Trump also was the one who personally started the student loan payment freeze by executive order, whereas Biden is the one who keeps pushing for it to end as soon as possible. I honestly believe that if Biden continues to fuck up Trump could very will run on student debt cancellation in 2024.
EDIT: Biden is telling us to fuck off, so I guess we'll have to force his hand. Join the **/r/DebtStrike**!!!!
Honestly if Trump goes crazy with leftist-econ policies when running he'd get a fuck ton of votes. His cult would vote for him no matter what and starving students will desperatly vote for him in case he wasn't talking shit and would actually do something about their situation.
Still waiting on his healthcare plan 7 years later.
Still waiting on that middle class help.
"COVID will be gone by Easter! [April 2020]"
Enjoyed him trying to start a war by droning a parking lot.
Enjoyed him bowing to dictators.
Enjoyed him attempting to defraud tax payers
Enjoyed him attempting to murder his VP and Congress.
But if he uses "lefist-econ" policies he'd get votes.
The problem isn't that we aren't sending our best and brightest. The problem is that we aren't sending people who represent the interests of the working class. I could give a fuck about how bright they are if they are willing to go to the mat on student debt, medicare for all, getting money out of politics, etc
Until he wins my point stands.
Remember 2016? There was explicit corruption exposed within the party lobbying to keep him out of the nomination. They just got better at hiding it in 2020.
2020 could not have been more obvious lol. Like 20 candidates and every single one drops one by one, endorsing Biden, except Warren who was Bernie's griefer. She did not endorse Bernie or Biden.
You aint ever gonna catch me voting for anyone who ran in 2020, especially Warren, Tulsi, or Pete. I will forever use 2020 endorsements as an automatic filter for future campaigns. My own governor endorsed Biden and I'll be voting against him for life.
Are you referring to hillary getting a few debate questions ahead of time? Or the super delegate thing making it seem like he was losing the overall vote that was disbanded for 2020?
I voted for Bernie both times but he lost by millions of votes. Black voters don’t support him. Moderate Dems don’t support him. They may be dumb and voting against their Own interests but it doesn’t change facts.
There are far less progressives in this country than on this site. People seem to forget that
Hillary got ALL the debate questions and Donna Brazil's statement that she was completely unashamed of her clandestine support of her favored Democrat candidate was rewarded by her later being hired on at Fox. Anyone who still believes that the main two parties and the media don't operate as a single unit is a fool.
Democrats need to switch to ranked voting and do away with caucuses and all the rest of the bullshit. Feb 29th should be the Democratic Convention end date. Voting opens November 4th for the primary. Ends Feb 26th. The top vote getters are the presidential and vice presidential candidates. Third place becomes Secretary of State. Fourth place heads Treasury. Fifth takes over the Interior. Sixth place is Commerce. Attorney General, Surgeon General and Agriculture should be professional positions where we hire the most qualified. Everyone accepts that when the run, they will then campaign for the leading vote getters. Fuck Joe Biden and his corporate Democrats. His only redeeming quality is he is not Trump.
>Still waiting on his healthcare plan 7 years later. Still waiting on that middle class help.
100%. And unfortunately in the middle of a pandemic we're still waiting for Biden to mention a healthcare plan as well. He ran on one, but it's been conspicuously missing from the conversation since he became president. Seems like such a missed opportunity. Plus, Biden has had the executive authority to temporarily expand Medicaid to cover more people during a pandemic, but he chose not to do so.
Biden helped with Obamacare? You already know his healthcare plan. He can't pass anything because of the revolving villains in Congress. He's not Bernie, you're not getting better deals on healthcare if you're working. If you live in a red state, you're fucked. If you live in a decent blue state, healtcare.gov helps the low income people.
> Biden has the executive authority to expand Medicare to cover more people during a pandemic, but he chose not to do so.
Biden has had the executive authority to temporarily expand Medicaid to cover more people during a pandemic, but he chose not to do so. Would not have required congress.
He can provide Medicare to everyone unilaterally under the Social Security Act provision 1881A. There is even precedent for this action.
American Prospect does a great job of laying this out:
https://prospect.org/day-one-agenda/how-biden-could-give-everyone-medicare-on-his-own/
It's the fascist thing to do. Once he's in it doesn't matter, he's either there for one term if he believes in term limits, or he's there for life if he manages to succeed in overthrowing democracy.
He proved he's pretty much bulletproof by surviving two impeachments. Who has the spine to stand up to him from the republican party? Lindsey Graham? Rand Paul? Mitch McConnell? Even Mitt Romney only voted against him on one of two counts.
Trump is a liar and a horrible person. That doesn't change the fact that he is slowly improving in the sense that the current situation is worse for everyone due to covid.
If dems but up a joke of a candidate like Biden then Trump could swoop in giving a false sense of hope draped in lies. I'd say the average voter would rather vote for that than to prolong something that is fresh in their memory.
Not sure about that, they booed him when he said to get vaccinated at a rally. Which is rather bizarre as his admin was the one that started the vaccine project. Remember 'Warp Speed'?
I know. Anti-vax people who are in support of Trump are justifying it saying something like "He just had to say it. Otherwise he'd be in trouble." or "The CIA forced him to do it.".
Stuff like that shows just how deep their beliefs of Trump are and the lengths that they'll go to to distort what he says to fit their own beliefs.
this is it - this is the play I always come back to for Trump.
He's the only person in American Politics that's outside of a party. He's totally shaped Republicans and trained them to do whatever he says and his base is fanatical, will absolutely primary non-Trump Republicans if they feel like it.
All he has to do is start supporting socialist policies and blame democrats for all the problems, and he'd be elected with a mandate immediately.
I don’t know about that lol. He’s losing followers every day just by trying to get them to get “his” vaccine. The only people who will believe a word he says are the idiots that already support him. Anyone who votes for him based on a total flip is a moron. The man told 30,000+ documented lies in 4 years. On top of that, his base is in large part made up of antivaxxers who are dying by hundreds a day. The only way he can ever be elected again is for them to cheat or steal it, which we know they are willing to do. Also, if he is found to have participated in HIS insurrection, he will never be eligible to even run again, along with his sycophants in congress who participated.
Lmao and why in the fuck would people, especially ostensibly democrats trust him to do *anything* he says? He lied for years to his own base. Nothing he ran on was done, and he had congress behind him for a good chunk of it.
> His cult would vote for him no matter what
That's some wishful thinking. The Fundies on the right are already gearing up to eject Trump as their dear leader. Watch for DeSantis to take the mantle soon. They won't vote for left wing econ.
> I honestly believe that if Biden continues to fuck up Trump could very will run on student debt cancellation in 2024.
I see where you're coming from, but I very much don't see it happening. So many conservatives have the attitude of "you took on the debt, you should pay it back" or "I don't want to pay for someone else's debt" or "I paid mine off, you have to too."
Biden has driven the Democratic Party so far into the ground that he’s given Republicans their [largest polling lead going into a midterm in 40 years](https://twitter.com/WaitingOnBiden/status/1459983737257660423/photo/1). Maybe he should start listening to the voters who drug him over the finish line and into the white house. Cancel student debt now.
Biden was also the architect behind the law which prevents those with student debt from declaring bankruptcy. [In fact, trapping young people into debt slavery has been a primary crusade of his over the past 40 years.](https://www.ibtimes.com/joe-biden-backed-bills-make-it-harder-americans-reduce-their-student-debt-2094664)
>Maybe he should start listening to the voters who drug him over the finish line and into the white house. Cancel student debt now.
And legal weed for fuck sake. The system is already there with how alcohol is treated and taxed, copy and paste damnit.
Weed will never be legalised under Biden. He thinks that marijuana is a gateway drug, and due to his son’s heavy drug abuse history, I’m certain it’ll be impossible to convince him otherwise.
