Bernie Sanders says he will cancel all student loan debt if he’s president, can he do it?

[BMBiology]

Wtf?

So the Fed has 1.5 Trillion sitting around to help out Wall Street but they can't cut 1.6 trillion to forgive student loans. Makes zero sense.

First, it is a loan plus interest. Second, why just forgive your debt? How about auto, mortgage, medical, small business loans?

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[El-Rami]

He won't win. The best anyone can hope for is IBR + forgiveness and changes in the law within the next few decades so the tax bomb goes away or at the very least not taxed at a higher bracket since it isn't actually a windfall of income.

Personally, heart disease runs in the family so my life expectancy is likely less than average. I am hoping I can go to school just long enough to have a decent career with the IBR tax bomb not being an issue because I probably will die in my 60s. My grandfather died in his 40s (despite being skinny and constantly doing work with his hands) from sudden cardiac arrest. Other men in the family have died relatively young in their late 50s/60s. No one has to be responsible for my tax debt and I still live an interesting life.

As for the IBR monthly payments, I will just consider it an extra tax on my gross income. I can offset it with working a little harder or creating some sort of source of passive income. As long as I can live better than my parents (who have a gross, combined income of about $45,000) then I am happy. I will teach my future children the lessons I have learned from all of my mistakes and point them in the direction they need to take to have a better life than what I have had.

This is my future, this is probably yours as well. We just have to be supportive of each other because that's all that we can do.

By the way, isn't it a sad testament to the state of higher education that I hope I can live just long enough that I pass away at the end of the IBR repayment period so I don't have to burden any loved ones over a ridiculously high tax bill?

EDIT: SDN needs its own "Vale of Tears" board like the law students have on their version of SDN.

 

[PharmtoCS]

Wtf?

So the Fed has 1.5 Trillion sitting around to help out Wall Street but they can't cut 1.6 trillion to forgive student loans. Makes zero sense.

More people will be unable to make their rent or groceries as they get sick or quarantined, or their sector is hit hard by the loss of business.

Doubt that someone who makes six figures who doesn’t want to pay their student loans is going to have much sympathy from the public/government.

 

[deleted480308]

Wtf?

So the Fed has 1.5 Trillion sitting around to help out Wall Street but they can't cut 1.6 trillion to forgive student loans. Makes zero sense.

THey should do neither

 

[deleted898085]

THey should do neither

Right.

 

[deleted898085]

More people will be unable to make their rent or groceries as they get sick or quarantined, or their sector is hit hard by the loss of business.

I never believe this. If a business fails, there will be another that knows how to do business better. Don't take money from tax payers to run your businesses. If it fails, let it fail.

 

[deleted898085]

First, it is a loan plus interest.

Nah, I don't believe this. Look at the repo ops. It keeps running forever. No one pays back the loans!
And what's the interest rate? 0% !

 

[confettiflyer]

Wtf?

So the Fed has 1.5 Trillion sitting around to help out Wall Street but they can't cut 1.6 trillion to forgive student loans. Makes zero sense.

Ugh dude you’re smarter than this throwaway statement.


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[deleted898085]

Trump makes student loan interest rate 0% now, lol. I wish this virus thing will last forever. It's just a mild type of infection anyway.
He also threats to fire Powell if he doesn't make Fed rate 0% soon.
I feel so bad for people who put money in savings and don't know anything about stocks. US policies suck!

 

[baileyfal]

Trump makes student loan interest rate 0% now, lol. I wish this virus thing will last forever. It's just a mild type of infection anyway.
He also threats to fire Powell if he doesn't make Fed rate 0% soon.
I feel so bad for people who put money in savings and don't know anything about stocks. US policies suck!

Exactly. This virus has exposed the US economy as being a giant phony bubble due to dependence on debt and artificially low interest rates. The real panic will set in when interest rates rise despite all of the feds monetization, multiple sectors of the economy go under, massive unemployment, and then skyrocketing consumer goods prices. The president and fed have committed to destroying the US dollar and creating a currency crisis.

 

[confettiflyer]

Exactly. This virus has exposed the US economy as being a giant phony bubble due to dependence on debt and artificially low interest rates. The real panic will set in when interest rates rise despite all of the feds monetization, multiple sectors of the economy go under, massive unemployment, and then skyrocketing consumer goods prices. The president and fed have committed to destroying the US dollar and creating a currency crisis.

was dictation on while one of those paranoid right wing vlogs was playing over the speakers? rofl


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[baileyfal]

was dictation on while one of those paranoid right wing vlogs was playing over the speakers? rofl


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The paranoid ramblings are all mine. I still worry about the economic fallout much more than the virus.

 

[Sine Cura]

The condition of financial markets and overall economy is just another example of moral hazard run amok.

