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

[wagrxm2000]

I'd rather have Biden than Bloomberg to be honest. I can tolerate a Biden presidency if he chooses a progressive VP like Tulsi Gabbard.

What I don't understand is why did the Southern African Americans vote for Biden instead of Bernie when Biden has a history of being racist, opposing busing, supporting the National Crime Bill, opposing legalizing marijuana when Bernie marched with MLK, supports legalizing marijuana, supports criminal justice and bail reform, plus Bernie has endorsements from Killer Mike, Cardi B, and Public Enemy.

Because people don't live in the past?

When did that happen in the 70s?

Also Biden has been cleansed in the lake of Obama.

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[Dred Pirate]

Isn't Gabbard the one that is allegedly a Russian plant or something?

yes

the odds makers have Kamala as most likely choice followed by Amy, Abrahams, , Pete, Cartex-Mastro - interesting 5 of the top 6 are females

 

[VictorOfHungerGames]

If you are not taking risk into consideration. If the stock market crashed, then you would be in trouble.

The stock market has been going up so it looks easy but by paying off his loans early, your friend is saving 6.8% interest and doesn’t have to worry about the tax bomb.

With interest, a $200k loan, you would end up paying about $450k Or more in 15 years. Even with tax bomb, i would end up paying less than $300k in 25 years.

Market can crash and it has crashed, but correct me if im wrong, it will go back up at some point? Im in it for the long run. I aint about to cash out until i have at least a couple of mil.

 

[confettiflyer]

I'd rather have Biden than Bloomberg to be honest. I can tolerate a Biden presidency if he chooses a progressive VP like Tulsi Gabbard.

What I don't understand is why did the Southern African Americans vote for Biden instead of Bernie when Biden has a history of being racist, opposing busing, supporting the National Crime Bill, opposing legalizing marijuana when Bernie marched with MLK, supports legalizing marijuana, supports criminal justice and bail reform, plus Bernie has endorsements from Killer Mike, Cardi B, and Public Enemy.

Isn’t Gabbard that weird person who voted present at impeachment?


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[deleted562805]

Yes, he is going to tax “wealthy” doctors, dentists and pharmacists so he can forgive student loans to doctors, dentists and pharmacists!

Instead of student loan forgiveness and making it another burden on the middle class to pay this tax. Why not limit how much money a school can borrow to start a school? That will force many schools mainly pharmacy schools to shut down and help in controlling tuition costs

 

[BMBiology]

With interest, a $200k loan, you would end up paying about $450k Or more in 15 years. Even with tax bomb, i would end up paying less than $300k in 25 years.

Market can crash and it has crashed, but correct me if im wrong, it will go back up at some point? Im in it for the long run. I aint about to cash out until i have at least a couple of mil.

What was your original amount? How much are you expected to pay off in 25 years? How much is left over?

I am asking because a lot of people don’t understand how IBR works. They don’t know as their income goes up so does their payment. They don’t know they are likely to pay 40% of the forgiven amount in taxes.

Regarding the stock market, historically it goes up 8-9% a year so after federal and state taxes, that is about 7% which is almost identical to student loan interest rate (6.8%).

 

[deleted562805]

Student loan interest rates are RIDICULOUS! Federal loans should not be profitable! END OF STORY.
I believe it should be canceled for ALL or REDUCED down to 2% at MOST because is is unethical to try to make money off of students.

It’s ridiculous when a student does not research the market on what he is getting into before signing up on a loan for a useless degree.

 

[deleted562805]

I have to use Venezuela because it's relevant lol. If we go down the road of socialism then don't we want to consider the possibility of us having the same issues as Venezuela? BTW, You dodge all my questions. Also, we know that capitalism was way better than socialism in Venezuela, which was another proven fact.

You say you watch Fox and listen to Trump alot and understands republicans, then what has Bernie done so far that's better for this country? Afterall, he's been in politics for so long. The only answer that i've heard so far to all his ideas is increase tax or is there more?

EDIT: About the homeless issue, it's true that it's everywhere. But to use that as an excuse to dismiss the much higher rates in CA/NY is very irresponsible.

One thing is fact is that Bernie is a career politician and has never worked a real job in his life

 

[BMBiology]

It is funny how Bernie always talks about countries like Denmark. He doesn’t tell you Denmark doesn’t have a minimum wage. He doesn’t tell you the poor people pay 36% in taxes and rich people pay up to 50%.

He wants to just tax the rich (anyone who makes 6 figures). That is not Denmark. That is Cuba. That is Venezuela.

 

[trailerpark]

I want the governor or senate member of the swing state with the most electoral votes to be Biden's running mate.

