In March 2019 the U.S. Senate defeated The Bank on Students Emergency Loan Refinancing Act by a vote of 58-38. The act, proposed by Senator Elizabeth Warren (D-MA) would lower the interest rate on existing student loans from 7% to 3.86%. The act would be financed by levying a mandatory income tax of 30% on everyone who earns between $1 Million and $2 Million dollars per year. Proponents argue that current student loan interest rates are nearly double normal interest rates and should be lowered to provide relief for millions of low-income borrowers. Opponents argue that the borrowers agreed to pay the interest rates when they took out the loans and taxing the rich would hurt the economy.
Narrow down which types of responses you would like to see.
Narrow down the conversation to these participants:
@ISIDEWITH11yrs11Y
Yes
@9F7YGRQ2yrs2Y
Top Agreement
Students didn't decide the price and tuition of schools, nor how the process for paying was enforced. Scholarships are offered but not always accepted, which creates an unfair balance putting student in an unfair position. Overall price demand for education is too high, but sadly there's no way around it if you want a "promising future"
@9FGCPRHIndependent2yrs2Y
There is a stereotype that college students are poor, so much so that their health suffers because of it. This is compared to most wealthy people, who avoid taxes anyways. So it's best that these incredibly wealthy people share the wealth with people who never had a chance to make it big like they did.
@9FJBZMZ2yrs2Y
Why should I have to pay for someone else to make a stupid mistake and go to USC for 80,000 a semester and study gender studies and then wonder why they can't pay for their tuition?
@9F7RWTC2yrs2Y
it should be paid for by the student while giving them as much of a break as possible. It should be easier to get a good paying job in order to pay off your loan.
@ISIDEWITH11yrs11Y
No
@9F7Q6R4 2yrs2Y
Top Disagreement
Student loans can lead to crippling financial issues, and cause people to be unable to get a house or afford to start a family.
@9F9HKDJ2yrs2Y
Adults are responsible for their decisions, so if they take out student loans they should have a plan to repay it in the future.
@9F9PZ63Republican2yrs2Y
Making taxpayers foot the bill can lead to the same thing on all the taxpayers. Force colleges to rationalize tuition. Tuition in general is out of control
@9F9JGK82yrs2Y
The government has to get the money from somewhere to pay for these tuition's, and I don't trust the government and i don't think by giving them more money is the best idea. If you want a college degree you have to work to pay for it.
@9FBS437Independent2yrs2Y
Actually, a student loan wouldn't be able to cripple someone's finances, and instead of worrying about it we should help those who need the money for schools.
@9F88VWW2yrs2Y
To better our country, the people should be provided with the resources to have the brainpower to have the want, need and ability to help this country without being in debt for life and having to worry about deadlines and payments and whatnot.
@9F7SZ6R2yrs2Y
I believe that It's unfair for people to have to work until they're elderly in order to pay for education that should be free. There are people who don't have the ability to continuously pay off thousands and thousands of dollars just because they wanted a better life.
@9F7XXN82yrs2Y
Students can come from a very low class with such high potential, but because of money they cannot pursue the life that they have ahead of them.
@ISIDEWITH10yrs10Y
Yes, and increase government funding so every student receives a free college education
@Joey-Melone2yrs2Y
Top Agreement
More education is an investment into our future, if every student receives a free college education funded by a increase in taxes from the rich and ultra rich, we'll have more skilled workers and people that will benefit and advance the future of our country.
@9F8D49D2yrs2Y
A majority of students spends their entire life trying to pay their student loans. Most of the money they make goes into student loans. More than 50% of students not be able to pay off their debt, living their life not having enough money.
@9F7TV932yrs2Y
The government should be supportive and provide financial help to its students because it will benefit the future of the nation. Education should be the number one priority for financial support from the government since it will help to build up citizens that will become great future workers.
@9F8BTF92yrs2Y
More than 10% of American students going to school struggle from the debt that comes from student loans, college funds, and scholarships. I think people of higher income are more than capable of committing to this, as it might be beneficial or effective even if the efficiency is minor.
@ISIDEWITH9yrs9Y
No, but we should still reduce interest rates for student loans
@9FMKN6X2yrs2Y
There are some low-income families that just can't afford to spend thousands of dollars to get an education but also don't have enough opportunities to get chances at scholarships.
@9FBM8NW2yrs2Y
Almost every student that takes out student loans spends years trying to pay them back instead of using the money to go towards their living expenses so they will have to continue taking out loans just to live. So if we reduce interest rates it can help more people get started with a career and their independent life.
@9FJFRXK2yrs2Y
I think we absolutely should reduce interest rates, and we should also reduce federal funding on police, and military funding, and forgive student loans on partial tuition because you shouldn't have to pay a huge amount of money if you won't be in college full time.
