# Senate blocks student loan relief **URL:** \ **Category:** Political Topics\ **Created:** [June 3, 2023, 5:36pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972 "2023-06-03T17:36:24Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Indy](https://community.goactuary.com/letter_avatar_proxy/v4/letter/i/e480ec/32.png) [@Indy](https://community.goactuary.com/u/Indy)\ **Post date:** [June 4, 2023, 2:34am UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/21 "2023-06-04T02:34:05Z")
Yeah, I messed up. [https://www.senate.gov/legislative/LIS/roll\_call\_votes/vote1181/vote\_118\_1\_00135.htm](https://www.senate.gov/legislative/LIS/roll_call_votes/vote1181/vote_118_1_00135.htm) First, I got the yeas and nays backwards. Tester and Manchin voted to cancel Biden’s loan holiday. That meant they voted “yea” on this resolution. Then, the student loan issue is part of the debt cap agreement. It _also_ ends Biden’s loan holiday. But the bill is binding, I assume the resolution isn’t. People who voted for the debt cap bill can say that they did it in spite of the loan provision. This resolution is a stand-alone vote that highlights how they feel about that one issue. Maybe that’s why it got a vote – the Ds wanted to be clear on their positions. Then I got confused about the difference and made the wrong comment about why it came to a vote. Sorry for the confusion. ---
**Author:** ![3rookie](https://community.goactuary.com/letter_avatar_proxy/v4/letter/3/e0b2c6/32.png) [@3rookie](https://community.goactuary.com/u/3rookie)\ **Post date:** [June 4, 2023, 3:41am UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/22 "2023-06-04T03:41:01Z")
> [@lit041000](#): > > Are employers going to start hiring kids without degrees? It’s not young people thinking they need to go to college for funsies, it’s them understanding they will never get hired into corporate America without one Those with school loans have already gotten relief by not having to make payments nor having interest accrue for over 3 years. Employers may require college degrees for some jobs. Employers do not require people to enroll at a high-cost (out of state, private) college. This would set a poor precedent. Personal responsibility is becoming a thing of the past. It still needs to be a component of a motivated functioning society. ---
**Author:** ![lit041000](https://community.goactuary.com/user_avatar/community.goactuary.com/lit041000/32/32042_2.png) [@lit041000](https://community.goactuary.com/u/lit041000)\ **Post date:** [June 4, 2023, 3:20pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/23 "2023-06-04T15:20:55Z")
I’m not sure if you’ve checked the price of college lately. - The average cost of attendance for a student living on campus at a public 4-year in-state institution is $25,707 per year or $102,828 over 4 years. [Average Cost of College [2026]: Yearly Tuition + Expenses](https://educationdata.org/average-cost-of-college#:~:text=The%20average%20cost%20of%20attendance,or%20%24218%2C004%20over%204%20years). - Considering student loan interest and loss of income, the ultimate cost of a bachelor’s degree can exceed **$500,000**. ---
**Author:** ![AcademicActuary](https://community.goactuary.com/letter_avatar_proxy/v4/letter/a/59ef9b/32.png) [@AcademicActuary](https://community.goactuary.com/u/AcademicActuary)\ **Post date:** [June 4, 2023, 4:04pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/24 "2023-06-04T16:04:09Z")
That figure is based upon the assumptions that the student has received no finacial aid and has had no earnings over their four years, they borrowed the full cost and repaid over a 30 year period. It is also a nominal figure unless you assume the interst rate exceeds the inflation rate by about 6%. ---
**Author:** ![Vorian\_Atreides](https://community.goactuary.com/user_avatar/community.goactuary.com/vorian_atreides/32/65623_2.png) [@Vorian\_Atreides](https://community.goactuary.com/u/Vorian_Atreides)\ **Post date:** [June 4, 2023, 5:11pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/25 "2023-06-04T17:11:31Z")
I would argue that using an “average cost” figure isn’t a very good rebuttal given that it includes the higher-costing institutions in its statistics and ignores costs savings that can be realized with getting an associates degree before the bachelors. A better statistic, IMO, would be the first quartile of annual costs . . . segmented between 4 year programs and 2 year programs. ---
