Posted on Aug 25, 2022
3 things you need to know about Biden's student loan announcement
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https://www.npr.org/2022/08/25/ [login to see] /what-you-need-to-know-about-bidens-student-loan-announcement?utm_source=npr_newsletter&utm_medium=email&utm_content=20220825&utm_term=7156481&utm_campaign=news&utm_id=40884108&orgid=270&utm_att1=
Information on Biden's student loan forgiveness program.
"But who qualifies?
Individuals with federal student loans who make under $125,000 per year, or couples earning less than $250,000, qualify for up to $10,000 in forgiveness.
That includes current students: Borrowers who are dependent students will be eligible for relief based on their parents' income. Parent PLUS loans, which are federal loans for parents of undergraduate students, are also eligible under the president's plan. (Loans taken out after June 30, 2022, will not qualify.)
Qualified borrowers who received Pell Grants are eligible for additional relief – up to $20,000.
Roughly 60% of federal student loan borrowers received Pell Grants, according to the White House. These grants are designed to help low-income students pay for higher education, and about a third of undergraduates with federal student loans receive Pell Grants every year."
Information on Biden's student loan forgiveness program.
"But who qualifies?
Individuals with federal student loans who make under $125,000 per year, or couples earning less than $250,000, qualify for up to $10,000 in forgiveness.
That includes current students: Borrowers who are dependent students will be eligible for relief based on their parents' income. Parent PLUS loans, which are federal loans for parents of undergraduate students, are also eligible under the president's plan. (Loans taken out after June 30, 2022, will not qualify.)
Qualified borrowers who received Pell Grants are eligible for additional relief – up to $20,000.
Roughly 60% of federal student loan borrowers received Pell Grants, according to the White House. These grants are designed to help low-income students pay for higher education, and about a third of undergraduates with federal student loans receive Pell Grants every year."
3 things you need to know about Biden's student loan announcement
Posted from npr.org
Education
Joe Biden
Office of the President (POTUS)
Posted >1 y ago
Responses: 6
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"Loan forgiveness?" That's ironic. Nothing is "forgiven". This proposal only serves to transfer their debt to US. Who's going to "forgive" US?
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SPC Kevin Ford
CPT Jack Durish - Part of personal responsibility is accepting responsibility for what we allow our leaders to do in our name.
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CPT Jack Durish
SPC Kevin Ford - Just because we are offered poison fruit, doesn't mean we are required to take a bite. However, I will agree that we haven't been taking responsibility for exercising our right to vote maturely. Nor have we been teaching our children to take responsibility and election results are clearly demonstrating this.
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SPC Kevin Ford
CPT Jack Durish - I suspect we disagree on the particulars but I agree in broad strokes with what you say. We (society) absolutely sold kids on higher education without teaching them how to deal with the cost benefit analysis.
Without going into details I've got a nephew and god daughter who have very different higher education experiences and are leaving in very different financial situations. My nephew made all the wrong choices. Why did he make those wrong choices? It has a lot to do with his mother's pushing him in that direction and a lot of that has to do with her not being well educated on the cost/benefit of different education options since she herself didn't go to college. She got her opinions from political pundits, pressed them on her 17 year old son and now he will live with the consequences. I tried to warn him but it's hard to overcome the pressure of a parent.
Without going into details I've got a nephew and god daughter who have very different higher education experiences and are leaving in very different financial situations. My nephew made all the wrong choices. Why did he make those wrong choices? It has a lot to do with his mother's pushing him in that direction and a lot of that has to do with her not being well educated on the cost/benefit of different education options since she herself didn't go to college. She got her opinions from political pundits, pressed them on her 17 year old son and now he will live with the consequences. I tried to warn him but it's hard to overcome the pressure of a parent.
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Maj Kevin "Mac" McLaughlin
"Part of personal responsibility is accepting responsibility for what we allow our leaders to do in our name."
You mean like allowing a President to unilaterally "forgive" college loans without and act from Congress and transfer the cost to the rest of the American people who a majority I would argue do not agree with this action?
You mean like allowing a President to unilaterally "forgive" college loans without and act from Congress and transfer the cost to the rest of the American people who a majority I would argue do not agree with this action?
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What's next? Can I get my mortgage cancelled? How about my car loan? There are more car loans out there than student debt?
I'm curious how this is legal? Can you explain that to me?
https://www.foxnews.com/politics/biden-lacks-authority-student-debt-handout-pelosi-warned-last-year
I'm curious how this is legal? Can you explain that to me?
https://www.foxnews.com/politics/biden-lacks-authority-student-debt-handout-pelosi-warned-last-year
Biden lacks authority for student debt handout, Pelosi warned last year
House Speaker Nancy Pelosi said last year that President Biden does not have the authority to create a program to pay off some Americans' student loan debt.
