MichVandal
Well-known member
Before we get to free tuition, let’s start with equitable. So everyone gets the equivalent of a two year professional degree.
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Welcome folks, to the Biden administration!
- Thread starter jericho
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Before we get to free tuition, let’s start with equitable. So everyone gets the equivalent of a two year professional degree.
Spartanforlife4
Generic Catchy Message
A couple points that weren’t verified in the responses, but seemed pretty detailed:
Someone mentioned that the president can’t cancel interest because that affects the loan agreement, which can only be done by Congress.
Apparently 1/3 of borrowers have <10k and another 20% are between 10-20k. No clue if that was all loans, just federal loans, or completely made up (wasn’t able to find those types of stats on a quick search), but if they’re accurate that means slight majority will have their loans eliminated or cut in half. If someone is paying 400/mo and owes 10k that just opened up 2.5 years of payments in new spending/savings.
Kepler
Cornell Big Red
Completely agree.
French Rage
NICKERSON HAS [CENSORED]
To take it a bit further, and to get a bit theoretical, split the 4-year degree into 2 2-year chunks. First 2 years is more the basic breadth of courses that everyone takes, think the big Subject 101 and 102 lectures everyone sits through, along with vocational stuff. Second 2 years is the upper level stuff, the stuff in smaller classrooms with people focused on majoring in that subject. Professors don't really want to do the former, and I've had lecturers do better job than professors since they actually feel it's worth their time, so keep the professors doing the latter with students who want to focus solely on the subject in question. Integrate the first 2 years with the string of community/junior colleges states already have, focus on making that essentially free, and let the existing colleges focus on the latter two years. Existing colleges can combine both into a 4 year experience if they want, if people really want the 4 year social experience, but you are still part of the overall system, i.e. 4 year is just 2 2 years instead of different thing from 2 year altogether.
Kepler
Cornell Big Red
Than wiping the debt out?
For one thing, chopping $10k is far more progressive. For another, it is a far bigger relief. For another, the point here is to move people to the realization that there should be a guaranteed stipend for education up to a certain amount. This does that.
I'd find out how much the most expensive community college in the country costs and make that the annual stipend. Every Poor in the country gets 2 free years of education. That alone would cut the number of number of conservatives in the country by half. Learning cures ignorance.
Or just make an Associates Degree the minimum required to vote.
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FadeToBlack&Gold
8647
$400/mo could be a new car payment, a home improvement loan, or x12 it's a good start to a solid downpayment on a house.
LFG Joe, git 'er done.
Handyman
Hug someone you care about...
Or an extra payment to your house to cut down the mortgage length and accumulated interest. Or to invest or save...as you said LFG!
10k is a start. It's a way to get people on board who normally hem and haw about it. Next you cut the "public service loan forgiveness" time period in half. Then if you win in 24 and have the numbers in Congress in 26 you go for the whole megillah and no one even notices.
For once the Dems seem to be playing the game the right way (The IRA is a master class) and the GOP cant seem to get out of their own way.
dxmnkd316
Lucia Apologist
Just do it for all interest paid. We don't need to charge interest.
aparch
Well-known member
I am 100% on board with that.
aparch
Well-known member
Smells like immediate inflation reduction.
dxmnkd316
Lucia Apologist
There's actually a decent argument to be made that this will increase inflationary pressures by increasing demand for goods.
But we should still do it.
I am 100% in favor of this but a few things...
(it isn't)
- We didn't fix anything systematically. College is still repulsively expensive and that won't change.
- This doesn't help the kids about to walk into the college loan chipper/shredder.
- This doesn't impact the zillions of people who refinanced into private loans.
(it isn't)
RaceBoarder
Waiting for the Snow to fly...
I think most of us are aware of it. This is a play for the masses however. Neither side really seems to be grasping the nuance of the situation in any of their reporting.
Wouldn’t a low interest rate fix most of these issues? It seems like an obvious solution but doesn’t really get any attention in the media.
Spartanforlife4
Generic Catchy Message
Are you going to get Congress to vote on that? Who cares what the media attention is if the GOP will never do anything to help education.
Now being reported it will be 20k forgiveness for Pell grant recipients, 10k for everyone else. Eligible for those making <125k or families <250k.
Spartanforlife4
Generic Catchy Message
Would an EO not suffice?
Spartanforlife4
Generic Catchy Message
From what I’ve gathered, only Congress has authority to determine interest rates. The president can straight up cancel the loan, or as we’ve seen he can defer interest, but can’t touch the actual interest rate.
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