college in order to get ahead. Where else are they going to go? So instead of transferring wealth from the blue collar shift worker to the guy who got a MA in Puppetry for his student loans to be canceled, perhaps another approach might be to (1) rethink K-12 education more broadly, and prepare students in their 11th and 12th years towards a more focused career track if they are not college-bound, and (2) create more of these tech school type opportunities that can provide good career paths for lots of people, without tying them down in student loan debt at 4-year universities that were the wrong fit for them anyway.

    1. In other words go back to what we were doing, before the woke scolds and ideological warriors got involved in public education and destroyed it.

      1. Way, way back before the B.O.E. propaganda of, “many of them feel like they have to go to college in order to get ahead”. Back to a time when teaching was sold as a service instead of fad Bumper-Sticker title to determine who’s in the “in-crowd” and who’s in the “out-crowd”.

        Because lets face a well known fact; there’s only two reasons employee’s care about commie-indoctrination titles;
        1) So they can advertise employing “in-crowd” members.
        2) Because said title demonstrates a lot of motivation generally that of being non-innovative and utterly obedient.

        NONE – ZERO hire a “commie-indoctrination title” for competency; that’s entire left up to previous employment (job) and personal reference.

        Once upon a time people went to school to learn how to be competent at doing something; School no longer teaches one how to be competent at anything but instead brain-washes by years of G.E. People would never pay for such a system without government FORCE and free-advertising (status) of propagandize commie-titles.

        The most successful business outlets in the free-market put these childish “in-crowd/out-crowd” [WE] mob titles aside and hires according to VALUE.

        1. I’m sorry but I have no idea where you are getting this idea about college.

          Look I’m a chemist, as my nick implies, and I will tell you right now that high school does not prepare anyone for how to have a successful career in chemistry nowadays. College is not “brainwashing”, it is literally how one can learn skills and techniques for the modern workforce, at least in my field.

          1. Baking cookies involves various chemicals, but isnt chemistry.

          2. lol… It doesn’t appear you’re arguing with my initial assessment at all.. High School doesn’t teach anyone for a career and College at best pretends to learn skills and techniques for the modern workforce – but not chemistry…. I’m curious to know what “modern workforce” skill or technique you picked up in college? How to be “Politically Correct” in the midst of people that belong in the insane asylum?

            1. I’m curious to know what “modern workforce” skill or technique you picked up in college?

              Maybe if you actually set foot on a college campus instead of just reading about them on right-wing blogs you would understand that.

              1. Not that it matters; but I’d place bets on the fact that I have more college than you do and I still haven’t found that “modern workforce” skill or technique in anything but the ACTUAL REAL-WORLD “modern workforce”.

          3. This is true in a select few fields, but college is essentially a stamp of approval, a signal of conformity, intelligence, and conscientiousness. Maybe 20% of school confers actual job skills on a person.


      2. You mean, before the G.I. Bill?
        Because that is when the democratization of college really started to take off.

        There have been public colleges since the 1850’s (IIRC).

        1. ^Well, you don’t think the “commie-education camps” today would’ve been allowed in one single gigantic swoop do you? It’s lefty track was planted one plank at a time just like our “commie-healthcare” was.

          1. They weren’t THAT bad, really (although they were already starting to become havens for comm-symps as early as the 1920s), up until the New Left, and more specifically, the SDS remnants, started taking up positions in academia and began pumping out graduates that have grown increasingly radicalized, as Gen-X and now the Millennials have begun settling in to those professors seats as the old guard Boomers retired or moved elsewhere.

          2. “commie-education camps”

            Oh fuck off. Stop speaking about colleges as if the only thing you “know” about them comes from reading right-wing blogs.

            1. It doesn’t take a right-wing blog to state the obvious that whatever value said college does offer isn’t magically enhanced by throwing “commie-money” or “commie-regulation” at it. But it does take a “commie” blog to brainwash people into believing THEFT and Gov-Gun dictation is needed.

              And whatever your opinion is on the subject; Keep it LOCAL. It has no business being in the Union of States Government!

