With the current pause on student loans expiring at the end of the month, the White House is weighing cancelling up to $10,000 in student loan debt per borrower who makes under $125,000. Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, explains how canceling student debt could counteract the Inflation Reduction Act.
#CNN #News
White House leans toward canceling $10K student loan debt for some. Economy expert weighs in
Where I’m from it doesn’t take 75 years to pay off student loans. Then again a major illness doesn’t cost me my house either
You also don’t have anywhere near the purchasing power of American’s.
It shouldn’t take nearly that ling to pay off student loans
Lucky you, Patrick. I wish that I lived there.
Last fight https://youtu.be/A3Xk9-Znf40
How about they fix the root cause. Cap interest rates on student loans. Make them tougher to get again. Allow people that can prove hardship to file bankruptcy against the loan debt. Cap state university tuition costs. The debt relief is great but it is a patch not an answer.
@ruby cobol they should be hard to get. If college is going to be free, like I believe it should be. College age kids should look at community college or vocational school or internships and those should be less expensive. Even state schools should be cheaper. They are not anymore because of how easy it is to get a loan, since people can’t write it off in a bankruptcy anymore. Banks have raised interest rates lowered restrictions and schools have raised Tuitions and costs. If that stuff isn’t fixed nothing they forgive will make a dent in the problem. Another band aid that the government throws out to people with no real intent to fix the problem.
@Cylvania Allen Initially most of your payment goes towards interest. Over time more goes towards paying down the loan. That is how compound interest work. Did you not take math in high school? Did you investigate the earnings power of the degree you picked before you started with college? Likely no to both questions.
Thank you. People in the comments are flaming the expert for saying “make college affordable” but literally that’s the issue. Student loans are easy to get, colleges know this so why wouldn’t they charge higher tuition? Plus now that they know the govt is willing to forgive them, expect even higher costs coming.
So glad you are the most liked comment btw. Everything you said was completely sensible and without condescending anyone. It restores my faith in humanity
Umm what about the people who lived in an RV to save enough $$ to pay off the debt, do they get a pat on the head at least?
@Michael Finnigan freeloader 🙄
@Michael Finnigan freeloader 🙄
Do I get a refund for paying for my children’s college education?
@Michael Finnigan You’re still lying. We already went through this
@Mark huh, i just checked, my library IS paid for via local taxes. so that avenue of internet access is very much paid for via taxes.
He’s not accounting for the loans that have 6% interest. He’s only looking at the 3% ones. The interest rate doubled for a few years and those are still at 6%, which is more than inflation.
@Melody Moore How would printing more money be a little band-aid? This would further destroy our economy
I just want to know if I’m going to get a refund for paying for my kid’s college education. If not, my youngest is going to get a student loan that he won’t have to ever pay for
@Mark Son, I’m certain I’m old enough to be your parent. And I never said I took out a loan, let alone signed it without reading it. I’m an educator. I see how students who took on a personal loan worked harder and performed better than the ones whose Daddy’s took out the loan for them. You’re just pissed off about your life. That is not my fault. Learn who the Kochs, the Mercers, Leonard Leo and The Federalist Society, and ALEC are and how they screwed you oh, so slowly over the past 40years and got you to believe it’s because OTHERS took from you what was rightfully yours.
@Mark And, Son, I was never arguing how a loan is structured. I was explaining it. I’ve been arguing how the guy in the clip defended his position. But that wasn’t what caught your attention in this comment thread, was it?
Your argument is a compounding 6% year over year for those with student loans on however much their principal is. We’re talking about 8.1% more since last year on the entire country on every thing they paid for where they didn’t have the luxury of receiving a contract to read beforehand and then decide to agree too.
Stop inflation before we hit 2 years of 8.1%
To offset it, cancel the tax loopholes given to the billionaires.
@Jason Engelbrecht Works For Me😎😎😎😎😎😎
@Mark I didn’t say those words I said I wanted enough voters to not vote to swing the 2020 election 🗳 and it did lol it did .. they didn’t need to all die just not be able to vote… I was creating more hype to please some gamer girls 👧 they were all amused 😂
If there is any way you can post the best federal student loan adviser place to contact to resolve unusual situations people may be in, that would be extremely helpful because there are a lot of unique situations out here people are in that wouldn’t think.