**Author:** ![dr\_t\_non-fan](https://community.goactuary.com/letter_avatar_proxy/v4/letter/d/a8b319/32.png) [@dr\_t\_non-fan](https://community.goactuary.com/u/dr_t_non-fan)\ **Post date:** [June 4, 2023, 5:30pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/26 "2023-06-04T17:30:45Z")
Best way to get college paid for is to be poor. That means “being independent” from parents for a year or more, then going to college as if you have no financial help from parents. Can’t do that living with your parents. Or, have your parents lose their jobs. No income = voila! financial aid. I’m sure rich people have already figured this out. Hiding assets. Another way is to go to a college close to home, take two classes per semester for 10 years, live at home, work a job. Voila! ---
**Author:** ![lit041000](https://community.goactuary.com/user_avatar/community.goactuary.com/lit041000/32/32042_2.png) [@lit041000](https://community.goactuary.com/u/lit041000)\ **Post date:** [June 4, 2023, 8:57pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/27 "2023-06-04T20:57:42Z")
true true we do not argue with the Kwisatz haderach ---
**Author:** ![lit041000](https://community.goactuary.com/user_avatar/community.goactuary.com/lit041000/32/32042_2.png) [@lit041000](https://community.goactuary.com/u/lit041000)\ **Post date:** [June 4, 2023, 8:58pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/28 "2023-06-04T20:58:38Z")
problem solved ![image](https://community.goactuary.com/uploads/default/original/3X/b/2/b22fed8aae369a7abe5019b8ef95ac3c17fdf488.jpeg) ---
**Author:** ![Vorian\_Atreides](https://community.goactuary.com/user_avatar/community.goactuary.com/vorian_atreides/32/65623_2.png) [@Vorian\_Atreides](https://community.goactuary.com/u/Vorian_Atreides)\ **Post date:** [June 5, 2023, 1:43am UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/29 "2023-06-05T01:43:38Z")
> [@lit041000](#): > > we do not argue with the Kwisatz haderach lol ---
**Author:** ![SpaceLobster](https://community.goactuary.com/user_avatar/community.goactuary.com/spacelobster/32/38216_2.png) [@SpaceLobster](https://community.goactuary.com/u/SpaceLobster)\ **Post date:** [June 5, 2023, 12:19pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/30 "2023-06-05T12:19:50Z")
Student debt is a red herring. The problem is the cost of education. In what world does it make sense for a society to place barriers around education? That’s a ‘stop hitting yourself’ level of absurdness. If education was inexpensive, then the problem of debt goes away. People can afford to take on a reasonable level of debt when they go to school. Even in Canada, where IMO pretty much everyone can manage to get through school somehow, the price of education is still ‘too damn high’. ---
**Author:** ![The\_Polymath](https://community.goactuary.com/user_avatar/community.goactuary.com/the_polymath/32/83081_2.png) [@The\_Polymath](https://community.goactuary.com/u/The_Polymath)\ **Post date:** [June 5, 2023, 1:12pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/31 "2023-06-05T13:12:05Z")
Does Canada also have Govt backed student loans? ---
**Author:** ![SpaceLobster](https://community.goactuary.com/user_avatar/community.goactuary.com/spacelobster/32/38216_2.png) [@SpaceLobster](https://community.goactuary.com/u/SpaceLobster)\ **Post date:** [June 5, 2023, 1:14pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/32 "2023-06-05T13:14:21Z")
Yep. Between coop and student loans and the cost of tuition, most everyone should be able to get through school at some level of ramen diet, and be able to pay back the debt after graduation. ---
**Author:** ![Ajstudies](https://community.goactuary.com/user_avatar/community.goactuary.com/ajstudies/32/12532_2.png) [@Ajstudies](https://community.goactuary.com/u/Ajstudies)\ **Post date:** [June 5, 2023, 1:58pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/33 "2023-06-05T13:58:22Z")
Unless they get sick or something. The $10k forgiveness would have benefitted both my kids. The elder will default on her student loan unless I pay it. She has $0 income. She has applied and been approved for disability twice via court hearings, and then told to come back for another hearing. She opted not to last tine due to her mental health. I really don’t know what happens if I don’t pay it on her behalf. She can request forbearance but I don’t think she can get it forever. ---