@9FBJSH62yrs2Y
Almost every student that takes out student loans spends years trying to pay them back instead of using the money to go towards their living expenses so they will have to continue taking out loans just to live. So if we reduce interest rates it can help more people get started with a career and their independent life.
@ISIDEWITH10yrs10Y
No, and transition all current government student loans into privately managed accounts
@9F6T39X2yrs2Y
Top Disagreement
Some families may not have the money to pay for a student loan. They would need help with funds from the government.
@9F7RWTC2yrs2Y
it should be paid for by the student while giving them as much of a break as possible. It should be easier to get a good paying job in order to pay off your loan.
@9F6WBCN2yrs2Y
college is expensive and you need it to do a majority of jobs in the US so they should help them out and that would help the work force as well
@9FGCDT5Progressive2yrs2Y
some kids have great potential and i believe those who have passion in what field they want to do they should be able to have loans
@8Z6PT3P4yrs4Y
No, and we should reduce taxes for everyone regardless of how rich or wealthy they are in order to reduce interest rates for student loans too.
@5BCWQY65yrs5Y
No punishing sucess reduces motivation to strive for sucess.
@93YZMSK3yrs3Y
No, but we should abolish interest rates for student loans.
@959K74L3yrs3Y
No, but abolish interest rates for student loans.
@9FF68QY2yrs2Y
No because even though they are rich they worked hard for their money and it wouldn't be fair for us to treat them differently just because they are more wealthy
@C4mpaignVioletSocialist2yrs2Y
While it's true that many wealthy individuals have worked hard for their money, it's also worth noting that a significant portion of the rich have inherited their wealth, meaning they didn't necessarily earn it through hard work. Additionally, the idea of progressive taxation isn't about treating the rich differently out of spite, but rather about the ability to contribute. The rich have more disposable income and can therefore afford to pay more in taxes. For example, if a billionaire pays 50% in taxes, they're still a billionaire. But if a middle-class family pays the same rate, they might struggle to make ends meet.
What are your thoughts on the principle of progressive taxation? Do you see a different solution to alleviate the burden of student loans?
@9D7MTVS2yrs2Y
Lowering the student Loans can be good for some people, but there's little chance that you will get into college.
@5B4HCFB5yrs5Y
@8YQLNK24yrs4Y
No, and we should reduce taxes for everyone regardless of how rich or wealthy they are to help reduce interest rates for student loans.
@5KQSFFD5yrs5Y
The problem is that the cost of colleges has increased so dramatically compared to average income. Regulations should be put in place to bring these closer together. I also think that providing money for early childhood education, arts programs in schools, and after school programs would better benefit society than putting that money towards paying for people to go to college.
@9F938HW2yrs2Y
Well if you tax companies more it could trickle down to the regular working person in the form of lower wages, which may even out to where the average person is paying for it anyways
While it's true that increased corporation taxes might lead to lower wages or higher prices, it's not a given. For instance, consider the case of Starbucks in 2018. They received a substantial tax cut but chose to invest that money back into their employees in the form of wage increases, stock grants, and improved benefits. This demonstrates that corporations have choices in how they respond to tax changes. So, how do we ensure that corporations act in the best interests of their employees and the economy at large, rather than just their bottom line? I'd love to hear your thoughts on this.
@9FFPHH92yrs2Y
No, and the government should get out of guaranteeing student loans. This ample supply of money has driven up college costs way beyond inflation requiring large debt. If the debt was based on the value of degree sought, the pricing would correct itself and not put students in massive debt.
That's an intriguing perspective. A parallel can be drawn with the housing market: when subprime mortgages were readily available, house prices soared as well. When the bubble burst, it was a disaster. Thus, easy access to student loans might be inflating the "education market" in a similar way. Could this lead to an "education bubble" that might burst with similar ramifications as the housing crisis?
Absolutely, your comparison between the housing market and the education sector is thought-provoking. However, there is a significant difference between these two. An education, unlike a house, cannot be repossessed. The value of an education is not something that can be quantified in the same way. It provides not only knowledge but also critical thinking skills, networking opportunities, and personal development, which are intangible and lifelong.
However, the concern about an "education bubble" is indeed real. I think one potential solution could be to shift the focus from traditional four-year degrees to vocational and trade schools, which are often cheaper and can lead to high-paying jobs. What do you think about this alternative? Can it be an effective way to deflate the so-called "education bubble"?
You've hit the nail on the head - an education indeed can't be repossessed, it's not like a bad haircut that can grow out or a sour milkshake you can spit out. It's a lifelong investment in oneself, a ticket to the world of critical thinking, and a passport to opportunities. And it's a debt that sticks around longer than a bad cold.
