This is how quickly Biden’s new student loan forgiveness program can start | Just the FAQs 1

This is how quickly Biden’s new student loan forgiveness program can start | Just the FAQs

 

The Education Department announced a major overhaul to the loan forgiveness program that will erase 22,000 borrower’s debt close to $1.7 billion.

RELATED:

» Subscribe to USA TODAY:
» Watch more on this and other topics from USA TODAY:
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.

75 comments

  1. How about making tuition affordable instead of making people spend their lifetime in debt?

    When I went to college, I did not take out a loan. It was paid out of savings, but the entire cost years ago was $10k living at home. Now the cost varies depending on where you go, but my university is now $40k without room and board. Seems to me either costs are not reasonable or salaries aren’t reasonable.

    According to Robert Reich, college used to be free and was paid for by wealthy people via taxes.

    1. @furtopia omg seriously? Because what is free for you someone else has to pay for it. Making your life better is earned by you not given to you. We are born with the opportunity to excel on our own merit and hard work. Should be given to me is a totally irresponsible approach.

    2. ​omg seriously?.

      1.) Yes, seriously

      Because what is free for you someone else has to pay for it

      2.) OK, and? There are so many needless expenditures in the US. The US just wasted 1 trillion dollars in the middle east. If we have enough money to do that, we have enough money to send kids to school. We just wasted billions sending a bald dude to space. That money could have funded so many tuitions.

      Making your life better is earned by you not given to you.

      3.) Untrue, intergenerational wealth exists. The lottery exists. These people never needed to work for their money, they just got lucky.

      We are born with the opportunity to excel on our own merit and hard work.

      4.) We are not. If we are, prove it. The burden of proof is on the accuser. I can show you a million statistics that prove that not everyone is equally capable of succeeding. Also, hard work does not always equate to success.

      Should be given to me is a totally irresponsible approach.

      5.) I think it is perfectly reasonable. Education benefits all. The more educated people that exist within a society, the faster that society innovates and can improve quality of life. Have you used any electronics recently? That’s a result of education. Have you taken any medicine or gone to the doctor? Education. Do you wear clothes and have a house? Education. Everything you enjoy is a product of educated individuals attempting to improve quality of life or better society. Gatekeeping children from college because of the tuition costs is counterproductive.

    3. @furtopia that’s no excuse. Needless expenditures should be cut as well. I did it with a gas station job and kids and a wife that didn’t work. No more excuses!

    4. @furtopiaand mrs utopia. Everyone cannot be successful. It’s simply not possible. If everyone were wealthy then there would be no workers for regular jobs. That’s just part of life under all systems of government.

  2. We wouldn’t constantly have these debt crises if we would stop getting the government involved. Tuition increased massively as a direct result of government-backed loans. We keep shooting ourselves in the foot.

    1. @Mathu Rex Exactly. There is hardly any check or balance on corporate influence on American politics. It’s no longer a bipartisan issue. Again, big government is not inherently bad, but it is when it is bought.

      If you are implying human nature is greed, then sure but again, there are no regulations, there are no checks, there aren’t any stoppages on the influence of the dollar in American politics.

      Your original argument is that we have these issues because the government is involved. Please elaborate who is to determine to regulate the prices? The government can play a role but not if the very policies enacted are bought by corporate influence.

    2. @Iron Palm Monk “there aren’t any stoppages on the influence of the dollar in American politics”. There are diminishing returns; specifically regarding elections, the one with the most in their financial warchest doesn’t always win. That is an incredibly important facet of American democracy that goes unnoticed. Are lobbyists too powerful? Absolutely. But that power is diminishing naturally as a side effect of a powerful democratic system. Something will replace the void; but until then people will force their satisfaction. Another thing people often overlook is that our representatives do a really good job. For all the talk about donors deciding everything, the people’s opinion is weighed demonstrably heavy on what takes place in the political cycle.

      Markets do a very good job at regulating prices on their own, provided we support growing businesses so that our competition remains strong, especially across our most dependent sectors. The best way a government can support healthy markets is by stopping these “too big to fail” industries, anti-trust across several American companies. And we are doing that as well.

    3. @Momma Bear Ever pull up the salaries of California public servants? School Superintendents can retire on $200k a year. Way above nations pay scale.
      California has 500 state agencies with thousands of employees and high taxes to pay for all of them..3 different Agricultural agencies. Texas has 140 state agencies and pays no state tax.

      This is how Dems keep their base. Majority are public workers with unions!

    4. @Melissa Richter the government and corporations are unions unto themselves. they both hate it when we the people unionize because of satanic corporate and socialist greed.