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Sgt (Join to see)
SPC Kevin Ford - You're wrong that it only applies to commodities.
If you have two taxi companies and one offers better service, clean Lincolns, friendlier drivers, they're gonna have a better business than someone picking you up in an old jalopy with stains on the seats and a driver that's a dick. If the jalopy company wants to compete with the Lincolns, they have to improve their business. A new company with a Subaru, is going to have to do the same. It's going to have to make it's model more appealing to the consumer than the Lincoln and the jalopy in order to get the business. And one of the easiest ways to do that is to offer cheaper rates with decent cars. If the Subaru starts taking all the business, the Lincoln is going to have to improve it's business model and/or lower rates. That's free market capitalism through competition.
Are you telling me that taxi services are a commodity?
If there wasn't open and free competition, we'd still be watching movies on BETA.
I don't think all regulation is bad at all. Some regulation in healthcare is good. But what scares me are the reports of medical schools lowering standards so that there can be a more "diverse" student body. When you go to get your heart transplant, do you really give a shit what color the doctor is or are you more concerned with whether or not they're competent?
If you have two taxi companies and one offers better service, clean Lincolns, friendlier drivers, they're gonna have a better business than someone picking you up in an old jalopy with stains on the seats and a driver that's a dick. If the jalopy company wants to compete with the Lincolns, they have to improve their business. A new company with a Subaru, is going to have to do the same. It's going to have to make it's model more appealing to the consumer than the Lincoln and the jalopy in order to get the business. And one of the easiest ways to do that is to offer cheaper rates with decent cars. If the Subaru starts taking all the business, the Lincoln is going to have to improve it's business model and/or lower rates. That's free market capitalism through competition.
Are you telling me that taxi services are a commodity?
If there wasn't open and free competition, we'd still be watching movies on BETA.
I don't think all regulation is bad at all. Some regulation in healthcare is good. But what scares me are the reports of medical schools lowering standards so that there can be a more "diverse" student body. When you go to get your heart transplant, do you really give a shit what color the doctor is or are you more concerned with whether or not they're competent?
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SPC Kevin Ford
Sgt (Join to see) -
I say commodities because they are the closest thing to perfect competition we have. With the cab company example you also try and lay out a scenario for as near perfect competition as you can. The interesting thing is taxi cabs are highly regulated by the government in the US to create that situation. Why do you know what a Taxi cab will charge in most of the US before you take the ride? Regulation. Why is that government regulation there? Because that's the way to get it as close to perfect competition as we can.
So what happens when government regulation cannot or does not create a situation of even being close to perfect competition? That's the situation we have with health care. It's not perfect competition, the providers are not price takers, the customers in many cases cannot look for the best provider for the lowest cost. In fact the industry has gone to great lengths to hide the cost of care until it is performed. In many cases the customers cannot chose not to participate in the market. In such a case of extreme imperfect competition, none of the things you tout apply.
I say commodities because they are the closest thing to perfect competition we have. With the cab company example you also try and lay out a scenario for as near perfect competition as you can. The interesting thing is taxi cabs are highly regulated by the government in the US to create that situation. Why do you know what a Taxi cab will charge in most of the US before you take the ride? Regulation. Why is that government regulation there? Because that's the way to get it as close to perfect competition as we can.
So what happens when government regulation cannot or does not create a situation of even being close to perfect competition? That's the situation we have with health care. It's not perfect competition, the providers are not price takers, the customers in many cases cannot look for the best provider for the lowest cost. In fact the industry has gone to great lengths to hide the cost of care until it is performed. In many cases the customers cannot chose not to participate in the market. In such a case of extreme imperfect competition, none of the things you tout apply.
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Sgt (Join to see)
SPC Kevin Ford - The healthcare industry is one of the most regulated industries there is. It's usually the big reason why that is....the AMA. Doctors are worried about more competition because that'll drive down health costs. And they wouldn't want that.
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SPC Kevin Ford
Sgt (Join to see) - Health care costs were out of control well before the AMA and they AMA did nothing to fix it because like it was before, they left the free market system in place.
Regulation isn't necessarily good or bad. Some of it is good, some of it is bad. Some of it is more or less neutral when it comes to consumer cost.
Regulation isn't necessarily good or bad. Some of it is good, some of it is bad. Some of it is more or less neutral when it comes to consumer cost.
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