# 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:** 16
**Author:** ![EllisDee](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ellisdee/32/4531_2.png) [@EllisDee](https://boards.straightdope.com/u/EllisDee)\ **Post date:** [August 29, 2022, 1:31pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/301 "2022-08-29T13:31:05Z")
> [@D\_Anconia](#): > > Most people? “the American government is supposed to be doing”? That is going to need a cite, please. Do you drive on roads? ---
**Author:** ![wguy123](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wguy123/32/3161_2.png) [@wguy123](https://boards.straightdope.com/u/wguy123)\ **Post date:** [August 29, 2022, 4:30pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/302 "2022-08-29T16:30:01Z")
> [@Sam\_Stone](#): > > I didn’t even see that. And now that you have, do you care to comment? ---
**Author:** ![ekedolphin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ekedolphin/32/10003_2.png) [@ekedolphin](https://boards.straightdope.com/u/ekedolphin)\ **Post date:** [August 29, 2022, 6:28pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/303 "2022-08-29T18:28:44Z")
It was mentioned earlier in this thread that Pelosi said Biden couldn’t do this without congressional approval (which he was unlikely to ever get). Well, now 94 GOP lawmakers want Pelosi to… hold Biden accountable, somehow, for his “unconstitutional and illegal action”. > **[Nancy Pelosi should hold Biden accountable for his 'unconstitutional and...](https://www.msn.com/en-us/news/politics/nancy-pelosi-should-hold-biden-accountable-for-his-unconstitutional-and-illegal-student-loan-forgiveness-94-gop-lawmakers-say/ar-AA11eFcE?ocid=msedgntp&cvid=f4810a3399fd2cf96a7a35d8a55854da)** > > A year ago, Pelosi argued that the president doesn't have authority to cancel student debt. Now, Republicans are reminding her of that position. Funny how they didn’t do this for bank bailouts, or Trump’s $2 trillion in tax cuts for the wealthiest 1%, or for important matters like turning little brown children into skeletons. ---
**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 29, 2022, 6:33pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/304 "2022-08-29T18:33:02Z")
Once told of the Biden strategy (HEROES Act), Pelosi backed off the 2021 statement, saying she wasn’t aware of the mechanisms used when making the original comment. She actually backed down a while ago as the Biden administration has been doing debt relief for months. Her current position is here: [https://www.speaker.gov/newsroom/82422-2](https://www.speaker.gov/newsroom/82422-2) > [@](#): > > “President Biden’s bold action is a strong step in Democrats’ fight to expand access to higher education and empower every American to reach fulfillment. By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they continue to recover from the challenges of the pandemic. Importantly, this action will help those most in need, easing a financial burden disproportionately harming women and people of color. ---
**Author:** ![ekedolphin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ekedolphin/32/10003_2.png) [@ekedolphin](https://boards.straightdope.com/u/ekedolphin)\ **Post date:** [August 29, 2022, 6:34pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/305 "2022-08-29T18:34:56Z")
Got’cha. The Republicans don’t like that kind of nuance. ---
**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 29, 2022, 6:35pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/306 "2022-08-29T18:35:31Z")
The nuance of honesty? Yes. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:14pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/307 "2022-08-29T20:14:14Z")
This isn’t spending money to broadly benefit the American people. This is spending money to narrowly benefit a subset of Americans that specifically don’t need it to the broad detriment of the majority of the nation. 1/3 of Americans are against any forgiveness. Another 1/3 are against a blanket forgiveness to any/all debtors. Don’t you “basic reality” me. You broadly benefit the American people by investing in food inspections, the military, highways, and hospitals. You don’t broadly benefit the American people by giving out free, no-strings-attached money to a cohort of people, screwing everyone who came before, and yes, after. Back in my day, you had to fight in a war to get the government to pay your school. Now they just let anybody do it. The more irresponsible you are, the more dole you get. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:16pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/308 "2022-08-29T20:16:41Z")