  3. Why should a working taxpayer be responsible for some bumbs student loan debt,let the colleges refund the student loans

    1. I agree. Those with college debt made that choice. I know so many people who worked during college and paid off their debt during that time. Why should taxpayers be paying for those with poor judgment?

    1. If you are not going into a STEMM field (Science, Technology, Engineering, Math or Medical) you don’t need a farging degree!

    2. @balltillifall88 We need federal regulation in education. Get these capitalist privatizing free market degenerates outta here.

      The free market is run by the bankers and media men.

    1. Biden is the greatest president since JFK. That’s why Republicans hate him. They’re such jealous little snowflakes. I love drinking these tears! You cry more than liberal SJWs. Hahahaha

    2. @one sojourner That wasn’t sarcasm. Sounds like you’re in denial. Dont worry, denial is the first stage of grief. Biden is an amazing president, you’ll come to terms with that soon.

  4. I’ll be happy if the damn interest rate was not almost 8%… That’s mighty high for something that benefits the country as a whole. Tell me that a college-educated society is not good for the economy…. go on

    1. If they can’t pay for college what else they going to claim they cant pay for. People pay a mortgage for 30 years and with interest equals nearly 1.5 times original loan amount

  5. Based on a student’s career path, the student should be limited to total amount amount that can be loaned for a specific degree and spread out over each semester of classes.

    1. Agree, if taxpayers are going to foot the bill for forgiveness, then we ought to be able to limit how much is spent and on what.

    2. @Paul Smith Tax payers ought to be able to have a say on every CENT spent by these criminals anywhere. Zero oversight.

  6. Students: *whew* I don’t have to worry about my debt

    Reality: Yes you will, just wait and see. You’ll pay it one way or another.

    1. @Nikhil Newse Cool. Doesn’t change the fact tax payers are still funding it.

      Democrats, Republicans…hardly a distinction despite what they would have you believe.

    2. @Iron Palm Monk Complaining about the drone strikes will never stop the drone strikes.

      Complaining about MIC costs is silly. Military expenditure is lower now than any time after 9/11. Which is itself lower than we’ve spent at any point since before WW2…

    3. @Mathu Rex It raises awareness. It does not matter if the MIC is lower than any time after 9/11, in just 2021, the US approved $705 billion dollars for the military budget.

      Again, we can approve large sums for the MIC but not for the US citizens. Even if they cut that by half, they would be about even with China and still blow every other country out of the water combined.

      To circle back to the original conversation, tax payers willfully fund these insane budgets and never complain. Suggest helping the working class in any manner and suddenly pitch forks are raised against their own. Does this not alarm you?

      We can afford to secure our nation AND substantially improve the lives of the people within it’s borders. It does not have to be one or the other.

    4. @Iron Palm Monk Okay so you know nothing about our national defense; not a damn thing, yet you think you’re qualified to give financial estimates? You’re funny dude.

      I tell you our military expenditure is lower as a percentage of our gdp than any other time in modern history – and you’re gonna hit me with some bullshit rhetoric about the spending being too high?

  7. NICE VIDEO !!! Very engaging from the beginning to the END.Nevertheless business and investment are the best way to make money irrespective of the pandemic

    1. This is needful for beginners, everyone I am so happy for taking the bold step in working and investing $10,000 with her after a week I received $39,000 to my bank .

  8. Every time government gets involved in something THE PRICE GOES UP! This is one of the reasons a college education costs so much and is worth less than what you pay for it.

    1. @Iron Palm Monk Wrong. Average gas across all EU countries is roughly $6. US is $3.25. So you’re not even close.

      A Big Mac costs $1 more in Denmark, although they are unionized so it goes without saying.

      Now with that idea in mind, let’s compare average cost of living.

      And don’t think I didn’t notice you skipping out on answering what their national and foreign investment into pharmaceutical R&D is. Which pretty much answers itself why our government doesn’t regulate healthcare like some other nations do.

    2. @Mathu Rex ​ I posted specifically for Denmark, not all of EU. Nice moving the goal post lol. Even still, gas price is negligible given that many of the EU countries, Denmark included, have superb public transport systems which makes owning a vehicle in some cases a choice. The US is heavily dependent on cars and our cities are developed to be so. Nice try though.

      You’re also wrong on the Big Mac. Multiple sources confirming it is comparable or even cheaper than the US. All the while providing double the salary of the US base worker which we are constantly told we cannot do on home soil because our burgers would skyrocket to insane levels. If you want to keep arguing than Denmark’s Big Mac costs a dollar more (which is does not on average) but can actually afford to pay their BASE workers and livable wage plus benefits…sure go for it. Keeping arguing for that imaginary dollar increase lol.

