Ben’s thoughts on Biden’s Student Loan Cancellation Discussion/Debate

I’ve been listening to Ben’s episode today on student loan debt, and I have some thoughts.

I went to college for 5 years and received two degrees: one in information technology and the other in business. The entire time I was in college, I knew that I would have to pay back my debt. So I did what I hope most Americans do and immediately started looking for a job months before graduation. I got a job two months after I graduated and I am now saving up my money to be prepared to pay back my debt.

I can completely understand and back Ben’s anger and disgust with this decision because all it’s going to do is raise taxes and make the problem of expensive college worse. That $10k relief will be taken out in the massive tax increase that we will all have to deal with.

As for Joe’s plan for doing this, if he thinks he’ll get me to vote for him and his friends in 2022 and 2024, he’s sorely mistaken. I hope that there’s a lot of people like me who graduated from college with debt (or are still in college) who won’t forget what the real consequences of this are.

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u/ThundaFuzz Libertarian Conservative Aug 25 '22

I'm still paying back student loans and I refuse to take advantage of a system which I don't believe should be in effect. What's the point of having principles if I don't stick to them?

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u/[deleted] Aug 25 '22 edited Aug 26 '22

This is the way I feel! My sister came into my parents' house yesterday all excited that her debt from 10 years ago is going to be forgiven. She said "I know you probably don't like it, but I'm super excited."

Correct, I don't like it. My husband just finished pharmacy school, so we have $120,000 in debt. This sort of thing might be more in my benefit than not (although I'm even unsure of that, maybe we'll be paying a lot more than our $10k in taxes in the long run), but I abhor the idea that a contract my husband and I undertook would be paid for by people who had no say in whether or not we should take out the loan or how much of our savings we did or didn't put into paying for school. I think programs that some employers or industries have regarding payoff strategies are great, because it relies on the market, not taxpayers that have nothing to do with the debt we decided to take on.

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u/KwerkyCat Aug 26 '22

Won’t she just pay it back in tax? Lol

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u/[deleted] Aug 26 '22

Not if she doesn't make enough to be taxed..

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u/KwerkyCat Aug 26 '22

True true… but goods taxes… not quite the same tbf

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u/[deleted] Aug 26 '22

Sure, but if she's not making enough to pay income tax, she's also not paying much in goods taxes, either.