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

[bokonon82]

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

Someone probably already mentioned this, but it won't be graduate student debt. You're screwed.

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[babybull]

Someone probably already mentioned this, but it won't be graduate student debt. You're screwed.

let me ask you this: have you already paid off your student loans?

 

[bokonon82]

let me ask you this: have you already paid off your student loans?

Hell no. Income based repayment FTW.

 

[BMBiology]

That’s even better than 10yr PSLF!


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Depends on the criteria.

No: someone who has $300 k student loans and makes $100 k a year

Yes: someone who has $300 k student loans and have not worked in 10 years

 

[BenJammin]

Bernie is a bone head. How can you honestly propose student loan debt forgiveness, not talk about how to handle high tuition costs, and then tell people it's not a bribe for votes?

 

[confettiflyer]

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.

They’re lower risk since you have governmental powers to collect and impound social security benefits/tax refunds that don’t exist for consumer loans.


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[BMBiology]

They’re lower risk since you have governmental powers to collect and impound social security benefits/tax refunds that don’t exist for consumer loans.


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There are limitations to how much government can deduct from your social security. If you don’t want a tax refund, just increase your withholding.

 

[BMBiology]

Bernie is a bone head. How can you honestly propose student loan debt forgiveness, not talk about how to handle high tuition costs, and then tell people it's not a bribe for votes?

And if you don’t want to forgive student loans to physicians, dentists and pharmacist then you are an enemy to the state. That is why Bernie is so toxic and why he couldn’t expand beyond his base.

 

[owlegrad]

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.

You can’t declare bankruptcy on student loans. They are by far the lowest risk of any loan.

 

[babybull]

Bernie is a bone head. How can you honestly propose student loan debt forgiveness, not talk about how to handle high tuition costs, and then tell people it's not a bribe for votes?

doesn't bernie want to make college free?

 

[Sparda29]

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

Yeah, I could have done this right after graduation in 2012, I'd be out of the woods right now.

If I'm not mistaken, bankruptcy used to be an option for student loans until banks lobbied to have the law changed to only allow for certain circumstances.

 

[NITRAS]

You can’t declare bankruptcy on student loans. They are by far the lowest risk of any loan.

They are low risk to the bank because the government is insuring them against default.

The default rate of student loans is like 20%, which is exorbitantly high.

Yeah, I could have done this right after graduation in 2012, I'd be out of the woods right now.

If I'm not mistaken, bankruptcy used to be an option for student loans until banks lobbied to have the law changed to only allow for certain circumstances.

You can’t declare bankruptcy because the Feds (Aka taxpayers) are insuring the loan. You also can’t bankrupt tax debt either.

On a side note, bankruptcy isn’t a way to financial success. It’s a way to people to try and keep from drowning. Bankruptcy leaves marks on you, and often only temporized the symptoms of the problem. The problem is people taking out too much for education that doesn’t pay for itself. The vast majority of the people that are floundering 1. Didn’t get a degree, or 2. way overpaid for their degree of study.

Having a financial plan that depends on either the federal government or bankruptcy to succeed is squarely in the stupid column.

 

[mentos]

When I was in undergrad almost 20 years ago, the dorm rooms and classrooms resembled jail cells. Each floor had a shared bathroom for one gender (they would rotate genders each semester) so half the year you would have to go upstairs or downstairs to shower and hope one of the 3 showers were available. There was ONE small kitchen in the basement for the entire building to use. The dining halls had high school quality food. The chairs and desks in classrooms were the same ones my middle school and high school used. It was a school: a place for you know, learning. Tuition was the same low price for the first two years.

Tuition was jacked up exponentially for our junior and senior years. The year after we graduated, they knocked down perfectly good buildings and built new state of the art monstrosities. New dorm rooms had private apartments with private full kitchens, living rooms and private bathrooms. The dining halls now had gourmet restaurant quality food made by award winning chefs. There were new expensive high def TVs all over campus. Brand new sports facilities went up. Campus was unrecognizable when I visited a couple years later.

This is why college is ridiculously expensive. They are not using loans to pay for education, they are paying to go on vacation in a 5 star resort for 4 years.

 

[baileyfal]

Bernie is a bone head. How can you honestly propose student loan debt forgiveness, not talk about how to handle high tuition costs, and then tell people it's not a bribe for votes?

Right, and also, the reason college is so expensive is due to federal student loans; if these loans were ‘forgiven’ then the price universities charge would accelerate even higher for current and future students, as they would not care about the price because they would now have the expectation that they should have their debt ‘forgiven.’

