# Thousands of dollars in student debt cancelled. Good news, right? **URL:** \ **Category:** Politics & Elections\ **Created:** [August 24, 2022, 7:55pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242 "2022-08-24T19:55:31Z")\ **Posts on this page:** 20\ **Page:** 11
**Author:** ![Mahaloth](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mahaloth/32/1079_2.png) [@Mahaloth](https://boards.straightdope.com/u/Mahaloth)\ **Post date:** [August 26, 2022, 1:22pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/201 "2022-08-26T13:22:01Z")
It’s very calm and professional. Just post the information and leave it there. They could have tagged it, “We report. You decide.” 🤣 ---
**Author:** ![k9bfriender](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/k9bfriender/32/3283_2.png) [@k9bfriender](https://boards.straightdope.com/u/k9bfriender)\ **Post date:** [August 26, 2022, 1:29pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/202 "2022-08-26T13:29:47Z")
> [@Kimstu](#): > > All of which goes to show us that the sort of knee-jerk disdain for “non-STEM” fields routinely indulged in by the old farts who run conservative media outlets is not necessarily a reliable guide to the realities of the labor market. I also don’t know how we are supposed to decide what degrees are “worthy” and which are “worthless.” The very same people who are calling for the creation of a new govt bureaucracy to choose winners and losers are the very same ones who decry _any_ subsidy or tax that distorts the “free market” in any other sector. As you showed in your excellent post, STEM majors tend to have worse job prospects than non-STEM majors. So, are those arguing that the government should only fund “worthwhile” degrees should stop funding STEM, and instead fund Psychology, Communications, and Liberal Arts? Or, do they want STEM fields funded in spite of that? How exactly do they want the government to pick winners and losers, should it be based on what graduates the students with the best job prospects, what is best for society, or just based on what they think should be funded, even though they can’t justify it with actual data. Students should certainly be given a more realistic picture of what job prospects are available to different majors, and what it would cost to attain those degrees, I do think that part of the problem is that we have 17 year olds making decisions about the rest of their lives based on poor information. But ultimately, isn’t it the student who should be making the decision as to what _they_ think is best for them, rather than imposing a government bureaucracy to tell them what career path they are allowed to take? ---
**Author:** ![msmith537](https://avatars.discourse-cdn.com/v4/letter/m/d9b06d/32.png) [@msmith537](https://boards.straightdope.com/u/msmith537)\ **Post date:** [August 26, 2022, 1:38pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/203 "2022-08-26T13:38:05Z")
> [@D\_Anconia](#): > > The government is going to spend some $300,000,000,000 in paying off those loans. Where does the money come from? Maybe the lenders should take it as a loss like any other bad debt? Or they could bundle up all those loans into a CDO and sell them to investment banks? Or maybe refi the loans in cryptocurrency and they can just disappear naturally. ---
**Author:** ![chela](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chela/32/21582_2.png) [@chela](https://boards.straightdope.com/u/chela)\ **Post date:** [August 26, 2022, 1:41pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/204 "2022-08-26T13:41:02Z")
That was fricking awesome! 🙌! My daughter who will have 20k in fed Loans wiped out alerted me to the tweet with glee! I however am still diligently paying down her private loans of 20k. And her sisters too who gets 10k relief. Their loans were for tuition and dorms only. No cars no trips no dorm makeover. Shoe string budget for instate 2 nd tier university schools. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [August 26, 2022, 1:49pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/205 "2022-08-26T13:49:47Z")
Btw, in addition to all the other wrong arguments put forward by the Lying Right, the argument that Biden doesn’t have the authority, or that Biden can’t issue an executive order like this, are completely false when dealing with reality. This was not done via executive order. It’s done under the authority granted to the President via Congressional action, specifically the 2003 HEROES act, passed with overwhelming bipartisan support, which gives the Education secretary authority to waive rules relating to student financial aid programs in times or war or national emergency. In 2020, Trump declared COVID a national emergency. That emergency has not been rescinded, nor have there been any calls to do so. Therefore, Biden does have the _legislative_ authority to do this. The Justice department, on Wednesday, issued a ruling to this effect: > **[Legality of student loan plan relies on pandemic, 2003 law](https://apnews.com/article/biden-covid-health-education-0fea030a0875c0e4e1a39b0c098bd48a)** > > WASHINGTON (AP) — The Biden administration is tying its authority to cancel student debt to the coronavirus pandemic and to a 2003 law aimed at providing help to members of the military. Just as with Afghanistan, Biden used a Trump policy to benefit America. Amazing shit, really. No wonder the Right is freaking out. ---