 

[WVUPharm2007]

It is funny how Bernie always talks about countries like Denmark. He doesn’t tell you Denmark doesn’t have a minimum wage. He doesn’t tell you the poor people pay 36% in taxes and rich people pay up to 50%.

He wants to just tax the rich (anyone who makes 6 figures). That is not Denmark. That is Cuba. That is Venezuela.

No. Venezuela and Cuba you are talking seizing the means of production. Actual communism. Bernie just wants an aggressive safety net backing up a market economy.

Part of me wishes an actual communist would ruin just to see the heads explode.

 

[babybull]

It is funny how Bernie always talks about countries like Denmark. He doesn’t tell you Denmark doesn’t have a minimum wage. He doesn’t tell you the poor people pay 36% in taxes and rich people pay up to 50%.

He wants to just tax the rich (anyone who makes 6 figures). That is not Denmark. That is Cuba. That is Venezuela.

Trump just handed the rich millions and billions of dollars EACH by enabling massive stock buybacks via corporate tax cuts.

why is it socialism when poor people get free healthcare and increased minimum wages, but it's capitalism when individual millionaires and billionaires are handed free money by the government?

 

[BMBiology]

Trump just handed the rich millions and billions of dollars EACH by enabling massive stock buybacks via corporate tax cuts.

why is it socialism when poor people get free healthcare and increased minimum wages, but it's capitalism when individual millionaires and billionaires are handed free money by the government?

You don’t know the meaning of socialism.

 

[BMBiology]

No. Venezuela and Cuba you are talking seizing the means of production. Actual communism. Bernie just wants an aggressive safety net backing up a market economy.

Part of me wishes an actual communist would ruin just to see the heads explode.

Getting rid of health insurance and taking over healthcare doesn’t count?

 

[NITRAS]

Bernie Sanders says he’s a socialist.
You can argue on what spectrum of socialism and communism he is on, but I don’t think anyone really doesn’t think he’s a socialist.

You can also argue as to what is good for the country. I’m all for a flat tax personally. Everyone pays the same taxes. . . . But that will never fly.

 

[deleted480308]

Trump just handed the rich millions and billions of dollars EACH by enabling massive stock buybacks via corporate tax cuts.

why is it socialism when poor people get free healthcare and increased minimum wages, but it's capitalism when individual millionaires and billionaires are handed free money by the government?

No one here is defending giving wealthy people money that I’m aware of

 

[WVUPharm2007]

Getting rid of health insurance and taking over healthcare doesn’t count?

I guess. But not really. The means of production are the healthcare workers, pharmaceutical workers, etc. He is just eliminating a useless middle man. Literally all you need to make money as an insurer is an army of actuaries and a bunch of capital. The laws of statistics and probability take care of the rest.

 

[owlegrad]

No one here is defending giving wealthy people money that I’m aware of

And yet that is exactly what happens! And you (mostly) don’t hear boo about it from the people that complain so vocally when the handouts go to poor people.

 

[BMBiology]

And yet that is exactly what happens! And you (mostly) don’t hear boo about it from the people that complain so vocally when the handouts go to poor people.

I didn’t know physicians, dentists and pharmacists are poor people. If anything, this is just another give away to the top 10%.

 

[NITRAS]

I guess. But not really. The means of production are the healthcare workers, pharmaceutical workers, etc. He is just eliminating a useless middle man. Literally all you need to make money as an insurer is an army of actuaries and a bunch of capital. The laws of statistics and probability take care of the rest.

Running anything through insurance is a money losing operation. I get that. ALL insurance premiums cover the cost of covering sales, profit, marketing. Running things through the government doesn't improve efficiency. The government has huge amounts of waste, bureaucracy, and the money often gets diverted to cover other things. Government also has the ability to take and force people at do things with the threat of force.

You are not eliminating a useless middleman. You are replacing them with another middle man who probably cares less about the adverse effects than the one you have now.

Businesses that do a horrible job ultimately go out of business. Government workers that aren't elected, (which these people will not be elected) have strong job security. They get fired for breaking the law, not for poor customer service or poor efficiency.

 

[owlegrad]

I didn’t know physicians, dentists and pharmacists are poor people. If anything, this is just another give away to the top 10%.

I agree with you on the face of it, but that is a separate point. I was addressing and agreeing with the point that corporate welfare is tolerated (or celebrated) but individual welfare is villianized/condemned.

 

[BMBiology]

I agree with you on the face of it, but that is a separate point. I was addressing and agreeing with the point that corporate welfare is tolerated (or celebrated) but individual welfare is villianized/condemned.

