Student Debt Cancellation

hardly being obtuse...
the odds are pretty good they (along with how many other manufacturers?) took the PPP grants over the past few years.

This line of questioning has nothing to do with the conversation at all. People work where they can get jobs. We are not at all responsible for the actions of our employers. If you chose to work at a nonprofit that helps others, good on you. Not everyone can afford to work for a non-profit. Just like not everyone can afford to ... move to another place to obtain a job.

that wasn't the OP though...

the original point is UA claiming that his employer was totally self sufficient and his pay was for something "noble and useful".

given that school bus sales and parts haven't been in high demand, pointing out that his job has been preserved via government intervention and the public purse (PPP) is entirely relevant.

Not sure how anybody "affords" to work someplace? I get paid pretty good when I'm not on the relief roster. The people with diplomas are generally making about double that or more. I only lucked in to my low level gig because I had transferable skills.

Pretty sure he said he didn't know any specifics about the finances of the company but had heard through the grapevine that the business was funded by the owner and his family. That in itself is not unusual. Here in the Chicagoland area there are many "small" businesses in which the original owner still runs without help from Wall Street and has grown despite not having help from Wall Street.

Ah yes, that 'centrist' Biden not being any different than the GOP again. BoTh SidEZ!!!!

Oh, and this is going to help future college students, as it caps interest rates and the pay back of principle to no more than 5% of discretionary income. No more student loans leading directly to poverty.

I mean, just impossible to tell the difference. These two parties are exactly the same.

Thought I should point out, when I took out student loans, I never agreed to repay the full amount. I agreed to make monthly payments, based on my income, for 20 years. Until now, my income-based monthly payment was $0.00, and I've been diligently making those payments every month. Starting next year, I might have to pay $30 a month.

I probably would have had at least 20k forgiven, it's just happening a decade or so earlier now, and I don't have to pay taxes on it.

Which, for my poor ass, that's a big deal because having thousands of dollars added to my taxable income would probably fuck me pretty hard.

However, I'm poor for the same reason all people are poor: I'm a piece of shit who chooses, of my own free will, to be a useless drain on society, so this is completely unfair and I should have to pay it all back even though that's not what I agreed to.

No I fucking didn't. Distortions and exaggerations do not make your point.

Actually, fleets took advantage of the downtime for repairs and upgrades.

This is good, LOL!

https://twitter.com/meidastouch/status/1562567786244673536?s=21&t=f-JqOYsmDi4X0Av_qJL13w

The old lazy, shiftless poor person trope is a Reagan legacy. I mean, it existed long before Reagan, but he popularized it for the modern political arena, and so now we get to see Republican congressmen argue about if you take out a loan you should repay it, while also being recipients of the PPP loan forgiveness program, some of them receiving forgiven loans in the hundreds of thousands or even millions of dollars. I think many of them don't realize the PPP loan data is public information, or perhaps they don't care.

Then again, some are just angry it might mean fewer people forced into the military and say the quiet part out loud:

Ok, so, with the information Amaris provided, I did check. Yea, 2 loans. both forgiven. 1 was for 2M the other was a bit more than that, but less than 2.5. Either way, knowing what I know about businesses due to my previous job, I'm guessing the business has less than 500 employees so still considered a small business. and with ... even 50 full time employees paying taxes, as a taxpayer, I'd say the money was well spent.

As for school buses sales and parts being in high demand - Federal law states school buses MUST be retired after 10 years and maintenance is just as highly scrutinized. I know this because I've spent the last 6 years or so checking into tiny homes and alternative living situations and have long since decided that a skoolie would be the best bet for me due to the federal laws regarding safety. So, yea, the work his business does is just as productive to society as mine (pharmaceuticals).

washington, however...

glad to hear that small operators weathered the storm with or without assistance. It was devastating to some sectors here.
technically great for mine given the increase in evictions and opioid abuse... :/ a lot of fucked over people needing help.

only one seeing distortions is conveniently enough, you.

makes sense about using the downtime to upgrade though. good thing about already having gov't contracts, I guess

Ugh, who wants to see people suffer less?!

I'm not rich, I'm quite poor, but if I were rich someday I'd sure show me a thing or two.

LOL!

https://twitter.com/whitehouse/status/1562916200866267138?s=21&t=sdxBjEbB9II6ZjAFnZmh5g

That thread is definitely worth a click.

Found it!

Much better/more concise.

Is the 5% cap only on undergrad loans?

edit: I see that it is. Womp womp. .

I wonder if the interest coverage is only for undergrad too….also if it now includes unsubsidized fed loans?

I’m still trying to figure out the math in terms of how much of a pay cut would be worth it to work for a nonprofit so I could get the PSLF after 10 years on graduate loans. I’m assuming that’s what you did, Faceman?

Remember when "making life better/easier for future generations" wasn't a political wedge issue? Fuck, I hate conservatives.

"Can I not die from ruinous debt for things outside of my control, please?"

"Oh, so now you have to get political."

"Research says if we reduce the amount of toxic pollutants big companies can spew into the air, fewer people will die"

"At the cost of slightly reduced corporate profits? You, sir, are worse than Hitler!"

I applaud the move. Now for phase 2 we need to kick some subsidies to the colleges like we did before so college is a little less expensive.

Yeah. PSLF is 10% cap for graduate loans still. But think of the (our) children. Maybe this makes their undergrad more affordable if they have to take loans.

You know it is a woke-dominated liberal progressive communist research paper when they only looked at Deaths/PPM without even acknowledging Dividends/PPM.

These so-called ‘scientists’ aren’t even trying any more.

Edit: to Faceman

For sure. In terms of mine, the most helpful change would be a reduction in interest. I owe significantly more on my student loans than I do on my house, at almost double the interest of my mortgage.

Right, my rate was like 6.8% versus my 3.0% mortgage rate. What a racket.

Biden student loan forgiveness: the long history of forgiving debt. (slate.com)

"President Biden’s plan to cancel student debt will directly help the middle class.
99.7% of student borrowers are not Ivy League graduates.
42% do not even have a four-year degree."
~Elizabeth Warren

Biden Student Loan Plan Squarely Targets Middle Class - The New York Times (nytimes.com)

Here's a chart showing the distribution of benefits from student loan forgiveness. Just, kidding, it's the distribution of benefits from the mortgage interest deduction, which costs about $250 billion every 10 years