      3. 1950s High School

    2. I had a friend back in the 80’s that made puppets. One day, he hopped in his ’60s Volvo, drove across the country to CA, and ended up making a living out of it. He worked on Fraggle Rock, produced a feature for Nickelodeon, and did commercial work.

      His education – a high school diploma.

      1. fucking loved Fraggle Rock.

        1. Work your cares away or dance your cares away?

          1. let. the. music. play.

            1. Ha!

    3. [Rehashing old comment, so specific numbers may be out-of-date…]

      For student loans, I’ve had the idea that the interest rate paid for loans funding particular majors should reflect the unemployment rate associated with the respective major.

      Chemical Engineering majors could pay 4% (most chem eng grads have jobs). Nuclear Engineering majors get a deal at 0.0%. OTOH, Social Work majors would have to pay 11.9% and “Cultures” majors would have to pay 21.4%. Education majors split difference at 8.5%.

      Why are we subsidizing the creation of more Social Workers and Gender Studies grads when it is clear we have a glut of them already?

  15. If Democrats bail out student loans, more teens will go to schools to learn that marxism is the ideal, that the US is racist, sexist, xenophobic and fascist, and more college students will register and vote Democrat in the future.

    If student loans aren’t bailed out, more parents and teens will think more carefully about their preferred field of study and the schools they apply to before signing huge loans.

    When I attended college from 1975-1980, I worked a half dozen different jobs and dropped out of school three different times so I could afford paying tuition. I also worked my way through graduate school for four years.

    My parents didn’t pay any of my education (as they couldn’t afford to), but I did receive some grants and low interest loans that were paid off in several years after leaving grad school.

    Seems like most students today want everything for free (i.e. from Big Brother), probably because they’ve been taught marxism since Kindergarten.

    1. If Democrats bail out student loans, more teens will go to schools to learn that marxism is the ideal, that the US is racist, sexist, xenophobic and fascist, and more college students will register and vote Democrat in the future.

      That’s half of the idea. The other half is to funnel money back into Democrat political activities.

      That’s why probably the best way to counter this is to at least drain university endowments wherever possible. If Senate Republicans were smarter, they could have also been investigating why tuition costs and auditing these finances for years. That wouldn’t directly do anything, but it would be preparing the ground to make the case for using university endowments to fix the student loan problem.

  16. Nooo! My credit score is perfect in part because of that chunk of cash going to student loans every month! Biden wants to ruin my credit!

    1. Mine hasn’t been going to what little is left of my student loan debt since the CARES act was passed. I would prefer that they just continue the payments, but they made it a bit of a pain in the ass to get them restarted again.

      You can’t do it through any of the normal online methods. You have to call a number and wait on hold and talk to a credit counselor about why on earth you would want to continue to make full payments at a time when you’re not required to. You explain that by paying them in full while no interest is accruing, you’re paying 100% principal.

      This credit expert will then proceed to act as though you’re speaking in tongues . . .

      1. It’s pretty sad when the first thing these bobbleheads think is “why aren’t you being a freeloader like everyone else?”

        1. And to think over half of the people in the nation voted for criminal freeloading in direct violation of the nations very Supreme Law / definition. Maybe it is time to succeed some states and build some walls.

  17. Geez. I earned a fellowship, worked part-time jobs on campus and off, sold my car, and relied on my meager savings to get my Masters degree. I want my $50,000 NOW!!!

  18. At this rate everyone will get paid $100 an hour, have a free house and electric car, free education, free health care, and it will be utopia.

    Take off the beer goggles and of course the $100 is inflated and worthless, the house is a 500 sqft room with a common bathroom, education is just indoctrination, health care is a once a year exam for 5 minutes and some pills for the pains. Oh and the car is electric and you don’t own it but it only runs once a week.

  19. Why don’t Senate Democrats have Biden unilaterally strip the Senate of its constitutional powers?

    1. He definitely should ignore their subpoenas and fuck with them in every possible way

    2. Pretty sure it’s in the workings; first by stuffing the SC.

  20. We basically owe our entire modern life to higher education and the people who seek that education. Think of student loan modification as a small token of appreciation for their invaluable service and a great investment for the future.

