How Soon Can Student Debt Be Canceled In The U.S.?

As the amount of student debt in the U.S. climbs to over $1.7 trillion, students each year are plunged into debilitating debt. President Biden campaigned on a promise of cancelling $10,000 in student debt for every single borrower, but so far his administration hasn’t moved to do so. Economists and activists say, even if he does cancel a portion of student debt, more must be done to prevent student loans from ballooning again in the future.
Student debt in the U.S. has ballooned to over $1.7 trillion since Congress first allowed college students to borrow from the government in 1958. This debt has varying effects on students, workers and the larger economy.
“We see the student debt crisis when it comes to individual student loan borrowers. We see how student loan borrowers struggle to save for retirement, to have emergency savings, to buy houses, to start small businesses,” Student Borrower Protection Center former executive director Seth Frotman told CNBC.
In the last few years, though, activists from both sides of the aisle have called for the president to do something about student debt. Many have even pushed for outright cancellation.
“It is abundantly clear that under a statute called the Higher Education Act, the president of the United States has the legal authority to cancel federally owned student debt,” said Rep. Mondaire Jones, D- N.Y.
Some argue that debt cancelation isn’t the answer and would mostly benefit wealthier borrowers who don’t have a problem paying off their loans on time.
“If I were to say to you, would you borrow one hundred thousand dollars to go to Harvard Law School, you wouldn’t blink and say yes, that’s clearly a good deal,” Wellesley College economics professor Phil Levine said. “We shouldn’t be absolving those people off their debt. They made an enormous investment that’s going to pay off, really, a lot.”
President Joe Biden has been largely silent about a plan to broadly cancel student debt since taking office, even though he campaigned on canceling up to $10,000 in student debt for all borrowers. However, his administration has absolved some student debt for certain groups like borrowers with disabilities and active duty service members.
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How Soon Could Pres. Biden Cancel Student Debt?

[@dodgerm7]

Regardless of how you feel about the total cancellation of student debt, if system isn’t reformed to get rid of perverse incentives then it is useless and will just lead right back to where we are now eventually.

[@khrisstake2210]

They don't care

[@brandonrosonina3180]

This the answer I keep telling eveyone... I just want my interest canceled

[@drmvp21]

@@brandonrosonina3180 the interest on these loans is brutal. That's what makes it difficult to pay off. Essentially the interest doubles the cost of loan if you payoff according to Loan schedule. Its a joke.

[@topochicooooo]

Loan forgiveness is a hell of a perverse incentive on top of the already existing ones.

[@milanobus]

We cancel all the debts and in 10 years we are back in the same spot. If not worse since colleges will just raise tuition even more knowing a bailout is coming. We need to make student loans dischargeable in bankruptcy. Then banks have a vested interest in making the right decision instead of giving $200k to a history major. Not dogging on history major, but it's really unlikely they will ever be able to pay that much back. On top of that you are helping those that are already somewhat in a position to help themselves. Where's the help for those struggling 60 hours a week just to put food on the table, let alone think of retirement.

[@forgotmyname898]

Now let’s make a video that explores why college got so expensive as soon as student loans became a thing, and why student loans are given through private lenders with such high interest rates. This is a corporate greed and revolving political door issue, not an issue with irresponsible students.

[@brycenurding8133]

Sort of like the US in general

[@larrysherk]

Absolutely correct, Emilio ! ! !

[@MorpheusOne]

@Goai: When your profile is finally deleted, rest assured... Fore it will inevitably have had something to do with me. You're welcome!

[@MorpheusOne]

@Bryce: I think that depends on the context in which one asks that question and/or makes the statement.

[@BillyBob-rr8se]

@Forcedtolie Aboutblacks It’s a mix of most Americans being financially illiterate, while colleges are exposing this flaw by charging outrageous prices for tuition backed by the greedy government. It’s a bad combination

[@top7secrets104]

I was laughed out of car dealerships when I attempted to purchase a car. After a month of assistance from *Credit lord*, I walked into a dealership and purchased a car with no money down!

[@Top5AutoRepairs]

Student loan interest is higher than current mortgage rate. Learning shouldn't be this expensive.

[@kidamere2408]

@@WinningThisOne thats great and all but I would rather they set the interest to 0 then just forgive all student loans, the govt will be ok if they dont get the interest payments, however forgiving trillions guess what will hurt us all alot more.

[@THESLlCK]

You mad make it this expensive because of demand

[@kidamere2408]

@@WinningThisOne yeah because the govt never has lost money at all ever right they use every cent they have and make money, the choice is have them paid off at a much lower lost or not have them paid off with a 3 trillion lost pick your posion

[@Beginningtopeak]

Learning is free. Accreditation is what they bend you over for

[@91taws65]

@@WinningThisOne Which is why canceling student debt/making interest 0% is being called an investment. Same situation for USPS. They are not systems designed to generate revenue; they are a service to taxpayers and money is inherently spent through operating costs, serving the public, etc. Not due to mismanagement or "losses." And if they were designed for profits in mind, they need taken down and replaced. I completely agree with your concept of interest rates and shifting the burden due to nonpayers, but this is also not a system that should be doing this. States have cut subsidies for colleges since the 70s which was a factor in lower costs. And these students who can't pay probably should never have been given a loan in the first place. No private bank would in their right mind give a personal loan for the cost of tuition without collateral. But, because of the nature of student loans, they are given out freely to students who have been pushed for years that there is no other option than college. Thank God I went into STEM to afford to pay it. Even with help from family, I graduated with $30k+ in loans, and that was after the maximum academic scholarship that was offered. This system needs changed.

[@markdc1145]

Mr Sova’s educational debt of $13k is peanuts compared to what most student’s owe at graduation. He can consider himself very lucky.

[@mattiboi09]

Literally came here for the comments about this because I laughed when a ‘21 graduate with $13k in debt is the one complaining. Wait till he sees that interest accruing!!

[@iwantfreestuff9642]

So after getting a full ride he was surprised that he would have to buy sheets and food if the dinning hall was closed? He was expecting a laptop for free also. 13k in debt after getting a degree is nothing this mindset of I should be getting these things for free is what’s killing this country

[@kb8481]

He acts as if his debt is a death sentence.

[@mikehurt3290]

Yeah thats nothing my wife has more debt than that for Cosmetology school

[@Tangarisu]

@@kb8481 debtors prison is real again.

[@disorderling]

Any type of student loan forgiveness absolutely has to accompany limits imposed on colleges and universities on what they can charge. Or it will be a huge handout to the higher education industrial complex.

[@cameronbouchard8265]

That happens when people pay for college with they’re own money again not many people will be applying to to the college that costs 150,000 when others that cost 30,000 the expensive college has to decrease price or reduce staff and campus sizes wich decrease cost and 9/10 that drops the admissions cost

[@TheRealWinser]

@Jay oh no! what will I do with my feminist dance theory degree?

[@MIKEO96]

@Jay smart

[@TheAlphapuck5280]

Kids should just stop going to outrageously prices schools. They can get amazing jobs from state schools or community colleges. Competition drives down prices.

[@liangyu506]

This is completely TRUE and I have proof. In Australia, we also have higher education loans called HECS. After you graduated (or not) and started working, you do NOT have to pay it back until you make above a certain amount (Last I checked was 45k). Here is the problem, you have shady higher education institutions with NO physical location (online learning) using SALES people to sign up anyone and everyone. Regardless of your education background, they even sign you up if you are a primary school dropouts..... Just to make thing sweeter, they will give you free phones, laptop, food vouchers etc as incentives to sign people up. I mean, if you have no chance of making 45k ever, it is like free money..... Everyone is happy :), The person who signed up gets a free gift (or kickback), sales person get's a good bonus, institution makes great money with basically no cost... only the tax payer looses.

[@jsouth489]

i love how the first guy said he had 13k in student loans upon graduating like that was a lot.

