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don't expect student loan forgiveness

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  • #16
    Originally posted by drmka26 View Post

    Thats like saying "I overpaid my taxes in 2015 based on 2020 rules, I want a retroactive refund."
    Except it’s not. Would they be forgiving student loans for people who took out loans the same time as me? Yes. Same rules for everybody. I shouldn’t be punished for leveraging my student debt to vastly improve my life in addition to being overly responsible and paying my debt back quickly.

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    • #17
      Originally posted by CordMcNally View Post

      Except it’s not. Would they be forgiving student loans for people who took out loans the same time as me? Yes. Same rules for everybody. I shouldn’t be punished for leveraging my student debt to vastly improve my life in addition to being overly responsible and paying my debt back quickly.
      But the problem is there is not, not has there ever been, the "same rules for everybody."

      Case in point: 08-09 crisis, govt could have easily bailed out all the homeowners who got screwed over, but instead decided to bail out the big banks. Similar type of thing.

      Govt chooses winners and losers all the time.

      The vast majority of the time, the riff raff (like us simple taxpayers) get screwed over at the expense of large corporate behemoths, but maybe with Bernie in office, it might finally switch the other way.

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      • #18
        Originally posted by xraygoggles View Post
        The vast majority of the time, the riff raff (like us simple taxpayers) get screwed over at the expense of large corporate behemoths, but maybe with Bernie in office, it might finally switch the other way.
        I agree. It’ll be much more fair when everyone is getting screwed over by Bernie.

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        • #19
          Originally posted by CordMcNally View Post

          Except it’s not. Would they be forgiving student loans for people who took out loans the same time as me? Yes. Same rules for everybody. I shouldn’t be punished for leveraging my student debt to vastly improve my life in addition to being overly responsible and paying my debt back quickly.
          That’s like saying saying, “the gov bailed out bank x in 2010 because they were bankrupt. My bank y was bankrupt in 2009 and went under. I demand a bail out because both of our banks were started in 2000.”
          Bro, the law or rule was enacted in 2010, not 2009. And your bank y is non-existent now. That ship has sailed.

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          • #20
            Originally posted by drmka26 View Post
            Bernie said he'll forgive even millionaires kids student loans. His point is that, we all pay for social services tax (fire dept, trash collection, police dept, etc etc). He believes education is a social service.
            The president does not need the congress for FEDERAL student loan forgiveness. The president, with the education secretary, has the power to do this with an executive order.
            Actually, the way Bernie's student loan forgiveness plan work is by a combination of wealth tax (and none of us here except maybe one or two people are anywhere near the minimum wealth required to be taxed. >32M) and wall street financial transaction tax (which would disproportionately affect high-speed algorithmic traders).

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            • #21
              Originally posted by CordMcNally View Post

              I agree. It’ll be much more fair when everyone is getting screwed over by Bernie.
              You can deliberately misunderstand my point all you want, it won't change the underlying fact of how the proposal works....

              First things first though, let's wait to see if Bernie actually gets through, which is still up in the air...

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              • #22
                Per Warren, the Dept of Ed has the authority to cancel debt without congressional approval:

                But the Department of Education already has broad legal authority to cancel student debt, and we can’t afford to wait for Congress to act. So I will start to use existing laws on day one of my presidency to implement my student loan debt cancellation plan that offers relief to 42 million Americans -- in addition to using all available tools to address racial disparities in higher education, crack down on for-profit institutions, and eliminate predatory lending.

                https://elizabethwarren.com/plans/st...iY5VILNELl9NMI

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                • #23
                  Originally posted by drmka26 View Post

                  That’s like saying saying, “the gov bailed out bank x in 2010 because they were bankrupt. My bank y was bankrupt in 2009 and went under. I demand a bail out because both of our banks were started in 2000.”
                  Bro, the law or rule was enacted in 2010, not 2009. And your bank y is non-existent now. That ship has sailed.
                  No. If you want a comparison to your original tax comparison then I’ll do that. That’s like saying everyone can have a tax credit on their 2015 taxes...but...you can only get the credit if you still owe taxes from 2015. Those who paid their taxes don’t get it. It just doesn’t make sense.

                  It’s irrelevant going back and forth over it because it won’t happen.

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                  • #24
                    Originally posted by CordMcNally View Post

                    No. If you want a comparison to your original tax comparison then I’ll do that. That’s like saying everyone can have a tax credit on their 2015 taxes...but...you can only get the credit if you still owe taxes from 2015. Those who paid their taxes don’t get it. It just doesn’t make sense.

                    It’s irrelevant going back and forth over it because it won’t happen.
                    Oh ok. You’ll agree to some comparison but not one that makes more sense? Got it.
                    My first example was too simplistic in the sense that it labeled it as a tax... this would be a grant

                    let’s agree to disagree.
                    bernie or bust!

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                    • #25
                      Originally posted by xraygoggles View Post
                      Never say never...

                      I'm holding off on paying down the last 89k of my debt, just in case Bernie gets elected.

                      Warren is a bad candidate and has a lower chance of being president, so her thoughts are more or less irrelevant.
                      Yes, Bernie Sanders is a good candidate with well thought out ideas.

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                      • #26
                        Has any presidential candidate said anything about student loans going forward. it seems ridiculous to wipe out student loans when people are accruing new loans and will be over the next x years.

                        Why not just wipe out everybody's mortgage or pay everybody's credit card debt. Or give bald people $50,000 every year.

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                        • #27
                          Originally posted by Tim View Post
                          Whats next? Free cellphones or free big screen TV's?
                          I need a new LG OLED 8k.

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                          • #28
                            I'm amazed how few people in this thread don't seem to understand how our Republic works. It might help you understand what I am talking about if you notice there is still no 120 foot tall wall between Southern Arizona and Northern Sonora. (Hint: It takes more than a president to do anything.)
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                            • #29
                              "The U.S. Border Patrol first began to erect physical barriers in its San Diego sector in 1990. Fourteen miles of fencing were erected along the border of San Diego, California, and Tijuana, Mexico." George H. W. Bush was President. Thirty years ago and both parties have erected barriers.
                              Hint: It takes more than a president to do anything. Bush didn't build it himself. Thirty years in the making. Just saying the political environment is geared towards accomplishments to not so humble brag about.

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                              • #30
                                You've heard of never-Trumpers... in my neck of the woods it's forever Trumpers... There are actually some moderates, but are mostly right leaning. Basically, the thought of Bernie or Warren winning makes people want to go off the grid, cash out, and buy gold (they already got guns).

                                I think there could be some people who are successful with PSLF, but if it ends up being billions upon billions of dollars, then the government will have to stop the program. What will the universities have to do? I don't know, stop building fancy buildings and cafeterias.

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