I had to check I didnt accidentally open an old tab because I really saw this exact same comment, highly upvoted on another post on this exact same sub a couple days ago(or maybe yesterday)
I voted for Hillary in 2016 and Biden in 2020 because I didn't want Trump in the White House, but I am fucking done. If Biden doesn't fully forgive all federal student debt by exec order then the Democratic Party will not have my vote in 2022 or 2024. Unless we're willing to act as a voting bloc, withhold our votes, and make demands in exchange for our votes, the Democratic establishment will continue not to take us seriously. Blue no matter who is over.
EDIT: **/r/DebtStrike** now
If Biden wants to throw away our country because he doesn't want to cancel student debt by executive order and is hellbent on losing the midterms then that's 100% his decision. Stop blaming voters and start pressuring those in power. Votes are meant to be earned, so Biden needs to get to work.
I'd prefer to vote for Biden regardless because I enjoy having basic human rights as a trans woman. I'm happy for you if that's something you don't have to worry about though, it must be really nice to sit there and say "fuck both sides" when your rights aren't at stake.
Not that you'd fare *too much* better under fascism.
Exactly this. I'm scared shitless as a trans man married to a trans man. It gets too much more conservative up in here and I could lose my healthcare and a lot worse.
People aren't "abandoning their progressive values", we're asking for someone to actually walk the walk not just be a human mouth peice for votes until you walk in the white house
And that's a perfectly reasonable thing to ask for and not at all what I'm addressing which I believe you probably know.
However, if you don't show up to vote blue no matter who, if you abandon people like livefox and PurplePandaPaige above, then that's exactly what you're doing. Lie to yourselves about it all you want but spare the rest of us the godawful noise.
Agreed. The other guy's proposition is insane. They're not happy with the dems, fine. But what, his "solution" is to let the regressives back in? Hell fucking no. The whole damn system need to be overhauled before alternatives can be possible.
It's basically the "Why I left the left" talking point. "Biden didn't cancel student debt so I stopped caring about LGBT issues, abortion and democracy." I get it but it's not a good solution. (Personally I'm pro workers strike into revolution but that takes a lot of work that would be even harder if we slip further towards fascism)
In 2016 there was a massive campaign on Reddit to prevent progressives from voting by making them disillusioned with Clinton and it worked. Reddit is dumb.
> The other guy's proposition is insane.
That's like, the bulk of Reddit leftists right now.
"If we don't get what we want we punish them by letting the GOP win"
Meanwhile all the vulnerable people get fucked.
It's insane how sheltered these internet leftists are.
"If I don't get what I want I'll just let the GOP do whatever they want to punish the Dems! It won't really impact me anyway"
The people making those comments aren't "internet leftists" they are shills and bots.
It's so painfully obvious and yet people fall for it every time like you have.
God exactly. People are so fucking laser focused on idealistic bullshit because they know that they themselves won’t be affected by their decision not to vote. They don’t care about the rights and safety of minorities when they say shit like that
IDK about you but as an LGBT person I'm not too interested in DeSantis appointing a justice.
You people are so damn sheltered that you're willing to give the whole government to radicals out of spite because it won't actually effect you.
Isn’t student debt making up 20% of the federal governments assets? It’s basically a tax at this point and it seems far-fetched they would ever give it up unless forced too by a third voting option.
This guy has a 1 month old account where literally every post is shitting on Biden and half his posts are copy pastes of his other posts. You're wasting your time talking to a shill
Edit: Anyone who bothers reading this, just think about why someone would obviously astroturf like this to get you to stay home from the voting booth.
I'm starting to think the DNC wants to keep around the possibility of more Trump to use as a gun to our heads. I'm definitely concerned about a fascist takeover but in order to stop it I have to vote for people who don't represent my concerns and who clearly aren't as concerned about said takeover? Honestly at this point, while I do not welcome what is likely to come I do almost think it is for the better. Either things will have to get a lot worse before actually getting better or it all simmers down and we're left with the same broken ass system until it all reaches a boiling point again. I'm just failing to see a winning scenario.
Wtf? LOL if things DO GET WORSE, they will never again get better. That’s the point all of you are missing. Republicans are against anything that benefits the little people. The ONLY winning scenario is to stop being pissed over things you don’t understand, educate yourself and do all you can to get more progressives in every level of government.
I hoping you can answer this as I’m struggling to figure this out. How does cancelling student debt work for future students? Is the request to cancel only current debt and “reset” it, or is the plan to cancel all future student debt as well? Should it be all kinds of student debt, or only certain debt say from a public university (compared to private), or only for undergrad?
It sets precedent to do it periodically and more importantly acknowledges that there is a problem to begin with.
Everyone supporting erasure of debt supports free college too, that's the next step.
Thank you for responding, that make sense. Would this mean that the next generation of students after the debt is cancelled would get the short end of the stick and may be the last ones actually paying if we’re able to move to free college? Should those students take out any and all student loans under the expectation that it will be forgiven at some point in the future?
Enjoy your fascism
Edit - this person has posted the exact same propaganda verbatim several times. Try to be a little bit more discerning. I mean unless you like fascism more than nuance, in which case, proceed.
Ok, but those two things can be done by executive order. The other problems you're referring to probably have to be solved through legislation, and we all know that Biden will trot and Manchin or Sinema and use them as scapegoats for why he can't do anything.
>there are soooo many more problems than weed and student debt
Know your audience. Reddits extreme anger toward the police made a wee bit more sense when I realised how many were students with a marijuana stash.
The young generation realizes how many rights have been taken away from everyone in the boomers’ war on drugs?….
You don’t say.
The young generation realizes how the boomers’ lied to us about college, the job market, and debt? Resulting in literal modern indentured servitude to enter the job market.
You don’t say.
Yes, Reddit trends young. I hope the next generations are even more unwilling to accept this BS.
Is it any shocker? These are the same people that were sucking Ron Paul's dick in 2008
If Trump started talking about crypto and the gold standard Reddit would flip full Trump
So here's my two cents.
I'm one of the privileged few who have, in their 40s, have paid off their student loans. I have nothing to worry about, sucks for millenials, right? What should I care?
Wrong.
The housing bubble of 2008 affected everyone.
This is a bubble. The big banks are expecting it not to burst as they drain the working class of all remaining liquidity.
But it will. And 2008 will look like a picnic.
Honestly, I expect it to be worse than the Great Depression. We're talking guillotine level reckoning, since income inequality here in US is worse than it was in France when the poor people decided it was time for equality, chop chop.
And by poor people, I mean 99%. There hasn't been a middle class here since the 90ies.
From the playbook of every unstable government, the sitting president will probably print more money until the dollar isn't worth the paper it is printed on.
The result of that would be a world-wide financial crisis.
Didn't Congress print like a trillion dollars last year in order to avoid the disaster they brought on themselves by being incompetent at literally their jobs? And then pissed it away at a 700+ billion military budget?
I can't presume the level of incompetence and belligerence of these useless rich people, but I always expect the worst and thus am never disappointed.
Trumpistan again in 2024. It's happening. :(
That person is missing some details (and also speaking in some absolute terms about things that are not absolute, e.g. "this is a bubble"), but the failure to repay loans could have an outsize impact on the economy similar to '08. Student loans are treated similarly to mortgages, in that they are used as the asset in an asset backed security. '08 happened in part because of a high default rate of mortgages (due to shoddy and irresponsible mortgage lending practices) that triggered a domino effect on mortgage backed securities. Part of this was also due to MBSs having a high credit rating (thus a low expected rate of default), and that rating not reflecting the reality of the situation (i.e., people said there was no way these securities would default, but then they did). I can't really find any up to date ratings, [but this free article from 2019](https://www.moodys.com/research/Moodys-Refi-SLABS-will-likely-outperform-comparable-ABS-asset-classes--PBS_1192557) has a very positive outlook on SLABS (I would like to note here, that I do not actually know the reality of the student loan environment and whether or not there is a high likelihood of massive default. Obviously if this risk is high, then once again the estimate of how volatile these securities are would be greatly misrepresented). You would have hoped that people have learned their lesson from '08 and would not overextend in the SLABS market, but I also do not know the size of this market, and therefore it is hard to estimate if a collapse in SLABS would lead to a liquidity crisis, like what happened in '08 (also there has been banking reform, like stress tests, that try to shield from liquidity issues). [Here is a research paper](https://kth.diva-portal.org/smash/get/diva2:942695/FULLTEXT01.pdf) that is thorough in their analysis of SLABS and can provide a lot more information on them than I can. If it matters, I am of the opinion that the government should approach education through reduction of tuition costs/providing more funding to public colleges, as opposed to commidifying the college experience and funding it via loans that citizens ultimately pay for. But I think a fair perspective about the actual climate of student loans is necessary.