 

[wagrxm2000]

RealClearPolitics - 2020 - Latest 2020 Democratic Presidential Primary Polls

Latest 2020 Democratic Presidential Primary Polls

www.realclearpolitics.com

Check out todays polls. I think it's time for Sanders to drop out and have the entire party come together.

 

[BMBiology]

RealClearPolitics - 2020 - Latest 2020 Democratic Presidential Primary Polls

Latest 2020 Democratic Presidential Primary Polls

www.realclearpolitics.com

Check out todays polls. I think it's time for Sanders to drop out and have the entire party come together.

Sanders never got more than 30%. It is over.

 

[wagrxm2000]

Sanders never got more than 30%. It is over.

Sad thing is since he isn't spending any of his own money, he will just stay and continue to waste all his followers money.

 

[BMBiology]

Sad thing is since he isn't spending any of his own money, he will just stay and continue to waste all his followers money.

Fine by me! But he is going to blame others for his loss.

 

[wagrxm2000]

I think there is a really good chance if Biden does somehow win that he steps down before his 4 years are up.

The more I listen to clips of his speeches, he is clearly mentally unfit.

He is Mr O'Biden running for Senate and was hoping to win Super Thursday just so we can not get elected and instead re-elect Trump.

Those are his combined words not mine.

On the plus side I guess they can just toss him out there and make sure he always reads from a script.

 

[deleted562805]

I think there is a really good chance if Biden does somehow win that he steps down before his 4 years are up.

The more I listen to clips of his speeches, he is clearly mentally unfit.

He is Mr O'Biden running for Senate and was hoping to win Super Thursday just so we can not get elected and instead re-elect Trump.

Those are his combined words not mine.

On the plus side I guess they can just toss him out there and make sure he always reads from a script.

Yeah, Trump is going win the re-election. Biden has no shot

 

[confettiflyer]

When I was in undergrad almost 20 years ago, the dorm rooms and classrooms resembled jail cells. Each floor had a shared bathroom for one gender (they would rotate genders each semester) so half the year you would have to go upstairs or downstairs to shower and hope one of the 3 showers were available. There was ONE small kitchen in the basement for the entire building to use. The dining halls had high school quality food. The chairs and desks in classrooms were the same ones my middle school and high school used. It was a school: a place for you know, learning. Tuition was the same low price for the first two years.

Tuition was jacked up exponentially for our junior and senior years. The year after we graduated, they knocked down perfectly good buildings and built new state of the art monstrosities. New dorm rooms had private apartments with private full kitchens, living rooms and private bathrooms. The dining halls now had gourmet restaurant quality food made by award winning chefs. There were new expensive high def TVs all over campus. Brand new sports facilities went up. Campus was unrecognizable when I visited a couple years later.

This is why college is ridiculously expensive. They are not using loans to pay for education, they are paying to go on vacation in a 5 star resort for 4 years.

My school had a sushi bar in the dining commons and a gym so nice, Kobe used it to practice.

I also don’t see why a state supported school had all that, but I surmise it was to recruit international/out of state students who paid full price (the # of those students rose every year).

I think I paid $5k/yr for fees/etc and had zero undergrad debt.


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[confettiflyer]

Sanders never got more than 30%. It is over.

If California didn’t have early voting, Biden would have won it like Virginia. People voted for Bloomberg because Biden wasn’t viable before SC.


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[DagS132]

When I was in undergrad almost 20 years ago, the dorm rooms and classrooms resembled jail cells. Each floor had a shared bathroom for one gender (they would rotate genders each semester) so half the year you would have to go upstairs or downstairs to shower and hope one of the 3 showers were available. There was ONE small kitchen in the basement for the entire building to use. The dining halls had high school quality food. The chairs and desks in classrooms were the same ones my middle school and high school used. It was a school: a place for you know, learning. Tuition was the same low price for the first two years.

Tuition was jacked up exponentially for our junior and senior years. The year after we graduated, they knocked down perfectly good buildings and built new state of the art monstrosities. New dorm rooms had private apartments with private full kitchens, living rooms and private bathrooms. The dining halls now had gourmet restaurant quality food made by award winning chefs. There were new expensive high def TVs all over campus. Brand new sports facilities went up. Campus was unrecognizable when I visited a couple years later.

This is why college is ridiculously expensive. They are not using loans to pay for education, they are paying to go on vacation in a 5 star resort for 4 years.

I used to walk 15 miles in the snow just to sign up for classes and only paid a quarter for a hamburger, fries, and a drink.