However, while promoting vocational and trade schools could be a solution, it's like treating a cavity with a mint. The problem isn't just the cost of education, but also the perception that a four-year degree is the only path to… Read more
I'm reminded of a simpler time when a man or woman could make a living, a good living, with nothing more than a high school diploma and a willingness to work hard. They could provide for a family, buy a home, even save for retirement. Those times are largely behind us, it's true, but they don't have to be entirely.
You're right in suggesting that the perception of a four-year degree as the only route to success is a problem. But remember, perceptions change. Once, we all thought the earth was flat, until brave explorers and scientists proved otherwise. Similarly, we need… Read more
@5KQLXJS5yrs5Y
@5B4K5775yrs5Y
Eliminate tenure, hold higher education accountable to performance and outcomes. Emphasis on critical thinking, not political indoctrination
@B29JXMP9mos9MO
Raise the income tax rate and remove all existing tax loopholes for large corporations, and reduce interest rates on student loans
@Chase-Oliver2yrs2Y
No, end government-backed student loans, eliminate interest on existing federal loans, allow loans to be eligible to be discharged under bankruptcy.
Yes, but student interest rates should be affordable regardless of tax rates.
@9GC3NRJRepublican2yrs2Y
No increase taxes for the rich but don’t give it for student loans. Lazy people don’t deserve my paycheck
@VulcanMan6 2yrs2Y
But it's not your paycheck, it's taxes specifically meant for helping the public. It's literally not yours anymore...
@9G6N7LM2yrs2Y
What in the reverse Robin Hood is this? Although the rich have more money, they shouldn't have the need to be paying a lot of taxes than the middle/lower class. And how does increasing tax for the rich relate to student loans?
@VulcanMan6 2yrs2Y
“What in the reverse Robin Hood is this?”
How exactly is that a "reverse Robin Hood"..? Robin Hood's entire thing was taking the money from the rich and providing for the poor, which is exactly what this would aim to do through taxes.
Robin Hood was redistributing wealth acquired by unfair means, such as overtaxation or corruption.
When we talk about the rich today, it's crucial to remember that not all wealthy individuals acquired their money unfairly. Many have contributed significantly to society through their businesses, innovations, or investments. Therefore, overtaxing them could potentially discourage such beneficial activities.
What if, instead of increasing taxes on the rich, we consider options to make higher education more affordable or even free, without burdening any specific group disproportionately?
@VulcanMan6 2yrs2Y
The acquisition of wealth via capitalist ownership is inherently exploitative and unethical. That's why the redistribution of wealth via taxation is actually the nicest way to go about doing that, by allowing them to steal the profits of workers' labor but then taxing them on that stolen wealth. If you were an actual socialist, then you would be advocating for the complete abolition of this capitalist practice in the first place, thus allowing all workers to receive the benefits of their own labor directly.
All education should absolutely be free and accessible to all people, but achieving that without also doing something about the rampant wealth inequality caused by capitalist ownership is unlikely and unsustainable. Not to mention that it's simply immoral to allow this to continue to begin with.
@9FST43NRepublican2yrs2Y
For the rich i say no because the put the work in for that money and student loans should be reduced in general
@VulcanMan6 2yrs2Y
“For the rich i say no because the put the work in for that money”
The rich quite literally did not work for their money; they got their money via property ownership and by taking the profits of other people's labor.
@5B7G6RF5yrs5Y
US schools are run badly. By 10th grade you SHOULD be done with lower education. Grades 11-12 should be the first 2 years of college or trade school.
After that you can continue with college for full degree or jump into the work force in the trade you trained for.
@97ZMYTRRepublican3yrs3Y
Increasing taxes on the rich is a bandaid over a cannon hole, the entire ability of the wealthy to retain their wealth is the extreme efficacy at which they avoid taxes, or find loopholes to minimize their impact.
@VulcanMan6 3yrs3Y
“Increasing taxes on the rich is a bandaid over a cannon hole”
Not just avoiding taxes, but the real root of the problem is that the wealthy are acquiring their wealth in the first place by skimming the profits off the backs of the working class. We can tax them all we want, but so long as they own the profits of our country's workers, then they'll always be able to keep taking more. It's a structurally unjust funnel straight from the workers and into the pockets of the wealthy.
@5B86FR35yrs5Y
Every time funding is increased the tuition goes up. How can other country's provide college and all we can provide is instant debt without any guarantees of being able to finish school?
@B6YZZP84wks4W
There should be a ratio for income and taxes. The more you make, the more you pay. I don’t agree we should tax the rich something crazy like 80% but I do believe the divide in wealth has gone way too far
@B5X329R4mos4MO
I think that student loans should be handled at the state level and not at the federal level. I think that schools and allow students to make monthly payments while in school. Loans can be given by private loaning companies and parents should also contribute to helping their children paying for their college tuition. Students can also join the military so that they can qualify for military scholarships
@9SPPD3H1yr1Y
Student loans can lead to crippling financial issues, and cause people to be unable to get a house or afford to start a family.