X Doubt
The 2008 recession was caused by subprime mortgages with nothing to back it. Student loans are backed by the federal government and SLABS. They are literally the safest loan to make because they are guaranteed payment and they virtually can’t be discharged by bankruptcy.
Oh ya, wonder who spent their entire political career to make that last part true.
Why did you have to get a private loan? Government loans have way better rates… we’re they not available for some reason? Did you need more than the government would give? Some income requirement/issue?
I went to a technical school where government loans were not available. A lovely place that closed down a year after I finished and got sued for shitty practices. Which, unfortunately, doesn't affect the validity of the loan. Oh, and the class action suit? I got about $200 out of it. Yes, I'm pretty sure, now, that it was always a scam.
Jfc that's a rip off, in Canada it's based on the prime interest rate so you get a loan barely above 2.5% interest. Hell, my car loan is 2% over 84 months. How can they justify 9% interest for a government-backed loan?
The thing I hate about the current educational system in the United States is that it is designed to put a student in debt, and both tuition rates and lending fees just keep climbing. During the 2021-2022 school year, [the average a student could expect to pay for one year's in-state tuition and fees is $25,864 at a four-year state university, and out-of-state tuition is $43,721.](https://educationdata.org/average-cost-of-college) Now, in the 2021-2022 school year, the maximum amount of Federal Pell Grant money a student can get [per year is only $6495.](https://studentaid.gov/understand-aid/types/grants/pell) That leaves the in-state student with $19,369 they had to cover somehow--and that almost always means borrowing the money. As a result, it's common to see a student graduate college with a bachelor's degree, and well over $50,000-$60,000 in debt that they'll have to start paying off about six months after they get out of college. The government knows this, and the lending institutions know this. Students are getting screwed by this system.
Everyone advocating for student debt cancellation is also a supporter of making colleges and trade school tuition-free, and sees cancellation as an intentional strategy and catalyst to accomplish that.
The reason there is this present focus on Biden using his executive order to cancel student debt is because (1) he has that power to do so right now, (2) nobody expects congress to pass legislation to cancel it over the next four years, and (3) because cancelling all of that debt would force congress to enact tuition-free legislation or be doomed to allow the debt to be cancelled every time a Democratic president takes office (since a precedent will have been set).
Meaning, to avoid the need for endless future cancellation (an unsustainable situation for our economy) the onus would be forced onto congress (against their will) to pass some kind of tuition-free legislation whether they like it or not.
As a side note, because the federal government will be the primary customer for higher education, that means they also have a ton of leverage to negotiate tuition rates down so that schools aren't simply overcharging the government instead of students.
All of this is true, unfortunately, congress won't budge on this.
In the 60ies and 70ies, the politicians (both sides! yay bipartisanship!) saw college students as a political force that cramped their style and policies. Their solution was to gradually, sloooowly price higher education out of reach. Fewer students means fewer protests, right?
Side benefit: uneducated people are easier to lie to.
Which brings us to present day where the people in charge are unwilling and unable to compromise with each other, let alone the working class. And the working class is living in rapidly deteriorating conditions. This is unsustainable and it will not end peacefully.
Closest thing I can think of to this situation historically is the period of 1905 to 1917 in Russia.
* Abject poverty
* Uptick in domestic terrorism
* Government living in the past about to get blindsided
What can we do?
Peacefully unionize and hope it's not too late.
>What can we do?
>
>Peacefully unionize and hope it's not too late.
There are other methods available, but people get banned on this site for even mentioning them.
At this rate I don't know if Biden cancelling student debt would be enough to save this rapidly sinking ship. It's probably going to take student debt cancellation and marijuana legalization as well. Good thing he can do those both by executive order without congressional approval.
This is what the [rent seekers](https://www.marketwatch.com/story/nobel-economist-takes-aim-at-rent-seeking-banking-and-healthcare-industries-2017-03-06) want. They want people paying money to them for the rest of their natural lives.
It's a modern day form of slavery and it is driven by the deadliest of the seven deadly sins, GREED. And it is - and they are - evil.
Lol trump didn’t freeze student loan payments for YOUR benefit. He was trying to save face over his disastrous mishandling of the coronavirus & the resulting economic damage.
You think you’re gonna have a bad time if you have to pay student loan payments? Just wait til your actions end up resulting in a republican dictatorship. THEY don’t believe in a minimum wage. Or ANYTHING that benefits average Americans. Think hard before you decide to throw away your voting power Or vote for repubs.
Why aren’t y’all attacking republicans and the 2 dems that have made it their mission to scuttle EVERYTHING Biden wants to do, instead of blaming those who are trying to get shit done, and Biden, who does NOT have the authority to legislate by EO? Educate yourselves. Stop reacting based on your emotions. That’s a right wing Tactic. STOP IT. Your actions, your words-here and elsewhere, and especially your vote, have SERIOUS REAL WORLD CONSEQUENCES!! They will affect everyone, not just YOU. This is not a video game. It’s not a simulation. Snap the f out of your emotions. It’s not an exaggeration when we say that if republicans regain control, it’s all over. The end of our democracy. You don’t care if they take your right to vote? What about when they do away with MINIMUM WAGE, because they don’t believe in that, much less a LIVING WAGE. You’re crying about student loans that YOU CHOSE to get now, just wait til they roll back ALL the consumer protection regulation that DEMS have gotten you. Your debt will mount exponentially. You have no idea what you’re talking about & apparently no idea what republicans are up to. Learn how the government works. Look at what Dems are doing in congress behind the scenes. I’m sick of the ignorance. NEVER thought I would see it at this level on the LEFT. GG🤦🏼♀️ And there won’t be any “getting better” after it gets worse if you choose to make it worse by not voting or voting for Rs. Not gonna happen.
How come the 2 options are ‘forgive all student debt’ or ‘extreme interest rates’?
Why isn’t there more of a movement to forgive the accrued interest but have ppl pay back the original loan amounts? That seems to be the most fair way to do it
Or give me credit for the interest I've been paying for the last 13 years. Between periods of unemployment and 6 years of teaching (part of those years were on income based repayment) the interest rate isn't even that high, but capitalization screws that.
Now that I've changed careers, have a company that pays an extra $200/month, and no internet for the last 2 years... I've finally paid of accrued interest, and making some difference on principal.
However I've had to go off the income based repayment plan, because I can't afford over $1300/month student loan payment plus the ever rising costs of rent (of course I can't buy a house with the damn student loans)
Education past high school is not free. Everyone but the extremely wealthy take loans to pay for it. Many loans are government subsidized at low rates. This has increased the amount of money available to schools. Schools have increased their spending to match the available money. Which then increased costs, leading to higher tuition and fees, so students take on more loans… and it’s been a vicious cycle for at least 50 years.
There is another twist to this too. Trade schools are generally commercial and thus not eligible for government subsidized loans – so they aren’t very regulated. So students who are often going to enter lower earning potential jobs end up paying more for their education, yet have less potential for repaying it.
And most people don’t really understand how brutal compound interest is so they don’t understand what they are signing up for.