I think the part that bothered people is the proposal retroactively forgives loans. Loans that have already been taken out and used. If Bernie had said he is going to control college cost and make community college cheap moving forward then I think that is fine with many more people.

 

[deleted480308]

And yet that is exactly what happens! And you (mostly) don’t hear boo about it from the people that complain so vocally when the handouts go to poor people.

That’s because no one comes in here starting a million threads about wanting to give more money to wealthy people, the threads tend to be about govt giving money to the poor so that’s what gets discussed

 

[BMBiology]

I don’t think most people support corporate welfare but most people see it as politics. The Republicans want to cut their taxes while the Democrats want to raise them. Most people can’t even balance their checkbook...what do they know about corporate tax structure? But if you are going to forgive Bob’s or John’s student loans and not their loans, then they are going to know about it.

 

[owlegrad]

That’s because no one comes in here starting a million threads about wanting to give more money to wealthy people, the threads tend to be about govt giving money to the poor so that’s what gets discussed

I was speaking more generally than just here but I take your point.

 

[Sparda29]

Trump just handed the rich millions and billions of dollars EACH by enabling massive stock buybacks via corporate tax cuts.

why is it socialism when poor people get free healthcare and increased minimum wages, but it's capitalism when individual millionaires and billionaires are handed free money by the government?

The capitalist excuse is that when businesses are handed tax breaks and subsidies and bailouts there is a return on investment and when you give it to poor people they just spend the money on themselves or save.

 

[Sparda29]

I didn’t know physicians, dentists and pharmacists are poor people. If anything, this is just another give away to the top 10%.

You're not in the Top 10% if your net worth is -300k+.

 

[NITRAS]

You're not in the Top 10% if your net worth is -300k+.

But the masses don’t know that. They just see the docs buying fancy cars and big houses.

 

[BMBiology]

You're not in the Top 10% if your net worth is -300k+.

From your posts, you have made poor financial decisions. You are an adult with a doctorate degree. You are making 6 figures. Why should I have to pay a tax to support you?

 

[deleted898085]

No one here is defending giving wealthy people money that I’m aware of

Fed rate is 1% and heading to 0% soon while student loan rate is 7.6%
Businesses borrow just to buy back their stocks.

 

[deleted898085]

From your posts, you have made poor financial decisions. You are an adult with a doctorate degree. You are making 6 figures. Why should I have to pay a tax to support you?

Yeah, only banks, who made poor decisions by lending ppl money without checking their credits so that they could buy houses during housing bubble, got bailout. We only pay tax to support businesses.

 

[deleted562805]

Yeah, only banks, who made poor decisions by lending ppl money without checking their credits so that they could buy houses during housing bubble, got bailout. We only pay tax to support businesses.

Banks are making money and have control over financial health by lending people loans. Whoever controls the money supply is benefiting from the high interest student loan rates. Why would you consider that a poor decision? It’s a poor decision on the individual who chooses to go into a saturated market or obtaining a useless degree. Why should one pay a tax to forgive someone who did a art history degree, and is still unemployed? Why should I as a tax payer support that person?

 

[BMBiology]

Yeah, only banks, who made poor decisions by lending ppl money without checking their credits so that they could buy houses during housing bubble, got bailout. We only pay tax to support businesses.

I don’t support the bailout but banks have paid off their loan plus interest. Are you going to do the same thing?

 

[BMBiology]

Fed rate is 1% and heading to 0% soon while student loan rate is 7.6%
Businesses borrow just to buy back their stocks.

Your student loan debt is like credit card debt which has an interest rate of 15-17%. It is higher because there is no collateral like a house, a car. We can’t just take away your degree.

Where would you be today if access to student loans wasn’t easy? Admission standards have dropped like a rock. You would be working as a tech or wash test tubes for a living.

The tax payers are ultimately the loser here. They gave you $300 k for 3-4 years of tuition plus living cost. And now you don’t even want to pay it back? What else are you expecting from tax payers?

 

[deleted480308]

Fed rate is 1% and heading to 0% soon while student loan rate is 7.6%
Businesses borrow just to buy back their stocks.

I don’t think there should be a fed rate at all, the market should determine loan rates

 

[Sparda29]

From your posts, you have made poor financial decisions. You are an adult with a doctorate degree. You are making 6 figures. Why should I have to pay a tax to support you?

You wouldn't. Wall Street would.

 

[Sparda29]

Your student loan debt is like credit card debt which has an interest rate of 15-17%. It is higher because there is no collateral like a house, a car. We can’t just take away your degree.