Well how about the obvious consequence that you cut yourself with the other edge of that sword? You wanna explain to the class how it’s OK to be against those other expenditures but OK to be for this one? You’re not offering a justification, you’re offering a tu quoque. ---
**Author:** ![Thudlow\_Boink](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thudlow_boink/32/320_2.png) [@Thudlow\_Boink](https://boards.straightdope.com/u/Thudlow_Boink)\ **Post date:** [August 29, 2022, 8:23pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/309 "2022-08-29T20:23:43Z")
> [@Chessic\_Sense](#): > > This is spending money to narrowly benefit a subset of Americans that specifically don’t need it to the broad detriment of the majority of the nation. Cite that these are people who “specifically don’t need it”? One point that I haven’t seen yet in this thread was made by Matt Reed, writing as “Confessions of a Community College Dean”: > [@](#): > > The best argument for it, in my view, is that the highest default rates are among the borrowers with the lowest balances. This is the point the mainstream press misses entirely. Cardiologists with six-figure debts do just fine. The borrowers who are struggling are the ones who dropped out of college after a semester or two with nothing to show for it but debt. They usually owe a few thousand dollars, but if they’re on the margins of the economy, that’s often beyond what they can pay. Wiping away small debts will mean setting thousands of low-wage workers free from student loans entirely. That’s a very big deal, and an excellent idea. And the impact to the Treasury is likely small, since many of those loans were unlikely ever to be repaid anyway. Businesses routinely write off certain bad debts; this is consistent with business practice. His whole article/blog post is worth reading: > **[Thoughts on Loan Forgiveness](https://www.insidehighered.com/blogs/confessions-community-college-dean/thoughts-loan-forgiveness#.Yw0fYu4_HjA.link)** > > I’ll give it a qualified yes. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:37pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/310 "2022-08-29T20:37:26Z")
They went to college. That means they don’t need it. This isn’t for people in medical debt who happen to have gone to college. This isn’t for people in bankruptcy who happen to have student debt. This isn’t for people who got fired or laid off and just happen to have these loans. This is tailored, intentionally, to people who have student loans _and that’s it._ > The best argument for it, in my view, is that the highest default rates are among the borrowers with the lowest balances. This relief doesn’t go to people who default. It’s not intended nor is it directed toward people in default. You want a cite that it goes to people who specifically don’t need it? Here: > Cardiologists with six-figure debts do just fine. There you go. Your authority just told you we forgave student debt of people who did just fine. But let him hammer home the point for you: > And the impact to the Treasury is likely small, since many of those loans were unlikely ever to be repaid anyway. Which is why this will only cost $300 billion, a mere _third of the entire military._ And it’s why it only applies to people who were in default, who couldn’t pay their student loans, and only low-wage workers. In order to get the forgiveness, you have to show that your loan is essentially bad debt. Like a business would write off. Oh wait… ---
**Author:** ![Akaj](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/akaj/32/145_2.png) [@Akaj](https://boards.straightdope.com/u/Akaj)\ **Post date:** [August 29, 2022, 8:44pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/311 "2022-08-29T20:44:18Z")
> [@Chessic\_Sense](#): > > They went to college. That means they don’t need it. So anyone who attended college – even for a semester or two – is living a healthy middle class lifestyle? > [@Chessic\_Sense](#): > > > Cardiologists with six-figure debts do just fine. > > There you go. Your authority just told you we forgave student debt of people who did just fine. Cardiologists’ incomes likely make them ineligible. ---
**Author:** ![ekedolphin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ekedolphin/32/10003_2.png) [@ekedolphin](https://boards.straightdope.com/u/ekedolphin)\ **Post date:** [August 29, 2022, 8:50pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/312 "2022-08-29T20:50:24Z")
@Chessic_Sense , did you actually read the fact sheet for who’s eligible for this, or not? ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:51pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/313 "2022-08-29T20:51:46Z")