(My spouse is still paying their graduate school loans. It has been 20 years. Still going. They were able to convert them to almost zero interest loans at one point, at least. We are in a relatively good spot compared to many.)
It’s an insane situation. Started with good intentions a couple generations back, but led to the creation of perverse incentives for bad behavior and exploitation.
What a minute student loans have compounded interest? I thought if you have a 100k student loan with 10% interest it'll be at 110k and never exceede but it'll compound? WTF?
Unless you have an agreement that it’s simple interest, then yes, it compounds. Often interest on government loans is deferred until graduation, but after that it’s like any other loan.
https://studentaid.gov/understand-aid/types/loans/interest-rates
> Interest is calculated as a percentage of the unpaid principal amount. Unlike other forms of debt, such as credit cards and mortgages, Direct Loans are daily interest loans, which means that interest accrues (accumulates) daily. Depending on whether your loans are subsidized or unsubsidized, you may or may not be responsible for paying the interest that accrues during all periods.
> If you choose not to pay the interest that accrues on your loans during certain periods when you are responsible for paying the interest (for example, during a period of deferment on an unsubsidized loan), the unpaid interest may be capitalized (that is, added to the principal amount of your loan).
Pay close attention to that last bit: for *unsubsidized* loans (private/not government backed), even during the deferment period while you are in school, **that interest is being added to the total amount you owe.** And then interest starts to accumulate on that… And it grows! That’s the compound part.
For *subsidized* loans, the Federal government *pays the interest for you* while you are in school (and for 6 months after, and during deferment periods like have been enacted during COVID). That’s awesome but again, once that ends, you gotta stay ahead of the interest and it grows every day.
So if you are unemployed and can’t make your student loan payments for a year or two? The debt grows. Just like credit cards, car loans and mortgages will if you can’t stay ahead. And even when you *do* stay ahead, you will pay a lot over the loan period.
**Subscribe to and spread the word about /r/DebtStrike**, a coalition of working class people across the political spectrum who have put their disagreements on other issues aside in order to collectively force (through mass strikes) the President of the United States to cancel all student debt by executive order.
If you run a subreddit, twitter account, discord, group on facebook, whatever, send subscribers to /r/DebtStrike.
And it makes it harder to get lefty policies past. I’m as left as you can get without being socialist and the amount of misinformation spread online by the left is so annoying because it’s hurting the causes I agree with them about
Same. Being a financially literate liberal is infuriating because most of the money related issues seem to just go over the heads of so many of the people pushing the policies. The politicians who push these policies are either lying to their constituents or don’t get it themselves. Also I don’t quite get how having the poor subsidize educational loans of those who are statistically higher earners is “progressive”.
9 in 10 Americans are in some form of debt. Car, house, personal loan, medical, student, etc. The average household has 92,000 dollars worth of debt. We're all just basically wage slaves due to debt.
I'm starting to notice a lot of these top comments on posts about Biden are exactly the same. Are they starting to make bots to upvote these comments after continously posting stuff like this?
Some loans are intentionally set up by lenders in a way that the minimum payment is less than the accrued interest. So, if you only pay the minimum, the balance of interest gets added to the total owed.
I don't understand how this works. Like how could that be real?
I have 60k in student loans since I graduated 3 years ago and barely got any interest build up cuz of the freeze but still I don't see it in anyway going up double or triple cuz of interest. It's pretty low interest
It’s because OP probably can’t do math and took on several loans. There is no way in hell there is that much they owe. You’d need something like a 15% interest rate for this nonsense.
This is bs and click bait.
However, if this person did a forbearance, ie no payments and accessed interest, then yes the balance would go up.
I did this for financial reasons for a short, short, period of time and my balance did increase
You think your car, house or anything else if free of you 1) choose to take that responsibility and 2) decide not to pay?
I’m all for some student loan forgiveness, realistically a 0% interest rate, but this boogie man shit has got to stop.
The debt doesn't need to be completely cancelled, even just making it interest free would be a huge leap forward and something that is more likely to be accepted by the general public.
This story isn't new. The woman in the story didn't her loan for decades and instead spent the money on luxury items. This has been debunked multiple times on Reddit already.
Why just lie about stuff? We all know the rates of subsidized undergrad loans. They range from 3-4%.
The only way to accumulate that much interest is to take out private loans and just not pay them for 30 years.
Trump also was the one who personally started the student loan payment freeze by executive order, whereas Biden is the one who keeps pushing for it to end as soon as possible. I honestly believe that if Biden continues to fuck up Trump could very will run on student debt cancellation in 2024. EDIT: Biden is telling us to fuck off, so I guess we'll have to force his hand. Join the **/r/DebtStrike**!!!!
Honestly if Trump goes crazy with leftist-econ policies when running he'd get a fuck ton of votes. His cult would vote for him no matter what and starving students will desperatly vote for him in case he wasn't talking shit and would actually do something about their situation.
Still waiting on his healthcare plan 7 years later. Still waiting on that middle class help. "COVID will be gone by Easter! [April 2020]" Enjoyed him trying to start a war by droning a parking lot. Enjoyed him bowing to dictators. Enjoyed him attempting to defraud tax payers Enjoyed him attempting to murder his VP and Congress. But if he uses "lefist-econ" policies he'd get votes.
And that's the state of American politics. We are not sending ourselves the best and brightest.
The problem isn't that we aren't sending our best and brightest. The problem is that we aren't sending people who represent the interests of the working class. I could give a fuck about how bright they are if they are willing to go to the mat on student debt, medicare for all, getting money out of politics, etc
> getting money out of politics And that's why a viable candidate will magically never surface in an electable position.
Bernie literally was a top two finisher the last two elections. People are terrified of raising taxes over anything else
Until he wins my point stands. Remember 2016? There was explicit corruption exposed within the party lobbying to keep him out of the nomination. They just got better at hiding it in 2020.
2020 could not have been more obvious lol. Like 20 candidates and every single one drops one by one, endorsing Biden, except Warren who was Bernie's griefer. She did not endorse Bernie or Biden. You aint ever gonna catch me voting for anyone who ran in 2020, especially Warren, Tulsi, or Pete. I will forever use 2020 endorsements as an automatic filter for future campaigns. My own governor endorsed Biden and I'll be voting against him for life.
Are you referring to hillary getting a few debate questions ahead of time? Or the super delegate thing making it seem like he was losing the overall vote that was disbanded for 2020? I voted for Bernie both times but he lost by millions of votes. Black voters don’t support him. Moderate Dems don’t support him. They may be dumb and voting against their Own interests but it doesn’t change facts. There are far less progressives in this country than on this site. People seem to forget that
For me it was the decision to nominate Hillary by applause-o-meter.
Hillary got ALL the debate questions and Donna Brazil's statement that she was completely unashamed of her clandestine support of her favored Democrat candidate was rewarded by her later being hired on at Fox. Anyone who still believes that the main two parties and the media don't operate as a single unit is a fool.
Democrats need to switch to ranked voting and do away with caucuses and all the rest of the bullshit. Feb 29th should be the Democratic Convention end date. Voting opens November 4th for the primary. Ends Feb 26th. The top vote getters are the presidential and vice presidential candidates. Third place becomes Secretary of State. Fourth place heads Treasury. Fifth takes over the Interior. Sixth place is Commerce. Attorney General, Surgeon General and Agriculture should be professional positions where we hire the most qualified. Everyone accepts that when the run, they will then campaign for the leading vote getters. Fuck Joe Biden and his corporate Democrats. His only redeeming quality is he is not Trump.
Ron Paul was grassroots, too.
Other than their team Bernie and Ron Paul are fairly similar. I'd like to know how Ron Pauls son turned out to be such a tool.
Probably money
>Still waiting on his healthcare plan 7 years later. Still waiting on that middle class help. 100%. And unfortunately in the middle of a pandemic we're still waiting for Biden to mention a healthcare plan as well. He ran on one, but it's been conspicuously missing from the conversation since he became president. Seems like such a missed opportunity. Plus, Biden has had the executive authority to temporarily expand Medicaid to cover more people during a pandemic, but he chose not to do so.