    1. So you want people who didn’t go to college to pay a tribute to those who did? Fuck you. And as far as their “invaluable service”, these are new debts. Most of the targeted recipients have done nothing.

      I’ve hired plenty of mechanics, electricians, and plumbers in my lifetime. I have yet to hire an economist.

      1. You could say that about anything taxes pay for. I think it’s good investment much like a bridge that well pay for itself over time.

        1. They pay for themselves? The bridge I cross every day has a $5 toll.

          1. Dude because of fucking Republicans you’re paying the road tax again like a good serf.

            1. A bridge linking 2 blue states?

              1. ^lol; perfect.. burn…………

        2. There’s a reason why we are 23 trillion in debt and Biden feels like it won’t be a problem to increase it a few trillion per year.

          At some point your idea of a fantasyland world where we just toss money around becomes a real problem. You have zero proof that it’s a good investment. How well does a doctoral linguist with expertise in Xhosa return on a $200,000 investment?

          There’s a reason there’s a 10th amendment, it’s because greed and corruption is what we get when the government has the power to toss around money to pump up their voting base.

          Don’t you think the fact that Harvard ($49b), Yale ($20b+), and a thousand other universities are sitting on huge endowments is a sign that they’ve been gouging their customers? In any other industry, this would be deemed price fixing.

        3. College is such a good investment that the people who take out the loans can’t pay them back…

          1. You’re talking about the reality of actual market outcomes. Don’t expect the left to understand.

    2. Tokens of appreciation by force are not really tokens of appreciations. Feel free to give to the college of your choice.

    3. Those people are already being rewarded for their production. This money benefits the apparatchiks running the institutions, not the students.

    4. Oh, shit, you’re serious.

      No we owe our modern life to certain college graduates – engineers and research scientists and the like. You ain’t getting shit out of a grievance studies major that’s going to improve your life. An engineering degree means something, a degree in intersectional studies just means you’re a fucking retard.

      You can still go to college and get a degree in accounting or chemistry or electrical engineering or medicine or something useful if you want, you can also go to college and get a general studies degree in liberal arts if you just want to be a well-educated, well-rounded individual. But when you’re talking about “loan forgiveness”, you’re talking about people who went to school for 4 years and didn’t learn a goddamn thing that translates into anything approaching an employable skill. They spent 4 years learning bullshit and now they’re surprised they can’t find a job. Nobody’s hiring over-educated idiots, there’s no market for ignorami.

      Look, if you went $170,000 into debt getting a degree in electrical engineering you’re either stupid and didn’t realize electrical engineering degrees shouldn’t cost that much, or you went to one of the best engineering schools in the country and you shouldn’t have any trouble making enough money to pay off that debt. If you went $170,000 into debt getting a degree in 17th Century Polynesian Sand Sculpture, you’re just stupid and there’s no way in hell you’re ever going to make enough money to pay off that debt, McDonald’s doesn’t pay that well. And that’s where a degree in 17th Century Polynesian Sand Sculpture qualifies you to work, McDonald’s. Why the fuck should you expect somebody else to pay for your stupidity?

      1. Pod inadvertently reveals here why this jubilee is even being seriously considered–because this is one of the tipping points for how a complex society falls apart. College has long been a bastion for elites, and the problem now is that we have too many elites and not enough elite jobs for them to fill.

        So they think by wiping out their student loan debt, they’ll be able to keep consoooooooooooming, but that doesn’t solve the actual problem of the supply of elite jobs being far lower than the demand.

        1. I think you’re being a bit generous by referring to college graduates as ‘elites.’ Elites form the absolute upper crust of society; award-winning musicians, professional athletes, groundbreaking scholars, the exorbitantly wealthy…not high school principles, low-level University professors/administrators, or your typical MD.

          1. It may be generous, but it’s long been a marker of elite social status, at least up until the last 15-20 years or so when the assumption became that everyone needed to go to college, irrespective of whether they could hack it or not.

            I’m not thinking of people like George Clooney–I’m referring to people like the Speaker of the House of your average state government. Someone who went to law school, maybe Ivy League, but most likely some state university, then settled somewhere, got into politics. They might not be billionaires, but they ended up with a lot of unearned power to fuck with the lives of millions of people based on personal or petty grievances.

