Icylog2

Somebody with ideas for life

[Icylog2 @icylog2]

1/ @KatieLobosco just read your CNN stu-debt article. The first point you make [against cancellation] is what I call "Taxpayer's Plight" > here's why I think that argument must fail: it is the fault of the taxpayer that the stu-debt crisis exists. How?

[Icylog2 @icylog2]

@KatrinaHelle Besides QS...Ensurge.

[Icylog2 @icylog2]

@PrestonCooper93 @NateSilver538 Abortion & student debt are issues that transcend the "youth vote" (to the extent that is considered 25 & under). That there is a class of debtors slated for forgiveness due to 20+ years on repayment tells us this. Women of all ages were offended by overturning Roe.

[Icylog2 @icylog2]

@delislealleges 3) if that is so, along with the legislated terms promising forgiveness after certain time periods, Congress sure should have expected to be forgiving debt that accumulated via standard repayment totals being higher than debtors could afford to pay

[Icylog2 @icylog2]

@delislealleges 2/ that Congress legislated to reduce the size of monthly payments strikes me as a tacit admission by Congress that 1) it was too expensive to make payments under prior terms and 2) Congress still wanted people going to college.

[Icylog2 @icylog2]

@delislealleges 2/ theoretically, I'd say it's easy to bring down the cost of homes: outlaw charging interest on home mortgages. If no one will lend for home mortgages, home pricing will have to fall drastically at some point.

Not that this will happen, just hypothesizing...

[Icylog2 @icylog2]

@delislealleges 1/ Implication of the reporting seems to be that things that reduce consumer spending are bad for the economy. Student loans do just that.

But just like college tuition inflating b/c of easy student loans, credit itself inflates the cost of goods

[Icylog2 @icylog2]

@PrestonCooper93 correction, I meant so say parent "are not" obligated...

[Icylog2 @icylog2]

@PrestonCooper93 5. household income is a bad metric to use

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[Icylog2 @icylog2]

@millennial_debt There still is the problem that servicer contracts with fed gov determine servicer payment based on a per student, per **month** basis. This is a glaring reason for servicers to want to undercount payments toward forgiveness. A new fee structure could eliminate this temptation

[Icylog2 @icylog2]

@thecla923 @delislealleges As simple as it sounds (make x payments, then get forgiveness after that many) the logistical reality is that it is apparently very complex to count the # of payments made. This is why IDR is a failure.

[Icylog2 @icylog2]

@thecla923 @delislealleges The problem is that the description leaves out a major factor that causes very long term loans to still exist, despite being on IDR, which is the inability of loan servicers to properly track progress toward forgiveness.

[Icylog2 @icylog2]

@NealMcCluskey Who would you suggest to have filled that spot, if there was a 'taxpayer' spot on the committee? Would you go with a random name out of the hat sort of system? Then how many of these?

[Icylog2 @icylog2]

@EDAnalyst This is why ridding of degree requirements altogether, for most types of jobs, is a good idea - it removes the credential access problem. IMO, your tweet strikes a blow against credentialization, not against debt forgiveness

[Icylog2 @icylog2]

@4slj_ @StudentLoanTrav @usedgov Also:

• how will interest continue to accrue going forward?
• what about accrued interest previously capitalized into principal? Will it also get wiped out {I suspect not, but it's a major element of growing balances}
• will interest capitalization be done away with?

[Icylog2 @icylog2]

@Nomar5g @NateAFischer * typo - "no forgiveness"

[Icylog2 @icylog2]

@Nomar5g @NateAFischer 2/2 the status quo of now forgiveness & no changes would not light the fire under Congress' backside to make those structural fixes.