Don't forget the #1 logical fallacy that people employ when it comes to retail "investment" - the hot hand fallacy. StOnKs OnLy Go Up. Makes sense though because what else are you going to do w/ the money if a drone worker collecting a salary or paycheck.

Let it rip. R.I.P.

 

[confettiflyer]

The paranoid ramblings are all mine. I still worry about the economic fallout much more than the virus.

The economic fallout is very real, and I feel for those hotel workers, small business owners, etc... that are going to feel the brunt of it. It’s going to hurt people on the margins and beyond.


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[wagrxm2000]

Things might change but Joe is crushing Bernie right now.

 

[confettiflyer]

Things might change but Joe is crushing Bernie right now.

Bernie has been done since Super Tuesday, the only reason he stayed afloat was early voting saw a lot of votes cast for Bloomberg, etc...


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[Emmet2301]

The economic fallout is very real, and I feel for those hotel workers, small business owners, etc... that are going to feel the brunt of it. It’s going to hurt people on the margins and beyond.


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One maybe good thing though is now people will actually learn about the negatives effects of late stage capitalism and how it affects low-wage workers like this.

 

[deleted898085]

What works during this crisis? Socialism, lol

 

[BMBiology]

What works during this crisis? Socialism, lol

I don’t think you know the meaning of socialism.

 

[deleted898085]

I don’t think you know the meaning of socialism.

I don't think you know what I mean "socialism" in this thread.

 

[owlegrad]

I don’t think that you think that I think you think you know what socialism is.

 

[deleted898085]

Hint: "Bernie is a socialist."

 

[BMBiology]

Sorry, no more loan forgiveness

 

[trailerpark]

O thank god. I’m so happy I made all those lump sum payments and my loans are recently paid in full. I fully support suspending payments in these tough times and interest rate decreases in the future, but to punish people for being financially responsible was beyond asinine. I remember the man who confronted Warren who said he bought a smaller house to be able to save for his children’s college and she basically spit in his face. I brought up the same point to the Bernie bros who kept texting me before my state’s primary and they had no response. I told them I made huge lump sum payments in the last 6 months and if I would get any of it back and they said no, but thanked me for “paving the way”.

 

[BMBiology]

O thank god. I’m so happy I made all those lump sum payments and my loans are recently paid in full. I fully support suspending payments in these tough times and interest rate decreases in the future, but to punish people for being financially responsible was beyond asinine. I remember the man who confronted Warren who said he bought a smaller house to be able to save for his children’s college and she basically spit in his face. I brought up the same point to the Bernie bros who kept texting me before my state’s primary and they had no response. I told them I made huge lump sum payments in the last 6 months and if I would get any of it back and they said no, but thanked me for “paving the way”.

Plenty of people were saying how you should invest in the stock market instead of taking the guaranteed 6.8% return by paying off your student loans. Now they are down 20-30%. Banks are also now tightening their belt so they will only lend to the most credit worthy borrowers. Life of a debtor is not going to be easy in a down economy.

 

[zelman]

Well, there goes that. Hopefully Bernie will TCB in the senate.

 

[mentos]

Plenty of people were saying how you should invest in the stock market instead of taking the guaranteed 6.8% return by paying off your student loans. Now they are down 20-30%. Banks are also now tightening their belt so they will only lend to the most credit worthy borrowers. Life of a debtor is not going to be easy in a down economy.

Would you recommend paying down the mortgage aggressively vs putting money in the market now? Especially since the standard deduction is higher than itemizing for most.

 

[mentos]

O thank god. I’m so happy I made all those lump sum payments and my loans are recently paid in full. I fully support suspending payments in these tough times and interest rate decreases in the future, but to punish people for being financially responsible was beyond asinine. I remember the man who confronted Warren who said he bought a smaller house to be able to save for his children’s college and she basically spit in his face. I brought up the same point to the Bernie bros who kept texting me before my state’s primary and they had no response. I told them I made huge lump sum payments in the last 6 months and if I would get any of it back and they said no, but thanked me for “paving the way”.

I completely agree. I even started a thread about that Warren confrontation here and half the people bashed me for "not caring about the future". She could have responded to that guy in a nice, professional manner but instead scoffed and laughed at him like a bully. I was completely baffled that so many here support financial irresponsibility.

 

[wagrxm2000]

People didn't actually think he had a chance did they?

He never broke much higher then 30%

 

[mentos]

People didn't actually think he had a chance did they?

He never broke much higher then 30%

I mean people thought Yang had a chance here. What was he like 3%? He was my favorite candidate but I knew he didn't have a chance.

 

[wagrxm2000]

I mean people thought Yang had a chance here. What was he like 3%? He was my favorite candidate but I knew he didn't have a chance.

I think a socialist will win the Democratic nomination at some point but that ratio to young vs old isn't there yet.

 

[mentos]

I think a socialist will win the Democratic nomination at some point but that ratio to young vs old isn't there yet.