[@kevinclark9809]

@jsouth did you miss the part where that guy got a “full ride “ and still had 14k in debt ? College literally paid for and still graduated with debt (albeit a simple part time job could’ve fixed that ) it’s still telling , 5 figure debt on a full scholarship

[@kialuvsyoo]

​@@kevinclark9809 .....then college wasn't paid for.

[@Gambitbronson]

He said he had “13k accrued in loans.” Therefore, he already had loans as the principal then 13k accrued in interest.

[@djborden557]

Each of the clients that I've sent to their *credit lord* has had positive results and I will continue to recommend to those in need of a Band Aid for their credit report

[@JasmineAvril]

I’d be happy if they’d cancel my interest and stopped the interest from accruing. I’d be able to afford to pay back what I owe. The interest is the issue for real. If they forgive loans, they need to create a way to stop this from happening again.

[@karleells8603]

why didnt you run those numbers before taking out the debt? if you buy a car you cannot afford -- do you get bailed out? NOpe.

[@atoghra1]

Making all student loan payments tax deductible regardless of principal, interest, & income would also give incentives to pay down debts.

[@JasmineAvril]

@Josh Holcomb what part of my comment insinuates I don’t pay my bills?

[@karleells8603]

@Josh Holcomb AMEN, a freaking men. !!!

[@karleells8603]

@@atoghra1 student loans are not a taxpayer expense.

[@alr6111]

You cancel student debt, then you need to make public universities meet cost quotas. Canceling student debts give these predatory univerisites a blank check that will screw the tax payer over on the long-run

[@austinthrasher6116]

The current loan system allows universities to write a blank check already. The federal government allows students to borrow tens of thousands of dollars a year, so what do Universities do? Charge students tens of thousands of dollars to attend. Universities are using the system to turn naive college students into cash cows. The source of the cash? The government. Need to hit them at the source, the loan system, or as you suggested - impose price ceilings.

[@alr6111]

@@austinthrasher6116 canceling student debt would make the blank check fatter. I dont see why American universities cost double and triple British and Canadian universities. Limits are imposed in the UK

[@nomads7978]

@@alr6111 Government limiting anything is big no-no here. Private and even state university get a lot of grant from government. Most of the students have these grant, financial aid. Uni basically adjust their tuition to get maximum $$$ from both government and individual student.

[@larrysherk]

When we have reasonable income distribution for all, then people won't go to private universities that are abusive. Some of our "greatest" universities are sliding in that direction.

[@u6h149]

@@larrysherk Income is based on market demand. When there is more supply of Labour than demand income in drop.

[@julians7613]

Most people don’t seem to understand that a profit incentive makes it so the education system is skewed against you, its not about education, its about money

[@DJG2011]

If government stops funding these schools and handing loans out then schools will be forced to reduce their costs if they want attendance to stay high

[@mrike5651]

Yes I noticed that

[@MrHammer2088]

Capitalism at its best .. It is now stressed too thin

[@blazecraftworks8944]

@@MrHammer2088 Its Capitalism at it’s worst. Capitalism isn’t an inherently terrible or good system. Its how we practice it is when problems arrive. Rn profit is more valuable than the running and health of the nation’s people. There is a legit whole party dedicated to saying “Capitalism is good, profit is good, wages are evil.”

[@MrHammer2088]

@@blazecraftworks8944 if you say capitalism isn't an inherently good or bad system - and I say capitalism at it's best and you say no it's at its worst - then it bring us right in with your argument- doesn't it? 🤔

[@duck8280]

Or stop government funding, and schools would be forced to reduce there extremely high costs

[@DJG2011]

EXACTLY

[@mastershredder2002]

Thanks for actually understanding what is causing the high costs of education.

[@c.harris7823]

Exactly right.

[@yupitsme1385]

Stop having these unnecessary classes “ prerequisite classes” and just pay for the classes we need for the degree we want . This will save so much money.

[@heyaisdabomb]

Then you have the higher education system of the rest of the world. What makes our higher education system so great is the well rounded education. I thought it was pointless to take all of these classes until after I graduated and realized I was intellectually much further along than my friends. It's not about the facts you learn, it's about how learning those facts shapes your way of thinking.

[@samhu5878]

@@heyaisdabomb that doesn’t mean that you can’t learn all of that in a community college and transfer in.

[@Pointlessparodys]

Colleges are not trade schools

[@yupitsme1385]

@@heyaisdabomb you think we have higher education system than the rest of the world ? Lol that’s funny, most doctors, nurses, scientists, engineers etc are from other countries. We literally have a “ don’t leave a child behind act because of how bad our education system is . Wow lol 😂

[@johnathin0061892]

@@Pointlessparodys They should be. Kids go to college to get a job.

[@tdomonique504]

I think what needs to be talked about more is how college really isn’t that needed for a lot of careers. I have a bachelors in Human Resource. I haven’t been able to get a job in HR since I graduated. Every job I’ve had since didn’t require a degree. So I basically picked up student loan debt for nothing. Highschool students need to be exposed to trade schools and certifications/Licenses they can get in certain job fields where they can and will make good money without going into debt. I’m currently taking hours as I speak to get my insurance adjuster license.. where again, a degree is not needed.

[@johnforestersworstnightmar3756]

Agreed but unfortunately, going to college is often seen as as the only way to succeed and jobs that shouldn’t require a bachelor’s degree sometimes will only accept applicants with Bachelor’s degrees. Additionally, we have created a massive culture around college such as “the college experience” that unnecessarily push people into college who probably don’t need to go or increase the cost of tuition. And that’s only scratching the surface of all of the problems with US education.

[@lizou761]

Four year college is more important than ever in this modern technological world. It is not just the degree that matters. It is the general education that incentives people to find higher pursuits both in mind and materials. During the great industrialization that happened in England, people could earn a lot of money without higher education. But the society entered a moral decay . "Industrialization was believed by reformers to lead to serious moral decline in working class families. They worried that factory work pulled families apart from one another, leading to moral dangers, such as the seduction of married women, alcoholism in fathers, and the use of profanity by children. " Of course, it is happening now in US for those without college degrees. There are mounting evidence indicating a positive association between education and health in all aspects. The the real problem is that throughout these years the salary increase of ordinary Americans lags behind the pace of skyrocketing college tuition. In other words, people are getting poorer and poorer each year while the rich are getting richer. This is not sustainable. www.washingtonpost.com/news/wonk/wp/2017/12/06/the-richest-1-percent-now-owns-more-of-the-countrys-wealth-than-at-any-time-in-the-past-50-years/

[@karmasection2578]

Depends what career you are persuing. Bachelors in technology is still beneficial.

[@cammontreuil7509]

HR doesn't need schooling ? No wonder most of those people in that position are idiots.

[@SupaSaiyanGoku]

To be honest, HR is the most brainless and unskilled work that exists in the professional world. It exists only as a necessary evil, and is disdained by everyone outside of it. Paying to get a degree in it is a terrible idea. If you're going to pay tens of thousands of dollars for an education, study something that will teach you hard skills (STEM)

[@amrfawzy7689]

I realize not everyone has the same credit problems but these folks were fast and really worked for me. *credit lord*

[@mrspunk61]

Employers also feed into the problem requesting a Masters degree for many jobs that most could probably be trained for with a Bachelors degree or even a associates degree. Getting that Masters degree basically doubles your debt level. Guaranteed student loans should be student grants. Colleges also charge you for everything they can think off . Dorms are over priced as well as meal plans.

[@ikyiAlter]

And if you apply for the bachelor level job, you're now over qualified... So keep job hunting elsewhere. XD

[@mrspunk61]

@@ikyiAlter its almost as if the employers, the schools and the government are in cahoots. You require a Masters degree, we’ll up tuition yearly and you give them government loans.

[@crazymike1706]

@@mrspunk61 I was just about to say that

[@kawa1755]

@@mrspunk61 government jobs are the only employer that does that. At my school you are required to have a highschool diploma to be a janitor lmao. Require a master degree for jobs that pay 50k lmao.

[@EmelyPhan]

Also, some entry-level jobs require a few years of experience and not all programs are coop/internship programs.