Where would you be today if access to student loans wasn’t easy? Admission standards have dropped like a rock. You would be working as a tech or wash test tubes for a living.

The tax payers are ultimately the loser here. They gave you $300 k for 3-4 years of tuition plus living cost. And now you don’t even want to pay it back? What else are you expecting from tax payers?

Then allow borrowers to declare bankruptcy on student loan debt. We take a hit on credit for 7 years then move on.

 

[BMBiology]

You wouldn't. Wall Street would.

And I own stocks.

 

[Sparda29]

And I own stocks.

Good for you, your broker should pay for it without passing along the tax to you.

 

[BMBiology]

Good for you, your broker should pay for it without passing along the tax to you.

People don’t always do what they should. For example, you should pay back your debt.

 

[BMBiology]

Then allow borrowers to declare bankruptcy on student loan debt. We take a hit on credit for 7 years then move on.

I am not against this idea. You can go before a judge. Your credit would be destroyed for 7 years.

 

[deleted480308]

I am not against this idea. You can go before a judge. Your credit would be destroyed for 7 years.

And no more govt.....ever.....in student loans?

 

[BMBiology]

And no more govt.....ever.....in student loans?

1) No student loan for students who can’t get 3.0 in high school and want to attend a 4 year university. They must attend a community college first and then transfer. Community college should be cheap.

2) Expand trade schools

3) Emphasis on real career experiences in high school

 

[deleted480308]

1) No student loan for students who can’t get 3.0 in high school and want to attend a 4 year university. They must attend a community college first and then transfer. Community college should be cheap.

2) Expand trade schools

3) Emphasis on real career experiences in high school

How about just now more govt in student loans.....ever. Full stop. If you cannot convince the bank your plan has a good risk vs reward, you don’t get money

 

[Argentium]

How about just now more govt in student loans.....ever. Full stop. If you cannot convince the bank your plan has a good risk vs reward, you don’t get money

the unintended consequence of this is that it further perpetuates the cycle of poverty (if you believe that education is one of the equalizing factors that allows for class mobility). maybe there's nothing wrong with that (you're right - trade schools are a great option) but things like GPA/employability/etc. are probably all correlated to education/wealth of parents; etc.

a massively subsidized (and i agree - flawed) student loan market has allowed for a lot of people to "have a shot" at an education and the potential benefits associated with that class mobility but it hasn't worked out for a lot of them and they're basically screwed. is that wrong? yah maybe, but there are arguments for the other side too

 

[deleted480308]

the unintended consequence of this is that it further perpetuates the cycle of poverty (if you believe that education is one of the equalizing factors that allows for class mobility). maybe there's nothing wrong with that (you're right - trade schools are a great option) but things like GPA/employability/etc. are probably all correlated to education/wealth of parents; etc.

a massively subsidized (and i agree - flawed) student loan market has allowed for a lot of people to "have a shot" at an education and the potential benefits associated with that class mobility but it hasn't worked out for a lot of them and they're basically screwed. is that wrong? yah maybe, but there are arguments for the other side too

but only one of those scenarios drops the public at large as the liability holder for a bunch of bad debt.....students should fund their own endeavors

 

[Argentium]

but only one of those scenarios drops the public at large as the liability holder for a bunch of bad debt.....students should fund their own endeavors

The "public" subsidizes a lot of things that don't make financial sense in the short run but may make sense in the long run or are just "the right thing to do."

I think most would agree that something needs to change with the current system; and I think that some form of education should be an option for almost everyone; but that the student needs to have some skin in the game as well (can't be fully subsidized by the public). Anyways there isn't really a right or wrong; its a question of if education is a valuable priority for society - this is why its important to vote!

 

[deleted480308]

The "public" subsidizes a lot of things that don't make financial sense in the short run but may make sense in the long run or are just "the right thing to do."

I think most would agree that something needs to change with the current system; and I think that some form of education should be an option for almost everyone; but that the student needs to have some skin in the game as well (can't be fully subsidized by the public). Anyways there isn't really a right or wrong; its a question of if education is a valuable priority for society - this is why its important to vote!

majority vote doesn't have anything to do with morality

 

[confettiflyer]

I am not against this idea. You can go before a judge. Your credit would be destroyed for 7 years.

That’s even better than 10yr PSLF!


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[mentos]

Fed rate is 1% and heading to 0% soon while student loan rate is 7.6%
Businesses borrow just to buy back their stocks.

Student loans are higher risk because there's no collaterol. If someone doesn't pay their car or house loan, those can be taken away. If someone doesn't pay their student loan, they can't take away their brain.