Hat tip to the 5th Column - a key facet of the student loan debate being completely ignored: thousands of lower class/working class kids take out loans but never finish college. So they end up saddled with debt but still lower/working class.
Nobody talks about this group as the media caricatures student borrowers as Harvard grads lighting cigars with dollar bills.
Hat tip to the 5th Column - a key facet of the student loan debate being completely ignored: thousands of lower class/working class kids take out loans but never finish college. So they end up saddled with debt but still lower/working class.
Nobody talks about this group as the media caricatures student borrowers as Harvard grads lighting cigars with dollar bills.
No one talks about the fact that many of these Harvard grads are only there because their grandfathers went to City College for free. At least in NYC, up until the 1960s I hink into the 70s, it was free. A lot of people escaped poverty that way. All gone
I don't know much about City College but there is Excelsior in NYS now. You can go tuition free to any CUNY or SUNY you can get into, if you live at home you're basically going for free (you do still have to pay fees I guess).
I'd be a lot happier with the program if it was limited to people who were below the US median income a few years out of school. It's definitely true that some of the benefits go to that group, however.
yeah, this is why I think the right's attack on student loan forgiveness will fail. College isn't some elitist thing, a lot of low income people have a lot of debt and almost all of that could get wiped by biden's order.
$10k was a good place to set it. The people with $200k degrees in basket-weaving are shrieking about it being a drop in the bucket, but itтАЩs great for the people who did a year or three of college, or got a degree from community college or a mid-tier state college like Cal State, but are stuck with several thousand dollars in debt they canтАЩt get rid of.
IтАЩm not sure the whole thing was a good idea right now, given inflation, but this was the right approach.
Forgiveness will most benefit the top 40% of the income distribution. By definition it is benefitting those that are better off than most.
Re: timing and inflation, the ironic twist is that this is unlikely to be inflationary given its inherent regressiveness. Because it is a transfer to those that least need a transfer it will not be inflationary.
Can we make policy based on potential income that may or may not accrue 5-10-15 years from now? There are college grads working white collar McJobs* that may top out nowhere near $100k per year.
*I'm thinking of call centers, insurance processors, data entry, and similar administrative jobs that require a BA but don't pay very much.
Hat tip to the 5th Column - a key facet of the student loan debate being completely ignored: thousands of lower class/working class kids take out loans but never finish college. So they end up saddled with debt but still lower/working class.
Nobody talks about this group as the media caricatures student borrowers as Harvard grads lighting cigars with dollar bills.
No one talks about the fact that many of these Harvard grads are only there because their grandfathers went to City College for free. At least in NYC, up until the 1960s I hink into the 70s, it was free. A lot of people escaped poverty that way. All gone
I don't know much about City College but there is Excelsior in NYS now. You can go tuition free to any CUNY or SUNY you can get into, if you live at home you're basically going for free (you do still have to pay fees I guess).
I'd be a lot happier with the program if it was limited to people who were below the US median income a few years out of school. It's definitely true that some of the benefits go to that group, however.
yeah, this is why I think the right's attack on student loan forgiveness will fail. College isn't some elitist thing, a lot of low income people have a lot of debt and almost all of that could get wiped by biden's order.
$10k was a good place to set it. The people with $200k degrees in basket-weaving are shrieking about it being a drop in the bucket, but itтАЩs great for the people who did a year or three of college, or got a degree from community college or a mid-tier state college like Cal State, but are stuck with several thousand dollars in debt they canтАЩt get rid of.
IтАЩm not sure the whole thing was a good idea right now, given inflation, but this was the right approach.
Forgiveness will most benefit the top 40% of the income distribution. By definition it is benefitting those that are better off than most.
Re: timing and inflation, the ironic twist is that this is unlikely to be inflationary given its inherent regressiveness. Because it is a transfer to those that least need a transfer it will not be inflationary.
Here is what I consider a fascinating tidbit.
Neel Kashkari spoke out recently on the inflationary implications. This is obviously a hot topic given the current inflationary environment.
Neel is a dove and has also gotten involved in local school policy (in a ridiculous and destructive manner given his position IMO)
His conclusion is that college debt forgiveness is far too regressive to be inflationary.
Can we make policy based on potential income that may or may not accrue 5-10-15 years from now? There are college grads working white collar McJobs* that may top out nowhere near $100k per year.
*I'm thinking of call centers, insurance processors, data entry, and similar administrative jobs that require a BA but don't pay very much.