[@Jasa12265]

If there is a student loan crisis, why does the government continue to give out EVEN MORE loans? Aren't they just making the crisis worse?

[@ahastar1141]

I think the bigger question is, if people know there is a crisis and that student loans can trap you for years, why to people continue to take out massive loans without exploring other options to reduce or avoid crippling debt? We know its bad, yet people continue to sign up for it despite knowing this. We know the system needs to change, but in the meantime people have to protect themselves. Parents need to educate their children on what taking out massive loans to go to their desired school may mean.

[@frankfeather154]

The video misses one critical issue: out of control costs. Universities keep raising tuition because there is little incentive to control costs, since students can get government guaranteed loans to pay the tuition. Since the schools are getting paid for a service, they need to have skin in the game. The Federal government should only back loans up to a certain amount,, such as the FAFSA's expected family contribution. Any amount after that would be backed by the university or independent lenders. This would incentivize school to reduce costs and grant degrees that have value. The government can still keep or increase Pell grants for the low income students.

[@kylone1]

While there are many problems with federal loans, there's also some success stories as well--where the loans made a person's education possible, and that they are better off for it. The system needs to be adjusted, not destroyed,

[@SupaSaiyanGoku]

High schoolers are told that going to college is basically a requirement if they don't want to be a failure as an adult. They sign loan agreements without understanding the impact it's going to have on their finances after graduation. The entire thing is a scam, designed to take advantage of the naivety of 18 year olds. It's truly a sick system.

[@iananderson8216]

@@ahastar1141 people experiencing this know. I know because I'm in it right now. When I was preparing for college I didn't know because my parents didn't know. Most of the people guiding this country and raising our kids didn't experience this. They had comparatively higher wages and also comparatively lower cost of higher education. They paid for college with part time jobs. By the time anyone (that cared) realized, it was already too late for an entire generation

[@valesvaless8096]

Thank you so much for your help *credit lord* I feel like I am a credit human again!

[@PeteOG]

I work at a community college, and can tell you that most of the students are taking up space and should be in vocational school instead.

[@harveypolanski755]

@@itzasweater9621 I'm a vet who went into reasonable majors: Accounting and Finance. I still have student debt because the government requires a masters degree to become a licensed CPA. But the gi bill only pays for 3 years of college.

[@mrike5651]

Can we just roll out a commercial telling kids not to enroll in college. Just work & start investing.

[@dknowles60]

@@harveypolanski755 you only have to pay for 3 Year's that is not so bad

[@daveo2431]

@@mrike5651 How much support would you get? Go to college is the only guidance that almost all schools are giving students.

[@joshhoward1289]

Ha! Thanks for your honesty.

[@alexisr224]

The plan to cancel student loan debt is absolutely ineffective when the government continues to sign off on 6-figure loans for teenagers every school year.

[@miguelrosales6667]

Agreed, hit the source. Otherwise we will be here again 100 years from now.

[@TheRealWinser]

Universities have no incentive to cut costs because they know the government will always bail them out.

[@maxttk97]

True.

[@khankrum1]

Are any of the courses useful for begining a career?

[@morriselee]

@@TheRealWinser universities are non-profit organization. Running universities need real money. What do you expect the universities do then? Free education for all? That is fine but that does not make universities expense-free. The money has to come from somewhere. Wait, I am talking about the public universities here. Private colleges can charge whatever they what and it is a free market anyway.

[@mrfreelego4281]

$13,000 college debt.......LOL😂😂 I wish i owed that little

[@success_over_everything760]

How much do you owe?

[@cmndrkool321]

My wife has about $22k in student loans. I had zero because I worked my whole way through college while commuting from home.

[@grrayfox2300]

I laughed when he said that. You could work a part time job and pay that off in a year lol I have 25k in student loans that I put off paying forever. Took a long time but I'm finally in a good enough place financially where I can pay it off in a year

[@paterson90]

I owe like 100k right now lol

[@therealbuba]

@@paterson90 oof best of luck bro

[@marieduran6286]

It's a shame that it was more affordable to go to college in the 70's than now. That is one issue that this documentary hasn't looked at.

[@joshhoward1289]

Simple…govt -backed student loans = guaranteed funding for the schools, so they charge whatever they want. Whatever the govt touches turns to crap. Stop supporting big govt.

[@BrianRossman]

One of the major issues is companies requiring degrees for work that has no reason to require it.

[@joshhoward1289]

Gotta keep the grift going. How am I supposed to indoctrinate you unless you come to my university? And if I'm truly going to win you over, it needs to look like a country club, right? The student loans is just a side benefit. Now you are an indentured servant to the US govt. But don't worry, we'll keep promising more and more relief and socialist programs...using your taxpayer dollars of course.

[@BrianNC81]

Why not cancel the interest instead of wiping out the entire loan? Would make it much easier to pay these off with 0% APR.

[@michaellivingstone3811]

100% agree. Wife and I graduated together with over $80k of students loan debt. It was a struggle through our mid 20s to our early 30s. Monthly payments were like $800 combined. Would have been nice if we didn’t have to pay interest. We held off on traveling, having kids and had to go cheap with our wedding. Have minimal student loan left, almost paid off and now they want to talk student loan forgiveness and put this debt on my 2 kids, hell no. Govt making / converting loans to 0% is a very fair comprise I would support.

[@lemenonin]

@@michaellivingstone3811 why would any bank give out a loan with 0% interest rates? Hence why it is called a LOAN. The problem is isnt the interest rates, it's the fact that you take out a loan you can't afford,and they whine about it years later...should of paid attention in econ class. Oh wait I shouldn't use that word... paid...

[@Jompe69]

@@lemenonin Because country or a goverement isn't a business. It has to offer it's citizens healthcare, police, basic infrastructure etc. Business doesn't profit from well being or providing welfare to it's workers, but a country does

[@BrianNC81]

@@lemenonin obviously this could only apply to federal loans and with conditions like payments must be made on time or the interest kicks back in.

[@miked7212]

Yeah Republicans are nuts

[@_Alimm]

When I was in HS teachers, counselors and parents alike shamed and berated teenagers for not wanting to take out a lifetime of loans for an education. Many of caved in to the pressure but I saw through the bs and decided to go to community college then transfer to an affordable four year. I have a degree debt free and although living wage and job market is garbage right now it's less bs on my back. If you can not afford a big name college or college at all DO NOT GO! There are other avenues I promise.

[@jessicah3782]

Same... and for the school staff to be this ignorant is disturbing.

[@167logan]

I wish someone told me this 10 years ago. It was in the peak of everybody must go to college. Community college is 13th grade. It's for the dumb kids. None of this is true.

[@FlansyLinny]

I wish something like Amazon’s career choice existed before I went to college. A lot of jobs have college programs where they fund your schooling but back when I went that wasn’t a thing. I would have went straight to work instead of college.

[@siewheilou399]

Will government upgrade the community college to real college status?

[@kawa1755]

When i was in school they pushed the same bs. Made everyone apply to a university i think its because it makes our highschool look better. All those kids who listened to them are in huge debt with a useless degree.

[@noahway13]

My son was accepted at several major state colleges, but he chose to do two years at community college, and now is going to a smaller college to avoid debt. So if student debt is forgiven, it kinda screws the people who did things in a financially responsible way. Many people chose not to go to college and instead found blue collar jobs. Everyone who went to a pricey college they could not afford for four or more years will be winners with a flashy big time college degree.

[@marvnuts]

The problem with easy student loans is that the colleges want a piece of that pie too so tuitions rise.

[@triparadox.c]

To top it off, imagine hearing so many people say, "you also need to do some projects to stand out during job hunting." Yeah, so after you spend tens of thousands of dollars to be professionally taught, supposedly making you ready for job, you are still "not ready" unless you take time out of your own free time after doing all the homework, assignments, projects, etc from university. It's one thing to charge crazy amount, it's another thing to charge crazy amount while still not doing your ONLY job: preparing students for workplace.

