Will Biden cancel student loan debt?

He's always made it pretty clear that he isn't supportive if this. It would take a lot of convincing from others around him to change that.

Nobody is forcing you to get a student loan you can't afford to pay back after you are finished with college so why should the government pay your individual debt. You can do things to make your financial burden easier like attend a community college for a couple of years which is less expensive and then finish up at another school. Attend college in the state you live in, they are cheaper. Make sure your major in college is actually something that can lead to a well paying job (so you can pay back your loan) and not some thing that will lead you nowhere. Maybe college is not your thing, go to a trade school and learn a trade. It is not only cheaper than going to college, you probably will be less likely to have unemployment issues during your life. I don't know about anyone else but I have never met an unemployed plumber or auto mechanic for example.

Updated On: 5/30/21 at 09:37 AM

JGPR2 said: "Nobody is forcing you to get a student loan you can't afford to pay back after you are finished with college so why should the government pay your individual debt. You can do things to make your financial burden easier like attend a community college for a couple of years which isless expensive and then finish up at another school. Attend college in the state you live in, they are cheaper. Make sure your major in college is actually something that can lead to a well paying job (so you can pay back your loan) and not some thing that will lead you nowhere. Maybe college is not your thing, go to a trade school and learn a trade. It is not only cheaper than going to college, you probably will be less likely to have unemployment issues during your life. I don't know about anyone elsebut I have never met an unemployed plumber or auto mechanic for example."

That's... a lot of expectations to put on a 16-17 year old who is having it pounded into them that College is the most important thing in the world without actually have much support or education on the matters that will impact their lives. Schools don't teach financial literacy. Schools do not encourage taking time off before going to college to actually think about what you want to do. They encourage you to jump right in and amass that debt and if it doesn't work out? Well ****... just deal with the debt you have.

This is far from the reality that boomers lived with where a summer job was what they needed to excel financially in college. When credits cost a lot less and the degree more meaningful. When housing was cheaper.

The answer is fix the broken system going forward and compensate those your broken system screwed over that you had no interest in fixing before.

JGPR2 said: "While sadly every child is not blessed with good parents, I would hope there are enough to help guide a 16-17 year old with their future. I don't think it is hard to figure out that a "Liberal Arts" degree for example is not worth blowing $100,000 or more on college. My wife and I put our children through college without any student loans.They went to in state schools, got a couple small scholarships and we did without things over the years so they could start off on their own without debt."

Or maybe schools should actually be teaching kids financial literacy because guess what? A lot of their parents aren't good with money either because it's the exact same situation. You can't put someone in a place that drills into their heads that the next step from here is college without actually teaching them how to handle money. You give an 18 year old to what to them seems like FREE MONEY and they're going to spend it. I luckily only have about $10K in loans, but the bulk of that comes from classes that are irrelevant to what I actually ended up employed in. When after the loans pay for the tuition and they still hand you a debit card with "Here's the rest of the money from those loans!" you're going to spend it.

Here's the reality people go for a "Liberal Arts" Degree because they have no ****ing clue what they wanted to go to school for and hoped they'd figure it out while they were there because schools are piss poor in terms of directing kids to proper avenues to figure that **** out or don't even tell them YOU DON'T HAVE TO GO TO COLLEGE RIGHT NOW!

"Your senior year of high school should be devoted to making you a knowledgeable adult. Teach me what a mortgage is. Teach me what a loan is. What are good and bad rates? How does a credit card work? How does voting work and whatnot. Don’t teach me to graph."

I got a novel idea, how about your parents acting like grownups and teaching you these important things in life. Yes, there are bad parents in the country but there are also plenty of good ones. I had a credit card at 18 (had part time job at 16) and I think my spending limit was $500. My parents made sure I bought something on it to get used to making payments. They showed me the difference when I just made a minimum payment and not paying the entire amount. Schools have their place and things to teach, IMO this is not one of them.

Any individual, at 18, that receives a student loan and doesn't understand that it is NOT FREE MONEY to spend on whatever, has bigger issues going on. If by the age of 18 they haven't learned this, there is nothing a school and/or parents can teach them. They lack the maturity and responsibility it takes to succeed in college. I would suggest an alternate route for them.

Highland Guy said: "What happened to that time-honored tradition of being responsible for one's debts? Or working one's way through college?"

You mean when you COULD work your way through college? Wages have not kept up with inflation for DECADES.

I got a novel idea, how about your parents acting like grownups and teaching you these important things in life. Yes, there are bad parents in the country but there are also plenty of good ones. I had a credit card at 18 (had part time job at 16) and I think my spending limit was $500. My parents made sure I bought something on it to get used to making payments. They showed me the difference when I just made a minimum payment and not paying the entire amount. Schools have their place and things to teach, IMO this is not one of them.

Why is financial literacy NOT something for the school to teach? Because we've decided that? Like for real, what is the justification for schools to not teach people how to manage credit cards? Like it has nothing to do with what a bad or good parent does or doesn't do. They can be the best parent in the world, but can also be just a **** with money as you're about to be. Is that the person who should be teaching it? Why even have schools at all?

My parents never used credit cards either. Paid cash for everything. Saved their money for their children and didn't buy what they didn't need. My father was a school teacher. Even on a school teacher's salary but with those values, eventually became a millionaire.

Sutton Ross said: "Why is financial literacy NOT something for the school to teach?

Um, again, it is taught in high school business classes."

Which are available in SOME schools and they are (in most states) not required courses/covered topics to graduate. Sure as **** wasn't taught in my Economics class 12 years ago! Didn't become required education in NY until 2012!

Only 21 States have a requirement for personal finance education.

This year’s report found that there’s a gap in which students have access to financial literacy instruction. In high schools where fewer than a quarter of students were eligible for free or reduced lunch, about 62 percent of teenagers said they had the option to take the subject. In schools with more students from low-income families, where at least 75 percent of the population received free or reduced lunch, only about 52 percent of students said they could take a personal finance class.

https://www.edweek.org/teaching-learning/graduation-ultimatum-learn-economics-and-personal-finance-more-states-say/2020/02

So again, Miss me with the pretention. This country has a lot ground to make up for decades of mismanagement in terms of education & complete abandonment of wage growth matching inflation to make the "Work through college" an actual viable option.

It's why this "Nobody wants to work anymore!" bull**** is cropping up. No, nobody wants to work for ****ty wages in a ****ty job where customers treat them like ****. So we went from the clapping for Essential Workers last year to just turning your back on them this year. The employees they laid off last year despite the stipulations for PPP Loans they took out. Instead of throwing them under the bus and throwing up their hands "NOBODY WANT TO WORK ANYMORE!" how about they pay the employees a fair ****ing wage. Does that mean raising prices? Yes it does. Will people pay them? Yes they will. That extra 75 cents per item at a restaurant will actually go a long way for their employees. Yes, unemployment is temporary but it really puts the screws on businesses when employees have leverage. Even if just in the short term.

Updated On: 6/1/21 at 10:16 PM

TheatreFan4 said: "You give an 18 year old to what to them seems like FREE MONEY and they're going to spend it. I luckily only have about $10K in loans, but the bulk of that comes from classes that are irrelevant to what I actually ended up employed in. When after the loans pay for the tuition and they still hand you a debit card with "Here's the rest of the money from those loans!" you're going to spend it."

So, you still owe $10K in loans? Have you repaid any of the total loan? You do understand, I hope, that you received that money from every single American citizen who pays Federal Income Tax. It was loaned to you in good faith. Honor your commitment. Don't play the victim here.

Updated On: 6/1/21 at 10:38 PM