**Author:** ![The\_Polymath](https://community.goactuary.com/user_avatar/community.goactuary.com/the_polymath/32/83081_2.png) [@The\_Polymath](https://community.goactuary.com/u/The_Polymath)\ **Post date:** [June 5, 2023, 2:02pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/34 "2023-06-05T14:02:00Z")
Canada doesn’t sound too bad then. The UKs student loans are arguably worse than the US now. £40k with interest rates at RPI + 3.9% (RPI is now above 10%) They are capped at an income level above £25k, but they now effectively function as a graduate tax of 9% over £25k that you now pay for 40 years. The UK is increasingly starting to resemble a banana republic who just takes advantage of a large slice of its population. ---
**Author:** ![SpaceLobster](https://community.goactuary.com/user_avatar/community.goactuary.com/spacelobster/32/38216_2.png) [@SpaceLobster](https://community.goactuary.com/u/SpaceLobster)\ **Post date:** [June 5, 2023, 2:29pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/35 "2023-06-05T14:29:00Z")
> [@The\_Polymath](#): > > Canada doesn’t sound too bad then. Eh, it’s OK. It’s just better than all the other countries. In Ontario, there’s a federal loan program and a provincial loan program. Based on income/parent’s income and assets, they give students some blend of loans and grants. IIRC, within 6 months of leaving/finishing school you get put on a loan repayment program ;the federal portion is interest free the provincial portion has like 6% interest. Something like that. End result, you can go to school even if you’re poor, as long as you live cheaply, and take on a non-debillitating amount of debt. ---
**Author:** ![Indy](https://community.goactuary.com/letter_avatar_proxy/v4/letter/i/e480ec/32.png) [@Indy](https://community.goactuary.com/u/Indy)\ **Post date:** [June 5, 2023, 2:50pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/36 "2023-06-05T14:50:16Z")
Can she do income based repayment and just not pay because her income is $0 ? ---
**Author:** ![Ajstudies](https://community.goactuary.com/user_avatar/community.goactuary.com/ajstudies/32/12532_2.png) [@Ajstudies](https://community.goactuary.com/u/Ajstudies)\ **Post date:** [June 5, 2023, 2:54pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/37 "2023-06-05T14:54:21Z")
I don’t know if she can do that forever. ---
**Author:** ![Indy](https://community.goactuary.com/letter_avatar_proxy/v4/letter/i/e480ec/32.png) [@Indy](https://community.goactuary.com/u/Indy)\ **Post date:** [June 5, 2023, 2:54pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/38 "2023-06-05T14:54:43Z")
> [@SpaceLobster](#): > > The problem is the cost of education. Do you mean the cost of running colleges is too high? If so, how can they run more efficiently? I’m interested in changing the mindset that a four year degree is a necessary condition for a “decent” job. That’s another approach to cutting the cost of education. ---
**Author:** ![Indy](https://community.goactuary.com/letter_avatar_proxy/v4/letter/i/e480ec/32.png) [@Indy](https://community.goactuary.com/u/Indy)\ **Post date:** [June 5, 2023, 2:55pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/39 "2023-06-05T14:55:19Z")
Because you are expecting her to recover? ---
**Author:** ![SpaceLobster](https://community.goactuary.com/user_avatar/community.goactuary.com/spacelobster/32/38216_2.png) [@SpaceLobster](https://community.goactuary.com/u/SpaceLobster)\ **Post date:** [June 5, 2023, 2:59pm UTC](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972/40 "2023-06-05T14:59:22Z")
> [@Indy](#): > > Do you mean the cost of running colleges is too high? Nope. I’ve no idea if it’s high or not. It’s just something that should be heavily subsidised by the gov’t. We do this with schooling up to about age 18. Then I guess you age out. In Canada, there’s some universities that are marketing like crazy to international students who have no cap on tuition costs. I suspect (but don’t know) that that income is heavily subsidizing domestic students. e.g. uwaterloo has some faculties with 50% international student enrollment, and some tuition for them is like $70k a year. vs. domestic students who would pay roughly $5-$6k for a term. [Previous page](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972.md?page=1) [Next page](https://community.goactuary.com/t/senate-blocks-student-loan-relief/7972.md?page=3)