            Or, for another example, the middle manager at a tech firm who has a computer engineering degree, but doesn’t have anything to do but harass employees all day and get paid six figures to do so. The Bill Lumberghs of our society.

            Or a political science graduate who goes to work for an NGO and figures out how to grift the government for hundreds of thousands in grants that are sunk more into administrative overhead than the NGO’s supposed mission.

            There are literally tens of thousands, if not millions, of people in this category–the privileged, upper middle class bourgeoisie who got a college degree under the assumption that it would set the table for them to “change the world,” and get paid buckoo bucks for it. Think of Beto O’Rourke or AOC, who embody this class probably better than anyone on the national stage. Except there’s only so many slots in the elite for people like this, and when you have an entire generation and a half growing up thinking they’re entitled to the blessings of society without putting out any real, actual effort, you get placations from their Boomer forebears like debt jubilees just so they’ll shut up for about 15 minutes.

  21. I paid off my student loans in 5 years by living in a cheap apartment, getting a roommate, buying a cheap used car, and taking cheap vacations. No soup for me.

    1. Well, it is clear you never learned how the real world actually works now.

  22. Will any PLUS loans be forgiven? I’ve got over $200k and pay over $1500/mo.

  23. What a great way to get the working class to burn the colleges to the ground.
    BLM has no monopoly on force, and those currently restrained may come to realize force must be met with force.

  24. torn because could directly affect *me* lol.

  25. …and where is the “free” money for people who paid off their student loans?

    That is my question.

    1. When all this spending destroys the economy, you’ll get your free money in the form of welfare. I’d spend it quick, considering what the inflation rate will be.

  26. Great, a program to redistribute wealth from working-class people in the trades to middle class white kids. What could be more fair?

  27. That’s because while federally issued and guaranteed loans have made it possible for the poorest Americans to attain education, those subsidies have also driven up the cost of education at a rate multiple times higher than inflation””

    Gads, who would have thunk?

    1. Something tells me the Chicago School of Economics will not be receiving any of the lucre.

  28. forgive hundreds of billions of dollars in student loan debt by using the Education Department’s power “to modify, compromise, waive, or release student loans.”

    Why are the Dems thinking so small? There’s obviously no social justice in restricting such moves to student loans. Forgive *all* debts.

    1. No way. That is reminiscent of the Jewish ‘year of jubilee’. The party of anti-semitism will never do that.

  29. Generosity Unbounded, but what do they say to this. How about all those who worked, perhaps struggled to repay student loans?

  30. I worked my way through college and never borrowed any money at all. Can I borrow some money now?

    (Full disclosure: I waited a few years to go to college so “working my way through college” entailed working a pretty good-paying job I’d had for several years and tuition at the time was less than $7,000 per year so it wasn’t that big a strain, but still.)

  31. Forgive your student loan? Hell no! That’s what you get for spending a grotesque amount of money on an education you could have obtained at your local public library for the cost of just a few late return fees. I think that’s how the saying goes.

  32. I do wonder what fraction of those challenged to repay their student debt own automobiles, or smoke (whether cigarettes or some other drug vehicle).

  33. If this goes through the cost of education just went up 50K.

  34. Government should never have been in the loan business. Everyone who ever took out a student loan deserves a refund.

    1. It sounds like that’s exactly what the Dems are trying to accomplish here.

  35. This is cruel. Imagine the poor barista who didn’t go to college and didn’t get the fun benefits of partying and protesting, now has to pay the college loans of the barista working next to her who did. And listen to her endless yammering some LGBTQABCD Gender poet who was never given a fair reading next to Shakespeare and other old white men.

  36. Well, why the fuck not? This country is already going to be in debt for next thousand years, This is just the last shot in the bottle. If you’re already going down with the Titanic, there’s not much reason to deny yourself one last drink.

  37. Anybody remember Rick Santelli’s rant on CNBC in ’09 when Obama proposed mortgage forgiveness? That went viral, and about a week later everyone was reading about the Tea Party. Joe, you’re making a mistake.