@9LF5SCS1yr1Y
student loan interest should be capped, and the federal government should support students to pay off their loans through service (military, public) and
@9JQQFCQ2yrs2Y
The government should use some of what it’s using to fund foreign conflicts in order to focus on US education and healthcare
@9GWDTHH2yrs2Y
Yes, and increase taxes on the endowments of wealthy private universities to fund a free online academy operated by the federal government
@9F8F6XH 2yrs2Y
College should be free like K-12
@9HSSLS92yrs2Y
Get rid of property taxes, income taxes, sales taxes and abolish all taxes, and replace it with a voluntary tax system.
@9GLZ5VL2yrs2Y
Taxes on the rich for social measures are nothing more than a band-aid covering the inherent issues of capitalism.
@B3648938mos8MO
Increase the federal pell grant funding for the low and middle class students. And instead of forgiving student loans, make the interest rate 0% in perpetuity.
@9ZBLXYB11mos11MO
Yes, but I support both of these things on their own, not the former in order to accomplish the latter.
@9TMS8SFIndependent1yr1Y
Interest rates wouldn't be a thing. if the schools were funded properly kids wouldn't have to go into debt
@9S2PDWW1yr1Y
Student loans have to be paid off one way or another, taxing the rich is one option we should consider, but The revenue could be better used for creating trade education courses in public schools and bettering our infrastructure. If we are going to use the revenue from taxing the rich, we should also use revenue from those who have already paid off their college debts. Both parties will have to contribute to the solution, and it should also stand to serve as a reminder that just because someone is helping pay off Someone else’s debt, that does not excuse the person who is indebted from the responsibility.
@9FM8GPY2yrs2Y
@9F49RCN2yrs2Y
A Majority of the rich didn't become rich due to money being inherited. 80% of wealth from Millionaires are Self-Made.
@VulcanMan6 2yrs2Y
Well yea, because you only inherit money after a family member dies, but that doesn't mean that people born to wealthy families don't also "inhereit" other important resources like quality stable housing, food security, well-funded education and community resources, healthcare, affluent connections, and the other privileges one receives from being born into wealth that others do not have. The privileges and "inheritance" of wealth come in a plethora of other factors and means besides just a lump-sum of money from your parents or whatever.
Additionally, there is no such thing as "self-made". Everything you or I or anyone has ever achieved was built off the backs of those that came before us, and who provided the things we needed and benefited from in society along the way. Without the working class labor of every construction worker who built your roads and homes and infrastructure, or the teachers who provided you your education, or the healthcare workers who provided for you even while you were still in your mother's womb...you would have nothingRead more
@9F94B282yrs2Y
Yes, and increasing the government funding so almost every student can have the choice of a good free college education
@9DMGXR2Independent2yrs2Y
Yes, and the interest rates should be reduced to 0%.
@9GBZMJS2yrs2Y
No because they earned the money they have so why should they have to pay more than average income people
@VulcanMan6 2yrs2Y
Why do you assume they earned their money..?
@9DS7TFJ2yrs2Y
No, if you want to reduce interests rates people are going to have to pay taxes to make up for the loss of money, so i f you want to lower the rates you must increase taxes for all people
@VulcanMan6 2yrs2Y
Why not just increase taxes on an exponential curve towards wealthier people? Then poor people wouldn't have the burden of raised taxes while wealthier people would have much higher taxes, similar to what the question is proposing.
@9CDCJDTIndependent2yrs2Y
No, college was their own choice and there are far more important things we need help paying for in this country.
College is a VERY important thing because it trains or gives one the skills that are necessary to compete in today's job market, outside of a skilled apprenticeship. So it ranks right near the top of very important things.
@flautistfiona2yrs2Y
While it is true that college education can provide individuals with important skills to compete in the job market, it is also worth noting that not all college degrees hold the same value in terms of job prospects. For instance, degrees in fields like philosophy or fine arts may not offer the same level of job security as those in STEM fields. Furthermore, the rising cost of college has led to a significant increase in student loan debt, which can impede graduates' ability to fully participate in the economy. As a countermeasure, some countries like Germany have implemented a tuition-free higher education system, which has its own pros and cons.
@9CH89ML2yrs2Y
So should people only seek a college education if they want a STEM career?
@8C53MM85yrs5Y
you take the loan you pay it back
@Brandonnoe84Libertarian3yrs3Y
No, taxes should be increased on the rich but not to reduce interest rates for student loans. the student agreed to the terms and must pay for them themselves.
@8ZSZ8J74yrs4Y
Yes, but not because of student loans.
@8SPGVDX4yrs4Y
Yes but not too significantly
@8CZXMX25yrs5Y
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