Posted on 06/17/2019 11:13:11 AM PDT by Hojczyk
I have $235,000 of student debt. The first $120,000 came with a bachelors degree from my state school. Another $70,000 or so came with my masters degree. The remainder is accrued interest.
I would have to begin devoting half of my income to debt payment if I cared to pay it off by 2042. I cant do that because I make just under $4,000 per month. And that income is a fairly new development in my life. Why would I choose to pay down my debt if it meant I wouldnt be able to afford basic living expenses?
My parents are in their 60s and 70s and will live the rest of their lives with my student debt. Likely so will I. Again we wont be alone.
Three million Americans over the age of 60 are paying off student debt. Approximately 40,000 of them are having Social Security or other government payments garnished.
College was supposed to be about getting ahead in life. But its become a driver of inequality.
It does not have to be this way.
Some economists say that forgiving student debt would boost GDP by $100 billion per year for ten years and add several million jobs to the economy. It would unlock the capacity of 44 million Americans to buy homes, launch small businesses, and retire with dignity.
Congress could pay for it by repealing the $1.5 trillion tax cut it passed in 2017. Primarily benefiting the wealthy and corporations, even Goldman Sachs says that whatever economic boost the tax cut brought with it has passed.
And to keep future generations from suffering under the burden of student debt, Congress could make public colleges, universities, and trade schools in the United States free.
(Excerpt) Read more at finance.yahoo.com ...
LOL!, I had forgotten that one!......................
Oh right, right. “Interpretive Afro-Haitian Dance’’. And a minor in 19th. Century European Socialism.
Use a gun in an armed robbery to steal $100? 3-5 in the state pen, depending on priors (if any) and/or mitigating/compounding circumstances.
Use a computer, knowledge of technology and finance to commit fraud and gain $500,000 scot free? Maybe, maybe 1 year sentence; that is, if it's even pursued, you happen to be in US jurisdiction, there's an expert willing/able to explain the intricacies, or you hand yourself over.
With respect to large-scale financial crimes, the banking families are the one who wrote the laws. Of course the system is going to protect them; that's what 'to big to fail means'. Now, you can get upset and cry that life isn't fair, but you'll still be unhappy, you'll still be poor, and the smart money will still be rich.
As for clueless students racking up unpayable college debt? There's a sucker born every minute.
It's a choice, you see.
I would support making new debt dischargeable in BK. That would, of course, make school debt more expensive and harder to get.
This seems to me to be exactly what is needed.
The author wants student debt forgiven so that it can be replaced with mortgage debt. If they can’t pay one they won’t be able to pay the other.
I guess you learned a lot about home economics in college didn’t you.
Education
Social Journalism, M.A., 2016 Engagement and innovation Newmark Graduate School of Journalism at City University of NY 2016
Journalism and Media Studies, B.A., Media anthropology and public policy Rutgers UniversityNew Brunswick 2014
"Social Journalism?" Geez, stupidity!
Yes they do. A friend of mine is a plumber and he just traded his second Ferrari for his first Lamborghini. No, I’m not kidding...
Sounds like your go to is anti-business. The buck stopped higher.
Warren is pushing bill for this...
I think it should be illegal for campaigning pols to introduce legislation that amount to bribes for votes.
Tell me about. Plumbers do damn good.
Journalism and Media Studies, B.A.,Media anthropology and public policy,Rutgers UniversityNew Brunswick,2014
This lad is a true Social Justice Warrior. He appears to be a big "palestinian" supporter.
In short, this dude is a muslim communist.
Liz Warren recently introduced legislation to forgive student debt.
That is a terrible idea and would set a horrible precedent.
Mr. Galperin serves as a useful model of the consequences of bad decisions. It would be a loss to the nation to lose him as an example.
So his degrees were in journalism and hes the correct kind of leftist. He will do well.
CUNY I’m pretty sure used to have and may have again some sort of free tuition deal. Was also known for its open admissions policy.
Repealing a tax cut to pay off losers who refuse to pay their damn loans. My God, America is insane.
I read that. I don’t understand how his job creates revenue? Collecting and selling unicorns? I don’t know.
Those that did get college degrees had plenty of jobs waiting for them because they were relatively scarce. In many cases, the top students would get recruited while they were still in school.
Now that everybody feels they MUST have a college degree and that they are basically handed out like lollipops for anybody willing to pay the spiraling tuitions, they have been devalued for the most part.
Now having a medical, engineering or law degree is still meaningful for the most part but those with degrees in the "liberal arts" - of which there are many - are basically found at your local Starbucks learning the finer points of the latte machine.
Now there's nothing wrong with being a barista, it's honest enough work. But if you took out a six-figure student loan to work there, you are pretty much screwed.
Ok, you need to give back your education, complete with the revocation of your degrees.
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