Bloomberg’s plan to tackle the $1.7 trillion student loan crisis

[Nature Boy 2.0 8,378]

Probably the least absurd plan I have seen from any of the Dems.

 

 

https://www.cnbc.com/2020/02/21/bloombergs-plan-to-tackle-the-1point7-trillion-student-loan-crisis.html

[laylalex 7,300]

2 hours ago, Nature Boy 2.0 said:

Probably the least absurd plan I have seen from any of the Dems.

 

 

https://www.cnbc.com/2020/02/21/bloombergs-plan-to-tackle-the-1point7-trillion-student-loan-crisis.html

I think there are some solid, commonsense ideas in there. I don't agree with all of it, but it sounds like there is much workable there. And I can't stand Bloomberg!

[Burnt Reynolds 5,058]

CNBC...

 

"$700 million proposal"

 

Uh.. slashing 1.7 trillion of debt in half is actually a $850 billion proposal by itself, potentially more if people don't make enough to cover their loans since he ties repayment to a ridiculously small % of income.

 

But also funding community colleges? Inside the link:

 

https://www.politico.com/news/2020/02/18/mike-bloomberg-community-college-student-loans-115703

Quote

The price tag for Bloomberg’s higher education plan is $700 billion over the next 10 years, according to the campaign.

 

Even that makes zero sense unless he's actually talking 700 billion a year for the next 10 years, as in, 7 trillion, which sounds far more realistic given the minimum for halving 1.7 trillion of outstanding student debt is 850 billion -- that's the starting point. Funding community colleges (making it "free") is going to be WAY more expensive.

 

Just talking out his ***. The Democrat platform is merely based on competing offers of "free" things.. regardless of whether or not its realistic. 

Edited February 21, 2020 by Burnt Reynolds

[Boiler 45,966]

The issue is the cost, control the cost and then a lot of the issue goes away.

[Voice of Reason 10,298]

3 hours ago, Boiler said:

The issue is the cost, control the cost and then a lot of the issue goes away.

Right.  WHY are colleges charging so much more today than 20-30 years ago?  It's not like their pricing has kept pace with inflation.

 

I disagree with Bloomberg.  And ANY candidate who wants to just "wipe away" student loan debt.  If we start this trend, how long before it extends to home loans, or car loans?  If you don't want to be saddled with debt, then don't take out a loan.  Find a more affordable (car/house/school) or whatever.  It blows my mind the people I work with who are still paying on school loans 15-20 years after the fact.  

[TBoneTX 45,968]

Simplest solution would be for Dumbberg to pay off all the student loans from his own pocket.