  38. Well heck…why does anybody have any debts? Maybe the good old Dem party will work some magic and get all debts forgiven. They promise everything else. What’s so special about student loans? Aren’t these kids supposed to be getting a better education to be able to get better jobs? This is why bank accounting and the financial system will flounder and eventually collapse.

  39. So, much much does Biden want to pay per vote?

    1. *how much*

      1. as much as is required…that’s the beauty of spending someone else’e money…YOU JUST DON’T CARE WHAT THE COST IS. SWEEEEET!

  40. If we had reelected President Trump, what the Senate Democrats want Biden to do wouldn’t have mattered at all.

    1. Wait, you mean that foreseeable consequences are not unintended consequences?

      Not that a twit like Mike Riggs, who thinks “loan repayment tied to income” is remotely libertarian, is ever going to admit that he wanted it all along.

  41. Nobody helped me pay my student loans. I paid them off early by working literally 24/7 for 5 years and living quite within my needs..and so can these students today..if they want. However, if due to illness or complete economic depression, then student loans should be made dischargeable in bankruptcy.

    1. the groaner in this article is the sheer number of loans with balances below $25,000. i am SURE you can show anyone who asks how to hammer a $12k or $18k loan balance. i see signs in ALL the low end employemtn places around town offering $15/hr. 20 hours a week at $15 is $300 times 4.33 weeks a month is $1,299. i’d tell folks to do the rest of the math on THEIR specific file but they likely cannot, or they’d do what you did.

  42. The problem is two fold:
    high school is now so dumned down more than half the students entering college must take remedial courses to be able to engage in college level work, which in turn is also dumbed WAY down fromhalf a century ago.

    When kids menage to escape high school and don’t know much, the answer is NOT to go to college and learn more useless and pointless knowledge. At twenty to forty grand a year.

    I knowlots of folks who foundor made their own jobs outof high school, or even while stil in high school, earned money AND did not spend it on useless college credits. Quite a few of these people I know never went to college.. and are multimillionaires because they had smarts, had learned how to WORK instead of racking up “credits” in worth,ess stuff in college. They also had learned how to relate to people, including co-workers, managers, customers, investors, peers, etc and HOWTO REASON A THING THROUGH. to an accurate conclusion.

    They do NOT havestudent loans to repay, AND are making many times more money per year than many who DO have those dead chicken loans hanging about their necks

    1. Democratizing college education seemed like a good idea at the time, but in the long run, it’s going to be one of the things that actually leads to the country’s collapse. We now have a the social equivalent of too many chiefs and not enough braves.

  43. I would support cancelling federal student loans if the feds also completely exited the secondary education financing business. no more guaranteed/subsidized loans, grants, anything.

    be a worthy trade i think.

  44. Chumponomics. Didn’t go to college? Pay for my degree anyway, chump.

  45. Forgiveness under certain income levels. Forgiveness after 25 years. These are doable.

    Just like rich people shouldn’t get social security, they don’t get loan forgiveness either. If you don’t like it, don’t be rich.

  46. Warren’s plan only helps those making under $100,000. Make $99,999, here’s up to $50,000 free. Make $100,001, too bad buddy. You shouldn’t have worked those few extra hours!

    1. This would be quite a gift for many student loan borrowers

      and a kick in the teeth for everyone who cut corners and put off children to pay their student debt.

  47. Democrats —
    Trump is running up the highest deficit ever seen this year!!!!
    Biden is giving everyone *free* education…..

    I guess Trump should’ve correctly framed the deficit; Trump is giving everyone a *free* record setting deficit this year —- And the Democrats cheer!!! Right?

  48. Maybe after this, the Biden Administration won’t have enough money left for the “voluntary” gun buy-back.

    1. Clearly you need to get the same economics degree as AOC.
      Plenty of money for all things socialist.

  49. Another article straight from the Reason stylebook.

    Toss out the “most libertarian” approach, but quickly drop it and settle for “just the tip” of some more socialism.

  50. Biden is the president elect.

    Now it’s time to pay those who voted for him.