      I omitted your inquiry on R&D expenditure because you are being vague about what you are looking for. My omission proves nothing as you your only argument is a gatcha statement. You failed to provide numbers like you did on the previous topics so this hardly proves anything. I won’t provide the numbers, the burden has always been on you to prove deregulation and privatization of the healthcare market is actually good for us. Refer to my third point in my last comment that you conveniently ignored: the US pay more on average for pharm. than the average Denmark citizen.

      If anything, I fail to see how collaboration with the public sector and governmental regulations/planning is a detriment. You fail to provide any evidence otherwise and keep relying on gatcha statements or vague question without providing anything of substance. Again, big government is bad when it is bought. It is easily bought when there are no regulations set in place to prevent it from doing so.

    3. @Iron Palm Monk I find it interesting you think regulations alone stops the people that make the regulations in the first place from gaming the system that they implement. I also find it embarrassing for you that you didn’t take the time to see Denmarks gas prices are lock in step at $6.

      Yes, we pay more for pharmaceuticals. But as I said, we do that as a general boon to other nations by supplying them with the R&D that they invest into in America. You have any idea good that is for our economy, so that we can have cheaper energy and food. So that we can have cheap foundational resources, and the ability to crank up demand whenever we want. Supply side economics has critical advantages socialists like to overlook.

      I find your inability to qualify a response telling of your position on the matter. I also find it poor faith that you keep needing to redefine what I am saying and attacking it. Most people call that strawmanning. I just think it’s weak.

    4. @Mathu Rex I never implied regulation is the end all be all. What I find interesting, much like your statement that started it all, is that there is this belief the US Gov actively regulates the two areas you implied suffer because of their part: education and healthcare. It is unmistakable that we do not regulate these markets thus your statement in believing less regulations from the state would yield lower prices holds little light. It is the fact we have not regulated AND PLANNED (key here) for either market. Taking a more hands off approach will not alleviate the issues we see, in fact I argued they would only worsen.

      I believe you are arguing that the US subsidizes healthcare for the rest of the world which is why they can enjoy cheaper medicine/healthcare. Am I understanding this correctly? Because if so, it has already been shown to not be the case. Our absorbent costs in medicine is primarily due to the fact there is no governmental panel that negotiates the prices of drugs entering the market whereas EU countries do. They have collective bargaining power to adjust these prices. That is really the crux of the issue here. We circle back to the original statement in which the government is to involved with healthcare. In what regards? Again, there is no governmental issued panel that regulates these prices. Furthermore, your argument is that we subsidize healthcare for the rest of the world which in turn allows for us to enjoy cheaper food (which we still can’t seem to feed our own people) and energy (which we subsidize oil companies despite known ill effects to the climate). Where in this does the government control allocation of the revenue from R&D? You still have not answered where in all this does this equate to cheaper healthcare/drugs for the US either. You pivoted to food and energy.

      I reframe your arguments and address as questioned. If you are referring to the snarkiness of my responses, it is because you take the moral high ground without providing any substance. You continuously dance around the issue and keep diverting the focus of the original argument which is government interference has caused price hiking for education and healthcare. In all your responses, you have not demonstrated how. I’m sorry amigo, the US does not regulate these sectors.

    5. @Iron Palm Monk You’re not engaging in good faith. Reading through your long-winded comments at this point isn’t worth my time.

  9. Because of the economic crisis and the rate of unemployment, now is the best time to invest and make money

    1. Y’all know him, I’m from UK i and my colleagues gave him a try and it has been good returns of our Investment, thanks Expert Ronald

    2. Yeah sure,I’ve got 12th winning thanks to Mr Ronald, he’s really the best , I have made £16,200 in 18 days of working with him

    3. Ever since I met mr Ronald for the first time at a conference in manchester i invested £25,000 and traded in one month making close to £143,670

    4. This is the kind of info we don’t get from most YouTubers .l will get in touch with him right away, I’m really impressed

    5. Alot of success stories, he’s must be honest and trustworthy for people to talk this good about him.

  10. And this is how the public sector, who’s pay already comes from the private sector tax payers, gets another privilege that the private sector isn’t eligible for.
    There’s something very wrong with this.

  11. hold them accountable for their life choices
    you go into some super expensive school for some dumb degree and you gotta pay the bill, don’t make me cover you!

  12. Investing in crypto now should be in every wise individuals list, in some months time you’ll be ecstatic with the decision you made today.

    1. My first investment with Mr Williams Jordan gave me the assurance that have made me invest without the fear of losing, I got four of my friends involved with him already

    2. I’m from the UK, I and my colleagues gave him a try and it has been good returns of our investment, Thanks Mr Williams jordan

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.