Official Student Debt Cancellation Watch Thread

[Scholar]

Already said before here but give #k in student loan forgiveness and a tax credit to Americans under x income who didn't have loans

 

[FAH1223]

 

[Originalman]

I don’t think anyone is realistically looking for a total debt jubilee


And lol @ not being at risk. You do realize we have the same backgrounds and families as those who don’t make 125k. My friends aren’t made up of the fabled black bourgeoisie. We came from lower middle class to middle class families in places like Oakland, LA, Detroit, Baltimore, DC, Queens and Brooklyn, we just so happened to go to good schools. All of us have tons of debt, even moreso than the avg black college grad thanks to grad school, yet still have the same issues of needing to, and/or wanting to, support others on our families, the people who struggle to pay bills or need some help covering property taxes or bail for your fukking deadbeat brothers. Miss me with not being held back.

and to your last point, there is a COL component in which 125k is not a high income in America’s coastal metros, I could see 200k as a real phase out, but you can start out at 100k as a cop in the bay given the high COL, the Dems sound like republicans with this bullshyt.

Here is another thing sista. Many of them six figure earning black folks have (now) and later can be laid off. You can not quality for the one time debt forgiveness and then a year later qualify for it cause they were laid off and had to take a lower paying job.

I also think it is extremely foolish to think cause some black folks make 125k to 200k that they have it made. They are often last hired in a good economy and first fired come bad economy. Which means they are always ice skating up hill.

 

[Originalman]

I don't think student loans will be forgiven. I think they'll change it so that loans can be wiped out in bankruptcy.

Real talk this is all mental masturbation because they will never fully forgive everyones student loans. At the most they will forgive 10k and even then it will be a bunch of requirements to be met.

Second people do not realize how may financial institutions make millions and billions off of student loans. From selling and buying defaulted loans to making money off of the incredible amounts of interest. Its a huge hustle.

3rd it does not reset anything because the cost of college doesn't decrease its still sky high. A student loan total forgiveness would be like a crackhead going to the Betty Ford clinic and being cured from their addiction after 5 months. Then the day they leave the facility giving them a hit of meth.

Unless the student loan forgiveness is going to regulate college costs (which it won't) or increase pell grants or bring back perkins loans this shyt is all a smoke screen to shut folks up.

And lets be real the shyt aint gonna pass the senate unless a lot of requirements are added and a limit is set (something like 10k).

Oh and lets not forget these parent plus loans either or these private bank student loans.

 

[King Kreole]

Here is another thing sista. Many if them six figure earning black folks have (now) and later can be laid off. You can not quality for the one time debt forgiveness and then a year later qualify for it cause they were laid off and had to take a lower paying job.

I also think it is extremely foolish to think cause some black folks make 125k to 200k that they have it made. They are often last hired in a good economy and first fired come bad economy. Which means they are always ice skating up hill.

All black wealth is precarious. But some is more precarious than others. I'm not gonna rehash this, but being unable to differentiate between the material conditions of a black person making $125K and a black person making 1/3 of that is just some incredibly weird shyt, and I don't know what kind of warped politics spring from such seeds. Y'all boo-hooing for top 10% of black folks, I'll save my tears and considerations for the 90% of black folks making far, far less.

 

[No1]

All black wealth is precarious. But some is more precarious than others. I'm not gonna rehash this, but being unable to differentiate between the material conditions of a black person making $125K and a black person making 1/3 of that is just some incredibly weird shyt, and I don't know what kind of warped politics spring from such seeds. Y'all boo-hooing for top 10% of black folks, I'll save my tears and considerations for the 90% of black folks making far, far less.

LOL@ top 10 percent of black folks. Are you even black? Talking about Black people in the same class terms as white people is one of the dumbest things ever regardless of my politics.

 

[dora_da_destroyer]

Top 10% of black folk

I can’t

 

[King Kreole]

LOL@ top 10 percent of black folks. Are you even black? Talking about Black people in the same class terms as white people is one of the dumbest things ever regardless of my politics.

Top 10% of black folk

I can’t

Do y'all just not understand how numbers work or is this a reading comprehension issue?

 

[Serious]

LOL@ top 10 percent of black folks. Are you even black? Talking about Black people in the same class terms as white people is one of the dumbest things ever regardless of my politics.

You know damn well he isn't black

 

[Pressure]

What the hell did I click into.

Top 10% of black folks.

 

[King Kreole]

Alright I was hoping we could have a serious discussion about this but y'all can go off on this temporarily embarrassed millionaires shyt.

 

[Pressure]

Alright I was hoping we could have a serious discussion about this but y'all can go off on this temporarily embarrassed millionaires shyt.

Are you really trying to have a serious discussion if you are dishonestly framing the conditions of the black worker?

 

[dora_da_destroyer]

when people talk of the top 10 or 1%, it's a wealth conversation. conflating top income - people who depend on a check each month, as most of the black population across all income levels do - with wealth continues to dismiss the fragility of black finances across the board. a few of us already went into the fact that there is still a dearth of wealth/assets accumulated in top black income earning households, further compounded by the fact many of us are still tied to lower economic backgrounds/families and took out crazy student loans to earn a top income.

no one is saying you need to shed tears for a black person earning 150k at the same rate you would for someone earning $25k, but stop acting like that income puts them in a class of wealth

 

[King Kreole]

Are you really trying to have a serious discussion if you are dishonestly framing the conditions of the black worker?

You believe it's dishonest for me to claim the majority of black people who hold student debt aren't making $125K+, and that black people who are pulling in $125K+ aren't the most at risk demo within the black community and so shouldn't be given prime consideration when it comes to assessing policies designed to aid the black community? When I say the mean black household income of $60K, median black household income is $41K, I'm using Census Bureau data, so I'd be interested to hear how those are dishonest numbers.

 

[Pressure]

You believe it's dishonest for me to claim the majority of black people who hold student debt aren't making $125K+,

Yes

and that black people who are pulling in $125K+ aren't the most at risk demo within the black community and so shouldn't be given prime consideration when it comes to assessing policies designed to aid the black community?

This operates under three assumptions I'm not on board with.
1.) you are assuming that black people who take on student debt aren't doing so with the hope of upward mobility.
2.) That student debt inhibits the upward mobility expected to come with increased income due to the obvious constraints debt puts on one's ability to build wealth.
3.) it disregards the inability to pass down wealth is one of the major contributing factors to the lack of wealth held by black Americans.

When I say the mean black household income of $60K, median black household income is $41K, I'm using Census Bureau data, so I'd be interested to hear how those are dishonest numbers.

You're assuming black people making 30/40k don't have college degrees and debt.

And all of this is outside what we know of black Americans being underpaid and less likely to be employed. Consider the amount of economic contraction during the pandemic, I'm not sure why you're suggesting the middle class black American doesn't have a scenario where aid is more urgent than during "good times."

Also, we shouldn't always operate in extremes and either ors.