  51. A much better solution would be to make them dischargeable in bankruptcy. It allows those with more debt than they can manage to release that debt, but not without any consequences. It also avoids giveaways to those who are well off and perfectly capable of paying off their loans.

    There are only two things you cannot discharge in bankruptcy: taxes and student loans. It’s perverse.

    1. See my response below.

  52. I am a bit puzzled. I get the outrage over this and the fact that this would increase an already overflowing national debt. But the author almost seems like she is for this proposal. What?

  53. Thanks for publishing these damning articles about the Socialist Democrats AFTER the election

  54. haha money printer go brrrr

  55. Allowing student loan debt is a terrible idea. If it became dischargeable in bankruptcy, this would be my advice to anyone starting college in the fall (all of the below assumes purely private debt):

    1) Take on as much student loan debt as possible. Do not pay any tuition or room and board costs out-of-pocket at all if it can be avoided.
    2) Apply for all of the credit cards you are offered while in college. Max those out too. Just don’t buy anything you are not willing to give up in the future. Preferably, only use those cards for services and disposable goods. Just make sure you max those out and make the minimum payments while you are in college to the best of your ability.
    3) Do not spend any of your own money on anything of serious value that can be taken away such as a home or a nice car. Sure, you’ll be driving a jalopy, but you’ll otherwise be living pretty high on the hog, so it’s a small sacrifice.
    4) When you get a job after college, be sure it’s with a company that will be solvent for many years where you will not mind working for the next eight years or so. Rent everything, buy nothing, but be sure you always pay your rent on time in full.
    5) After about three years in that job, when you’ve established yourself fairly well in the company, file for bankruptcy protection. Since you don’t really own anything, you won’t lose anything.
    6) Once your debts are discharged, live an austere lifestyle for the next five years while saving up as much of your earnings as you can. You won’t have much choice since you won’t have any credit.
    7) Now, about five years after your debt has been discharged you will be able to incrementally start rebuilding your credit. Take every opportunity to do so. You will now also be able to change jobs with your bankruptcy five years in the past.
    8) Ten years after the debt discharge, you will have a $200k+ education for free, pretty good credit, and will be in an excellent position to start a family right at the time when many people are doing so. Sure, you had to live lean for five years, but isn’t a free $200k valued education worth it.
    9) Don’t feel bad. Any bank that was willing to loan $200k to an eighteen year-old with no credit history, no education, and no assets deserves what they get.

    I hope everyone sees the issue with all of the above. If not, let me make it simple: If student debt were dischargeable in bankruptcy, you would never be able to get $20k in student loans, let alone the $200k your education would require as an eighteen year-old with no credit history and no education. So the tradeoff is this. If you want people to be able to finance their degree (which can’t be repossessed BTW), you cannot allow student debt to be dischargeable in bankruptcy. If you do not want student loans to be a thing, then sure, allow that debt to be dischargeable as that’ll do the trick.

    1. Minor detail. In most states you are limited to filing bankruptcy every 7 years. So actually, your credit is better just after, because you can’t file again for 7 years. At the 5 year mark, you will play hell getting a tab at the corner bar, because you can file again in just two years. Just one of the funny results of the current system.
      You want to really see heads explode, forgive 5,000 in college debt for each year served in the US military.

    2. Issue with govt backed loan bankruptcy. I’m going to use the city of Minneapolis as a microcosm of the Democrat political party future.
      1.Minneapolis banns new single family zoning and allows rental units on single lots
      2. Before the bulldozers get going, the city bans credit checks. The city then bans felony background rental rejection after 3 years pass.
      3. build condos for purchase, so what.
      4. What’s to stop the socialists from banning mortgage credit checks at the federal level and mandatory section 8 rentals on “X” percent of all rental units. planners then use the existing “80” percent of responsible buyers or renters to pay for all costs associated with dense building projects .

      Repeat 2007, experience another financial crisis, bail out banks, repeat after 10 years.

      Bankruptcy or perfect credit responsibility will pretty much be the same thing. Costs fall on the responsible.

