Posted on 01/14/2020 8:21:30 AM PST by mykroar
Presidential contender Sen. Elizabeth Warren said on Tuesday that she would begin to forgive student loan debt on the first day of her administration, using legal tools that would allow her to bypass Congress.
The announcement, which comes just weeks before voting begins in the first primary and caucus states, adds urgency to legislation she introduced over the summer to cancel the bulk of the nation’s outstanding student loan debt.
That bill, introduced with Rep. James Clyburn, D-S.C., would forgive up to $50,000 in student debt for individuals with household incomes under $100,000. But Warren wrote in her plan on Tuesday that the U.S. Education Department already has authority to cancel student debt, “and we can’t afford to wait for Congress to act.”
“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,” she wrote in the plan."
(Excerpt) Read more at cnbc.com ...
Student loans cannot be “cancelled” or “forgiven,” just added to the national debt. That means that instead of the people who borrowed the money having to pay it back the debt will be spread out among all of the taxpayers, their children, their grandchildren, and generations to come.
I am going to feel like a real rube since I made my kids go to state universities and work their way through college so they would graduate without any debt. Instead I should have encouraged them to go to the most expensive private colleges they could get into and take their time trying out various degrees.
“in addition to using all available tools to address racial disparities in higher education, crack down on for-profit institutions, and eliminate predatory lending,” she wrote in the plan.””
where’s the part where she’ll order the U.S. government on her first day in office to buy everyone a pony?
Just stop with this lying bull shot that you are “forgiving debt” You are transferring the debt from the people that borrowed the money and used it for a college education to the taxpayers. All we get for it is screwed!
Pandering to the Max!
"But I don't want to be a cowboy." I want a Lexus!
Obama had a pen and a phone.
Warren wants to have a pen and a phone.
President Trump? Even when he follows the law and stays within his authority, the thug class wants him impeached for cutting into their share of graft and corruption.
Let me see if I understand this correctly; Congress, which was so focused on ensuring that student loans would be repaid and specifically forbid the bankruptcy courts from discharging the debt now can be waived away by the president?
Mr President, hey, gotcha a great idea here. How about doing the same right now with the other debt that Congress specifically forbid discharging through the bankruptcy courts, that of medical debt? Start with wiping out medical debt for anyone who has less than $100,000 in household income.
Let’s see the liberals become unglued over that one. Betcha Warren will be up front with how the president can’t do that...
You get the privilege of paying for some 24 year old’s gender studies degree + the 5 years they spent bumming around university summer camp.
Oh, and the next crop that will take out big loans too, and then demand THOSE get forgiven.
And, of course, those of us who were responsible and took out no more loans than we absolutely needed, and paid them off promptly. . .
. . . get squat.
BRIBERY!
Thass BRIBERY!
You are trying to bribe EVERY PERSON with a student loan to vote for you!
THASS BRIBERY, AND THASS ILLEGAL!
There is no way she or any democrat can, by executive order, nullify contracts between borrower and lender. It would go right to the Supreme Court where it would be nullified. She’s just blowing wind.
Great idea!
Someone should ask her what types of degrees qualify for forgiveness.
She’s just dumb enough to grab the opportunity to show her support for gender studies, climate engineering, and teachers. (only)
I have been doing accounting & Bookkeeping since I was 17 & I just turned 80.
I am straining my experience to come up with the accounting entries that would be put on the books to achieve this nonsense.
I paid every penny of my college expenses. I never had a single dime of ‘loans’.
The Federal Government under Obama took over student loans from local banks-—who KNEW their customers & acted accordingly.
Stealing from the taxpayers -—many of whom NEVER had any college education -— to make current loan parers whole is so wrong, I don’t have words for it.
This is MASSIVE theft——and WARREN KNOWS IT.
How many hard core Dem voters who never had a college loan to forgive will be really turned off by this idea????
I’ve resigned myself to the fact that it’s going to happen.
The day Millenials comprise 50.001% of the voting bloc they WILL vote themselves forgiveness. Take it to the bank.