**Author:** ![ShadowFacts](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/shadowfacts/32/2934_2.png) [@ShadowFacts](https://boards.straightdope.com/u/ShadowFacts)\ **Post date:** [August 26, 2022, 1:59pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/206 "2022-08-26T13:59:38Z")
> [@Kimstu](#): > > All of which goes to show us that the sort of knee-jerk disdain for “non-STEM” fields routinely indulged in by the old farts who run conservative media outlets is not necessarily a reliable guide to the realities of the labor market. I would just like to join others in highlighting this excellent quote from an also excellent overall post by Kimstu. ---
**Author:** ![D\_Anconia](https://avatars.discourse-cdn.com/v4/letter/d/67e7ee/32.png) [@D\_Anconia](https://boards.straightdope.com/u/D_Anconia)\ **Post date:** [August 26, 2022, 2:48pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/207 "2022-08-26T14:48:33Z")
> [@msmith537](#): > > Maybe the lenders should take it as a loss like any other bad debt? The loans in question were guaranteed by the federal government. ---
**Author:** ![BobLibDem](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/boblibdem/32/3149_2.png) [@BobLibDem](https://boards.straightdope.com/u/BobLibDem)\ **Post date:** [August 26, 2022, 2:56pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/208 "2022-08-26T14:56:25Z")
If modern Republicans existed in biblical times, they would have said that the miracle of loaves and fishes was a slap in the face to those that brought their own lunch. ---
**Author:** ![Mahaloth](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mahaloth/32/1079_2.png) [@Mahaloth](https://boards.straightdope.com/u/Mahaloth)\ **Post date:** [August 26, 2022, 3:16pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/209 "2022-08-26T15:16:18Z")
> [@BobLibDem](#): > > If modern Republicans existed in biblical times, they would have said that the miracle of loaves and fishes was a slap in the face to those that brought their own lunch Matthew 18:21-35(or so) is often called “The Parable of the Unforgiving Debtor”. The gist is that one debtor is forgiven and then refuses to forgive someone else who owes him money. The final line is, “That is what my heavenly Father will do if you refuse to forgive others…” It has a “sin” meaning, but the story is legit about how being forgiven should motivate you to forgive. Debts, too. ---
**Author:** ![Broomstick](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/broomstick/32/246_2.png) [@Broomstick](https://boards.straightdope.com/u/Broomstick)\ **Post date:** [August 26, 2022, 7:50pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/210 "2022-08-26T19:50:06Z")
> [@k9bfriender](#): > > Students should certainly be given a more realistic picture of what job prospects are available to different majors, and what it would cost to attain those degrees, I do think that part of the problem is that we have 17 year olds making decisions about the rest of their lives based on poor information. Absolutely - we need to inform students MUCH better. One good thing my college did for me was be very up front about job prospects (it was a Fine Arts college). Also required a business course for us and hammered home the notion of a back-up skill in case we didn’t make it big in the art world. As it turned out, I never did become the next Andy Warhol. On the other hand, I was able to get a job to cover my rent pretty quickly out of college AND pay off my student loans while a struggling artist. I was able to do that in part because “how to survive” was part of the college curriculum. From “back up skill” to “interesting ways to use your knowledge gained getting an art degree in non-art places”. But I don’t think most colleges do that. I’m not even sure my alma mater still does that. I _certainly_ got a LOT of bad advice about college and careers between the age of 15 and 25, and too much of it came from authority figures like school counselors. (My high school one was worse than useless). Fortunately, I had older siblings who were able to give me some good advice so I could learn from their mistakes. I still make a certain side-gig amount of money from my art skills even if it’s not enough to live on. I’ve probably used my degree more than a lot of other people have. ---
**Author:** ![kaylasdad99](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kaylasdad99/32/3398_2.png) [@kaylasdad99](https://boards.straightdope.com/u/kaylasdad99)\ **Post date:** [August 26, 2022, 8:20pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/211 "2022-08-26T20:20:06Z")
> [@mbh](#): > > people who made good choices pay higher taxes, to bail out a bunch of people whose fancy Ivy League educations didn’t include basic arithmetic? > > Why should plumbers and carpenters pay higher taxes, to pay off the student loans of doctors and lawyers? Pretend it’s a tax break for megacorporations, which you also didn’t benefit from. ---
**Author:** ![ZipperJJ](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/zipperjj/32/211_2.png) [@ZipperJJ](https://boards.straightdope.com/u/ZipperJJ)\ **Post date:** [August 26, 2022, 9:03pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/212 "2022-08-26T21:03:07Z")
Question: Do plumbers and carpenters and people with trade school degrees not have student loan debt? I mean, trade school isn’t free. ---