 

[BMBiology]

I used to walk 15 miles in the snow just to sign up for classes and only paid a quarter for a hamburger, fries, and a drink.

Damn why didn’t you get a snowmobile?

 

[deleted480308]

Damn why didn’t you get a snowmobile?

Fafsa now covers snowmobiles, but why should you take a loan for one when Bernie promises free snowmobiles. Common sense free snowmobiles for all is a human right

 

[BMBiology]

Fafsa now covers snowmobiles, but why should you take a loan for one when Bernie promises free snowmobiles. Common sense free snowmobiles for all is a human right

My undergrad has a food bank on campus now so no student would go hungry. What happened to the freshman 15?! It is all you can eat buffet! And of course students are now rushing to the food bank to get free food even when they can afford it.

 

[deleted480308]

My undergrad has a food bank on campus now so no student would go hungry. What happened to the freshman 15?! It is all you can eat buffet! And of course students are now rushing to the food bank to get free food even when they can afford it.

Freshman 15 is a thing for a lot of folks

 

[Sparda29]

When I was in undergrad almost 20 years ago, the dorm rooms and classrooms resembled jail cells. Each floor had a shared bathroom for one gender (they would rotate genders each semester) so half the year you would have to go upstairs or downstairs to shower and hope one of the 3 showers were available. There was ONE small kitchen in the basement for the entire building to use. The dining halls had high school quality food. The chairs and desks in classrooms were the same ones my middle school and high school used. It was a school: a place for you know, learning. Tuition was the same low price for the first two years.

Tuition was jacked up exponentially for our junior and senior years. The year after we graduated, they knocked down perfectly good buildings and built new state of the art monstrosities. New dorm rooms had private apartments with private full kitchens, living rooms and private bathrooms. The dining halls now had gourmet restaurant quality food made by award winning chefs. There were new expensive high def TVs all over campus. Brand new sports facilities went up. Campus was unrecognizable when I visited a couple years later.

This is why college is ridiculously expensive. They are not using loans to pay for education, they are paying to go on vacation in a 5 star resort for 4 years.

See that's a good use of tuition money though. If you're gonna charge 30k a year, then it better look like a 5 star resort. If it's 4k a year, I'd accept ****tier conditions.

The real problem in colleges the administrators are getting paid too much.

 

[deleted480308]

See that's a good use of tuition money though. If you're gonna charge 30k a year, then it better look like a 5 star resort. If it's 4k a year, I'd accept ****tier conditions.

The real problem in colleges the administrators are getting paid too much.

The real problem is federally backing any of it. If some rich kid wants to think he’s in cabo on the way to geometry and dad wants to pay, that’s fine. But the govt shouldn’t be assisting

 

[Emmet2301]

^Why so?

 

[deleted480308]

^Why so?

Because it’s not the govt’s role to help people bury themselves in debt or to assist in buying lifestyle. If you want to buy luxury stuff, or even normal stuff, the expense and debt service should be yours alone

 

[babybull]

Because it’s not the govt’s role to help people bury themselves in debt or to assist in buying lifestyle. If you want to buy luxury stuff, or even normal stuff, the expense and debt service should be yours alone

you see it as assisting in buying a lifestyle. i see it as exacting fairness

 

[deleted480308]

you see it as assisting in buying a lifestyle. i see it as exacting fairness

That’s not the govts job either, their job is protecting rights and that’s about it

 

[babybull]

you see it as assisting in buying a lifestyle. i see it as exacting fairness

the govt forces me to purchase health insurance that i dont use so that the system works for people who use it, i.e. the Boomers. and now when the govt steps in to help students manage educational debt, there's all this outrage by the Boomers.

i have not seen a doctor for any injury or illness since middle school.

 

[deleted480308]

the govt forces me to purchase health insurance that i dont use so that the system works for people who use it, i.e. the Boomers. and now when the govt steps in to help students manage educational debt, there's all this outrage by the Boomers.

i have not seen a doctor for any injury or illness since middle school.

The govt should be doing neither.

 

[BMBiology]

the govt forces me to purchase health insurance that i dont use so that the system works for people who use it, i.e. the Boomers. and now when the govt steps in to help students manage educational debt, there's all this outrage by the Boomers.

i have not seen a doctor for any injury or illness since middle school.

You got money to play the stock market, you got money to pay off your student loans

 

[babybull]

You got money to play the stock market, you got money to pay off your student loans

no thank you. the government will pay off my student loan while i use my paycheck to play the stock market

then if i lose it all, i declare bankruptcy and press the reset button to play the stock market again

 

[BMBiology]

no thank you. the government will pay off my student loan while i use my paycheck to play the stock market

And there you have it. Too bad your guy is going to lose.

