Money Saving Plan for Debt Cancellation

[Doug]

Student loan debt is currently $1.6 Trillion according to Forbes.
Total auto loan debt is only $1.2 Trillion and most with student loans also have auto debt.

So...just cancel all auto loans! This would benefit almost all Americans, even those who didn't go to college, and would free up money for the students to pay off their college loans.
And, it would save about $600 Billion.

 

[femurphy77]

Works for me!

 

[snorko]

And stupid me just paid off my car loan three years early.

 

[Doug]

And stupid me just paid off my car loan three years early.

That's all right.
The Democrats wouldn't go for this anyway; it would benefit too many Republicans and common people, known to the elite as peasants.

 

[HoughMade]

Wait, wait, wait....seriously, wait until I have an auto loan.

 

[MCgrease08]

What's a car loan?

 

[Mark-DuCo]

To be fair just give every citizen $50,000, they could print it on monopoly money becasue thats about what our dollar will be worth when they are done with all the handouts. Pisses me off that i paid off my student loans in 2 years, and now i get to help pay for irresponsible people's as well.

 

[foszoe]

What's a car loan?

Exactly

 

[1775usmarine]

When does my mortgage get forgiven? Might as well forgive all debt.

 

[JettaKnight]

At least with a student loan, you're likely to make money (most often a lot of money).

Auto loans are just throwing money at a depreciating asset. Rarely is it ever not a poor fiscal decision.

 

[HoughMade]

At least with a student loan, you're likely to make money (most often a lot of money).

Auto loans are just throwing money at a depreciating asset. Rarely is it ever not a poor fiscal decision.

Yeah, but....shiny.

Oh...and I'm pretty sure my student loan worked out well for me.

 

[UltraRick]

I would like to have my education costs reimbursed to me. I worked full time and went to school at night and on weekends with 2 babies at home. Why only forgive loans, I paid for mine out of pocket- cut me a check. Oh that's right, I'm not a leech democrat wanting everyone else to pay my way.

 

[phylodog]

Gotta reward all of the willingly indoctrinated somehow.

No worries folks at this point we won’t be paying for it, nor will our children’s children’s children. Just keep on passing that buck, I’m sure it’ll work out fine in the long run.

 

[Route 45]

At least with a student loan, you're likely to make money (most often a lot of money).

Auto loans are just throwing money at a depreciating asset. Rarely is it ever not a poor fiscal decision.

A low interest loan for a reliable vehicle is a better fiscal decision than spending the lump sum on the same vehicle, considering the opportunity cost. And for some of us, a vehicle is much more than a necessary appliance.

 

[smittygj]

Not only do they want to write off student loans, they want to give away free money:

Under the American Opportunity Account Act, reintroduced by Sen. Cory Booker, D-N.J., and Rep. Ayanna Pressley, D-Mass., the government would provide every American child with a $1,000 savings account and would give an additional $2,000 every year depending on income.

Known as "baby bonds," the program would give up to $46,000 for children in the poorest families. Recipients could begin withdrawing money from their accounts at age 18, giving them the money needed to spend on things like college, a downpayment on a home or launching a small business.

The funds would sit in a federally insured account managed by the Treasury Department paying about 3% interest.

 

[fullmetaljesus]

Student loan debt is currently $1.6 Trillion according to Forbes.
Total auto loan debt is only $1.2 Trillion and most with student loans also have auto debt.

So...just cancel all auto loans! This would benefit almost all Americans, even those who didn't go to college, and would free up money for the students to pay off their college loans.
And, it would save about $600 Billion.

What about those of us with no auto loans but have student loans?

 

[schmart]

What about those of us with no auto loans but have student loans?

The obvious answer is you need to go purchase a $120K tesla w/ all the fun options, have the auto loan forgiven, sell the car, pay off the student loans, and pocket the extra $20K!

 

[Doug]

What about those of us with no auto loans but have student loans?

Then you would be ripped off like most of us will probably be when they pay off student loans.

 

[spencer rifle]

Gotta reward all of the willingly indoctrinated somehow.

No worries folks at this point we won’t be paying for it, nor will our children’s children’s children. Just keep on passing that buck, I’m sure it’ll work out fine in the long run.

"The political class looted the future to bribe the present, confident that tomorrow could be endlessly postponed. Hey, why not?" – Mark Steyn, 2011

"But Americans prefer to see themselves as doers rather than victims. They do not see themselves, as the masses in the Progressive era a century ago may have done, as helpless victims of large corporations and financial interests.

They want public policies that enable them to earn success, and they resent policies that channel money to the politically well-positioned or to those who have not made decisions and taken actions necessary for earned success. They want to be empowered, not patronized."
- Michael Barone, 2011

 

[MCgrease08]

The obvious answer is you need to go purchase a $120K tesla w/ all the fun options, have the auto loan forgiven, sell the car, pay off the student loans, and pocket the extra $20K!

This right here is thinking like a politician!