    3. If you want people to be able to finance their degree (which can’t be repossessed BTW), you cannot allow student debt to be dischargeable in bankruptcy. If you do not want student loans to be a thing, then sure, allow that debt to be dischargeable as that’ll do the trick.

      I do not disagree with any of your concerns in view of the system as it currently exists.


      While knowledge gained cannot be taken back, the degree itself, the sheepskin sure as hell can be. OK Mr/Mrs/Ze Doctor, Lawyer, Engineer. You don’t want to pay for your degree? Fine, you are no longer a doctor, lawyer or engineer. You are debt free and can work in retail. Or maybe “learn to code”.

      And the victim studies degree holders? Fine, you are working at Starbucks now.

      If you do not want student loans to be a thing, then sure, allow that debt to be dischargeable as that’ll do the trick.

      Maybe student loans should not be a thing for puppetry degrees. If you can’t pay out of pocket, you are not going. Period. Those poor Marxist professors will have to find a way to reduce tuition to what “The Market” will actually bear.

      1. Right now we have a system in place that benefits Marxists. Useless eaters all. Not to mention the socialist propaganda being spewed for four years or more. An entire generation of young, impressionable people is having their brains poisoned by leftist professors.

        This should be anathema to any libertarian.

    4. Well then be sure to thank Mr. Biden – he was behind the legislation that made student debt not dischargeable in bankruptcy.

  56. lots of great ideas offered in these comments. the fact that average debt is less than $30k or so is important to remember and many are less than $12k. those note balances can be hammered by working an extra job at 7-11 or costco or home depot for a year or two. ALL are hiring. or try this…find a family member that is getting the ridiculous rates they offer at credit unions (1.3%?) and offer them to take the note at 5% for ten years. the E-Z payment on that $$12k @ 5% is $127. gramma gets a respectable return, junior gets to help keep the old bird off the cat food diet and the taxpayer dodges a bullet. going ahead i want the families and colleges to co-sign for the notes the naive dopes, oops i meant kids, are taking on. these are THE least qualified borrowers and are being offered money to go to college for fun. OF COURSE THEY TAKE THE MONEY…WHO THE FUCK WOULDN’T!? if the families, THE ONES WHO KNOW THE KIDS BEST, won’t get into bed with them then why would we as taxpayers? i’m really gonna feel like a chump…i paid for two college educ’s for my kids.

    1. Good ideas Mr. Murphy! I would support a regime where student loans were not and could not be backstopped by the taxpayers.

      Instead, have student loan interest rates reflect the actual risk to the banks of repayment. Use elder family members as cosigners to reduce the interest cost. Put the family on the hook. Not the taxpayer.

  57. How will they pay the income tax the forgiven loans will incur?

    1. ^No, no; That’s not the point at all! The point is WHO is going to pay that bill for them and which 3rd party Gov-Guns is going to make them pay it…

      Oh, those wonderful self-righteous criminal Democrats; always gung-ho ready to show up at “working” people’s houses with 3rd party guns and clean them out. Their world insists by guns that failure is rewarded and success is punished.

  58. Democrats aren’t completely stupid. They realize the COVID or climate inflation or hyperinflation around the corner will hit their voters. Fire up the printing press and forgive the loans before the interest rates are up in the 70s Carter years category (good times)
    We can mirror Japan and lie about inflation and keep rates low and Wall St happy.

  59. Tax all college endowments at 100% to pay off the existing loans.
    Eliminate the program, and all other government guarantees. Fire all the loan clerks and sell the buildings.
    The federal personnel savings will cover any minor defects.
    Anyone who really wants to go to college who is actually qualified can get a job to pay for it, or sign up for the green suit and then use the GI bill.

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  62. Nothing like sending the message to run up debts and don’t repay them. Then claim harm from not being treated as prior borrowers. Once started this will never stop and that is the point for liberals.

    1. You mean like the current president who used 100% legal and constitutionally protected laws to reallocate funds to more productive and economically viable endeavors? Or the many airlines who abrogated law enforced contracts via bankruptcy to stay in business and continue to employ people who otherwise would be out on the street? Or maybe Cheesecake Factory who in April told their landlords to go screw and FYTW?

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