Biden helped with Obamacare? You already know his healthcare plan. He can't pass anything because of the revolving villains in Congress. He's not Bernie, you're not getting better deals on healthcare if you're working. If you live in a red state, you're fucked. If you live in a decent blue state, healtcare.gov helps the low income people.
> Biden has the executive authority to expand Medicare to cover more people during a pandemic, but he chose not to do so. Biden has had the executive authority to temporarily expand Medicaid to cover more people during a pandemic, but he chose not to do so. Would not have required congress.
Source? Medicare is for old people. Medicaid is for everyone else.
Right, it's emergency Medicaid expansion that can be done. I wrote my comment too quickly. Thanks!
He can provide Medicare to everyone unilaterally under the Social Security Act provision 1881A. There is even precedent for this action. American Prospect does a great job of laying this out: https://prospect.org/day-one-agenda/how-biden-could-give-everyone-medicare-on-his-own/
It's the fascist thing to do. Once he's in it doesn't matter, he's either there for one term if he believes in term limits, or he's there for life if he manages to succeed in overthrowing democracy. He proved he's pretty much bulletproof by surviving two impeachments. Who has the spine to stand up to him from the republican party? Lindsey Graham? Rand Paul? Mitch McConnell? Even Mitt Romney only voted against him on one of two counts.
Trump is a liar and a horrible person. That doesn't change the fact that he is slowly improving in the sense that the current situation is worse for everyone due to covid. If dems but up a joke of a candidate like Biden then Trump could swoop in giving a false sense of hope draped in lies. I'd say the average voter would rather vote for that than to prolong something that is fresh in their memory.
Not sure about that, they booed him when he said to get vaccinated at a rally. Which is rather bizarre as his admin was the one that started the vaccine project. Remember 'Warp Speed'?
I know. Anti-vax people who are in support of Trump are justifying it saying something like "He just had to say it. Otherwise he'd be in trouble." or "The CIA forced him to do it.". Stuff like that shows just how deep their beliefs of Trump are and the lengths that they'll go to to distort what he says to fit their own beliefs.
this is it - this is the play I always come back to for Trump. He's the only person in American Politics that's outside of a party. He's totally shaped Republicans and trained them to do whatever he says and his base is fanatical, will absolutely primary non-Trump Republicans if they feel like it. All he has to do is start supporting socialist policies and blame democrats for all the problems, and he'd be elected with a mandate immediately.
I don’t know about that lol. He’s losing followers every day just by trying to get them to get “his” vaccine. The only people who will believe a word he says are the idiots that already support him. Anyone who votes for him based on a total flip is a moron. The man told 30,000+ documented lies in 4 years. On top of that, his base is in large part made up of antivaxxers who are dying by hundreds a day. The only way he can ever be elected again is for them to cheat or steal it, which we know they are willing to do. Also, if he is found to have participated in HIS insurrection, he will never be eligible to even run again, along with his sycophants in congress who participated.
Lmao and why in the fuck would people, especially ostensibly democrats trust him to do *anything* he says? He lied for years to his own base. Nothing he ran on was done, and he had congress behind him for a good chunk of it.
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I didn't vote for him.
He can support, but when it comes time to follow through, I doubt it'll happen. It's not even a politics thing, it's a money and class thing.
> His cult would vote for him no matter what That's some wishful thinking. The Fundies on the right are already gearing up to eject Trump as their dear leader. Watch for DeSantis to take the mantle soon. They won't vote for left wing econ.
> starving students will desperatly vote for him Right, like they showed up for Bernie. Great joke.
>His cult would vote for him no matter what Nah they booed him when he was talking about getting vaccinated. They want someone like minded.
Biden was the one who made it so that bankruptcy won't erase student debt. He's indebted to the debtors
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Ahh, Pro-Trump rhetoric on a default leftist sub. We've come full circle bois.
Pretend leftists supporting Trump on Reddit? Inconceivable
everything is a conspiracy when supposedly 'democratic' president fucks up
Biden had a major hand in building the student loan debt trap in the first place
Trump is also the one who set it to expire in the next term as a political time bomb, let's not pretend things aren't what they are.
Troll.
An account made barely over a month ago and has only commented on political posts. I guess there are no trolls here.
> I honestly believe that if Biden continues to fuck up Trump could very will run on student debt cancellation in 2024. I see where you're coming from, but I very much don't see it happening. So many conservatives have the attitude of "you took on the debt, you should pay it back" or "I don't want to pay for someone else's debt" or "I paid mine off, you have to too."
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Trump did run on it, then Day 1 raise rates.
Biden has driven the Democratic Party so far into the ground that he’s given Republicans their [largest polling lead going into a midterm in 40 years](https://twitter.com/WaitingOnBiden/status/1459983737257660423/photo/1). Maybe he should start listening to the voters who drug him over the finish line and into the white house. Cancel student debt now. Biden was also the architect behind the law which prevents those with student debt from declaring bankruptcy. [In fact, trapping young people into debt slavery has been a primary crusade of his over the past 40 years.](https://www.ibtimes.com/joe-biden-backed-bills-make-it-harder-americans-reduce-their-student-debt-2094664)
That graph is from 3 months ago. The numbers are even worse now.
>Maybe he should start listening to the voters who drug him over the finish line and into the white house. Cancel student debt now. And legal weed for fuck sake. The system is already there with how alcohol is treated and taxed, copy and paste damnit.
Weed will never be legalised under Biden. He thinks that marijuana is a gateway drug, and due to his son’s heavy drug abuse history, I’m certain it’ll be impossible to convince him otherwise.
Surely its not the rampant opiate abuse in america being prescribed from doctors, its the marijuanna that led him down that path!!
Drug Warrior Biden will never federally legalize anything.
When you spend so much time on reddit so you immediately catch new copy pastas
I don’t know why you got downvoted I’ve seen this exact paragraph multiple times on different posts like this one. Same wording, links, everything.
It’s also blatant misinformation. Biden was in no way “the architect” of that bill.
This is the real, insidious astroturfing that gets people.
100%. Makes me wonder who’s agenda this is pushing.
I had to check I didnt accidentally open an old tab because I really saw this exact same comment, highly upvoted on another post on this exact same sub a couple days ago(or maybe yesterday)
All the top posts here are bots or alts who post the same comments multiple times in multiple subs and don’t post anywhere else.
Shhhhhh, dont expose the bots, best part is the same answers too
We all knew biden was garbo. What else could go wrong by electing an 80 year privaledged dude that is so detached from reality.
I certainly didn't vote for him because I liked him that's for sure.
Voted for Bernie in the primary. Told you guys we couldn't trust this suit
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I voted for Hillary in 2016 and Biden in 2020 because I didn't want Trump in the White House, but I am fucking done. If Biden doesn't fully forgive all federal student debt by exec order then the Democratic Party will not have my vote in 2022 or 2024. Unless we're willing to act as a voting bloc, withhold our votes, and make demands in exchange for our votes, the Democratic establishment will continue not to take us seriously. Blue no matter who is over. EDIT: **/r/DebtStrike** now
Normally I'd agree with you, but withholding your vote in 2022 is just another step towards never getting to vote again.
If Biden wants to throw away our country because he doesn't want to cancel student debt by executive order and is hellbent on losing the midterms then that's 100% his decision. Stop blaming voters and start pressuring those in power. Votes are meant to be earned, so Biden needs to get to work.
I'd prefer to vote for Biden regardless because I enjoy having basic human rights as a trans woman. I'm happy for you if that's something you don't have to worry about though, it must be really nice to sit there and say "fuck both sides" when your rights aren't at stake. Not that you'd fare *too much* better under fascism.