Sure. Why not. Yup, you got me. You just justified the entire bill. 🙄 If they’re living a healthy middle class lifestyle then they have no business being helped by the federal government for absolutely no return, no sacrifice, no penalty. What part of this do you not understand? ---
**Author:** ![ekedolphin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ekedolphin/32/10003_2.png) [@ekedolphin](https://boards.straightdope.com/u/ekedolphin)\ **Post date:** [August 29, 2022, 8:53pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/314 "2022-08-29T20:53:46Z")
Well, not to let facts get in the way of a good story, but: [![](https://mcusercontent.com/c97630621baff8c44fe607661/images/8f833362-e2af-2445-1d30-f68c0dfa36ba.png) ](https://mcusercontent.com/c97630621baff8c44fe607661/images/8f833362-e2af-2445-1d30-f68c0dfa36ba.png) ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:54pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/315 "2022-08-29T20:54:14Z")
I absolutely did. It’s an obscene threshold. It should be 40k single, 70k married. Do you think a cardiologist exceeding the income bracket means everything else is fair game? “Oh, it’s fine. So long as the highest paid professional I can think of is excluded, the income thresholds are perfect where they are.”? The dean used it as an exaggeration. I suspect you realize this. Give me the same courtesy. ---
**Author:** ![Akaj](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/akaj/32/145_2.png) [@Akaj](https://boards.straightdope.com/u/Akaj)\ **Post date:** [August 29, 2022, 8:55pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/316 "2022-08-29T20:55:13Z")
> [@Chessic\_Sense](#): > > If they’re living a healthy middle class lifestyle then they have no business being helped by the federal government … I was pointing out the fallacy in your assumption that anyone who attended college doesn’t need this relief. In fact, not everyone who attended (or even graduated from) college is living a healthy middle class lifestyle, and many need this relief urgently. Sorry I was too subtle for you. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 8:59pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/317 "2022-08-29T20:59:02Z")
Oh stop it. Your facts get in the way of nothing. What did you think was going to happen? You thought I’d go “Oh wow, actually, most of the insane amount of money is going to individuals who make less than a-lot-of-money.” and I’d somehow change my mind about them deserving absolutely nothing? What good story do you imagine your facts are getting in the way of? ---
**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 29, 2022, 9:01pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/318 "2022-08-29T21:01:12Z")
I see a lot of opinions based upon outmoded ways of thinking, and not a single citation. You’ll have fun, my daughter is flying in! Lol, ‘insane amount of money’. Like I said: outmoded. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [August 29, 2022, 9:03pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/319 "2022-08-29T21:03:02Z")
> [@Akaj](#): > > not everyone who attended (or even graduated from) college is living a healthy middle class lifestyle, and many need this relief urgently. We aren’t giving the relief to “many who need it urgently,” we’re giving it essentially to “everyone who attended college” even if they “live a middle class lifestyle.” I just can’t understand the mentality of someone who thinks “many people need money urgently, so let’s give taxpayer dollars to them _and also tens of millions of other people_.” Are you seriously throwing up your hands and saying hey, there’s no way to tell them apart, whaddayagonnado? ---
**Author:** ![slash2k](https://avatars.discourse-cdn.com/v4/letter/s/439d5e/32.png) [@slash2k](https://boards.straightdope.com/u/slash2k)\ **Post date:** [August 29, 2022, 9:04pm UTC](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242/320 "2022-08-29T21:04:24Z")
> [@Chessic\_Sense](#): > > Which is why this will only cost $300 billion, a mere _third of the entire military._ Ah, no. There are various figures on the total cost, but that’s the total cost over a ten- to twenty-year window, on loans that might otherwise be paid back over that timeframe. The total cost of the military over that same 10 to 20 years will be many trillions. The estimated cost (budget impact) in any given year is perhaps $24 billion (White House estimate) to $40 billion. Compare and contrast with the $800 billion or so the US spends each year on the military. [Previous page](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242.md?page=15) [Next page](https://boards.straightdope.com/t/thousands-of-dollars-in-student-debt-cancelled-good-news-right/970242.md?page=17)