Student debt forgiveness isn't in Biden's annual budget--why experts say that's 'not surprising

[peoli]

On the campaign trail, President Joe Biden issued his support for $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years and $50,000. Since then, House and Senate Democrats repeatedly urged Biden to "broadly" forgive up to $50,000 of federal debt through executive order during his first 100 days in office.

Biden's first 100 days are now behind him and he has repeatedly pushed back against leaders of his own party, stating that he will only support up to $10,000 of debt forgiveness and that he would prefer Congress craft the legislation.

https://www.cnbc.com/2021/05/24/student-debt-forgiveness-reportedly-dropped-from-bidens-annual-budget.html

Biden Won’t Support Progressive Student-Loan Forgiveness Plan, He Says

https://www.forbes.com/sites/jackbrewster/2021/05/21/biden-wont-support-progressive-student-loan-forgiveness-plan-he-says/?sh=392a04c24467

Biden Steps Back On Student Loan Debt Forgiveness, Leading To Major Criticism

https://www.ibtimes.com/biden-steps-back-student-loan-debt-forgiveness-leading-major-criticism-3205916

As a lifelong Democrat this really gets under my skin. I hope he is trying to find another way. I hope he is not going to sweep this under the rug.

[RainCaster]

1. Joe also promised lowering the Medicaid age to 60

Radio silence since the election though. I'll give him time, he did inherit a very forked up country from DFT.

[luv2fly]

5. Agreed, and he did inherit a shitpile

Getting people covered at 60 would be awesome and I hope he's got people working on it already.

[luv2fly]

2. I took out debt, and I paid it off

And I worked my ass off. I don't support forgiveness of debt knowingly incurred. Restructure the loans, that I'd support.

[roamer65]

6. I agree.

What I do support is eliminating interest on student loans.

[peoli]

8. I took out loans, worked my ass off, raised a son by myself

And I still have 65k in student loan debt and I can't make a damn dent in it. I'm stuck in perpetual fair credit. Credit score won't move even though all my cards are paid off.

This debt is a lifelong prison sentence and poverty is a prison

[pbmus]

13. What, you didn't get that $100,000 job out of school?

[peoli]

14. Indeed, one of the many that did not

[NJCher]

18. I am sorry to hear that

Absolutely something needs to be done for people in your situation.

[GPV]

22. Yep. Son has $50K.

[USALiberal]

24. I agree! Nt

[-misanthroptimist]

25. So, because you managed to do it, everyone should have to?

Education should be free to students -or at least very low cost. It will pay the taxpayer back several times the investment. There is no societal advantage to starting young people out with a mountain of debt and there is a pile of disadvantages.

Disclosure: I never had student debt. I went to college under the old GI Bill. What they paid me more than covered my tuition, books, lab fees, and even parking permit with plenty left over. That's the way it should be for everyone.

[luv2fly]

26. I do believe people should be responsible for their debts

It doesn't matter what kind of debt, when you take out loans you understand you must pay that money back.

[-misanthroptimist]

27. I believe that debts should be legitimate.

Blackmailing young people into going to college and then charging so much that a loan is needed (and then charging interest and fees on that) is not legitimate. Such debts should be forgiven. It's best for both America and the individual.

[luv2fly]

30. Yeah just not with ya there

But I can respect your opinion, which is one of the reasons I like DU 👍

[-misanthroptimist]

31. See? There's something on which we agree!

[womanofthehills]

29. When many on here went to college- it did not cost as much

Before college,I went to Parsons School of Design for 3 yrs - about a thousand dollars a yr - it’s now almost 50 thousand a yr.

[Wingus Dingus]

28. Agreed. College is an investment that benefits you in the future. It's not

a safety net necessity, it's not an entitlement, it's not a right. Why the FUCK should my tax dollars go toward helping someone live college-debt free AND they get to reap the earning benefits of a college degree at the same time? I didn't live college debt free, neither did my husband, we paid back our loans over a span of FIFTEEN YEARS. Some people here told me that it would "benefit the economy" because these young people would have more purchasing power. LOL. Then pay off my mortgage, Biden administration, I'll buy all sorts of shit, I promise!!

[roamer65]

3. What's the opposite of progress?

CONGRESS.