[@MD-pz3cn]

Uh....internships?

[@calebwiggins3042]

@@MD-pz3cn most internships are unpaid and normally only "trust fund babies" can afford to take such internships

[@popcornsniper]

College is for inteligent people. No one forced you to go to college. Now pay your debt.

[@gamesofcontent]

@@calebwiggins3042 not true. My internship in college was 5 months and paid me $26,000 plus paid for my apartment when I was there. Pick a better major.

[@calebwiggins3042]

@@gamesofcontent I said most not all

[@Mepuvio]

After so many years in school I realized that school is like a factory that produce products (students) that for consumers ( employers ) to chose from. Only the best, outstanding, most talented that are willing to work for cheap will be chosen. Hard work does not guarantee success. To all students out there, don't push yourself too much on the homeworks, instead, try to build connections, you'll thank yourself later instead of regretting spending too much time on school works and then struggling finding jobs after graduate.

[@cammontreuil7509]

So true. It's always been, " it's not what you know, but who you know." I work for a company in AG. They ask us to find new employees and even pay us a bonus of $500 to $1,000. I work 3 months out of the year. And make $35,000. So if you know me i can get you a job.

[@henryg3702]

Underrated comment

[@mrike5651]

That's why I'm happy working a 6 hour job for 2 days living with mom & PA I'm happy.

[@bluehotdog2610]

Absolutely not. This is terrible advice. Connections only land you to the interview stage at best. You actually need the knowledge to get the job.

[@christinastafford1591]

Can we talk about how high schools literally pound it into you that you need a degree to be successful.I call it my invisible Mercedes payment.

[@joshhoward1289]

I like your sense of humor. Sorry you were poorly influenced by people you were supposed to be able to trust. I hope your education pays off for you in the long run.

[@Nick-hj8bg]

This forces people who didn’t go to college to pay for people who did.

[@Semelem]

I wasn’t even old enough to buy a $1 lotto ticket yet but they let me take $30,000 😅

[@stevenm3914]

Still not a valid reason. You were old enough to know what debt was and if you didn’t know that was as a result of your parents not teaching you about debt and how to manage it.

[@SamP0rterBridges]

How in the hell did you get 30k in one year?

[@bamakaze]

Military: First time huh?

[@dontbanmebrodontbanme5403]

@@stevenm3914 The whole "you were old enough to know better" argument? Yeah, I'm not buying it. Yes, theoretically the information is there. But that's like when you sign up for a website and you get reams and reams of legal talk, then you're asked, "Do you agree?". And for many people, their parents were immigrants that never even went to college, so they have no idea what's going on. To me, it's criminal to allow some 18 year old kid that probably doesn't even have a checking account to hang himself/herself with $100K in debt knowing damn well they're never going to have a job in their profession making enough to pay it off. You can to call them stupid? Fine. But just like we don't allow usury rates on credits cards, we shouldn't allow 18 year old children to hang themselves with 6 figures worth of debt.

[@LLAALALA]

@@dontbanmebrodontbanme5403 Yet at the same time, 18-year-old are allowed to have a job, own a gun, drive, and vote. Which are all responsibilities that require the same level of mental capabilities. So regardless of you are buying the argument or not they have all the rights of an adult and they need to take the responsibilities of an adult. Rights and responsibilities need to come together.

[@blsharpley]

I’m still stuck on the fact that we can spend trillions to bail out Wall Street, banks, and corporations, but canceling student loans is just absurd. As a teacher, I’m never going to be able to pay these back without help

[@scottsimmons2342]

Teachers get their loans wiped out after 10 years...

[@blsharpley]

@@scottsimmons2342 certain subjects in certain schools… And 10 years? Yeah let us just spend a quarter of our working lives in poverty due to loans that we shouldn’t have had to take to begin with.

[@sreeko15]

@@blsharpley the bailout banks got were repaid and tax payers made a profit of 29 billion on those “bailouts”. How would you repay folks who already paid off their student loans if we are going to cancel 1.7 trillion of debt .

[@johnsamuel1999]

The banks and businesses got BAILOUT LOANS not subidies

[@nationalzero269]

This is false.

[@robertpalladino9398]

Imagine having the power to ease the suffering and anxiety of millions of people by cancelling student debt and just choosing not to do it.

[@PA-eo7fs]

This is a complex issue, America is already in debt itself and our pension liabilities threaten to take down the whole system. America can’t afford anything especially as countries like India and China compete hard. We could have used the $8T on war on people but that’s a diff story

[@joshhoward1289]

Imagine borrowing money you have no intention of paying back and expecting others to foot the bill for you.

[@recordrabbit]

Cancel Student Debt!

[@sprague49]

Cancelling student loan debt is like the government saying, "We no longer want your money." Don't hold your breath.

[@HTx78]

yet they handed out those stimulus checks…. it’s fine - it’s possible

[@nzurimalkia6293]

@@HTx78 Ha! Golden!

[@slathian1223]

@@HTx78 They didn't hand them out for free, see this nice thing called inflation? They are getting it back with every good imported into the US at the new higher rate.

[@stevenrogers5338]

@@HTx78 someone has student debt 👀

[@MissTXTee]

Yeah, I'm usually a positive person, but I'm not hopeful thar debt will be cancelled.

[@amygray1451]

Could we just make the loans interest free? So many of us have paid what we owe 1.5 times over and still owe.

[@nakeyaguy1364]

That would greatly help

[@jolietia]

❗❗❗❗❗❗❗

[@peanutbutterjellyfish2665]

You took the loan. Pay for it. Can I get home loan forgiveness? Not everyone will go to college, even if they could go for free. Do they get a loan too?

[@danielfay8963]

Just making it flat out interest free is probably not a great idea, but doing something like no interest on the entire amount if you make your scheduled monthly payments would maintain the incentive to pay it off while also getting rid of the burden of high interest.

[@ChilleDINJerseY]

@@peanutbutterjellyfish2665 oh shut up. College is at obnoxiously high rates and it’s predatory. College education Loan is not the same as a house loan. Apples and oranges

[@TheMrGrey]

Federal Government: Do you want to go to school?? I got a deal for you. Me: I'm listening. . . Federal Government: So we're going to charge you Federal taxes every year of your adult life and when you decide you want to go to school we'll let you borrow loans. . . From the money we've already taken from you. . . . Then you'll have to pay us back with predatory interest tactics and. . . . . . Here's the best part. . . . . We'll increase your Federal taxes since you'll make more money now and if you default we will garnish your wages, take your tax returns, and ruin your credit. . . . Me: Where do I sign?

[@loveGod211]

I'm sick of this being called "Cancel Student Loan Debt" very misleading given that only a small percentage of borrowers that have been paying for over a decade qualify.

[@wargriffin5]

There is NO REASON why colleges couldn't freeze/lower tuition and compensate by having more students attend a class remotely. If the government has to get involved to make colleges do the right thing, then they've done this to themselves and I'm not wasting my sympathy on them.

[@RaymondTusk74]

The government’s endless supply of student loans is the only reason they charge so much. They are exhibit A, of one exhibit, of why this is even a problem. No one else loans money to 18 year olds for $100k degrees that are worthless. And now they want people who didn’t even go to college to pay it back? When you were in college did you ever read a book or discuss ethics?!?

[@sararodgers8122]

There are reasons and very good ones, some of which were in this video. If you went to college, then you must not have developed critical thinking or listening skills which also means you didn’t develop this skill when you went through your publicly funded K-12 schooling.

[@sararodgers8122]

Also, more students? You realize that college isn’t a path designed for just anyone, correct? A good portion is LUCKY if they make it through the first 12 years of their education. A lot of people drop out because it isn’t the path for them. The problem is giving the government any control in this matter. The way they hand out federal loans is disgusting and reckless and drives up the demand prices for a product that isn’t even useful for 1/5- 1/3 of borrowers. Teach children personal finance during their publicly funded education and maybe people will start making financial moves that makes sense for their situations.

