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senate Bill S. 2235

Should Student Loan Borrowers Making Under $100k Receive Student Loan Forgiveness?

Argument in favor

Student loan debt is a major crisis in the U.S. that’s holding many borrowers back from economic security, starting families, pursuing homeownership and more. Forgiving all student loan debt for the most burdened borrowers would give them the freedom to pursue their financial dreams.

RjGoodman's Opinion
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09/30/2019
Yes, as an old baby boomer, a college education did not saddle me with massive debt. Since the middle 70’s, college tuition has increased over 2 and a half times inflation. That is why our children are saddled with college debt. While our children are paying off their debt, they are unable to begin to do the things we did after college, like save for retirement and buy a home. Along with this, we must find ways to make college more affordable.
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JulieNegron's Opinion
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09/30/2019
As someone who recently applied for a job in my field, I was making minimum wage with a bachelors degree. It is impossible for me to afford rent, insurance, food, a car, and living essentials WHILE paying back my student loan debt. Either force employers to pay livable wages or give us loan forgiveness
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Justin's Opinion
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09/30/2019
Student loans are my generation’s biggest issue preventing us from buying homes, starting families, starting businesses etc. If we as a country can bail out the largest banks, we should certainly be able to bail out Americans who actually need the help. No big bonuses going to CEOs but the people who make up this country, the lifeblood of America is its citizens. We graduated into a bad economy and some of us still feel its effects.
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Argument opposed

This bill would be incredibly expensive, and it’s unclear whether the proposed funding mechanism — a wealth tax on ultra wealthy Americans — would be enough to cover it. Furthermore, this legislation doesn’t address the real cause of student loan debt: soaring college tuition. In fact, it may exacerbate that problem.