**Author:** ![slash2k](https://avatars.discourse-cdn.com/v4/letter/s/439d5e/32.png) [@slash2k](https://boards.straightdope.com/u/slash2k)\ **Post date:** [August 26, 2022, 9:32pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/213 "2022-08-26T21:32:05Z")
Depends on the program. Many plumbers, for example, learned through an apprenticeship program, on-the-job training where they are paid rather than paying. On the other hand, my local trade school, [Washburn Institute of Technology](https://www.washburntech.edu/about-us/index.html) (a subprogram of Washburn University) offers degree and certificate programs in carpentry/cabinetry, machine tooling, welding, auto repair, various health occupations such as phlebotomy, etc.; those are all eligible for federal financial aid, including Pell Grants and direct student loans. ---
**Author:** ![Broomstick](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/broomstick/32/246_2.png) [@Broomstick](https://boards.straightdope.com/u/Broomstick)\ **Post date:** [August 26, 2022, 9:35pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/214 "2022-08-26T21:35:30Z")
I have a feeling the butt-hurt Right consider any form of trade school as a whole different thing than any sort of lib’rul university. ---
**Author:** ![Magiver](https://avatars.discourse-cdn.com/v4/letter/m/4491bb/32.png) [@Magiver](https://boards.straightdope.com/u/Magiver)\ **Post date:** [August 26, 2022, 9:46pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/215 "2022-08-26T21:46:27Z")
> [@Mahaloth](#): > > Society should for the most part. Maybe for all part? I’m not sure. OK, send me a check for the money I spent on college. I need a new car. I’m willing to take a loan out on the car if that changes things. ---
**Author:** ![Magiver](https://avatars.discourse-cdn.com/v4/letter/m/4491bb/32.png) [@Magiver](https://boards.straightdope.com/u/Magiver)\ **Post date:** [August 26, 2022, 9:51pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/216 "2022-08-26T21:51:57Z")
> [@Broomstick](#): > > I have a feeling the butt-hurt Right consider any form of trade school as a whole different thing than any sort of lib’rul university. To better state it, the butt-hurt responsible citizen is getting tired of watching the national debt rise because people make poor decisions. It’s just more vote-buying welfare prior to an election. Funny thing, the young people getting their loans paid off are still on the hook for the national debt. It’s the gift that keeps on accruing interest. ---
**Author:** ![Dr\_Paprika](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dr_paprika/32/3042_2.png) [@Dr\_Paprika](https://boards.straightdope.com/u/Dr_Paprika)\ **Post date:** [August 26, 2022, 10:01pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/217 "2022-08-26T22:01:29Z")
Here’s a deep look (might be paywalled) at how much more US schools cost over time, how government is paying a smaller share, how different populations are affected and so forth. On the whole, Biden’s actions seem reasonable to me. The amount of student debt owed by almost 50 million Americans is astronomical. > **[The Toll of Student Debt in the U.S.](https://www.nytimes.com/interactive/2022/08/26/your-money/student-loan-forgiveness-debt.html)** > > The amount of student loan debt held in America has grown to roughly the size of the economy of Brazil or Australia as the cost of higher education has skyrocketed over the last half-century. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [August 26, 2022, 10:03pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/218 "2022-08-26T22:03:32Z")
Yawn. To those of us who know better, and are at good at explaining things, a mere $300 billion in debt transference becomes a lot less scary when looked at the world as a whole: [![Imgur](https://live.staticflickr.com/65535/52308587242_7bf80e69f4_b.jpg "2022-08-24\_11-46-27") ](https://www.flickr.com/photos/68782016@N08/52308587242/) Wow. 3 whole blocks move from “household” to “government” which, as you admitted, is already on the hook for these loans. It is, literally, peanuts in the global capital markets. ETA: Reply to Mcgiver ---
**Author:** ![Mahaloth](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mahaloth/32/1079_2.png) [@Mahaloth](https://boards.straightdope.com/u/Mahaloth)\ **Post date:** [August 26, 2022, 10:06pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/219 "2022-08-26T22:06:07Z")
> [@Magiver](#): > > OK, send me a check for the money I spent on college. I need a new car. I’m willing to take a loan out on the car if that changes things. Uh, it’s too late for you and me. However, we should have taxes to pay for future people’s university education. ---
**Author:** ![bobot](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bobot/32/21622_2.png) [@bobot](https://boards.straightdope.com/u/bobot)\ **Post date:** [August 26, 2022, 10:17pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/220 "2022-08-26T22:17:03Z")
> [@Magiver](#): > > To better state it, the butt-hurt responsible citizen is getting tired of watching the national debt rise because people make poor decisions. It’s just more vote-buying welfare prior to an election. > > Funny thing, the young people getting their loans paid off are still on the hook for the national debt. It’s the gift that keeps on accruing interest. I’ve seen this somewhere recently: > **[White House shines light on Republicans criticizing student debt cancellation...](https://www.nbcnews.com/politics/white-house/white-house-shines-light-republicans-are-criticizing-student-debt-canc-rcna44904)** > > The White House used its Twitter account to point the finger at a handful of GOP lawmakers. "Greene, who said on Newsmax that “it’s completely unfair” for student loans to be forgiven, had $183,504 in PPP loans forgiven, according to the White House. [Previous page](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242.md?page=10) [Next page](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242.md?page=12)