[@astudentpilotlife]

@@RaymondTusk74 I am in debt of $200k for my three years study in bachelor science in Aeronautics and professional Pilot program.

[@dkay4304]

If they stop with the government backed loans they would drop like a hot rock or have it were you can get your degree from a community College

[@ivandelr01]

How easy is for politicians to make themselves look good, by doing charity with someone else's money.

[@user-su4dd9kp7l]

Damn that’s phrased really well

[@NoNo-iq1zz]

@@user-su4dd9kp7l yup

[@ivandelr01]

@@user-su4dd9kp7l Sorry, it's my second language.

[@lucysmith4242]

It's not someone else's money. We have no money. We are constantly in the negative as a country

[@faisalsiregar9592]

@@christianpowerssavesthewor8404 taxpayer money. Where do you think the goverment get their money ?

[@christinajacobsen6690]

I've had a conversation with my kiddo about student loans. It went along the lines of DON'T GET THEM. They want to go to college. The only way my kiddo is going to get to college is if he has scholarships, grants, or the money itself. I'm stuck with student loan debt that keeps getting bigger due to interest. I don't want that for my kid. The education is not worth the debt.

[@vision-gc4hy]

This is painful to watch because "all" student debt will not be cancelled.

[@2Pish]

Why cancel the debt when the system is still in place to still cause debt?...........while it's commendable to do this, it doesn't fix the system that made those go into debt in the first place....

[@TheHouseofSniffers]

Its a bailout for lenders.

[@mechamicro]

Not gonna work, instead of cancel. Punish the institution to run it as profit.

[@Panda_J1]

just cancel it again 5 years later, than rinse and repeat lol if they cancel student debt im sure university cost will skyrocket. University will have nothing to lose since they know big daddy government will just pay for it

[@dohc1067]

Exactly right. The whole system is based upon debt: credit cards, health care, and of education. Other more developed, European countries (at least through policy) offer assistance through the taxes you are already paying vs you pay taxes and the debt.

[@samhu5878]

@@mechamicro I mean it is the government that hands out 6 figure loans to 18 years olds to study theater.

[@mattjozwiak1797]

Taking out a loan to pay for something that won’t make money is what I like to call a POOR INVESTMENT

[@aaronmudd5064]

Of course he can. The question is whether he really wants to. He’s talked about wiping out $10k per borrower. If he can do that, why not $50k or $100k? He’s full of it.

[@AmericanAntiCorruptionAct]

Student Loans are the new Indentured Servitude

[@erikhatch2031]

I went to the Art Institutes and they've since been convicted of shady recruitment practices. I'm now 50 and I only make about 35-45k a year and the interest on my loans has now increased my debt to over 60k. Its a hopeless situation at this point. The loans have destroyed my credit to the point where I can never buy a home or a new vehicle. Ive given up all hope of ever being free of this nightmare. I wish he would cancel these like he did with ITT.

[@fabiennepayoute6294]

This is what I already said. The loans if the interest were calculated on the inflation, or were 1 or 2%, people would be able to pay them.

[@kekort2]

@@fabiennepayoute6294 They used to be. They jumped from 2.5% to 6.7% in 2006 or so. They've been insane ever since.

[@careybarcelona7732]

I went to ITT and they did not cancel mine.

[@timothydavidlandry]

Check out the Dave Ramsey Baby Steps, he has helped millions of people get out of debt, including insane student loan debt. There is hope that doesn’t involve waiting on the government. You got this!

[@Gstunfisk]

Why did you go to art school if you were not wealthy?

[@SC-rc4rs]

It’s absolutely amazing that the government doesn’t call out the absolutely criminal prices that universities are charging for the degrees. In addition with the junk classes that are forced on most students designed to stretch out the degree to four years this whole system has really turned into one racket.

[@Johnrl21]

They only charge that much because the federal government just hands out these loans like candy and you and I guarantee it as taxpayers. If they would stop doing that, I guarantee you college prices would fall.

[@alx8571]

@@Johnrl21 And them only rich people would attend them…and the cycle continues

[@ZealousWins]

@@alx8571 Then there's capping how much colleges can charge, based off what they need

[@Johnrl21]

@@alx8571 Did I not say prices would fall?

[@triparadox.c]

@@Johnrl21 Exactly. Most people just see that we need more funding so student's debt can be relieved by a good portion. In reality, those extra $$$ proposed are seen as extra $$$ for the institutions to milk out from young and oblivious kids. Without aid, they can only charge $1,000 per semester. Once government aid comes in, say $500 per semester, universities realize if they increase the tuition to $1,500, then these kids will feel 'relieved a bit' when they see the price increase is being offset by the government fund so that they don't have to pay extra. But this is exactly what's gonna keep happening. The students don't get the aid. This cycle keeps on going as the government fund is increased. It's nasty, and amazing how little people see this major exploit.

[@rudyleal5884]

Colleges have become top heavy. I worked at a colleges for years and saw non teaching administrative staff doubled over the years. Professor positions became part time positions. For example HR went from a 3 person dept to over 20.

[@harveypolanski755]

Need more people for feminist witch hunts, critical race theory, and affirmative action policies.

[@nm9586]

Colleges have become top heavy and inefficient because the Government has flooded the market with deferred low-interest loans to anyone for any degree no matter how worthless the degree is.

[@HALEYgoesTEEHEE]

As long as the amount in loans a student can take on is unlimited either through the federal government or through private banks, schools will always be incentivized to charge absurd tuition rates.

[@rosesarered8634]

$13,000 accrued in loans...hmph. I'll switch your 5 figure debt for mine🤣💰💵

[@trent6319]

Ok but how do you get more than 5 figures if school cost 20k*4years= 80k assuming you can afford the other expenses and the summer from a job. This so assumes you get no aid, help from family, or save no money for turion/room/board. 20k is a little cheaper than UW Madison for wisco instate but it's definitely cheaper at some schools. Maybe the rest of the nation is more expensive I'm not sure

[@rosesarered8634]

@@trent6319 Easy, not all schools cost $20k, they cost more. Get a masters bc nowadays a bachelor's isn't always enough. I got a masters & accumulated 5 figure debt. Idk what you mean by your ?. I said i'll take his $13k bc it's so low compared to my 5 figure debt. Add interest from the Dept of Education & you're easily struggling to pay that off.

[@dlikescheese]

Joe hasn’t been delivering on a lot of things he ran on. The inflation right now due to the pandemic and other factors is also annoying.

[@hiimelfo]

Inflation comes from printing those Trillions of dollars 💵 under Trump and yes now Biden. Both garbage cans

[@ivanamendez478]

He can't just do whatever he wants. Congress has to work with him and they have been fighting him every step of the way.

[@atoghra1]

They're printing money so students can afford the income based repayments on $1.7 trillion of student debt. The government always gets what it pays for!

[@BobDavis-cp5wp]

I'm really surprised main stream moved on from Ashley's diary so fast.

[@BobDavis-cp5wp]

@@rdns263 oh sorry I'm sure some haven't heard. Months ago a diary surfaced supposedly being from bidens daughter accusing him of some very bad things. Of course they ultimately denied it of course. But now Biden sent fbi to raid reporters houses to retrieve the alleged fake diary. It's weird huh?

[@pukway1385]

They better do it soon. I voted for this guy. He received my vote as payment.

[@catnapper7509]

So you're the ONE? Thanks for screwing everyone.

[@steven4315]

Student loan debt is the finest birth control ever devised.

[@semkjaer3581]

Just waive the interest, those people would be just fine if they hadn't had to pay like 7% a year on that 80k loans.

[@billr5842]

Should've thought about that before taking out the loan. Sorry bro

[@jaynick1223]

Waive the interest and remove the already accrued interest so graduates are only paying the principals they originally signed up for.

[@Kekkndslgnlwnh]

how would the companies stay open or pay their employees with no profit?