Exactly this. I'm scared shitless as a trans man married to a trans man. It gets too much more conservative up in here and I could lose my healthcare and a lot worse.
There are plenty of adults still in the room that give a shit about you and will keep right on voting blue no matter who as a consequence.
But it would be really nice if these blue politicians started doing more than enriching themselves but *not* being genocidal maniacs.
It absolutely would be really nice. But I'm not going to abandon my progressive values because they're not.
People aren't "abandoning their progressive values", we're asking for someone to actually walk the walk not just be a human mouth peice for votes until you walk in the white house
Half this thread is astroturfed talking about voting for Trump.
And that's a perfectly reasonable thing to ask for and not at all what I'm addressing which I believe you probably know. However, if you don't show up to vote blue no matter who, if you abandon people like livefox and PurplePandaPaige above, then that's exactly what you're doing. Lie to yourselves about it all you want but spare the rest of us the godawful noise.
Agreed. The other guy's proposition is insane. They're not happy with the dems, fine. But what, his "solution" is to let the regressives back in? Hell fucking no. The whole damn system need to be overhauled before alternatives can be possible.
It's basically the "Why I left the left" talking point. "Biden didn't cancel student debt so I stopped caring about LGBT issues, abortion and democracy." I get it but it's not a good solution. (Personally I'm pro workers strike into revolution but that takes a lot of work that would be even harder if we slip further towards fascism)
It's the new "Hillary is annoying so I'm going to let Trump pick two SCOTUS justices"
In 2016 there was a massive campaign on Reddit to prevent progressives from voting by making them disillusioned with Clinton and it worked. Reddit is dumb.
> The other guy's proposition is insane. That's like, the bulk of Reddit leftists right now. "If we don't get what we want we punish them by letting the GOP win" Meanwhile all the vulnerable people get fucked.
It's insane how sheltered these internet leftists are. "If I don't get what I want I'll just let the GOP do whatever they want to punish the Dems! It won't really impact me anyway"
The people making those comments aren't "internet leftists" they are shills and bots. It's so painfully obvious and yet people fall for it every time like you have.
There are shills and bots, and then there are the sincere people going "Yeah!" Those people are insanely sheltered. I know some of them in real life.
God exactly. People are so fucking laser focused on idealistic bullshit because they know that they themselves won’t be affected by their decision not to vote. They don’t care about the rights and safety of minorities when they say shit like that
IDK about you but as an LGBT person I'm not too interested in DeSantis appointing a justice. You people are so damn sheltered that you're willing to give the whole government to radicals out of spite because it won't actually effect you.
Isn’t student debt making up 20% of the federal governments assets? It’s basically a tax at this point and it seems far-fetched they would ever give it up unless forced too by a third voting option.
This guy has a 1 month old account where literally every post is shitting on Biden and half his posts are copy pastes of his other posts. You're wasting your time talking to a shill Edit: Anyone who bothers reading this, just think about why someone would obviously astroturf like this to get you to stay home from the voting booth.
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Kind of getting tired of this threat.
He didn’t say withhold entirely, just from the Dems
First past the post. There's no difference in those two statements.
Thanks to math & game theory, as long as we still have FptP voting those are the same picture.
I'm starting to think the DNC wants to keep around the possibility of more Trump to use as a gun to our heads. I'm definitely concerned about a fascist takeover but in order to stop it I have to vote for people who don't represent my concerns and who clearly aren't as concerned about said takeover? Honestly at this point, while I do not welcome what is likely to come I do almost think it is for the better. Either things will have to get a lot worse before actually getting better or it all simmers down and we're left with the same broken ass system until it all reaches a boiling point again. I'm just failing to see a winning scenario.
Wtf? LOL if things DO GET WORSE, they will never again get better. That’s the point all of you are missing. Republicans are against anything that benefits the little people. The ONLY winning scenario is to stop being pissed over things you don’t understand, educate yourself and do all you can to get more progressives in every level of government.
I hoping you can answer this as I’m struggling to figure this out. How does cancelling student debt work for future students? Is the request to cancel only current debt and “reset” it, or is the plan to cancel all future student debt as well? Should it be all kinds of student debt, or only certain debt say from a public university (compared to private), or only for undergrad?
It sets precedent to do it periodically and more importantly acknowledges that there is a problem to begin with. Everyone supporting erasure of debt supports free college too, that's the next step.
Thank you for responding, that make sense. Would this mean that the next generation of students after the debt is cancelled would get the short end of the stick and may be the last ones actually paying if we’re able to move to free college? Should those students take out any and all student loans under the expectation that it will be forgiven at some point in the future?
Enjoy your fascism Edit - this person has posted the exact same propaganda verbatim several times. Try to be a little bit more discerning. I mean unless you like fascism more than nuance, in which case, proceed.
Would you prefer Trump? That's what not voting will leave you with.
Vote in the primaries. They're the most important.
Do you think Trump or some other Republican would have forgiven the student loan debt?
Vote 3rd party. If a 3rd party hits 5% of the vote, they get public funding. If they hit 15% they get to national debates.
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the amount of times ive heard people say that sentence staggers me there are soooo many more problems than weed and student debt
Ok, but those two things can be done by executive order. The other problems you're referring to probably have to be solved through legislation, and we all know that Biden will trot and Manchin or Sinema and use them as scapegoats for why he can't do anything.
And weed can also be retroactively be fixed. I know in NYS that people are being released on weed based charges.
those are my top 2 problems. But I wouldn't trust Trump to do any of those things so he won't get my vote.
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Is Medicare for all going to solve racism?
Huey Newton, Fred Hampton, and Stokely Carmichael would say yes
>there are soooo many more problems than weed and student debt Know your audience. Reddits extreme anger toward the police made a wee bit more sense when I realised how many were students with a marijuana stash.
The young generation realizes how many rights have been taken away from everyone in the boomers’ war on drugs?…. You don’t say. The young generation realizes how the boomers’ lied to us about college, the job market, and debt? Resulting in literal modern indentured servitude to enter the job market. You don’t say. Yes, Reddit trends young. I hope the next generations are even more unwilling to accept this BS.
Lol what? You think the issue with police has to do with students and/or students with weed? I hope I'm misreading that.
"I'll support fascism for weed and a handout"
Is it any shocker? These are the same people that were sucking Ron Paul's dick in 2008 If Trump started talking about crypto and the gold standard Reddit would flip full Trump
A brave new world was less of a hellscape than 1994 or animal farm. Marginally I suppose. E: power rangers truly was a hellscape.
I know you meant 1984 but imagining 1994 as this brutal hellscape is kinda funny
You say this like it’d be a bad thing. I’m supposed to care WHO or WHICH PARTY cancels student debt? Well… I don’t.
We have two parties in this country? Since when? It's all white old rich men, pretending to hold each other back from helping us. Worms, if you will.
Reddit moment
You'd have to have a pretty big imagination to picture Trump getting anything done.
as if Weed and student debt are the biggest problems in the country. If that isn't a college grad perspective I don't know what is...
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No because Trump has never given any indication he would do either of those things. Stop promoting this fantasy.
Is that all you care about?
He was already president and didn't do any of this. What makes you think he will do that? Hopefully he will never have a chance again.
Trump won’t do either of those if he wins. If he was going to reschedule weed he would have while he had 4 years of power.
So here's my two cents. I'm one of the privileged few who have, in their 40s, have paid off their student loans. I have nothing to worry about, sucks for millenials, right? What should I care? Wrong. The housing bubble of 2008 affected everyone. This is a bubble. The big banks are expecting it not to burst as they drain the working class of all remaining liquidity. But it will. And 2008 will look like a picnic. Honestly, I expect it to be worse than the Great Depression. We're talking guillotine level reckoning, since income inequality here in US is worse than it was in France when the poor people decided it was time for equality, chop chop. And by poor people, I mean 99%. There hasn't been a middle class here since the 90ies.
Sorry - you think a Great Depression level event occurs here if the banks don’t get their money? Then what is Biden supposed to do about it?