 

[BMBiology]

then if i lose it all, i declare bankruptcy and press the reset button to play the stock market again

As long as you pay your rent on time then we are good

 

[mentos]

you see it as assisting in buying a lifestyle. i see it as exacting fairness

The government paying for students to go on a 4 year vacation at a 5 star resort is exacting fairness? Okay.

the govt forces me to purchase health insurance that i dont use so that the system works for people who use it, i.e. the Boomers. and now when the govt steps in to help students manage educational debt, there's all this outrage by the Boomers.

i have not seen a doctor for any injury or illness since middle school.

I'm a millennial and I'm outraged cause I paid off my loans and entitled people like you want a free $200,000 handout.

No one forced you to take out student loans, that was your choice. Now pay back what you agreed to borrow.

You are fortunate that you are young and healthy. If you ever got into an auto accident or anything similar and went to the ER, you'd be grateful for your health insurance.

This post really shows your age and immaturity. You think boomers are the only ones that use health insurance?

 

[babybull]

The government paying for students to go on a 4 year vacation at a 5 star resort is exacting fairness? Okay.



I'm a millennial and I'm outraged cause I paid off my loans and entitled people like you want a free $200,000 handout.

No one forced you to take out student loans, that was your choice. Now pay back what you agreed to borrow.

You are fortunate that you are young and healthy. If you ever got into an auto accident or anything similar and went to the ER, you'd be grateful for your health insurance.

This post really shows your age and immaturity. You think boomers are the only ones that use health insurance?

all this says is that you side with the Boomers. Biden voter? or Trump

 

[mentos]

all this says is that you side with the Boomers. Biden voter? or Trump

That has nothing to do with what I posted.

 

[Sparda29]

The government paying for students to go on a 4 year vacation at a 5 star resort is exacting fairness? Okay.



I'm a millennial and I'm outraged cause I paid off my loans and entitled people like you want a free $200,000 handout.

No one forced you to take out student loans, that was your choice. Now pay back what you agreed to borrow.

You are fortunate that you are young and healthy. If you ever got into an auto accident or anything similar and went to the ER, you'd be grateful for your health insurance.

This post really shows your age and immaturity. You think boomers are the only ones that use health insurance?

Copays and deductibles, and coverage maximums need to be outlawed.

Let me pay my $500 a month premium and cover my healthcare completely.

 

[deleted480308]

Copays and deductibles, and coverage maximums need to be outlawed.

Let me pay my $500 a month premium and cover my healthcare completely.

That’s not how math works. No system could do that and stay afloat (which is why you will never start an insurance company with unlimited coverage liability for $500/month)

 

[PharFromNormal]

That’s not how math works. No system could do that and stay afloat (which is why you will never start an insurance company with unlimited coverage liability for $500/month)

It can if there’s another funding source that is at risk for the catastrophic costs ie employer, govt

 

[deleted480308]

It can if there’s another funding source that is at risk for the catastrophic costs ie employer, govt

Which there should never be. You start delivering some pizzas for me and now I am infinitely liable for all your health expenses? Nope

 

[mentos]

the govt forces me to purchase health insurance that i dont use so that the system works for people who use it, i.e. the Boomers. and now when the govt steps in to help students manage educational debt, there's all this outrage by the Boomers.

i have not seen a doctor for any injury or illness since middle school.

"Why should I have to pay for health insurance that I don't use?"

Why should anyone pay for your degree that no one else uses?

 

[confettiflyer]

Which there should never be. You start delivering some pizzas for me and now I am infinitely liable for all your health expenses? Nope

We collectively already are...so long as emergency rooms are legally required to accept and treat everyone that comes in.


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[confettiflyer]

.

I'm a millennial and I'm outraged cause I paid off my loans and entitled people like you want a free $200,000 handout.

No one forced you to take out student loans, that was your choice. Now pay back what you agreed to borrow.

I inherently knew from the start a government originated loan was subject to revision in terms that historically benefited the borrower (happened in the 90s, 00s, and 10s).

So, that was your choice to pay off the loan early and not avail yourself of growing options (up to and including the unlikely possibility of full on loan forgiveness). It’s a purely rational decision to attempt to revise them again.

 

[deleted480308]

We collectively already are...so long as emergency rooms are legally required to accept and treat everyone that comes in.


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I know that, we shouldn’t be