[@seancase71]

Interest free is excessive, interest matched to annual inflation would be fine. Let the government give those loans to academically qualified students. Those students get better jobs and enter higher tax brackets. Everyone wins

[@alexsmith3598]

I think it's 14%. But the interest makes sense, just not the total amount. I wrote a paper about this and national student loan debt is 90% or more due to federal loans. So they are paying schools too much money and causing this problem in the first place.

[@SUPPASK8A]

The average is only $17k? Am I the only one who doesn't think that's outrageous? 17k for 4 years of university. I borrowed twice that and thought I was lucky. Most ppl are going to graduate and immediately get a car loan more than that.

[@RutoVolmre]

Yeah.... What is up with the $17k number? That seams like a very reasonable amount of student loan. What does a average semester cost in the USA? What does a semester cost in MIT and what does it cost in an average or above average state university? Note: I am only asking about the cost of a semester, not other luxuries like food and a roof over your head.

[@y1e2t34i]

@@RutoVolmre My understanding is that this is the median, meaning it includes those who did not have debt as well. I believe the average student loan is closer to $30K. Could be wrong.

[@quackster41]

More like 30k bud... the problem is the interest rate no the balance itself.

[@FtanmoOfEtheirys]

Meanwhile I paid 30k for an associates degree because it was the only school within a reasonable distance for me to attend while working full time.

[@Alleycat1111]

Over 80k over here... and no thats not medical school. That's a liberal arts degree that is pretty useless.

[@MrBoliao98]

Your debt is being cancelled, its called inflation

[@image30p]

There are always a million excuses for keeping people poor.

[@Bandobenz18]

The more I awaken the more I see that nearly everything I was taught is a lie.

[@morriselee]

Like what? "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness"?

[@therealbuba]

Generally not a good idea to go from one extreme to another. What you should see instead is that you should think about issues more deeply

[@pedroportillo1585]

I paid off all my debt last year and I’m all for canceling it for the rest who haven’t! I don’t want others to be anchored to a predatory system like I was. It’s called sympathy.

[@johnsamuel1999]

They should just cancel the interest not the entire loan

[@mandywells1750]

Exactly I.e I can afford groceries but if someone needs food stamps by all means give it to them

[@eljoshguerra]

Wow, you're such a good person.

[@dcg590]

Sympathy? Hardly. It’s called, not letting people be accountable. People need to learn consequences and responsibility for their choices. Why should other people be responsible for someone else’s debt? I didn’t go into debt-YOU DID no way. Pay your own debt

[@pedroportillo1585]

@@dcg590 ok, fair enough. But then, why not do the same to the bankers and Wall Street big shots who avoided that type of accountability in the first place back in 2008? Have people already forgetter? Why are people who were teens when they got their student loans held to a higher standard of accountability than people in actual leadership positions that truly screwed things up? I hate to break it to you, but we all already paid much more in bailing out big banks, then we ever will bailing the American people. Where’s our bailout?! If given the choice, I’d bail out the American people.

[@tricallyourmama]

Pls stop pushing the idea of college. Remember that most degrees are only a theoretical practice of the subject. When you get into the workforce it’s a whole diff ball game and you’ll have to learn everything

[@JJ-gw9vs]

Nursing school is a good example of an unfinished degree If you don't pass, that's money down the drain right there with no future

[@christophermunoz2568]

Could you borrow the money per each semester or yearly and you only lose the money for that semester/year if you dont want to continue or your forced to take out the full loan.

[@wreckingopossum]

Below are a number of problems that I see. 1. For 70 years now, we as a society have been told to go to college as the only way to a career. 2. When the federal government got involved in lending, there was all of a sudden no incentive to private companies to discriminate against any degrees that would not pay off. 3. In the same 70 years, shop classes, and blue collar certification programs for skilled trades were removed from high schools. 4. There is no financial literacy classes in or before high school. 5. There is a huge blue collar skilled trades labor shortage. Obviously, we cannot forgive any student loans until we ban governments (especially the federal government) from making any student loans. Stopping all federally funded student loans is step one though in addressing this issue. The private market is already starting to step up to the plate in addressing the skilled labor shortage but there is a long way to go as well.

[@DarkChaos751]

Exactly, I went to a community college for five years, spent about $2,400 a year, paid in cash, didn't do anything for me, and became a truck driver, now I'm close to making six figures a year, and to go to truck school only cost me $1,200.

[@flashyttcarclub6299]

I have to agree alot with this all the things they are charging $1000's of dollars for use to be free high school if you wanted it

[@maryalice8866]

Do I now you. If it's who I think it is, brilliant kid. Call me later. If it's someone else, also brigantine. Why are you not in office?

[@plip_plop]

Braindead comments. The reason why this student debt exists in the first place is because colleges started to charge tuition. Before the era of Ronald Reagan, believe it or not, college was free.

[@SupChad735]

@@plip_plop Charging tuition is not a bad thing. I fully believe that private colleges and even state colleges should make a profit off of them providing you a service. BUT do I think they are profiting a little to much when tuition is $25,000+ a year? absolutely. I think tuition should cover the cost they endure for you being there and then a little more so they can profit from it. So tuition should go from $25,000 to $10,000 max.

[@radioactive4788]

This will never happen, as long as university applications are raining , wether it's from externs from abroad or American students . It's a lucrative business straight and simple.

[@sephrot6830]

They aren't making colleges free. This is an act of the government relieving itself from the debt they place upon young adults. It's something that can be done with a pen stroke

[@ybergik]

@@sephrot6830 and would be one of the most unfair acts ever from a government.

[@sephrot6830]

@@ybergik How is it unfair when the government bails out private organizations from debt all the time

[@ybergik]

@@sephrot6830 That is whataboutism.

[@sephrot6830]

@@ybergik No its not. You are talking about it being fairness. So you need to compare it to something. If you don't, you don't even have an argument. You haven't even said why it's unfair

[@FoodNTravel1234]

I'm still waiting the 10K that Biden promise.

[@Times_to_Relax]

There is something called conflict of interest that is going on and needs to be addressed amongst our politicians.

[@Matthew_Murray]

The problem with income based repayment plans is that you’ll never pay off your loan. Its like making the minimum payment on a credit card it just goes to interest.

[@MSHNKTRL]

The twist is that endless payments actually raises your credit score, while total repayment lowers it. Maybe best to give them $5 a month

[@yungchimp]

@@MSHNKTRL not true from what ive seen you pay a bunch and your score goes up a bunch but i havent had a card for very long so idk

[@MSHNKTRL]

@@yungchimp what I'm saying is that having accounts open and being paid on time raises your score; when an account closes either through repayment or another way, your score dips accordingly. So its actually in ones own best interest😆 to not fully repay a long term loan, but keep the account open in order to accrue credit points.

[@stanimirsergeev9546]

Perhaps just change it to the UK student loans system and it will all be good, although students will still be in 'debt'.

[@marshallu3945]

Loans are forgiven after 25 years of payment

[@crm1225]

Maybe teach kids at the high school level what a loan and interest even is so they're not going out for a $250,000 loan for their dream school to get a potentially useless degree

[@randomguy7175]

They are not even allowed to teach how many genders, forget loans/math!!! Math is racist according to some woke dumb leftists!

[@johnwhite5035]

The education system is a big business. School is designed to teach people to get into debt. The better you are at school, then the more chance you're going to apply for a higher education which, in turn, equals debt.

[@randomguy7175]

@Nope you must be voting Democrats right??

[@kevo212]

no, they prefer to teach useless subjects

[@b16da93]

Good luck with that all they teach now a days is useless material and testing testing testing

[@michaelchiello1946]

I let mine default. I have a bachelors in accounting that never got me into anything close to accounting and my mba was just a total waste. My degrees have not helped my professional career in the least. I ended getting a CDL 5 years ago and made more driving than I ever could make with those worthless pieces of paper.

[@joshhoward1289]

That's just brilliant. You didn't stop stupid at just a bachelor's degree, you just kept going. Bravo! Well done.

