Unpopular opinion - student loan forgiveness

[OneGrassRoot]

Regarding student loan forgiveness, and another thread re: President Biden seeing an increase in popularity with young voters.

First, I'm not sure of the demographic breakdown of the loans, but there are a LOT of people over 30 and even over 50 (egads, I'm almost 60 and have them) who are Democratic voters. Thinking it's only young people who would be disappointed if this doesn't go through isn't wise; it's easy to think "Oh well, they're young and probably wouldn't vote anyway" but I believe that's not an accurate reflection of this situation.

I know there are plenty of Democrats who are NOT in favor of student loan forgiveness but I highly doubt they wouldn't vote for President Biden again if he were to forgive the loans via whatever power he has (forget those arguments for now, please).

And I'm most definitely NOT saying Democrats who depended on the promised student loan forgiveness would NOT vote for President Biden again. But it surely is a negative to have a loan officially forgiven (letter and everything) and then it be reversed.

I think, all in all for political reasons, it behooves President Biden and Democrats to do what they must to keep this promise. Not a campaign promise, mind you, but an announcement of the loan forgiveness while in office.

[True Blue American]

1. I think there are 2 sides

To that subject, but it has no bearing on my voting for Biden.

[mike_c]

2. it was and is a top domestic issue for me (I'm 68)

Last edited Wed Mar 1, 2023, 06:27 PM - Edit history (2)

I spent my entire career as a university professor struggling with my own student loans while watching my students graduate with crippling debt loads. By the time my federal Direct student loan was forgiven last week I had paid about $16k of $60k principal after 25 years, with $44k remaining (now forgiven) and my whole career over and done. That's a lifetime sentence of debt that FAR exceeds the duration of the career it's supposed to facilitate. I received those loans thirty years ago and cannot have lived long enough to pay them off.

In America, everything gets a price tag, and prices always rise until only the wealthy can truly afford them. That's a model that works well for some commodities, but some things simply should not be commodified. Medicine and education top the list, IMO. I do vote accordingly. Biden promised to relieve student debt, no matter how vaguely, and it was one of the reasons I voted for him. At least for me, he delivered, and I will probably still be praising him long after he's gone. Student debt is an issue that has shaped both my personal and professional lives for three decades. It's a BFD.

[OneGrassRoot]

3. Well said...

I am SO GLAD yours were finally forgiven! It is a BFD. A lifetime sentence of debt indeed.

This administration is doing such a good job and I will praise President Biden long after he is gone as well. What happens with student loans won't affect my vote, nor undercut the other accomplishments.

I do wonder about some people who aren't dedicated voters, even if they always, or almost always, vote as Democrats. Something like this could leave a bad taste, imo.

I wish they could just pull the plug and do things like lift the cap for Social Security and other measures that favor the wealthy at the expense of the vast majority who struggle and struggle and struggle.

[maxsolomon]

4. Biden tried.

If Student Loan holders blame him in '24 for what SCOTUS is going to do, then that's on them. They're likely the same who think Congress could have easily passed debt relief because Elizabeth Warren said so. "Just get rid of the Filibuster!"

Not to mention all the existing forgiveness programs that he's utilized to expunge millions in debt already.

[OneGrassRoot]

5. I hear what you're saying but...

I feel this is different.

The White House announced forgiveness for those who qualify on 8/22/22. Again, I'm not speaking of a campaign promise or a wish that many of us have about various things.

Maybe it was a game of chicken or something, with the Biden Administration getting things lined up as much as possible after doing their due diligence, announcing their decision (with instructions to the Dept of Education), and then daring the SCOTUS and the GOP to nix it all.

But as someone who received the letter, that's hard to swallow. There aren't many things most of us would be okay with as far as a large corporation or agency announcing as a commitment, and then it being taken away by an opposing entity. That's why I think it behooves them to make it happen some way. In fact, I don't think they would have made that 8/22 announcement if they didn't have a Plan B in place depending upon the SCOTUS ruling. They aren't stupid and they have to know the optics of not having a way to keep their commitment (again, not a campaign promise) are bad. The people pissed about this issue were pissed on 8/22, people across the spectrum, and the administration risked their ire by announcing the forgiveness.

[W_HAMILTON]

7. If they are pissed at Democrats for Republicans...

...suing and a Republican-dominated Supreme Court overturning the Biden's administrations attempt to cancel student loan debt, they are ignorant.

It sounds like the same sort ignorance that led some of them not to vote for Hillary in 2016, which you can draw a direct line from as a reason why Biden's actions may get overturned.

[betsuni]

10. [phone]

[OneGrassRoot]

15. I like what gratuitous envisions below...

They made great points, and I can see Dems potentially making hay out of this since there are soooo many extremely part people on our side and in the WH.

Not to be argumentative, and I admit I may be too close to this, but I don't agree this is the same sort of ignorance (and spitefulness) you mention re: 2016. I was with Hillary 100% once she was the nominee (and most certainly wasn't against her prior to that time). That is a very specific subset of the "left" we're all familiar with here.

I think there are likely, though I could be very wrong, people like me who won't blame Biden or Dems, but do question the wisdom of making such a definitive announcement about forgiveness without having a way to make it happen IN SPITE of the GOP and the right-wing SCOTUS which they had to expect.

I do think they're very, very smart - and wise - so I can't help but think they considered this happening and have a backup plan up their sleeves. If people do get upset with Dems, it would only be because they know the GOP royally sucks and always opposes any move toward fairness and equity, and assumed Dems had a way (in this specific instance with such a definitive announcement made in 8/22) to defeat their hatefulness.

Hope that makes more sense.

[gratuitous]

6. If student loan forgiveness fails, do you think Biden and the Democrats will be blamed?

I realize we're not going to get a fair shake from our faultless media reporters and commentators, but Democrats should be able to make the case that reducing the debt load from student loans was thwarted by Republicans and the Perjured Justices.

Assuming the Supreme Court shoots it down because President Biden overstepped his authority, Democrats will be the ones drafting legislation in both houses of Congress. When legislation is stymied because Republicans refuse to provide relief to citizens, I think Democrats should be able to present a factual case to the public that it's not for lack of trying that the promise wasn't kept.

[OneGrassRoot]

14. Great points. I can see that...

happening. We have a lot of very smart people in the WH and in Congress.

[ripcord]

8. I have paid off my student loans

But I would be very happy not to have others go through the same thing.

[pwb]

9. My daughters loan was forgiven for public service

she performed working for the Veterans Administration. If you got that letter you are good her balance shows it. If you got a letter saying only your application for relief was accepted like my grand daughter then the decision will tell. Joe did his part let us see what the Puke Supreme Court does now. They take the blame if it goes down in my book, not Joe.

[OneGrassRoot]

13. I hope they take the blame. n/t

[gldstwmn]

11. He did implement the plan. Then there was an injunction. There are further plans if the Supremes

block it. He is absolutely serious and committed about this happening.

[OneGrassRoot]

12. I feel confident that's true...

as I stated above. I don’t think they would have made such a definitive announcement without having a Plan B.

[WarGamer]

16. I will vote for ANYONE with a (D) next to their name...

And I still don't like student loan forgiveness to select people.

You can NOT pick and choose financial winners like this.

Here's what you do.

Announce the "Great American Dividend".

It's a one time $10k payment to be paid to ALL American Adults (Income Limited).

BUT it can take MANY forms.

1) 10k credit to existing student loans

2) 10k credit to existing/future IRS debt

3) 10k credit to buy EV

4) 10k credit for Solar

5) 10k credit to your social security account today for larger payments when you retire.

[OneGrassRoot]

17. I like that. A LOT. Thanks. n/t