Sanders to propose canceling entire $1.6 trillion in US student loan debt

We must teach our kids they are not responsible for themselves and if they want something the government will get someone else to pay for it.

 

Elizabeth Warren's husband gets $400,000 a year teach one course!!!!

 

Gimme free **** or you're greedy.
Typical mooch talk

 

Sure, let's fully fund the kid who thinks three years studying 17thC French Poetry is a good use of his time. Just in case ... you know ... he has a breakthrough one day. And let's not forget Gender Studies .. those Xirs sure do contribute to industry in surprising ways.

And you call my method shortsighted.

 

Face the fact that the whole free college thing is nonsense. What should be done is to focus on providing excellent education opportunities for everyone up to the college level and then perhaps helping those who really have the ability and intelligence to go to college with a low cost loan program.

As a Liberal I am pretty fed up with the Democrats pretending that free college is the answer to America's pathetic public education system.

 

Half the kids in college don't belong there.

 

That is another reason why China will steam ahead of the US. China knows it doesn't need to hobble its students with debt (and the method of funding education has got nothing to do with inflation, because the only 'resources consumed' (after the initial infrastructure build) is time and mental effort required from the participants)

Irrelevant. See above. Teachers and students with the ability can be funded by the nation to the highest levels consistent with individuals' abilities. Teachers unions would be unnecessary, especially if teachers were paid properly; btw, professors are worth more than the CEO of any bank (but you think cds, and other fancy derivatives as well as eg production of obesity and diabetes enhancing crap like Coca cola, with CEO pay in the $millions, is more 'valuable' than education and research into green energy production and storage, so you won't understand this point).

We are talking about funding teachers; I have explained why funding education via the treasury instead of by loans issued by and owed to greedy banks, will not cause inflation. The latter method does not cause inflation, and neither will the former method, because the consumption of scarce resources is identical in each case. I see you can't (or won't) address that point.

There you go again - you believe garbage like Coca Cola is intrinsically as valuable as education, with 'value' to be determined in a competitive market place, driven by the profit motive alone. Capitalism gone mad.

Given your conception of 'worth', your point is invalid; people naturally aspire to maximum creativity/productivity consistent with their abilities. But your exploitative capitalism has no conception of intrinsic value - and so Bezos et al are working on space thrills for billionaires in a world crippled by poverty.

 

Nobody is talking about free ****. Except projecting capitalists.

 

Not free?
So you're paying your own loan off?

 

I don't have any loans.

 

The holders of student loan debt do

 

I would not do it, I am just offering it up as a alternative to paying the student loan as it is now. lets use $50,000 for both 1st year salary and loan amount. The standard 10 year payment plan is 550 a month for 120 payments or 66,000 dollars. 50,000 after taxes and health insurance is about 35,000 take home. that 6500 a year is then becomes a killer after 15,000 for an apartment that leaves 200 a week for every thing else. From cable/internet/car/insurance/food, that is just scraping by for ten years. My plan is 1,000 (plus percentage of increases) for working life. Yeah you will pay more over your lifetime but at least you can get married and go to the movies and buy a pizza. Now a 50,000 starting salary is up here in the northeast. but if you live in a part of the country where 40,000 may be the norm while the apt may be a little cheaper you have even less money to live on for those ten years and you pay back 800 a year instead.

 

It is harvard, if your family makes 65,000 or less you pay nothing. Your family makes 125,000 you pay what the state colleges charge. And at research U the professors don't teach as much as perform research. If the professor is getting 400,000 the U is probably getting 2 mill in grants from the government or industry to conduct that research.


Paying one of the top legal minds 400,000 to me does not even sound bad.

 

Why do you borrow $50,000 to get a degree that only gets you a job making $50,000?

 

It's actually not that difficult to just cancel the debts. Most of the debt is on the books at the Department of Education. All they have to do is cancel them. The only thing they lose is interest revenue. The debt held by private banks can be transferred to the same balance sheet or paid by the Department of Education. Its just balance sheet stuff folks.

 

He is a law professor, it is all he has ever done except for a couple of minor books. And youvwonder why college tuition's are high and academia feels itself entitled.

 

MMT silliness

 

Most 'debt' exist only on paper.

 

Don't go to harvard. They have a 5% acceptance rate, if your family can not afford to send you it is free. My son went to an Ivy all it cost me was room and board. If I made less than 65,000 they would have paid for that too. The Ivies are the best deal in the world if your kid is smart.

 

So your sons professors didn't get paid? They taught your son for free? Or who is the "they" that paid for it and think how many more could go if they weren't paying simple college professors $400,000?

 

Heck then why don't we just cancel everyone's debts and print enough money to give everyone $250,000 a year?

 

Brown has a endowment of about 4 bill, UPenn 14 bill, Princeton 26 bil, yale has about 30 bill, Harvard twice that. Successful Alumni donate to the scholarship fund. Full Paying students do not subsidise scholarship kids. the Ivies only take 5% of all the applicants and all the applicants are in the top 5% of students. They have no need to admit more students, they only want the cream.

I think, stanford, Duke, Vandy, Chicago and Rice are the same.

 

Exactly. That half should be looking into the trades, or other vocational training.