So hear me out, On the surface I’m with the majority of the public that hates this idea. However in the spirit of debate I listened to a few liberal arguments on the topic. 

Some of the points are worth considering, such as debt reduction equals higher capital per household leading to more market spending, however is not really debt reduction it’s more debt transfer since the bill is just being spread across the entire tax base.

Then I had an idea, who holds most of this debt? Millennials and younger correct? What if we worked out an exchange, social security is going to be insolvent soon enough it’s no secret anyone under 30 shouldn’t plan on seeing a penny of social security. What if we offer an opportunity to write off student loans in leu of exemption from social security payments. They would still be required to pay in like the rest of us but instead of social security at the end of life they get debt cancellation now. 

The older generation gets their retirement funded the younger generation gets their loans paid off? I’m not a finance guy but to me it sounds like a fair exchange?

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Just so I understand, you are suggesting that anyone who has their student debt "forgiven" stop paying into social security (assuming they are even employed), in lieu of not being eligible for social security when they retire?

How would the responsible adults who paid off their debt be rewarded? By being allowed to collect their social security when they retire?

Lot of moving parts here. Lets cut to the root of the problem and put some of the accountability back on the schools, otherwise this is a continuous problem that can't be fixed with your solution.

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At first read, I must say that I really like that idea. Definitely better than a total forgiveness. The taxpayer risk is ~ 15% of those people will be dead by age 62 so we will not recover funds associated with those student debts. In any event, it still favors the college graduate but at least the Gov is going to ultimately recognize returns on their immediate forgiveness.

You got my vote in the 2024 election !!!!

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Just so I understand,  you are suggesting that anyone who has their student debt "forgiven" stop paying into social security (assuming they are even employed), in lieu of not being eligible for social security when they retire?

How would the responsible adults who paid off their debt be rewarded? By being allowed to collect their social security when they retire?

Lot of moving parts here. Lets cut to the root of the problem and put some of the accountability back on the schools.

Wait, I thought the college graduate was going to continue paying into SS just as everyone does but their retirement income will factor in the amount of debt that was forgiven.

Here's my interpretation --> Retirement benefits are based on the average salary for 35 years.  As such if someone averaged making $75,000 per year and was expecting a $2,000/month retirement BUT ALSO HAD A $30,000 debt forgiven, that $30,000 would be applied as a credit deduction to the monthly retirement income of that person.  (e.g. person only receives $1,800 per month until the debt is paid off) --- may need to also factor in the cost of money as $30,000 today may be equivalent to $15,000 by 2055.

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Just so I understand,  you are suggesting that anyone who has their student debt "forgiven" stop paying into social security (assuming they are even employed), in lieu of not being eligible for social security when they retire?

How would the responsible adults who paid off their debt be rewarded? By being allowed to collect their social security when they retire?

Lot of moving parts here. Lets cut to the root of the problem and put some of the accountability back on the schools.

Wait, I thought the college graduate was going to continue paying into SS just as everyone does but their retirement income will factor in the amount of debt that was forgiven.

Here's my interpretation --> Retirement benefits are based on the average salary for 35 years.  As such if someone averaged making $75,000 per year and was expecting a $2,000/month retirement BUT ALSO HAD A $30,000 debt forgiven, that $30,000 would be applied as a credit deduction to the monthly retirement income of that person.  (e.g. person only receives $1,800 per month until the debt is paid off) --- may need to also factor in the cost of money as $30,000 today may be equivalent to $15,000 by 2055.

Our government can't figure out how to efficiently get stimulus relief to it's citizens and you think something like this is going to happen? lol

I know the thread was hypothetical, so it's an entertaining thought, but let's get real. Not a single mention of holding the schools liable. Everyone wants to address the symptoms and not the underlying problems.

On a side note, why stop at student loan debt? I know plenty of people who made mistakes when they were younger and ran up serious credit card debt with 10x the interest rate of a student loan. Should that be forgiven as well?

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How credit scores function, loans, and banking should be taught in our schools.

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Bull [BLEEP].  A student loan is no different than a car loan, a credit card or a mortgage on a home.  They signed a contract so let them fulfill the terms of it.  Student loan "forgiveness  " is nothing more than a transfer of debt from individuals to the people that actually pay taxes.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Bull [BLEEP].  A student loan is no different than a car loan, a credit card or a mortgage on a home.  They signed a contract so let them fulfill the terms of it.  Student loan "forgiveness  " is nothing more than a transfer of debt from individuals to the people that actually pay taxes.

I agree.

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How credit scores function, loans, and banking should be taught in our schools.

It used to be. VoTech should be brought back, as well.

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I wish we could just cash out our SS contributions to date so I can pick up some GME and AMC.

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I wish we could just cash out our SS contributions to date so I can pick up some GME and AMC.

Evidently you don't know how SS works.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

I wish we could just cash out our SS contributions to date so I can pick up some GME and AMC.

Evidently you don't know how SS works.

I can literally tell you how much I have given to SS through my payroll since I was 15. I'm saying I'd rather have that back to invest myself and forego collecting any SS when I retire. This entire thread is based in hypothetical concepts that will never come to fruition.  I offered my own.

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How credit scores function, loans, and banking should be taught in our schools.

They taught some of that when I went.  No so much how credit scores worked.  We even had to learn a bit about the stock market.  It may have been a dual enrollment class, though, I don’t remember.  I just went and did what I was told. That was one of the classes I didn’t care for so I didn’t really learn much.

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Evidently you don't know how SS works.

I can literally tell you how much I have given to SS through my payroll since I was 15. I'm saying I'd rather have that back to invest myself and forego collecting any SS when I retire. This entire thread is based in hypothetical concepts that will never come to fruition.  I offered my own.

Most people think that SS is something that they "pay into" then get "cash back" when they retire.  That's not how it works.  Most people think that SS is their "retirement plan".  SS should have gone away a long time ago.

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

Sure.. Forgive the student loans, as long as the degrees get rescinded..

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I can literally tell you how much I have given to SS through my payroll since I was 15. I'm saying I'd rather have that back to invest myself and forego collecting any SS when I retire. This entire thread is based in hypothetical concepts that will never come to fruition.  I offered my own.

Most people think that SS is something that they "pay into" then get "cash back" when they retire.  That's not how it works.  Most people think that SS is their "retirement plan".  SS should have gone away a long time ago.

But you literally do "pay into" it on a maximum income of $142,800 a year, a nice increase from last year. 

Sure, you may end up on top if you live a long life, but the government is winning that bet most of the time. The system is built on employed people paying into it and counting on people not living long lives. It is a house of cards. I feel like my generation (42) will be the last to receive it.

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I’m not sure how anyone can live off SS. Unless you greet the people heading into Walmart so you can pay for your 450.00/mo meds and stuff. It should not be anyone’s retirement plan.

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Sure.. Forgive the student loans, as long as the degrees get rescinded..

Haha, most of the degrees were already rescinded by employers, thus people with underwater basket weaving degrees not being able to cover their debt.

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Yea the idea is the people with debt forgiveness still pay into social security but they don’t collect any social security or something like that. One generation is funding the others social security the other is finding ones college tuition. Just an idea

Either way the trend is more likely total write off of student debt like it or not, at least this way there’s some kind of trade off?

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Yea the idea is the people with debt forgiveness still pay into social security but they don’t collect any social security or something like that. One generation is funding the others social security the other is finding ones college tuition. Just an idea

Either way the trend is more likely total write off of student debt like it or not, at least this way there’s some kind of trade off?

Would that even last? Or will the day come that the irresponsible people that opted for that are now old and broke and we have to “figure out how to pay for them”,  again.

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