Joe Biden Love Thread

[TheBig3]

Originally Posted by jwb

But just having student loans probably on average puts you in a higher income bracket... having tons of student debt isn't a poor people problem it's a pretty middle class problem.

Can you say more here? Why wouldn't low-income people have loans?

The solution to me is: Charge people a tuition. Then add incentives after the fact. For example...

1. If you live in this State for 5 years after graduation, we'll reduce your loan cost by 50%
2. If you get one of the following degrees*, we'll take an additional 25% off
3. If you work in Field X for 5 years, in [STATE] well take an additional 10% off

The theory being that you're paying SALT, you're supporting an industry in the State, and offering a discount for living in-state for 5 years later, rather than a discount for people who live in State before college, it's better for the economy.

[jwb]

To be clear I'm speaking in generalities, obviously some poor people have a lot of student debt but in general they are probably a good deal less likely to attend these expensive universities that get people in to so much student debt in the first place. In a way that's a potential sign of upward mobility.

[TheBig3]

I went to an in-state State School for undergrad and I still have something like $71k left in debt. I don't know how much of that is Grad School but I slimed my way out of paying for half of that.

Debt can be a good thing. It allows you to get something you can't afford. With Universities in the US, we're just paying for bloated administrative budgets and dumb crap like sprucing up the Rec Center so people on tours want to attend.

[jwb]

In state schools might be less expensive but that's still insanely expensive lol. I guess the point is that just being the type to get your bachelor's in general puts you in a higher income bracket on average. So I'm guessing forgiving those loans gives more back to the middle class than any other group. I'm sure there are studies on this that someone else can Google and pull up to prove me right.

[Frownland]

The coolest part about being middle class is when your DTI is so out of wack that you're functionally lower class but nobody looks at you like you're one of the poors.

[Frownland]

Supporting your children for an extra 10-30 years sounds like an upper class move to me.

The concept of the middle class is just a myth used to give the illusion of social mobility and undermine working class solidarity anyways.

[TheBig3]

I'm with Frown on this one.

[The Batlord]

Originally Posted by elphenor

if your parents can support you indefinitely while you pay your student loans maybe you're just securely middle class no matter what poor financial choices you make

Let me guess, you don't have any student loans to pay off?

[Guybrush]

Originally Posted by TheBig3

I went to an in-state State School for undergrad and I still have something like $71k left in debt. I don't know how much of that is Grad School but I slimed my way out of paying for half of that.

Man, that's about twice of what I racked up getting my degree.

But in Norway, uni tuition is free so student loans typically only have to cover books and living costs.

I got about 25k left. Could've paid it off, but rates aren't so bad and if I die before it's paid off, it's annulled, so I've done other things with my monays.

[TheBig3]

Originally Posted by Guybrush

Man, that's about twice of what I racked up getting my degree.

But in Norway, uni tuition is free so student loans typically only have to cover books and living costs.

I got about 25k left. Could've paid it off, but rates aren't so bad and if I die before it's paid off, it's annulled, so I've done other things with my monays.

I'm also not pretending to be a financial wizard but I'm pretty sure borrow at low interest and paying back when interest is high is technically beating the system. The money you borrowed had more value than the money you're repaying with.