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There are 45 million Americans who collectively owe $1.71 trillion in student loans. And it’s no secret that the financial burden of it negatively affects the lives of many former students with education finished and unfinished, in profound ways. From mental health to home-buying, student loans are somewhat of an ever-present shadow looming over for many years to come.

But President Biden has recently given hope to many by ordering Education Secretary Miguel Cardona to prepare a report on the president’s legal authority to cancel up to $50,000 in student debt per borrower. The possibility of Biden forgiving student loans has surely ignited a heated debate on this sensitive, and often sour subject matter.

And while for many American borrowers, the prospect is more than just politics, giving a sense of long-awaited salvation, others have expressed arguments against it. They claim that simply wiping clean the debt is not a solution for the economy and equity. Which side are you on? Hit us in the comment section below!

#1

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Ray Martin
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I could be wrong, but this really seems like some sardonic irony, and the poster clearly knows that's how any society is meant to function, but that of the U.S doesn't.

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#2

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WilvanderHeijden
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Rich kids also are never unemployed or flipping burgers with a degree in science.

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Nearly 45 million Americans now owe a total of $1.7 trillion in federal and private student loans, for educations both finished and unfinished. The scale of the problem is undeniable in terms of the effects it takes on people's mental health, quality of life, and overall wellbeing.

Now that President Biden has officially stated that he supports forgiving $10k of student loan through legislative action, many Democrats think it’s not nearly enough. Some claim the federal debt forgiveness could easily reach $50k per borrower, and some go as far as saying to erase all the amount altogether.

#3

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Sum Guy
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

And americans act like joing the military was a patriotic choice when it was the only choice

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In an interview with Vox, Laura Beamer, lead researcher on higher education finance at the Jain Family Institute, said that it’s abundantly clear that “people with student debt are less likely to own a house, they’re less likely to start a business, they’re delaying normal financial life cycles than previous generations past.”

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#5

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I I
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

so much ME ME ME stopping the progression of others , USA is falling fast due to the WHATS IN IT FOR ME attitude

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CowboyHank
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

That's kind of the definition of a democracy. I'm not going to vote for someone unless they appeal to me.

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Watching
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Don't you like the "drop it please", like they hold the power!? I never fail to laugh at this.

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Random Anon
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

People are too short sighted to see that a better educated public leads to less crime and higher productivity. It does not benefit you right now, but your kids and their kids will see a better society.

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Uncommon Boston
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Student loans had lower interest rates and less fees so an education was affordable. I paid what I owed and nothing more. Why do I expect more from others!

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Jerry Mathers
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

This comment really indicates the crappy measuring stick people have. It's the "I got a crappy deal so you should too" way of thinking that is holding us back. Instead of measuring your life against how bad someone else is doing, try thinking "Am I sound what I can for success? If so, am I being properly compensated for my efforts?" If the answer to either of these is no, do something. And above all throw your support around ideas and policies that ensure that everyone can have their basic needs met and have a fair chance at obtaining happiness and success. It's called being decent and it isn't that hard to do.

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Emperor Kitten
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The thing is, the older generations didn't be"go through this". Student loan amounts, rates, and ability to pay it off have never been worse.

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Lara Verne
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

It's like saying that surviving covid is unfair to those who died.

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Matt Logan
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Step 1 does not have to be "wipe out all student debt". Here is what I wish could happen, and I understand it may not be possible. step1: Government takes over all debt, it is not cancelled, the gov charges interest at either the interest rate per year, or the rate set by the federal reserve, whichever is lowest. step2: Could be to reduce future debts in the first place. The costs of going to university far exceeds what students are paying. There must be a way of reducing this. This step might take a while. On one hand, taxpayers should not have to pay for students to study, but the main thing is the costs to study are exorbitant. So wiping out student debt doesnt solve the core problem. step3. And this might be months or years after steps 1 and 2. ( Assuming we make it this far), could be a gov money matching scheme. If you paid $1000 in taxes, and repay $1000, your debt gets reduced $1000. in this example, if someones student loan is $100k, it effectively is reduced to $50k

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Matt Logan
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Step 4. May be to forgive all remaining debt. Just whilever the argument is to wipe out "all debt", the problems are never resolved. The interest being charged is exorbitant, it compounds, and can cost many times more then cost of study. Nothing will happen, unless focus is switched, to a way to help both past students, and future students.

