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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [scorpio516] [ In reply to ]
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Your title is misleading. According to your article cancelling all student debt would be $1.6T. $440B is just the debt that Biden has already agreed to cancel.

Comparing to the DoD budget is just silly. Wiping out the DoD will go about as well as defunding the police.

Better to compare it to something that was a complete waste like the US invasion of Iraq. The unjustified war has been estimated to cost the US over $2B. If we just chose to stay home we would have had half the national debt going into the 2008 recession. Or we could now wipe out all federal student debt and have plenty left over.
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [mattr] [ In reply to ]
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mattr wrote:
How do some states offer free/minimal cost college tuition for in-state students? Friend in Georgia has 2 kids at U Georgia and I believe he is only paying a couple of thousand/year for each child. I'm assuming part of his taxes for the last 20 years have been going to fund this but not really sure. Don't understand why all states wouldn't be doing this?

Delaware does this via their Seed Program. It is only for lower income students. You only need a C+ (2.5 GPA) HS average and you get college credit at the local community college, then you can transfer to the University of Delaware to finish out your degree. A good student can probably get into UofD directly on scholarship based on need. I don't know how successful students are in completing an associate or bachelors degree. when my kids graduated from the public HS, almost all of HS students students graduating had plans for furthering their education. So it is getting people started.
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [torrey] [ In reply to ]
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torrey wrote:
At least we aren’t the UK. Their latest strategy of cutting taxes for the rich, increasing subsidies for the poor and raising interest was noted as the worst macroeconomic decision making of any nation in history.

There is that. The pound has cratered. Although worst decision is a high bar.

They constantly try to escape from the darkness outside and within
Dreaming of systems so perfect that no one will need to be good T.S. Eliot

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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [torrey] [ In reply to ]
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The unjustified war has been estimated to cost the US over $2B. //

I know it is just a few 0's, but it is Trillions, not billions. I wish it was 2 billion, we have probably 500 folks just in this country alone that could have written a personal check if so. Add a few 0's and there is no one.

To illustrate, a billion seconds in 31 years, a trillion is 31,000+ years...
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [scorpio516] [ In reply to ]
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Of note this assumes that 90% of those eligible for this actually get it. That is very unlikely that many actually get it.
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [mattr] [ In reply to ]
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mattr wrote:
How do some states offer free/minimal cost college tuition for in-state students? Friend in Georgia has 2 kids at U Georgia and I believe he is only paying a couple of thousand/year for each child. I'm assuming part of his taxes for the last 20 years have been going to fund this but not really sure. Don't understand why all states wouldn't be doing this?

Georgia is one of the few (or only?) state that actually used Lottery money for education instead of just putting it in the general fund. "Hope Scholarships" are funded by the Lottery and pretty much any student who is a Georgia resident and graduates high school with a B average gets a scholarship to a school in GA. I don't know if it's a full scholarship, but it is very generous.

HOPE | Georgia Student Finance Commission

yea, - i don't know why more states didn't do this.

Not in GA, but have kids in high school and they have decent grades - U Alabama has generous scholarships to attract smart kids. Out-of-State Freshman Scholarships – Scholarships | The University of Alabama (ua.edu)
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [ChiTownJack] [ In reply to ]
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I just read an article that heavily referenced U of Alabama. They recruit heavily out of state, from IL in particular, because tuition is in the range of 2x-3x. Many universities are getting incoming freshman classes as 60%+ out of state for the out of state premium on tuition. It costs nothing more to "educate" those kids.

To reference other posters....On the topic of Germany, I'm pretty sure they determine who goes to university, and then it is free. If you don't qualify during testing, you're in a trade (absolutely nothing wrong with that) or directed to non-professional employment for the lowest tier. I also wonder if western European countries would have free health care if they solely bore the cost, over the last 70 years, to prevent having to speak Russian.
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [scorpio516] [ In reply to ]
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scorpio516 wrote:
https://www.reuters.com/...-bln-cbo-2022-09-26/

In 2020, the DoD budget was $714 billion.

Or, in other terms, canceling $10-20k of student debt would cost 85% of federal unemployment insurance, 10 months and a week ($473B in 2020)


Reminds me of this.
https://www.youtube.com/...mp;ab_channel=MBtits

https://www.miles4matt.run/
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [scorpio516] [ In reply to ]
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scorpio516 wrote:
https://www.reuters.com/...-bln-cbo-2022-09-26/

In 2020, the DoD budget was $714 billion.

Or, in other terms, canceling $10-20k of student debt would cost 85% of federal unemployment insurance, 10 months and a week ($473B in 2020)

it would also cost one-fourth of the F35.

Dan Empfield
aka Slowman
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Re: CBO: canceling student debt for all borrowers would cost the same as running the department of defense for 7 months. [Runski] [ In reply to ]
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Runski wrote:
I just read an article that heavily referenced U of Alabama. They recruit heavily out of state, from IL in particular, because tuition is in the range of 2x-3x. Many universities are getting incoming freshman classes as 60%+ out of state for the out of state premium on tuition. It costs nothing more to "educate" those kids.

Pretty sure UMaine is doing just the opposite and offering in-state tuition rates to get out of state students to come.
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