There is Public Interest Loan forgiveness which was broken under Obama and Trump but have heard is finally working under Biden. Biden has also done stuff like this:
So there is equitable forgiveness, with the administrative bureaucracy component, and then also this $10k for the masses.
How hard could it possibly be though? The government owns the loans and they are all set up through the websites. This isnāt something that would take a lot of work, its simply the push of a couple of buttons and goodbye student loan debt.
Do we have any word on whether the 10K will be taxed as income yet?
Right, 30%, for people who are the least bad off. As mentioned above, for those who are swimming in debt (not an insignificant number, we are still keeping 70% on the books) this will do effectively nothing and be replaced by interest within a few years if not a few months.
No thatās the average person.
If youāre counting interest accrual than the past two years could easily be worth 30-40k for you too
I donāt actually know. But any time means testing or other attempts to exclude rich people and target poorer ones are brought up, I am assured that if the government tries to do this they will fuck it up and less money will get to the poorer ones than if you just went with a shotgun approach.
Tweets contradict. Derrick complains that while it is more than enough for most white students its not enough for most black students. AOC complains about the means testing, set at an extremely generous $150k per person/ $300k per couple limit.
Know we all liked to pretend, myself included, that inflation isnāt a real thing anymore and government could just print as much as it wantedā¦. but yeah, look around, that was wrong.
As Keedās 2nd favorite tweeter likes to say, itās a disastrous failure to set priorities. Complaining about a $150k person/$300k couple not getting a free $10k is political malpractice and living in lalaland.
The criticisms of the amount are fair, but I think itās A Good Thing to even do these partial measures. It establishes a precedent that government cancelation of fundamentally unjust debt is a valid policy measure for Dems. Itās kind of like the way Obamacare sucks, but now some government intervention is entrenched in the health care system and once itās there itās hard for even the objectively evil Republican party to reverse it. Every move to the left is a victory, even if itās inadequate. Thereās nothing that says that progressives canāt take the $10,000 and then still complain that itās not enough.
Whatās the plan for next year or in 10 years when people are being crushed by student debt again? Why does college cost so much? (Telling me to do my own damn research is an acceptable answer.)
Honestly I wish there was some sort of simple answer. The continuation of college cost increases in the face of easier access to information than ever before completely baffles me. Even in medical school I used my school as a 3rd or 4th level resource for studying.
Never good at studying though, so maybe thatās it lol.
Some universities approach a 1:1 ratio of students to administration.
Another part of the story is that the value in lifetime employment wages for university educated white collar workers has climbed very fast, somewhat justifying increase in college cost. This seems counter intuitive because there is a stereotype of the college educated barista, but across the entire labor force the earnings levels of college educated workers has also risen very, very fast.
Yeah, if you know your lane college is still reasonable. Community colleges are still pretty cheap and in state tuition at a lot of state schools is reasonable. Elite colleges are obviously super expensive but have stupidly high endowments so are now generous with financial aid to middle class and lower families and imo a fair risk-reward proposition.
Itās stupid shit like paying out of state tuition to go to the University of Alabama, like someone in my family is doing, that gets you in trouble. No offense to anyone here who went to UofA (as long as you were in-state).
Right, I am talking about averages which is always dangerous. Thereās almost 100 million college educated people in the US so there will be a wide range of outcomes and experiences.
what universities are those? that is a very much fake sounding statistic
Recent series on freakonomics podcast addressed this but here is a Yale one showing 6,000 students and 5,000 admin.
yale is not a typical university tho. i somehow doubt a 20k student campus has a proportional number of employees.
i could be wrong/surprised. iāll try to check out the podcast
For example, the University of Toronto employs about 20,000 people and has 95,000 students (counting all full time and part time, under grad and grad students).
Seems like its not ideal here but also not as bad.
Itās getting worse, particularly in Ontario where the provincial government has been cutting subsidies to universities since the mid-90s. I graduated with about $16K in student debt in 1997. These days, a student might rack that up in a year and a half.
Like mosdef said, though, itās nowhere near as bad as the US just because our tuition rates are a fraction of American universities (even for in-state tuition).