Justin's Opinion
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09/30/2019
College is an INVESTMENT. If you went into a useless major that’s no ones fault but your own. This is like, if you put all your money into Apple and they go bankrupt that the government would reimburse you. No that’s completely silly, and uproots the very nature of investing.
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SneakyPete's Opinion
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09/30/2019
👎🏻 Senate Bill S-2235 AKA the Student Loan Debt Relief Act of 2019 👎🏻 I’d be strongly opposed to Senator Warren’s Senate Bill S-2235 AKA the Student Loan Debt Relief Act of 2019 which would cancel $50,000 in student loan debt for every person with a household income under $100,000. For people with household incomes over $100,000 a year, this bill would use an income-based calculation to determine the amount of loan cancellation they’d receive (see below for more details), up to people with household incomes above $250,000 (who’d be ineligible for any student loan debt cancellation). This loan forgiveness would be eligible for student loan debt held by both student and parent borrowers. If enacted, this bill would offer student loan debt forgiveness for over 95% of borrowers and eliminate student loan debt altogether for over 75% of Americans with student loan debt.  This appears to be an attempt designed in getting the middle and lower income folks to vote Democratic at the expense of the American taxpayer. This bill would be incredibly expensive, and it’s unclear whether the proposed funding mechanism — a wealth tax on ultra wealthy Americans — would be enough to cover it. Furthermore, this legislation doesn’t address the real cause of student loan debt: soaring college tuition. In fact, it may exacerbate that problem. SneakyPete..... 👿👎🏻👿👎🏻👿. 9.30.19.....
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Ryan 's Opinion
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09/30/2019
There is no free lunch in life! Part of your college education is learning how to pay for it!
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    Yes, as an old baby boomer, a college education did not saddle me with massive debt. Since the middle 70’s, college tuition has increased over 2 and a half times inflation. That is why our children are saddled with college debt. While our children are paying off their debt, they are unable to begin to do the things we did after college, like save for retirement and buy a home. Along with this, we must find ways to make college more affordable.
    Like (122)
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    College is an INVESTMENT. If you went into a useless major that’s no ones fault but your own. This is like, if you put all your money into Apple and they go bankrupt that the government would reimburse you. No that’s completely silly, and uproots the very nature of investing.
    Like (57)
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    As someone who recently applied for a job in my field, I was making minimum wage with a bachelors degree. It is impossible for me to afford rent, insurance, food, a car, and living essentials WHILE paying back my student loan debt. Either force employers to pay livable wages or give us loan forgiveness
    Like (77)
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    Student loans are my generation’s biggest issue preventing us from buying homes, starting families, starting businesses etc. If we as a country can bail out the largest banks, we should certainly be able to bail out Americans who actually need the help. No big bonuses going to CEOs but the people who make up this country, the lifeblood of America is its citizens. We graduated into a bad economy and some of us still feel its effects.
    Like (65)
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    College should be full taxpayer supported. We must stop predatory banks from bankrupting entire generations of Americans. Students did the getting advanced degrees to get a ‘good job’ can barely make ends meet. Jobs don’t pay enough. They are unable to purchase houses, cars, or go on a real vacation because of student loans. This single action would help the economy so much.
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    👎🏻 Senate Bill S-2235 AKA the Student Loan Debt Relief Act of 2019 👎🏻 I’d be strongly opposed to Senator Warren’s Senate Bill S-2235 AKA the Student Loan Debt Relief Act of 2019 which would cancel $50,000 in student loan debt for every person with a household income under $100,000. For people with household incomes over $100,000 a year, this bill would use an income-based calculation to determine the amount of loan cancellation they’d receive (see below for more details), up to people with household incomes above $250,000 (who’d be ineligible for any student loan debt cancellation). This loan forgiveness would be eligible for student loan debt held by both student and parent borrowers. If enacted, this bill would offer student loan debt forgiveness for over 95% of borrowers and eliminate student loan debt altogether for over 75% of Americans with student loan debt.  This appears to be an attempt designed in getting the middle and lower income folks to vote Democratic at the expense of the American taxpayer. This bill would be incredibly expensive, and it’s unclear whether the proposed funding mechanism — a wealth tax on ultra wealthy Americans — would be enough to cover it. Furthermore, this legislation doesn’t address the real cause of student loan debt: soaring college tuition. In fact, it may exacerbate that problem. SneakyPete..... 👿👎🏻👿👎🏻👿. 9.30.19.....
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    Yes. And then end student loans altogether and make public universities free. Then the focus will be in academic quality and not just how much you can afford.
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    Student loan cancellation should happen regardless of income. There are people who make over $100,000 that still need relief from crushing student loan debt. There should not be an income limit. Cancel it all. We’ve bailed out auto companies, Wall Street, banks, mortgage lenders. When do we get bailed out?
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    Student loans have become predatory and bar many in my generation from achieving the dreams of our former generations (housing, debt free living, etc). The next recession can be potentially devastating.
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    I support some level of student loan forgiveness because the the student loan program was poorly implemented. It is an example of legislation that has had unintended consequences. A lot of legislation that sounds good, gains a lot of support is really not thought out very well- and that is a problem with a legislature focused on the next election cycle instead of the long term benefits. The rise in college tuition can readily be attributed to influx of funds eagerly snapped up by students as ‘easy’ money from banks issuing loans underwritten by the government. Students were never counseled regarding loans generally and requisite repayment plans. They were not counseled in getting an education that has post graduation employment potential. There are not a lot of opportunities for someone trained in the philosophical biases of 17th century artists. If that is their passion, great- just realize there are not going to be many employers looking for those particular skills. Parents had little oversight or involvement. Banks didn’t care, the loans were guaranteed. So. In my view, the legislation caused the problem by not being fully thought out. I don’t believe in simply writing off the loans. Even though students were not properly counseled regarding the commitments they were making, there must be some accountability. I do endorse partial forgiveness for service, such a writing off portions for working in public service jobs or military service- or having the government negotiate with lenders and assume the full interest burden. I would favor leaning toward more for the students to get them quickly out of debt but am unsure of what would be an equitable balance.
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    Better yet, make public education free PreK-college/trade school. Kids need to be able to compete in a global market, without crushing debt burdens. I would rather my taxes go towards education than endless wars & corporate welfare. People over profit!
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    There is no free lunch in life! Part of your college education is learning how to pay for it!
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    There should absolutely be no student loan forgiveness. Under Reagan student loan borrowers like myself were heavily penalized. Because the economy had a recession I couldn’t pay back my loans and my college transcripts were locked up. My dreams were destroyed. If Congress turns around and does this I will be doubly penalized with a wealth transfer from my savings that I struggled to build up. My generation has been taking it on the chin from Washington. Do not add insult to injury!!!
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    Many graduates would have a better chance at becoming successful by having more money to start a business or invest.
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    I completely understand the burden of student loans. I also understand how having large student loan payments make it difficult to buy a house/have savings/have children/contribute to a retirement plan etc. That being said, loan forgiveness is not the solution, it’s just a bandaid. People (myself included) should have to pay back the money we borrowed (regardless of what the money is for). Why can’t we do something to fix the real problems? What about dealing with the obscene cost of education? Or the high interest rates? Or the way loan payments are applied?
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    We all chose our intended occupation. Some just don’t choose wisely. If we forgive these student loans for one reason or another, what about the apprenticeships or training programs. Do they get a payback for their inconvenience.
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    Only when my mortgage payments are forgiven. Another Democratic attempt to steal money from the middle class in order to destroy it, so they can get votes from the lower class, and illegals and keep them dependent, in order to take all citizens rights away. If we don’t stop their march toward a government take over we’ll be living like the people in Russia, and Venezuela where people wait in line for as much as 10 hours to buy groceries, and have physical fights over toilet paper!
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    I went to community college and lived at home. Then drove to university and lived at home. I’m debt free. Teach your kids to make better decisions so they don’t have to pay for the consequence later. College doesn’t have to be a “experience” but a place to learn so you can make a living. Also choose degrees that make money.
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    Student loans are crippling millions of students and young adults who are trying to build up their economic lives! They shouldn’t have to face in some cases hundreds of thousands in debt just as they leave college! If we actually care about giving young people more opportunities in life then canceling their debt is the only reasonable thing to do. Also, makes public colleges and universities tuition-free!
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    First, stop paying my money for useless majors. Second, tuition has gone up due to government paying/subsidizing colleges who love taking advantage of handouts which pay high salaries, create useless administrative positions, and help pay for unnecessary sports complexes, etc. Third, what about all of us that paid for our degrees with future salaries or had borrowed from family or banks? Trying to buy votes Warren is despicable, and any one that agrees with you should be kicked out of office.
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