I don’t have a student loan myself anymore, but I had a severe nervous breakdown a few years ago, and when I was coming out of it I started working at the grocery store part-time. One of the other workers was living in his car so I let him live here as a roommate. He was living in his car because of his student loans. We are both white. He was a pilot for most of his life, they have health standards to meet to keep their job. As he got older towards the age his dad was when he died, he thought he better get an education in something without health standards so he got a law degree and right afterwards, he had a huge amount of tragedy hit his life. He defaulted on the student loan repayment and nobody was able to help him over the phone. On paper it looked like he should have no reason to ever be in that position but he was, and he was working at the grocery store and the student loans were garnishing most of his wages.
If you want to make money for the economy, we need to stop assuming things and actually work with people where they’re at to get them working and functioning again. It’s just relentless and, he’s not here anymore so I can’t directly say what’s happened to him, but it’s literally forcing educated people to be homeless in some situations and all the business people can only look at the paper details and go from that.
FInally, someone that knows my story. Yeah, it happens to more people than these idiot broadcasters know. I could put myself into your story. My father passed, had a heart surgery, hit with hurricane, lost 2 cars going underwater in my front yard and insurance offering $1000 for our Nissan Altima and $3500 for a Nissan Armada as full payment of the insurance — which is not even enough (hardly) for a down payment on some cars now, Mom falling & becoming an invalid & having to take care of her 24/7, etc. I could go on & on & on. Those are true life stories — from my own life. So, I’ve made payments on my student loan since 2005, but $70k at 8.5% interest. Well, it becomes $300k pretty fast, even if you are making the payments. And, my interest grows by $25k+/year, so I can never get on top of it. It’s just a prison sentence for my entire working career. Never thought this would be me. So, they don’t understand how much BULLSHIT that $10k or whatever pocket change that is. I am very unimpressed with Biden’s solution to the problem now. It should be allowing Judges in Bankruptcy to analyze your loans and help you negotiate it down. That’d be what would help lot of people.
@Poe Lemic Exactly, I agree. I’m sorry you’re going thru all that. It also worked against the person I knew because he needed a job he could handle and he had a catch-22 to put his real experience on his job applications because if he did nobody would hire him. He couldn’t hide it because it comes up on background checks. Simultaneously his credit was ruined from the initial period when he had all the trauma hit and the defaulting started. It takes 3 years to rebuild your credit so all that time, he couldn’t get an apartment either. So. I’m with you on the bankruptcy judge review idea.
Inflation offset any money student loan holders has in their pockets. Now payments are about to restart and it just adds to what people have to spend, which also means less spending.power for the lower class.
Why doesn’t Joe take the interest off student debt, he should have done that back in January of 2021. Out of touch.
1 alan bailey Fuk what you saying it here 😠 https://www.youtube.com/watch?v=CxYhxZVo-3o
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Oh my gosh do they think that people with student loan debt have advanced degrees and therefore richer?! Social worker here with a masters degree, professional license, sitting on more student debt than I’ll ever be able to pay off. This is a terrible oversight to say people with degrees are “rich doctors”.
@Eznieh Naahed no amount of hard work can help when the work pays half of what it should. Our legislators need to stop taking bribes to keep the wage suppressed. CEOs do not labor 300 times as hard as entry level positions.
@Michael Finnigan, I agree there’s a lot wrong with the “system”. But too many people feel like they’re victims. If you’re not getting anywhere, try a different direction (different town, county, state, country, learn a skill, different job). Americans used to be hard workers, smart workers, fighters etc. Don’t give up. If you have the right skill you will get paid what you’re worth! Not everyone needs a college degree. There are way to many college grads with business degrees or other useless degrees. Become a plumber, electrician, engineer or be a lifetime victim and hold up your hand.
@Eznieh Naahed all those different directions cost money my friend. i held two jobs, worked 50 hours a week. and that is becoming too frequent. americans are absolutely STILL working hard, in fact, their productivity has been rising steadily DESPITE stagnant wages and yearly record corporate profits.
i paid off my college debt, and somehow that didn’t turn me into a person that says “i paid for mine, you need to pay for yours” , i somehow maintained my empathy and remembered the struggle i went through and don’t want my fellow americans to have to endure the same anxiety that i went through that literally cost me in doctors visits.
you don’t need to encourage me, i struggled and sweated my way out of debt, but i don’t use my struggle as justification for demanding that OTHERS struggle. you have to justify why empty words of encouragement are better than actually helping your fellow humans.
But you got to follow your dreams LOL got to pay to play
If you took out loans for a social worker degree you knew that the profession did not make very much money. Did you bother to do any research to see what you would be getting paid?
We’re in a recession !!!!!