In 1940, fewer than 5 percent of Americans had a college degree. Starting with the GI Bill in 1944, governments at all levels promoted college. From 1947 to 1980, enrollments jumped from 2.3 million to 12.1 million. In the 1940s, private colleges and universities accounted for about half. By the 1980s, state schools - offering heavily subsidized tuitions - represented nearly four-fifths. At last count, roughly 40 percent of Americans had some sort of college degree: about 30 percent a bachelor's degree from a four-year institution; the rest associate degrees from community colleges. http://www.realclearmarkets.com/articles/2012/05/29/lets_drop_the_college-for-everyone_crusade_99690.html
Since 1961, the time students spend reading, writing and otherwise studying has fallen from 24 hours a week to about 15. http://www.washingtonpost.com/local/education/is-college-too-easy-as-study-time-falls-debate-rises/2012/05/21/gIQAp7uUgU_print.html
After two years of college, 45 percent of college students hadn't significantly improved their critical thinking and writing skills; after four years, the proportion was still 36 percent. The study was based on a test taken by 2,400 students at 24 schools. "Academically Adrift," by sociologists Richard Arum and Josipa Roksa; http://www.realclearmarkets.com/articles/2012/05/29/lets_drop_the_college-for-everyone_crusade_99690.html
Over 50 percent of students at four-year schools and more than 75 percent at two-year colleges lacked the skills to perform complex literacy tasks (unable to interpret a table about exercise and blood pressure, comprehend arguments of newspaper editorials, compare credit card offers with different interest rates and annual fees, or summarize results of a survey about parental involvement in school). American Institutes for Research Ben Feller, Associated Press | January 20, 2006
States appropriated almost $6.2 billion for four-year colleges and universities between 2003 and 2008 to help pay for the education of students who did not return for their second year, while the federal government spent $1.5 billion and states spent $1.4 billion on grants for such students. "Finishing the First Lap: The Cost of First-Year Student Attrition in America's Four-Year Colleges and Universities." reported by AP, “Report: College dropouts cost taxpayers billions,” October 11, 2010
More than 25% of low-income first-generation college students leave after their first year, and 89 percent fail to graduate within six years. Time Magazine, What We Can Learn from First-Generation College Students, April 11, 2012
Almost 80% of seniors at 55 of our best colleges and universities earned a D or F grade on a high-school level American history test a 1999 survey showed. USDE 1992 National Adult Literacy Survey tests http://www.philanthropyroundtable.org/magazines/2000-11/cohen.html
The National Center for Education Statistics reports that only 31% of college graduates can read and understand a complex book. Walter E. Williams , professor of economics at George Mason University. http://www.ibdeditorials.com/IBDArticles.aspx?id=336612797889002
Nearly half (47 percent) of college freshmen enrolled in 2005 had earned an average grade of A in high school, compared to 2-in-10 (20 percent) in 1970. The majority (79 percent) of freshmen in 1970 had an important personal objective of “developing a meaningful philosophy of life.” By 2005, the majority of freshmen (75 percent) said their primary objective was “being very well off financially.” Statistical Abstract of the United States: 2007, (Table 274). http://www.census.gov/Press-Release/www/releases/archives/miscellaneous/007871.html
Enrollment has increased 70.6 percent since 1990, from 135,000 to 230,000, at the 102 Evangelical schools belonging to the Council of Christian Colleges and Universities. Higher Education Research Institute at the UCLA; USA Today Dec. 14, 2005 .
During the same period, enrollments at public colleges increased by 12.8 percent, and at private colleges the increase was 28 percent. USA Today Dec. 14. 2005 Southern Baptist Convention, Baptist Press http://www.bpnews.net/bpnews.asp?ID=22361
62% more students are going to college than did in the 1960s". Bill Fitzsimmons, dean of admissions at Harvard.
Nearly 40 percent (approx. 11.5 million) of the nation’s 18 to 24 year olds were enrolled in two- or four-year colleges as of October 2008. U.S. Census figures released by the Pew Research Center, Nov. 2009
The District of Columbia leads the nation in the proportion of college grads. http://www.epodunk.com/top10/collegeDiploma/index.html
Tuition's and fees have risen more than 440 percent in 30 years. http://www.washingtonpost.com/opinions/george-will-subprime-college-educations/2012/06/08/gJQA4fGiOV_print.html
Total federal aid intended to hold down the price of a college degree have soared by more than $100 billion in the space of a single decade -- from $64 billion in 2000 to $169 billion in 2010. Jeff Jacoby, The Boston Globe; April 29, 2012, http://www.jeffjacoby.com/11618/the-government-college-money-pit
On a typical campus, per capita students spending for alcohol--$446 per student--far exceeds the per capita budget of the college library. (Eigen, 1991 in the 1998 National Household Survey on Drug Abuse).
College students spend over $5.5 billion a year on alcoholic beverages (mostly beer)--more than they spend on all other drinks [soda, tea, milk, juice and coffee] and books combined. Sidney Ribeau, PresidentBowling Green State University http://www.collegevalues.org/diaries.cfm?id=476&a=1. See also www.hsph.harvard.edu/cas/rpt1998/CAS1998rpt2.html [which is also a illustration of how to do a survey.]
A (disputed) study showed that 50% of American college faculty identified themselves as Democrats and only 11% as Republicans (with 33% being Independent, and 5% identifying themselves with another party). 72% described themselves as "to the left of center," including 18% who were strongly left. Only 15% described themselves as right of center, including only 3% who were "strongly right." North American Academic Study Survey (NAASS) of students, faculty and administrators at colleges and universities in the United States and Canada 1999. The Berkeley Electronic Press http://montages.blogspot.com/2005/04/conservatives-underrepresented-in.html http://www.bepress.com/forum/vol3/iss1/art2 http://www.associatedcontent.com/article/17963/liberal_bias_in_our_schools.html
A survey of 6,000 academic psychologists resulted in 10% reporting they had falsified research data; 67 per cent selectively reported studies that “worked”; 35% said they had doubts about the integrity of their own research. Leslie John, George Loewentstein, and Drazen Prelec in Psychological Science, December 2011
Only 9.6 percent of high school graduates are poor, compared to 22.2 percent of those without a diploma. Copyright © 2002 National Center for Policy Analysis; http://www.ncpa.org/pub/ba/ba428/
Of those people who complete some college, only 6.6 percent fall below the poverty line. This drops to 3.3 percent of those with a bachelor's degree or higher. Copyright © 2002 National Center for Policy Analysis; See more at http://www.ncpa.org/pub/ba/ba428/
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