[cinematicdiversions]

4. Honestly it is taking money from the working class and minorities

And giving it to middle and upper income white woman.

Statically that is what you are doing with Loan forgiveness no matter how you slice it.

It is reparations for the Rich and well educated.

[peoli]

7. Sorry, what?

https://www.theatlantic.com/education/archive/2015/05/the-disproportionate-burden-of-student-loan-debt-on-minorities/392456/

https://www.brookings.edu/research/black-white-disparity-in-student-loan-debt-more-than-triples-after-graduation/

https://www.washingtonpost.com/news/wonk/wp/2015/05/19/minorities-and-poor-college-students-are-shouldering-the-most-student-debt/

[LizBeth]

10. White women and not upper middle white men?

I think the argument better serves that it may benefit middle and upper income but I do not know that even that would be factual. I know I have a tough time wiping debt out for someone graduating and walking into 400k a year.

Really I am basically curious white you specifically identified women

[cinematicdiversions]

12. 56 percent of students are woman

The percentage that graduate and has loans is even higher. Statistically the average recipient of this benefit will be a white woman earning an above average income.

[Lancero]

21. Racism isn't the only -ism our country has in our history.

Your reasons for why debt forgiveness is a bad idea sound more like why we should be supporting it. I'm entirely in favor of steps to address equality issues, and education is a great equalizer in that regard.

Then again, I'm sure you have a list of reasons for why sexism isn't really a issue.

[Hoyt]

9. There are lots of things we want/need to do. Most student debt repayment can

be tied to income, and it’s a relatively low percentage. Some forgiveness and repayment loosing will work.

Until many of the other needs are funded and enacted, this is not something I’m going to criticize Biden for. Would be cool if Biden finds a way to forgive more, but the issue is not as simple as some want to make it.

[peoli]

16. Seems simple enough to me. A wave of his hand and make it so

[Hoyt]

17. Doesn't seem that simple to me.

[uponit7771]

11. Isn't 10,000 what he promised in his campaign? tia

[peoli]

15. Yes, which is not enough in my humble opinion

[GoodRaisin]

19. The CNBC article said he is waiting to find out the extent of his authority to forgive student debt

by Executive Order. I don't know if that is true but if it is then it makes sense he hasn't provided any money for that in this budget. He'll have more budgets before he's out of office to address all his campaign promises. The Forbes article is an unfair conclusion he is breaking his promise based on this budget alone.

[Xolodno]

20. Something needs to be done and there are no easy answers.

The Income Based Repayment plan is a bit of an insult. It's based on Gross Income and not Net. Guess what, the higher taxing states happen to have most of the jobs....even if you don't want to live there.

B..B...B...But you make six figures! Yeah....and how far does that get you in San Francisco? Lucky to get a mobile home in a trailer park. So cost of living is not incorporated.

Find another job in another state? Sounds great...except the industry, specialization and/or experience doesn't apply because it requires you to work at a corporate HQ....which isn't in Wyoming, but in Seattle, Washington.

Debt forgiveness? Yes, I agree. But not across the board. If you are Boomer...then yeah, forgive all that shit. Gen X, have most of it forgiven, etc. In other words, make it gradual on a scale. But also on where you live and income. But, if over 50, kill it all. I work for an insurance company, there is a reason why the majority of our agents that join are above 50. They get laid off....and no one will hire them....so, they take a shot at selling insurance.

Make the loans with no interest or 1%. The economic productivity produced well enough makes it worth while.

Volunteer work, our parks, schools, etc. need a lot of work, set a forgiveness rate for every hour worked. Hell, I'd spend two full Saturdays a month working on improvement in the San Gabriel mountains if that were the case.

But I paid all my loans off! Well good for you for getting lucky, schmoozing the bosses better or had a stipend that didn't require you to completely finance you education. I grew up in a blue collar family with no financial support, Spring Break? Never had one, I worked a job.

Oh and one last thing, private colleges should not be eligible for student loans. Got accepted to USC? Great...but if you need loans, your going to have to go to UCLA, Stanford, Cal Poly, etc. Which are just as good on the Resume.

Congress needs to fix this mess, Biden has to be the last resort when they can't get their shit together.