[@aaronporter2180]

What are you going to give the electricians, plumbers, and construction workers. Why would only college degree holders get that windfall. Those people in the trades or other non college educated jobs pay taxes just like everyone else. Why should they end up paying for those that chose to go to college.

[@xentaatnex8261]

Canceling student debt is a bit extreme but canceling the interest will give most people paying these loans a better chance at paying it off.

[@nadertossoun]

Agreed. I’m up for personal responsibility but also for non-predatory high interest government loans to kids 🤦🏽‍♂️.

[@Guzmania]

Exactly my thought. I don't know why they aren't considering your plan and went straight for debt cancelation.

[@FinancialShinanigan]

Don't cancel student debt, reduce or cancel the interest rate so borrowers still learn their actions have financial consequences as they pay down the principal.

[@jasonpark1556]

And let the principal amount decrease? Remember that the US has to make money like any lender and the interest has to be high enough that it negates inflation

[@GueyDuck13]

It works in New Zealand with interest free student loans

[@ling636]

@@jasonpark1556 The interest rate is not even at inflation.

[@ling636]

@@GueyDuck13 bad

[@jamesmarsh9888]

I have grown children with college loans and I expect them to repay those loans. It’s called being responsible.

[@Nettamorphosis]

The amount I pay each month on an income driven payment plan is about $50 less than the amount my debt increases each month. 🙃

[@jasonnarayan7759]

“Debt makes for great slaves.” - American Employers

[@chuckieb3798]

You enslaved yourself

[@libconservative3481]

Employers?... you did it to yourself..

[@Frank-oz8be]

The whole society is a scam

[@jasonnarayan7759]

@@Frank-oz8be our food and clothing prices are among the lowest in the developed world, so that’s good. And we have good customer service compared to many countries. But our employment and healthcare systems are rotten to the core. The worst in the developed world by far

[@Frank-oz8be]

@Ronald Reagan employers demand bachelor's degrees for entry level jobs, while voting to ensure public education won't be as cheap as Boomers had. They are responsible for this situation.

[@Zanthorr]

I commuted 2 hours a day to go to a community college while working a job. At 18 I didn't know what I wanted to spend the rest of my life doing, so I thought it would be a bad idea to go to a uni and get into a lot of debt. Are you telling me I could've moved out of my parents and had a real college experience and the taxpayers would have payed for it? What about all the people that worked their asses off to pay back their loans? I agree, 18 year old kids shouldn't have to go into that much debt just to go to college, but the solution isn't to make taxpayers bail them out. We need to start holding universities accountable for their bloated budgets.

[@Miltonthemilkdud]

Realistically people going to college need to be more educated about how much college costs because community college has been around for decades but people are still choosing to go into debt , then saying it isn’t their fault. Accountability is a big thing and Americans seem to be experts at not wanting to be held accountable for actions. They didn’t have to choose that university that profited so much but it was their choice. Removing profitability from colleges will close so many of them that the government would have to open their own funded schools so whatever happens debt is going to happen. Very poor planning :(

[@greenie95125]

@@Miltonthemilkdud My nephew has over $180,000 in student loan debt because he went to a private university that neither he nor his parents could come even close to affording. Honestly, they had many cheaper (much) options based on their locale, so I blame my nephew and his parents. It's not fair that we (taxpayers) should bail them out for their stupidity. I myself had student loans, and met my obligation by paying them off.

[@alexfrank5331]

Yeah. Damn schools should stop forcing kids to read useless things like "Death of a Salesman" but instead have kids learn about actually working as a salesman, repairman, etc. School is supposed to prepare kids for the real world, and school gets a big fat F, if kids graduate not knowing anything about the real world or what they want to be.

[@johnyang1420]

I agree!!!

[@johnyang1420]

@@greenie95125 True….they spent the money…..now pay it back!!!!

[@letsgobrandon4596]

This aged SO well now that Bidens Secretary of education just blocked this LMFAO

[@Shield.148]

Never. Adults pay their own debts. We MUST get the government OUT of the Student Loan program. Banks should decide if the borrower can repay the loan, and also not make loans to people getting useless degrees.

[@RoIIingStoned]

This.

[@johnnywang206]

Imagine the highest earning people getting their debt paid off by people who couldn’t afford to attend college or enlisted or went into trades

[@polecat4599]

The Democrats are buying votes, it's as simple as that. Remember the Georgia Senate race? Remember Biden promised Georgians $2,000 checks if they elected 2 Democrat senators? By any means necessary baby

[@johnnywang206]

@Visum did someone force you to go to college? Did someone else choose your major? Did someone else take the tests for you? Or did you make all those decisions and are now unhappy with the end result?

[@polecat4599]

@@johnnywang206 it's as if the Democrats have made a large part of the population forget what it's like to be an American

[@TheMissingLink2]

Also, 4 year degrees are damn near useless these days unless in very specific fields for very specific career paths.

[@bradwilliams4921]

The first job that I got after college required a degree. My plant manager at the time said that he didn’t care what was on the diploma but that it was required to prove to the employer that I was capable of starting something and finishing it and that my grades indicated my level of commitment.

[@Armurp01]

@@bradwilliams4921 makes sense....... got to stay committed

[@Ixions]

yes, it's called specialization and it's a nifty benefit of civilization. We have farmers that grow food so we don't each individually do it for ourselves. People who can weld, maintain communications, transport goods, design bridges and treat illnesses. Jobs not considered "unskilled" usually require additional learning beyond traditional school and usually there are certificates that verify the obtainment of the specialized skills. They also tend to pay better based on the skill, demand and experience of the individual. A degree is only useless if the skills associated with it are falsely specialized, in low demand, or have no benefit gained from experience.

[@ravinereedy204]

Excuse me, a 4 year degree in computer science is more than enough to do all types of things, and thats just one example. Maybe figure out what you want to do before going for a random degree 🤷‍♂️

[@MALIK-fk1rz]

@@ravinereedy204 you forgot you get paid by experience not because you went to a school for 4 years

[@mariuszarszylo1476]

If there's a 98% fail rate, then there's a systematic problem that needs to be address ASAP.

[@joshhoward1289]

Its called lying (and/or not living in reality)....as in lying to these kids that everyone needs to go to college.

[@cl4231]

Education should be free.period. !!!!

[@delawarepilot]

Why not have the government regulate college prices like a utility?

[@nope6908]

cUz tHaT aM cOmMuNiSm duuuuur 🥴

[@Acquiredammunity]

One of the main reasons college is so expensive is because the government got involved and started backing loans…..sure, let’s get them more involved 😂😂

[@redexcold9631]

Won't work cause what allows them to overprice things is unions and loans

[@dynasty0019]

Then how will you pay for tenured professors' cushy pay and benefits, administrators' lavish salaries, the cartel-like business practices of college textbook companies? The whole thing is a racket designed to lure impressionable young people. Thank god I have the GI Bill.

[@redexcold9631]

As long there a way to force other to pay the bills instead of the student and their parents ,the corruption and scam of schools and universities will continue

[@aldomeow]

Why don’t we just cancel all debt, cancel unhappiness, cancel everything 😂

[@ThatBronxgirl7]

🤣🤣🤣

[@jjw9222]

Don't buy what you can't afford. Running up the balance on credit cards, buying an education, and then expecting to skip out on paying is all too prevalent.

[@josephhodges9819]

Yea, this is one of the biggest reasons that Bidgen got voted in the other being most of the world hated Trump. Remove all interest from Student loans and remove $10,000 like you have been talking about. This is literally one of the things you can do with an executive order.

[@irobu]

U can lower interest to 1 or 2 percent but interest has to be there due to inflation

[@CasualMisinformationSpreader]

Never. The entire system is build on debt. No debt, no economy.

[@ajh.4131]

Exactly!

[@alanramone4263]

this guy gets it

[@m.b.crawford5464]

One thing not being discussed in the comments is that this system, as it currently runs, drives under-privileged people into joining the military. Most citizens enlist to have the opportunity of free tuition, not to fight for God and country as the media would make you think. Our valiant leaders know this, make no mistake. I believe this is the main reason it hasn't happened yet. All the other arguments against cancellation, moral and otherwise, aren't informed or well thought out. Edit: The fact the interest accrues on education debt is ludicrous and morally abominable.