1 A C Fuk what you saying it here 😠 https://www.youtube.com/watch?v=CxYhxZVo-3o
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Everyone with student loan debt doesn’t have degrees because everyone doesn’t finish school. That crowd is the one that is being saddled by this unpayable debt because they are making wages from positions they got due to higher learning. This is the 1st group that need it to happen, 10k is not much in today’s edu cost but it’s a lot for the least among us.
1 JeyJey Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
What happens to all the folks who join the military or reserves for partial college benefits? and yes what about the people in trade schools ?
1 holden Johnson Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
I paid for my own trade school, while so called college grads turn their nose up at me. Now I’m comfortable and they get bailed out? Can I get my money back for paying for my own school? What about the people who worked while I’m school to pay their debt? They get screwed while the kids who free loaded get bailed out? None of this makes sense.
@Hostile Aks I went to trade school with 26k in debt. I have paid every month since leaving school about 10 years ago. I am now 35k in debt. Tell me how that works? I had to leave my trade because I couldn’t make a living off it
@Tattoogoddess85 I need a couple details such as what trade? Was the 26k debt only from the trade school and related costs? ( Books,tools) how much is your interest rate? And lastly how did the debt grow after you finished? Was is living expenses and other things or is all this money strictly from trade expenses? (Tools?)
@Tattoogoddess85 just be thankful you weren’t one of our soldiers who signed up to fight our wars for the promise of a free education. You did nothing, but expect them to pay for what your education apparently can not teach you. Can’t figure out how to pay a 26,000 dollar debt? It is a freaking car loan for 4 years. Figure it out.
This is like the Deshawn Watson situation, why is it so hard to make a decision and move on. no matter what not everyone will agree.
1 Mike Stefka Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Because we are all political pawns to their game.
Student loans should be dischargeable or modifiable in bankruptcy proceedings based on a proper showing of financial hardship. It is absurd that the credit card debt on a Spring Break trip to Cancun is unquestionably dischargeable by a bankruptcy court, but tuition, housing, and fees for college are not.
yugo streets, Andrea Madden, NBA1, Mohamed Trevino, and Kristy Campbell please tell us your most profound thought.
1 Kaipo 808 Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Don’t go to school if you don’t wanna pay for it . Sorry
They could but then you go to school for 4 to 6 years on borrowed funds. Graduate then file bankruptcy as soon as your fist payment is due. You are unemployed with no income living at home with parents. Chapter 7, debt gone. Then you get a job debt free when bankruptcy if final.
“Make college more affordable” – I can’t believe they allowed him on CNN
How about “FREE” as other countries offer. #RichCountry
This is embarrassing for CNN
It’s the root of the problem, why is he bad for saying it?
The price of food went up 11% in July. The highest increase since 1979!
1 Nexus Six Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Let’s all thank Brandon
I made many sacrifices to pay out my student loans. If they will cancel $10K to those with existing loans, they should also consider those of us who paid them out responsibly, whether it is via a tax credit amounting to that amount or a check. Ultimately, the tax payer will be forced to pay for this, so it should be made equal to everyone!
1 Phil Henderson Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
And how many years would you want them to go back?
If they just cancelled the interest or capped it somehow, that would make a huge difference. My loans are at 6.8% interest, which is insane. And I experienced economic hardship so the loans have compound interest, it’s just too much to keep up with. I’m happy to pay what I owe, but the current system is taking advantage of naive young people and it’s predatory.
Why should anyone pay for other student’s loans? This is a slap in the face for all who went to college got a degree worked had and paid off their debts. What about people who didn’t even go to college and become successful now they have to pay someone’s tuition. The problem is people going to colleges who are way over charging for college tuition. This id only benefiting the colleges and universities.
That rate was in black and white on the agreement you signed.
Why not go after the colleges instead of the taxpayer it’s the colleges that screwed you
I took out loans I get that it’s my burden to pay. But I think lower interest rates can help people a lot. Have worked hard to pay off 50k of my 80k in loans since it has been 0%
Congrats on the hard work- like me you will now need to pay for all these people that don’t understand the term loan….
I don’t believe it for a second. Fed loans or private? Also nobody in their right mind has been paying the paused loans… it makes 0 financial sense.
This is about buying votes not sensible legislation and policies.
Thank you for making him say what he entirely. Usually their idea is to stick to their points of interest along. You showed your audience the whole story, not just his side.
1 Ralph Porcell Fuk what you saying it here 😠 https://www.youtube.com/watch?v=-p1BKCczjhY
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer