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Author Topic: Trump just laid out a pretty radical student debt plan  (Read 4617 times)

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Offline Frank Cannon

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Trump just laid out a pretty radical student debt plan
« on: November 14, 2016, 03:23:57 pm »
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Donald Trump is promising the most liberal student loan repayment plan since the inception of the federal financial aid program, in a clear effort to court the millions of Americans struggling with the high cost of college.

“We would cap repayment for an affordable portion of the borrower’s income, 12.5 percent, we’d cap it. That gives you a lot to play with and a lot to do,” Trump said at a rally in Columbus, Ohio, on Thursday. “And if borrowers work hard and make their full payments for 15 years, we’ll let them get on with their lives. They just go ahead and they get on with their lives.”


The terms proposed by the Republican nominee are more generous than all of the existing government programs that let borrowers cap their monthly student loan payments to a percentage of their earnings. Even the latest income-driven plan, known as Revised Pay as You Earn (REPAYE), forgives remaining debt after 20 years of payment, though it caps borrowers’ monthly bills to 10 percent of their income.

“Students should not be asked to pay more on the debt than they can afford,” Trump said. “And the debt should not be an albatross around their necks for the rest of their lives.”

What’s remarkable about Trump’s proposal is it flies in the face of the fiscal conservatism that’s supposed to define the Republican Party. Republicans have railed against the Obama administration’s expansion of income-driven repayment programs as fiscally irresponsible, yet the party’s nominee wants to lower the period of repayment, which is sure to cost the government quite a bit of money.

“They are way off on their numbers,” said Jason Delisle, a resident fellow at the American Enterprise Institute, a conservative think tank. “If you were going to give loan forgiveness in 15 years, you’re going to forgive a lot more debt than you’re going to make up for in the form of the higher payments they’re proposing, by a lot. I don’t even need to run the numbers. It’s so obvious.”

https://www.washingtonpost.com/news/grade-point/wp/2016/10/13/trump-just-laid-out-a-pretty-radical-student-debt-plan/
« Last Edit: November 14, 2016, 03:46:43 pm by AbaraXas »
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Offline Cripplecreek

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Re: Trump just laid out a pretty radical student debt plan
« Reply #1 on: November 14, 2016, 03:27:35 pm »
“Students should not be asked to pay more on the debt than they can afford,” Trump said. “And the debt should not be an albatross around their necks for the rest of their lives.”

We really need a facepalm emoji.
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Offline ABX

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Re: Trump just laid out a pretty radical student debt plan
« Reply #2 on: November 14, 2016, 03:30:34 pm »
Make Bernie Sander's Policies Great Again
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Offline Night Hides Not

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Re: Trump just laid out a pretty radical student debt plan
« Reply #3 on: November 14, 2016, 03:31:35 pm »
Before I overreact to this plan, we must admit that their chances for getting their "fair share" of SS/Medicare benefits are pretty slim.

I'd be more in favor if accountability measures for Big Education were a part of this plan.

Whether it's capped at 10%, 12.5%, 15%, etc. there won't be much left over for a home mortgage. Unless you're a member of a protected class, it's tough to qualify for a mortgage when your front-end ratio is over 31%.
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Offline Maj. Bill Martin

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Re: Trump just laid out a pretty radical student debt plan
« Reply #4 on: November 14, 2016, 03:32:05 pm »
Terrible idea.  Boooooooo!
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Offline Frank Cannon

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Re: Trump just laid out a pretty radical student debt plan
« Reply #5 on: November 14, 2016, 03:33:11 pm »
I wonder if Donny realizes that colleges will just jack their tuition through the roof because it's basically free govt' money.
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Offline rodamala

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Re: Trump just laid out a pretty radical student debt plan
« Reply #6 on: November 14, 2016, 03:33:33 pm »


Seriously... we need @Meshuge Mikey to photoshop the back of Donald's head on this photo.
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Offline Suppressed

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Re: Trump just laid out a pretty radical student debt plan
« Reply #7 on: November 14, 2016, 03:34:29 pm »
Quote from: Night Hides Not on November 14, 2016, 03:31:35 pm
Before I overreact to this plan, we must admit that their chances for getting their "fair share" of SS/Medicare benefits are pretty slim.

I'd be more in favor if accountability measures for Big Education were a part of this plan.

Whether it's capped at 10%, 12.5%, 15%, etc. there won't be much left over for a home mortgage. Unless you're a member of a protected class, it's tough to qualify for a mortgage when your front-end ratio is over 31%.

Some of us have had to live without things we can't afford.
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Offline austingirl

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Re: Trump just laid out a pretty radical student debt plan
« Reply #8 on: November 14, 2016, 03:36:28 pm »
Looking at the student population these days, most of them do not belong in college. They are whiny little crybabies with no critical thinking skills who are brainwashed by the leftist professors. They are not getting an education. Not money well spent.
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Offline rodamala

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Re: Trump just laid out a pretty radical student debt plan
« Reply #9 on: November 14, 2016, 03:36:36 pm »
Quote from: Frank Cannon on November 14, 2016, 03:33:11 pm
I wonder if Donny realizes that colleges will just jack their tuition through the roof because it's basically free govt' money.

@Frank Cannon

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Offline GAJohnnie

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Re: Trump just laid out a pretty radical student debt plan
« Reply #10 on: November 14, 2016, 03:39:28 pm »


Considering the 1st 5 years are merely repaying the interest on the average loan, perhaps we need to change the terms of the loans to something less commercially oriented. These are suppose to be for personal betterment of people, not a profit making line for the Schools and the Banks.

Student Loans have been one of the biggest screw jobs tot he US Taxpayers. Loans are calculated based on "need". The higher the need, the more they loan. It gives a built in incentive to Schools to charge as much as possible. That is the reason inflation in higher education costs is greater then anything else in our society. We built a system that encourages mis-spending by the Schools to maximize Fed dollars being loaned out. Nice money maker for the banks  and the schools and, as usual, the average joe gets left holding the bills at the end.
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Offline thackney

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Re: Trump just laid out a pretty radical student debt plan
« Reply #11 on: November 14, 2016, 03:39:59 pm »
Quote from: Frank Cannon on November 14, 2016, 03:23:57 pm
“Students should not be asked to pay more on the debt than they can afford,” Trump said. “And the debt should not be an albatross around their necks for the rest of their lives.”

Students and Parents should make better decisions taking on debt for a possibility of a career that doesn't justify the expense.

As a tax payer, I should not be required to pay for their irresponsible decisions in taking on too much debt.  It wasn't forced on them.  They chose it.
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Offline GAJohnnie

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Re: Trump just laid out a pretty radical student debt plan
« Reply #12 on: November 14, 2016, 03:41:50 pm »
Quote from: Frank Cannon on November 14, 2016, 03:33:11 pm
I wonder if Donny realizes that colleges will just jack their tuition through the roof because it's basically free govt' money.

That what they do now. Loans are based on "student need". How much the "need" is is based on the cost of the school. It is why Higher Education coasts are the most inflated sector of the economy. The more schools charge, the more debt the Student gets saddled with.
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Offline RoosGirl

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Re: Trump just laid out a pretty radical student debt plan
« Reply #13 on: November 14, 2016, 03:42:34 pm »
Is there a link for this story?
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Offline thackney

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Re: Trump just laid out a pretty radical student debt plan
« Reply #14 on: November 14, 2016, 03:42:36 pm »
Quote from: GAJohnnie on November 14, 2016, 03:39:28 pm
These are suppose to be for personal betterment of people, not a profit making line for the Schools and the Banks.

What!!! You think businesses should exist for the charity of bad decision makers?

If you go to a bank to make a loan, you absolutely should understand that bank and that loan exists for the bank to make a profit.  Same for a private school.

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Offline catfish1957

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Re: Trump just laid out a pretty radical student debt plan
« Reply #15 on: November 14, 2016, 03:42:46 pm »
One of many upcoming Presidential Jekyll / Hyde moments....


Left wing Mr. liberal Hyde Trump woke up from his sleep.
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Offline LMAO

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Re: Trump just laid out a pretty radical student debt plan
« Reply #16 on: November 14, 2016, 03:43:05 pm »
This, like his Ivankacare, is going nowhere
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Offline andy58-in-nh

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Re: Trump just laid out a pretty radical student debt plan
« Reply #17 on: November 14, 2016, 03:43:41 pm »
Quote from: Cripplecreek on November 14, 2016, 03:27:35 pm
“Students should not be asked to pay more on the debt than they can afford,” Trump said. “And the debt should not be an albatross around their necks for the rest of their lives.”

We really need a facepalm emoji.
:facepalm2:
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Offline thackney

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Re: Trump just laid out a pretty radical student debt plan
« Reply #18 on: November 14, 2016, 03:44:23 pm »
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Offline catfish1957

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Re: Trump just laid out a pretty radical student debt plan
« Reply #19 on: November 14, 2016, 03:44:48 pm »
Who needs parents or students to work for tuition for scholarships anymore since Uncle Sugar will foot the bill.  /s
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Offline RoosGirl

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Re: Trump just laid out a pretty radical student debt plan
« Reply #20 on: November 14, 2016, 03:44:57 pm »
« Last Edit: November 14, 2016, 03:46:36 pm by RoosGirl »
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Offline Night Hides Not

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Re: Trump just laid out a pretty radical student debt plan
« Reply #21 on: November 14, 2016, 03:46:13 pm »
Quote from: thackney on November 14, 2016, 03:42:36 pm
What!!! You think businesses should exist for the charity of bad decision makers?

If you go to a bank to make a loan, you absolutely should understand that bank and that loan exists for the bank to make a profit.  Same for a private school.

One thing's for sure: Midas Mulligan will NOT be the next Treasury Secretary.

By all means, bring Jamie Dimon in. After all, his brother Hank Paulson was such a great Treasury Sec.   :chairbang:
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Offline ABX

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Re: Trump just laid out a pretty radical student debt plan
« Reply #22 on: November 14, 2016, 03:46:20 pm »
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Offline Frank Cannon

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Re: Trump just laid out a pretty radical student debt plan
« Reply #23 on: November 14, 2016, 03:51:05 pm »
Quote from: RoosGirl on November 14, 2016, 03:42:34 pm
Is there a link for this story?

Sorry. Started drinking already.
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Offline Cripplecreek

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Re: Trump just laid out a pretty radical student debt plan
« Reply #24 on: November 14, 2016, 04:01:45 pm »
Quote from: thackney on November 14, 2016, 03:39:59 pm
Students and Parents should make better decisions taking on debt for a possibility of a career that doesn't justify the expense.

As a tax payer, I should not be required to pay for their irresponsible decisions in taking on too much debt.  It wasn't forced on them.  They chose it.

My nephew who was raised by 2 very liberal parents (1 of them is the son of 2 college professors) has made a very conservative decision. He walked away from a beginning education that would have led him to be a doctor and a mountain of debt. At 22 years old he;s running a UPS store with an intent to buy in 5 years and he, myself, and my uncle are planning to start a small scale distribution/shipping business from my garage.

My nephew says he felt pressured into medicine by my sis and brother in  law and would be starting a new career 7 figures in debt which was a major source of stress. Now he's making some $50,000 per year starting out and will make considerably more in the future minus that kind of debt.
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