[@vcwloves9864]

I am 50/50 about what you mentioned regarding the military. Some people benefit from the system and would have never been able to develop as an individual without it. In the end, the enlistees have a choice. I just don't like the tactics that recruiters use--all the lying has to stop.

[@jaynick1223]

The best argument for cancellation is that gen z and millennials will boost the economy by consuming much more and forgiving for future generations means those graduates also get high(er) paying jobs that allow them to consume more in the future economy Telling hawkish, jingoist politicians that cancelling student debt would reduce the military population is a great way to ensure that debt is never cancelled.

[@ayebing]

I joined the army 5 months before 9/11/01 …I can assure you it was 1000% percent for college money and possibly.0001% bc of some vague sense of patriotism/ love of country. But What I’m most grateful to the army for is not the $ for school, but for the drive/motivation to improve myself I obtained from serving. The best thing the army taught me was that it’s way better to be from the army than to be in the army lol

[@m.b.crawford5464]

@@ayebing I wish more people would join because they loved their country. But the country needs to be more "lovable" before that will start happening again. I have nothing but respect for those who serve. I'm glad the experience was valuable to you in more than monetary ways.

[@nightslasher9384]

@@vcwloves9864 Sure but why keep me in there for 8 years if I agreed for 3-6 years instead.

[@michekids]

I sure hope mine gets canceled because I have been homeless for 13 years after a corrupt arrest stole away my future and robbed me of half my social security with a criminal record for 10 years. It also robbed my children of their future

[@nuyorcubariqueno3634]

I’m a public servant (law enforcement) and stuck with this student debt and dealt with pay freezes, furlough days, and overall have been lowballed on pay with the State I work for, while paying for bills and a mortgage. Really was hoping this cancellation of debt would happen.

[@nuyorcubariqueno3634]

@Ronald Reagan As an Army Veteran, I’ll say...is anything in fair in this society?

[@nuyorcubariqueno3634]

@Ronald Reagan George W Bush thought was a good idea in 2007.

[@SquizzMe]

University study needs to start becoming more Part-Time, so that people can earn money, support themselves and get experience while they learn. With the improvements in asynchronous technology, this should be a real possibility.

[@spencerlenoir6987]

The thought of getting an engineering degree via asynchronous technology makes me depressed and anxious

[@TheFastfox132]

Maybe if you’re a philosophy major, not if you’re trying to get a degree in math or any of the sciences.

[@cbrushira831]

I agree

[@Kekkndslgnlwnh]

@@spencerlenoir6987 sorry to inform you Spencer, but even prior to COVID, many engineering degrees are offered online with maybe only a tiny portion required in person that can be met by an internship, etc.. but it's really not that scary

[@hehehehehehe5801]

Agreed. Not my responsibility to pay for others tuitions.

[@allisonjohnson1283]

Remove interest on student loans. Easy to implement and not “unfair” for current students or those making tons of money.

[@WizardIllustrator]

I know most people would want true route of "CANCEL" ALL STUDENT debt...if the middle ground is to remove interest, I'm fine with that. It be more manageable and less stressful.

[@kasykah]

Dropping the interest rates on student loans ceases profit. Meaning, the interest rates for everything else outside of student loans will be hiked and we’d be in a worse situation. No go. There would be no incentive for somebody to lend out loans if there’s no interest rate.

[@AIBot929]

Dropping the intrest rate to something comparable to home intrest would be helpful and not having it compounded the way it is. It's crazy I can buy a house with as little as 3% intrest but my student loans are at 6 and 7%. Also I hate that the intrest accrues while still in school because by the time you graduate several thousand dollars has been added before you even had a job to pay it.

[@joyaustin6581]

Work while you are in college and go to community college the first two years. Apply for grants and a scholarships. Being an resident assistant can give free housing. Live at home if your parents allow it.

[@nostalgia545]

​@@joyaustin6581 I lived with my parents through college and drove to school about 30 miles one way every day. My parents still have $40K on from loans and I have $10K. I worked as much as I could while taking full class load and it only paid for my gas to school. Even if you do all that you said that doesn't mean that you will graduate with no loans. Please stop acting like you know everything if you don't have a dog in the fight.

[@joyaustin6581]

@@nostalgia545 I took dual credit in high school, focused heavily on grades in high school and college so I could get scholarships, went to community college during the summer breaks to graduate even faster, went to state university, joined the army reserves to help pay and had a strict budget. I had maybe 5k in loans but paid if off almost immediately after graduating because all excess money from grants, scholarships and work went to savings. My parents helped me with buying gas and letting me take leftovers. I wasn’t selfish enough to stick them with a 40k bill. Not everyone should have to join the military for college but my life is better because of it. 10k is nothing. At 2k a month that should be gone in 5 months. Especially if you still budget like a broke college student. Then move on to your debt carried in your parents name. Minimum of half salary going to debt will save money in long run. Students complain about debt while buying new cars and not budgeting to efficiently pay it off.

[@blahblahblah8914]

I graduated in 2012 when economy was still in recession and still im on student loan debt....this country never became same since 2000

[@willboler830]

I remember getting my first loans and then failing my first year of college. I did everything in my power to return to college and try to make it work, but had financial aid taken away over a single D while on academic probation. I left college in 2008 with no degree and $9k in debt. My only option was to join the military. After the military, I returned to college and aced every class. The primary reason for that, outside of military discipline, is because not only did the military pay tuition, but I got a monthly stipend for living expenses. My only objective was to study and pass my courses. Without the stress and anxiety from financial burden hanging over me, I was able to obtain my bachelor's and master's, and eventually get that high paying job. It was only possible because of the military paying for my school. But people in America should not be joining the military to pay for school. School should be free for all, or jobs need to stop making college degrees a requirement. Something needs to change, because the system we have now is broken.

[@JohnS-il1dr]

Agree education should be free but start from a clean state and not forgive student loans outstanding. Fair is fair. You paid your dues and became a better person from the experience. If there's no consequences then the student will not appreciate the schooling.

[@plip_plop]

@@JohnS-il1dr why would u not forgive student loans? The prices of tuition are already unfair. Yes after I pay my student debt I’ve suddenly become a better person.

[@SupChad735]

@@plip_plop I can contest that I think I will be a better person after paying my $50k in student loans I have right now. Really makes me appreciate how I got robbed of my money, kinda smart really.

[@plip_plop]

@@SupChad735 in what way will u be a better person. The only thing it helps you do is give you a burden you have to pay off. The state should be able to provide cheap affordable education. The US is still one of the comparable OECD nation that does not.

[@SupChad735]

@@plip_plop I was joking lol. I completely agree with you

[@sungmin82]

They can start with just helping with the cost of the text books. I remember I had to pay 250 dollars for text books (used) for just one course and only got 50 dollars back at the end of the semester.

[@redexcold9631]

Text book are a scam too all of them come from a single monopoly company

[@redexcold9631]

And are fully bias and censored

[@angelgjr1999]

Just look them up online and download a free pdf.

[@sungmin82]

@@angelgjr1999 lol I went to college when the internet was just starting. Before my junior year, it took me half a day to download a song... imagine downloading an entire text book, if it was available online. lol

[@angelgjr1999]

@@sungmin82 oof

[@thaismagalhaes5928]

As a foreigner, it baffles me how Americans put up with this and their healthcare system. It's inhumane.

[@robinsonsoto8471]

I really hope that student debt is cancelled because Schools like ITT Technical Institute; in addition, other schools and universities could have the same thing, abused, hurt a lot students. All these students were looking for an education, and they were ripped off and misled. IT MUST BE CANCELED.

[@zuzuspetals6040]

Gosh, to hear this guy go on about $13K of student loan debt makes him seem naive.

[@realballer6106]

He could pay that off in a year or 2 lol