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KT
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Where would the money come from to pay for all the student loans? Do they have a suggestion?

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Leo Domitrix
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

This. Nobody should have to live ina crappy rathole without heat in the US North, unable to afford food or medication, because THE STATE SCHOLARSHIP FUND GOT CANCELED BY THE STATE LEGISLATURE AND YOUR SCHOLARSHIP BECAME A LOAN A YEAR AFTER YOU GRADUATED AND NOWY OURE ON THE HOOK FOR MONEY YOU DID NOT BORROW BUT THEY SAY IS OWED. And I shouted b/c that happened to me. Int he early 1990s. Do you have any idea what it's like to be facing debt for advanced ed, and get a note saying, "Oh, that twenty grand ew told you was a gift? Well, we changed our minds. It's a loan now. Pay up!".... Excuse me?!?!? And, no, it wasn't illegal.

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For many previous generations, starting a family and saving for retirement were natural life decisions, but student loan borrowers don’t feel like they have the luxury of doing so. “We also know that people 50 and above are the fastest-growth student debt loan-accruing debt group, because they’re taking loans out for their kids or their grandkids,” Laura Beamer added.

#7

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Sonja
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Woow...so many people died in war. It wouldn't be fair to them if the war stopped now.

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#8

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I I
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

its how Republicans keep power , keep people so stupid they can't see they are getting conned by the party they think are fighting for them and not big corps

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Another crucial point about student loan borrowers is that not all loans are equal. The economist Steven Deller from the University of Wisconsin Madison argues that “There is a huge difference between someone who assumes a lot of debt and gets an MBA from Harvard or a medical degree from Columbia University, and ... a first-generation student who’s coming from a poor family background and goes into debt and doesn’t complete their degree.”

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Scagsy
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Why do so many Americans seem eager to shoot someone but if you need insulin shots, you have to literally choose whether to feed yourself or survive?

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These two individuals are words apart, and while for one, the student debt doesn’t feel like a big deal with a successful career prospect and stable financial background which comes from the family, the other is likely to carry the same burden throughout life, hoping for a cash windfall one day.

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I I
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

ahhh the commy argument , fits all , social health care , socialist learning , but some how not corporate subsidies , funny how that works out

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#13

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WilvanderHeijden
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Or drastically raising the price of something while the quality and quantity diminish.

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#14

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hail beavis
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Please stop censoring words like "crappy". It's not a curse word in any language.

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#15

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Luther von Wolfen
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The geniuses who went to college figured it out: cancel student loan debt.

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MAL
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I worked my ass off to pay mine off, too. So what? I would have LOVED to not be broke as hell until I was 35 because of student loans. If we have the power to give the next generation a better life, why the hell wouldn't we do that?

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Watching
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

And yet, what is funny, is that the conservative party is the party of welfare. And low education. Republicans have their cult right where they want them.

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#20

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Jonah Denny-Mayo
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

How has political strife gotten to the point where we feel it's ok to refer to people as less than human just because they believe in different things than is? Lefties, liberals it just makes no sense how humans have lost all compassion for others.

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#22

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Watching
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Conservatives ARE lepers. We should put them on an island and let them eat themselves.

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#23

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Seabeast
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

You get "raped"? That's pretty offensive to actual rape victims, a-hole.

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#25

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I I
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

oil , gas and coal companies decided to do that for a business, but you still subsidise them , only a moron would be cool with that and not forgiving student debt

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#26

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Helen Haley
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

We spend untold money on the military. If there are soldiers sleeping in parking lots it is because their superiors want it that way.

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#28

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John Smith
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2 years ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

"adult children's". I'd bet that person didn't go to a private school, so maybe he should reimburse the taxpayers.

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#30

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Watching
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

How do you tell someone you're racist without telling them you're a racist?

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