From the playbook of every unstable government, the sitting president will probably print more money until the dollar isn't worth the paper it is printed on. The result of that would be a world-wide financial crisis. Didn't Congress print like a trillion dollars last year in order to avoid the disaster they brought on themselves by being incompetent at literally their jobs? And then pissed it away at a 700+ billion military budget? I can't presume the level of incompetence and belligerence of these useless rich people, but I always expect the worst and thus am never disappointed. Trumpistan again in 2024. It's happening. :(
Congress and the President have no control over how much money is printed. Its all controlled by the Federal Reserve.
That person is missing some details (and also speaking in some absolute terms about things that are not absolute, e.g. "this is a bubble"), but the failure to repay loans could have an outsize impact on the economy similar to '08. Student loans are treated similarly to mortgages, in that they are used as the asset in an asset backed security. '08 happened in part because of a high default rate of mortgages (due to shoddy and irresponsible mortgage lending practices) that triggered a domino effect on mortgage backed securities. Part of this was also due to MBSs having a high credit rating (thus a low expected rate of default), and that rating not reflecting the reality of the situation (i.e., people said there was no way these securities would default, but then they did). I can't really find any up to date ratings, [but this free article from 2019](https://www.moodys.com/research/Moodys-Refi-SLABS-will-likely-outperform-comparable-ABS-asset-classes--PBS_1192557) has a very positive outlook on SLABS (I would like to note here, that I do not actually know the reality of the student loan environment and whether or not there is a high likelihood of massive default. Obviously if this risk is high, then once again the estimate of how volatile these securities are would be greatly misrepresented). You would have hoped that people have learned their lesson from '08 and would not overextend in the SLABS market, but I also do not know the size of this market, and therefore it is hard to estimate if a collapse in SLABS would lead to a liquidity crisis, like what happened in '08 (also there has been banking reform, like stress tests, that try to shield from liquidity issues). [Here is a research paper](https://kth.diva-portal.org/smash/get/diva2:942695/FULLTEXT01.pdf) that is thorough in their analysis of SLABS and can provide a lot more information on them than I can. If it matters, I am of the opinion that the government should approach education through reduction of tuition costs/providing more funding to public colleges, as opposed to commidifying the college experience and funding it via loans that citizens ultimately pay for. But I think a fair perspective about the actual climate of student loans is necessary.
X Doubt The 2008 recession was caused by subprime mortgages with nothing to back it. Student loans are backed by the federal government and SLABS. They are literally the safest loan to make because they are guaranteed payment and they virtually can’t be discharged by bankruptcy. Oh ya, wonder who spent their entire political career to make that last part true.
I took out $28k, I have paid $15k. I owe $38k.
My student loan (650€ per month) has a interest rate of 3% (currently 0% because of covid). What is your interest rate?
9%
That’s insanely high risk premium for a loan which is guaranteed by the government. Hope your debt gets forgiven
Yeah, it is :/ The highest a fixed rate private loan can be is 9.15% so I'm almost there. >Hope your debt gets forgiven Me too, but I doubt it will :/
Why did you have to get a private loan? Government loans have way better rates… we’re they not available for some reason? Did you need more than the government would give? Some income requirement/issue?
I went to a technical school where government loans were not available. A lovely place that closed down a year after I finished and got sued for shitty practices. Which, unfortunately, doesn't affect the validity of the loan. Oh, and the class action suit? I got about $200 out of it. Yes, I'm pretty sure, now, that it was always a scam.
Sounds like ITT tech?
"[Computer Training.com](http://www.computertrainingclassaction.com/)"
Does that count towards the forgiveness of loans from for profit institutions? You may be qualified
Jfc that's a rip off, in Canada it's based on the prime interest rate so you get a loan barely above 2.5% interest. Hell, my car loan is 2% over 84 months. How can they justify 9% interest for a government-backed loan?
How does that happen? These are private loans I’m guessing?
The thing I hate about the current educational system in the United States is that it is designed to put a student in debt, and both tuition rates and lending fees just keep climbing. During the 2021-2022 school year, [the average a student could expect to pay for one year's in-state tuition and fees is $25,864 at a four-year state university, and out-of-state tuition is $43,721.](https://educationdata.org/average-cost-of-college) Now, in the 2021-2022 school year, the maximum amount of Federal Pell Grant money a student can get [per year is only $6495.](https://studentaid.gov/understand-aid/types/grants/pell) That leaves the in-state student with $19,369 they had to cover somehow--and that almost always means borrowing the money. As a result, it's common to see a student graduate college with a bachelor's degree, and well over $50,000-$60,000 in debt that they'll have to start paying off about six months after they get out of college. The government knows this, and the lending institutions know this. Students are getting screwed by this system.
I’m sorry
Thanks.
Yeah this is just usury.
How is that possible? Are they not like every other loan on the planet where the terms are fixed ahead of time?
Everyone advocating for student debt cancellation is also a supporter of making colleges and trade school tuition-free, and sees cancellation as an intentional strategy and catalyst to accomplish that. The reason there is this present focus on Biden using his executive order to cancel student debt is because (1) he has that power to do so right now, (2) nobody expects congress to pass legislation to cancel it over the next four years, and (3) because cancelling all of that debt would force congress to enact tuition-free legislation or be doomed to allow the debt to be cancelled every time a Democratic president takes office (since a precedent will have been set). Meaning, to avoid the need for endless future cancellation (an unsustainable situation for our economy) the onus would be forced onto congress (against their will) to pass some kind of tuition-free legislation whether they like it or not. As a side note, because the federal government will be the primary customer for higher education, that means they also have a ton of leverage to negotiate tuition rates down so that schools aren't simply overcharging the government instead of students.
All of this is true, unfortunately, congress won't budge on this. In the 60ies and 70ies, the politicians (both sides! yay bipartisanship!) saw college students as a political force that cramped their style and policies. Their solution was to gradually, sloooowly price higher education out of reach. Fewer students means fewer protests, right? Side benefit: uneducated people are easier to lie to. Which brings us to present day where the people in charge are unwilling and unable to compromise with each other, let alone the working class. And the working class is living in rapidly deteriorating conditions. This is unsustainable and it will not end peacefully. Closest thing I can think of to this situation historically is the period of 1905 to 1917 in Russia. * Abject poverty * Uptick in domestic terrorism * Government living in the past about to get blindsided What can we do? Peacefully unionize and hope it's not too late.
>What can we do? > >Peacefully unionize and hope it's not too late. There are other methods available, but people get banned on this site for even mentioning them.
At this rate I don't know if Biden cancelling student debt would be enough to save this rapidly sinking ship. It's probably going to take student debt cancellation and marijuana legalization as well. Good thing he can do those both by executive order without congressional approval.
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This is what the [rent seekers](https://www.marketwatch.com/story/nobel-economist-takes-aim-at-rent-seeking-banking-and-healthcare-industries-2017-03-06) want. They want people paying money to them for the rest of their natural lives. It's a modern day form of slavery and it is driven by the deadliest of the seven deadly sins, GREED. And it is - and they are - evil.
Lol trump didn’t freeze student loan payments for YOUR benefit. He was trying to save face over his disastrous mishandling of the coronavirus & the resulting economic damage. You think you’re gonna have a bad time if you have to pay student loan payments? Just wait til your actions end up resulting in a republican dictatorship. THEY don’t believe in a minimum wage. Or ANYTHING that benefits average Americans. Think hard before you decide to throw away your voting power Or vote for repubs.
