Angry Father Confronts Elizabeth Warren on Her College Debt Forgiveness Plan

Bearnie Slanders

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Jul 14, 2017
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"My daughter's getting out of school, I saved all my money, she doesn't have any student loans," the man asked Warren in the video. "Am I going to get my money back?"
"Of course not," responded the senator.
"So, you're going to pay for people who didn't save any money and those of us that did the right thing get screwed," said the man.
Warren disputed the man's assertion that he'd be "screwed" under her plan. The man insisted that he would be because his friend had spent money in different ways.
"Of course we did. My buddy had fun, bought a car, went on vacation," the man protested. "I saved my money. He made more than I did, but I worked a double shift... since my daughter was 10."




May we consider a third example? The student who didn’t have an angry father and didn’t foolishly take out a student loan but instead went from walking to school in the snow to punching a clock at a menial factory job. After paying 20% to 30% of their income to taxes for 50 years the government will have a $50K gift for the student loan student and maybe Elizabeth Warren will relent and also have $50K for the angry father but nothing for Joe Lunchbucket who went the hard way?
 

Autoprax

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Don't take away debt.

Take away profit motive of interest for banks making the loans.

My loans were not low interest.

That made me pay them off fast.
 
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VonMeister

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The whole thing is a lie. Shocking coming from Warren, who is just plainly a liar about everything. A President just can't cancel debt. That's not how our government works. They could propose some form of tax benefit, are the loans already deductible?
 
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grapedrink

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The whole thing is a lie. Shocking coming from Warren, who is just plainly a liar about everything. A President just can't cancel debt. That's not how our government works. They could propose some form of tax benefit, are the loans already deductible?
Student loan interest is deductible, but only for the first 5 years and if you make under $80k/year. Or something similar. Which essentially screws lawyers and doctors. At least those were the rules before the recent tax bill.
 
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Duffy LaCoronilla

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Don't take away debt.

Take away profit motive of interest for banks making the loans.

My loans were not low interest.

That made me pay them off fast.
Student loans are run by the federal government. The banks have been out of it for quite some time.
 

afoaf

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do I need to point out the logical flaw in your counterargument?
 

mundus

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Well you got Billionaire Betsy Devoss making sure the fraud universities get their money.
 

Duffy LaCoronilla

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wells fargo appears to be running an ad on these search terms

Google also provided this snippet at the top of the SRP:

None of which is relevant to warrens debt forgiveness plan.

These aren’t student loans. They are supplemental loans offered to students to cover things AFTER they have exhausted funds from scholarships, grants and the federal student loan program.

It’s a completely different category if funding that isn’t even part of the $1.6 trillion warren is discussing.
 

craigj532

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Student loan interest is deductible, but only for the first 5 years and if you make under $80k/year. Or something similar. Which essentially screws lawyers and doctors. At least those were the rules before the recent tax bill.
This is still the law for deducting student loan interest. It doesn't make any sense to me that a person who takes on student loan debt in order to improve his employment prospects is penalized by not being able to deduct interest on his students loans if he is able to secure a middle class income. Just like it doesn't make sense to me that if you earn a certain income, the government makes it harder for you to take advantage of certain retirement savings products (e.g. Roth IRA). But I make about 400% what I made before I took out my student loans, so I can't really complain.

Two lessons:

1. Life is not fair.
2. Sometimes student loan debt is worth it.
 

Autoprax

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Even though many of the loans are originated by the state, most of them are serviced by private or quasi-private companies like Navient – which until 2014 was the student-loan arm of Sallie Mae – or Nelnet, companies that reported a combined profit of around $1 billion last year (the U.S. government made a profit of $1.6 billion in 2016!). Debt-collector companies like Performant (which generated $141.4 million in revenues; the family of Betsy DeVos is a major investor), and most particularly the colleges and universities, get to prey on the desperation and terror of parents and young people, and in the process rake in vast sums virtually without fear of market consequence.

I'm saying the government and the companies that service the loans don't need to make a profit.
 
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afoaf

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None of which is relevant to warrens debt forgiveness plan.

These aren’t student loans. They are supplemental loans offered to students to cover things AFTER they have exhausted funds from scholarships, grants and the federal student loan program.

It’s a completely different category if funding that isn’t even part of the $1.6 trillion warren is discussing.
so, word games.