Only way for young people to vote is to make voting online which is what Yang pushed for. But that would hurt the usual old candidates that always win, so probably won't happen.

 

[BMBiology]

Would you recommend paying down the mortgage aggressively vs putting money in the market now? Especially since the standard deduction is higher than itemizing for most.

What is your mortgage rate? How much emergency fund do you have? How much are you thinking about putting in? Are you planning to hold on to the shares for more than a year for long capital tax gain benefits?

 

[owlegrad]

I mean people thought Yang had a chance here. What was he like 3%? He was my favorite candidate but I knew he didn't have a chance.

Who here thought he had a chance? I loved him but I don’t think anyone here expected him to be the nominee.

 

[BMBiology]

I think a socialist will win the Democratic nomination at some point but that ratio to young vs old isn't there yet.

Come on...everyone is a socialist when they are in college!

 

[wagrxm2000]

Come on...everyone is a socialist when they are in college!

Well that's obviously the only reason young people like Bernie.

It'll be interesting though to see if the Bernie Bros age well into AOC Bros .

 

[BMBiology]

Well that's obviously the only reason young people like Bernie.

It'll be interesting though to see if the Bernie Bros age well into AOC Bros .

AOC would face the same problems like Bernie. I think she is even more divisive.

 

[babybull]

I completely agree. I even started a thread about that Warren confrontation here and half the people bashed me for "not caring about the future". She could have responded to that guy in a nice, professional manner but instead scoffed and laughed at him like a bully. I was completely baffled that so many here support financial irresponsibility.

well there you have it.

if not bernie, or warren, then trump.

i guess they decided it would be 8 months of loan forgiveness for me (since there were 2 different trump student loan forgiveness programs, and i had called to instate the first 2-month program before trump could announce the second 6-month program to replace the first).

saves me $6400. i'm not a registered voter, but maybe i'll start voting republican.

and how many more recessions until they forgive us of all our loans. im starting to like it.

 

[BidingMyTime]

Who here thought he had a chance? I loved him but I don’t think anyone here expected him to be the nominee.

Yeah, once the DNC cheated him in 2016, it was pretty clear there is no way they would let him win in 2020 either.

 

[wagrxm2000]

Yeah, once the DNC cheated him in 2016, it was pretty clear there is no way they would let him win in 2020 either.

What did they do this year? Convince people either have a brokered convention or get out?

 

[mentos]

Who here thought he had a chance? I loved him but I don’t think anyone here expected him to be the nominee.

BMB, WVU. Or maybe they didn't think he had a chance and just loved him.

 

[lord999]

Well, Trump gets another four years then. Biden is an unviable candidate for numerous reasons. Hope the DNC are pleased with their choice like Hillary, because Biden is certainly even less electable.

It’s amazing what we get offered as candidates now. Makes you wonder if this democracy becomes an ochlocracy before too long.

 

[Chrish]

I thought Trump was gonna cruise the election but at this point I am not too sure. He will be blamed for this recession whether or not it’s his fault.

I despise Trump on a personal level but I would choose him over Biden any day.

 

[BMBiology]

Well, Trump gets another four years then. Biden is an unviable candidate for numerous reasons. Hope the DNC are pleased with their choice like Hillary, because Biden is certainly even less electable.

It’s amazing what we get offered as candidates now. Makes you wonder if this democracy becomes an ochlocracy before too long.

Biden is not as hated as Hillary. Like Bernie, a lot of people voted for Trump because they can’t stand Hillary.

 

[Seriously Serious]

Biden is not as hated as Hillary. Like Bernie, a lot of people voted for Trump because they can’t stand Hillary.

If Biden wasn't senile, I might have considered voting for him. Even though Trump is a clown, we cannot afford to have someone in charge of the country who cannot even tell you what year it is.

 

[PikminOC]

I may have to vote for Bernie in November just cause of this. I still have around 175k loans I’m paying off. If he can rly cancel all student loans for everyone then that sounds very enticing

How do you like dem apples?

 

[PikminOC]

I must say I don’t like the idea of government forgiving student loan debt. But going forward if they can make college education, and healthcare more affordable, and give people decent minimum wage- those are great ideas.
yes the money to pay for these things has to come from somewhere, but when the govt wanted to cut slack to the richest of our society it seems it did not matter that much where the money came from.

When government got more involved in healthcare and college loans, the costs soared

 

[babybull]

When government got more involved in healthcare and college loans, the costs soared

so too did all this leniency on student loans.

 

[sakigt]

When government got more involved in healthcare and college loans, the costs soared

When states used the great recession as an excuse to pull funding for state schools, the costs soared as well.

 

[deleted480308]

When states used the great recession as an excuse to pull funding for state schools, the costs soared as well.

The portion of revenue shifted to students, as it should

that is different than the availability of loans inflating costs