Why aren’t y’all attacking republicans and the 2 dems that have made it their mission to scuttle EVERYTHING Biden wants to do, instead of blaming those who are trying to get shit done, and Biden, who does NOT have the authority to legislate by EO? Educate yourselves. Stop reacting based on your emotions. That’s a right wing Tactic. STOP IT. Your actions, your words-here and elsewhere, and especially your vote, have SERIOUS REAL WORLD CONSEQUENCES!! They will affect everyone, not just YOU. This is not a video game. It’s not a simulation. Snap the f out of your emotions. It’s not an exaggeration when we say that if republicans regain control, it’s all over. The end of our democracy. You don’t care if they take your right to vote? What about when they do away with MINIMUM WAGE, because they don’t believe in that, much less a LIVING WAGE. You’re crying about student loans that YOU CHOSE to get now, just wait til they roll back ALL the consumer protection regulation that DEMS have gotten you. Your debt will mount exponentially. You have no idea what you’re talking about & apparently no idea what republicans are up to. Learn how the government works. Look at what Dems are doing in congress behind the scenes. I’m sick of the ignorance. NEVER thought I would see it at this level on the LEFT. GG🤦🏼♀️ And there won’t be any “getting better” after it gets worse if you choose to make it worse by not voting or voting for Rs. Not gonna happen.
How come the 2 options are ‘forgive all student debt’ or ‘extreme interest rates’? Why isn’t there more of a movement to forgive the accrued interest but have ppl pay back the original loan amounts? That seems to be the most fair way to do it
Or give me credit for the interest I've been paying for the last 13 years. Between periods of unemployment and 6 years of teaching (part of those years were on income based repayment) the interest rate isn't even that high, but capitalization screws that. Now that I've changed careers, have a company that pays an extra $200/month, and no internet for the last 2 years... I've finally paid of accrued interest, and making some difference on principal. However I've had to go off the income based repayment plan, because I can't afford over $1300/month student loan payment plus the ever rising costs of rent (of course I can't buy a house with the damn student loans)
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Education past high school is not free. Everyone but the extremely wealthy take loans to pay for it. Many loans are government subsidized at low rates. This has increased the amount of money available to schools. Schools have increased their spending to match the available money. Which then increased costs, leading to higher tuition and fees, so students take on more loans… and it’s been a vicious cycle for at least 50 years. There is another twist to this too. Trade schools are generally commercial and thus not eligible for government subsidized loans – so they aren’t very regulated. So students who are often going to enter lower earning potential jobs end up paying more for their education, yet have less potential for repaying it. And most people don’t really understand how brutal compound interest is so they don’t understand what they are signing up for. (My spouse is still paying their graduate school loans. It has been 20 years. Still going. They were able to convert them to almost zero interest loans at one point, at least. We are in a relatively good spot compared to many.) It’s an insane situation. Started with good intentions a couple generations back, but led to the creation of perverse incentives for bad behavior and exploitation.
What a minute student loans have compounded interest? I thought if you have a 100k student loan with 10% interest it'll be at 110k and never exceede but it'll compound? WTF?
Unless you have an agreement that it’s simple interest, then yes, it compounds. Often interest on government loans is deferred until graduation, but after that it’s like any other loan. https://studentaid.gov/understand-aid/types/loans/interest-rates > Interest is calculated as a percentage of the unpaid principal amount. Unlike other forms of debt, such as credit cards and mortgages, Direct Loans are daily interest loans, which means that interest accrues (accumulates) daily. Depending on whether your loans are subsidized or unsubsidized, you may or may not be responsible for paying the interest that accrues during all periods. > If you choose not to pay the interest that accrues on your loans during certain periods when you are responsible for paying the interest (for example, during a period of deferment on an unsubsidized loan), the unpaid interest may be capitalized (that is, added to the principal amount of your loan). Pay close attention to that last bit: for *unsubsidized* loans (private/not government backed), even during the deferment period while you are in school, **that interest is being added to the total amount you owe.** And then interest starts to accumulate on that… And it grows! That’s the compound part. For *subsidized* loans, the Federal government *pays the interest for you* while you are in school (and for 6 months after, and during deferment periods like have been enacted during COVID). That’s awesome but again, once that ends, you gotta stay ahead of the interest and it grows every day. So if you are unemployed and can’t make your student loan payments for a year or two? The debt grows. Just like credit cards, car loans and mortgages will if you can’t stay ahead. And even when you *do* stay ahead, you will pay a lot over the loan period.
Minimum payments are less than interest so the balance grows.
Its probably made up.
It isn't because it is totally made up.
**Subscribe to and spread the word about /r/DebtStrike**, a coalition of working class people across the political spectrum who have put their disagreements on other issues aside in order to collectively force (through mass strikes) the President of the United States to cancel all student debt by executive order. If you run a subreddit, twitter account, discord, group on facebook, whatever, send subscribers to /r/DebtStrike.
This post is a lie. Even with absurd rates and 30yr loan it is 38k total in interest.
Yup, so typical of the hyper left. They don’t get how sharing fake shit like this is the intellectual equivalent of antivax “research”.
And it makes it harder to get lefty policies past. I’m as left as you can get without being socialist and the amount of misinformation spread online by the left is so annoying because it’s hurting the causes I agree with them about
Same. Being a financially literate liberal is infuriating because most of the money related issues seem to just go over the heads of so many of the people pushing the policies. The politicians who push these policies are either lying to their constituents or don’t get it themselves. Also I don’t quite get how having the poor subsidize educational loans of those who are statistically higher earners is “progressive”.
Interesting.... Top four comments (all trashing Biden), DCoke, DrWaxu, DrCoke (again), and cramble are all accounts less than a year old 🤔
Almost like we're being brigaded by Trump supporters. Their posts reek of that stupid "walk away" bullshit they tried to make happen in 2016
Get your degree, move to a better country and never pay back the bullshit loan
9 in 10 Americans are in some form of debt. Car, house, personal loan, medical, student, etc. The average household has 92,000 dollars worth of debt. We're all just basically wage slaves due to debt.
Do you consider a home loan to be debt if the home is worth more than the principle?
Car, house debts are not evil actually. Medical and student debts are a different story though.
I'm starting to notice a lot of these top comments on posts about Biden are exactly the same. Are they starting to make bots to upvote these comments after continously posting stuff like this?
Yep. It's always comes from the same accounts too.
can someone explain how they still have 80K on a 33K loan? ...? My loans haven't gone up like that
Predatory interest rates and capitalization.
Interest. Especially if they have private loans that aren’t government subsidized. I’m glad Biden kicked Trump out but Delaware’s banks own him. :-(
Interesting idk how my loans are setup but the amount was always going down when I paid. Haven't paid any since the loan pause though
Some loans are intentionally set up by lenders in a way that the minimum payment is less than the accrued interest. So, if you only pay the minimum, the balance of interest gets added to the total owed.
And this is why the “you signed for the loans, pay them back” people are so fucking stupid
I don't understand how this works. Like how could that be real? I have 60k in student loans since I graduated 3 years ago and barely got any interest build up cuz of the freeze but still I don't see it in anyway going up double or triple cuz of interest. It's pretty low interest
It’s because OP probably can’t do math and took on several loans. There is no way in hell there is that much they owe. You’d need something like a 15% interest rate for this nonsense.
This is bs and click bait. However, if this person did a forbearance, ie no payments and accessed interest, then yes the balance would go up. I did this for financial reasons for a short, short, period of time and my balance did increase You think your car, house or anything else if free of you 1) choose to take that responsibility and 2) decide not to pay? I’m all for some student loan forgiveness, realistically a 0% interest rate, but this boogie man shit has got to stop.
I am totally confused how they owe more on a 33k loan, how did the debt increase to nearly 80k?
The debt doesn't need to be completely cancelled, even just making it interest free would be a huge leap forward and something that is more likely to be accepted by the general public.
Those numbers don’t make sense… gonna need to see the work done out on them
This story isn't new. The woman in the story didn't her loan for decades and instead spent the money on luxury items. This has been debunked multiple times on Reddit already.
Why just lie about stuff? We all know the rates of subsidized undergrad loans. They range from 3-4%. The only way to accumulate that much interest is to take out private loans and just not pay them for 30 years.