U.S. To Forgive $108 Billion In Student Debt | Soshal Network, Social Circle Connection

U.S. To Forgive $108 Billion In Student Debt

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The federal government is doing something positive for ordinary Americans, so the Wall Street Journal is in a panic. Cenk Uygur and Ana Kasparian, hosts of The Young Turks, break it down. Tell us what you think in the comment section below.

"The federal government is on track to forgive at least $108 billion in student debt in coming years, according to a report that for the first time projects the full cost of plans that tie borrowers’ payments to their earnings.

The report, to be released on Wednesday by the Government Accountability Office, shows the Obama administration’s main strategy for helping student-loan borrowers is proving far more costly than previously thought. The report also presents a scathing review of the Education Department’s accounting methods, which have understated the costs of its various debt-relief plans by tens of billions of dollars.

Enrollment in the plans has more than tripled in the past three years to 5.3 million borrowers as of June, or 24% of all former students who borrowed directly from the government and are now required to be making payments. They collectively owe $355 billion.

The GAO estimates that $137 billion of that figure won’t be repaid. Most of it—$108 billion—will be forgiven because of borrowers fulfilling their obligations under income-driven repayment plans. The $108 billion only covers loans made through the current school year, however. The overall sum could continue to grow alongside enrollment increase.”*

Read more here:

Hosts: Cenk Uygur, Ana Kasparian
Cast: Cenk Uygur, Ana Kasparian

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73 comments

  1. Posted by doxide, at Reply

    How long before the Republicans kill this program?

    • Posted by Joe Gallop, at Reply

      +Angel Torres its reasonable-ish but again if rich bankers with allegiance
      to a foreign country (israel) get bailed out with my tax money WHY SHOULDNT
      STUDENTS who live. work and spend in the U.S.A.

    • Posted by Angel Torres, at Reply

      +Joe Gallop Yeah… That is some bullshit and you can’t forget how they
      bailed out Wall Street.

    • Posted by Angel Torres, at Reply

      +Joe Gallop I said reasonable because paying $260 an month is better than
      $679 an month.

    • Posted by Joe Gallop, at Reply

      it depends where you live… down south even 600 would be somewhat
      reasonable since living there is cheaper

  2. Posted by jo23bulls, at Reply

    But Jimmy Dore said that Obama is worst than Trump!

    • Posted by LeCrazyCanuckEh, at Reply

      +America On Fire Nice you are making sense which is a real nice change from
      the other guy! More of the same I totally think so too, except it is Iran
      they are talking about most of the time. As for the National debt, it is
      really a joke to me because it could be cancelled out and they should be
      thrown in Jail for the blatant CON SCAM the FED is. Really wouldn’t even
      be that hard and there are simple solutions like Public Central Banking

    • Posted by LeCrazyCanuckEh, at Reply

      +America On Fire Many and I mean many were fooled by Obama, a lot like many
      Trumpers are today. Obama is a great public speaker which seems to be all
      that is required for a presidency to many. There are no real choices just
      illusion of choice! It’s basically voting for who do you want to see
      reading a teleprompter. I can’t stress enough how there is no such thing
      as a legit Government “for the people” as long as a private central bank
      exists! That is just hard fact and blatant corruption from the top, that
      trickles down. Cheers

    • Posted by L F, at Reply

      +ricomajestic
      Don’t think he’s running for president so it’s irrelevent.
      Of course, he’d still make a better president than our next one, regardless.

  3. Posted by Nero The Terrible, at Reply

    Great, maybe now dumbass millennials will choose majors other than gender
    studies so they can make a better living

    • Posted by Nero The Terrible, at Reply

      +Kick someup I’m actually not baby boomer

    • Posted by Eric Melendez, at Reply

      +Nero The Terrible Like Wall Street was responsible? Do you people not get
      it? Unregulated Capitalism will always fail. The only way to get a stable
      economy that works for everyone is some hybrid of democratic socialism.
      Fair and regulated business with laws set to protect the working and middle
      class.

      We keep going through bubbles of fake money because America is in a circle
      jerk of “muh capitalism”

    • Posted by bcoleman71, at Reply

      Tylr Personal experience. It took 16 years to pay off my loans. And no,
      most doctors do not pay off $200,000+ in student loans in 3 years. I don’t
      know who you’ve been listening to. Our education system is FUBAR. My wife,
      who is an immigrant was a forensic dentist in her country but she couldn’t
      come here to be a dentist. If she wants to be a dentist, it will cost us
      $150,000+ for an additional 2 years of study to get the same degree she
      already has. It is totally insane.

  4. Posted by Saltonion Layspack, at Reply

    The government should not make money from students in the first place. The
    student loan interest rate must not be higher than the inflation rate.

    • Posted by RassBrass, at Reply

      Saltonion Layspack And where USC the inflation rate at? The one the
      government tells you it is?

    • Posted by houchi69, at Reply

      +LiveDieTrolling
      Because it is for education, not for luxury. Education loan should not
      come with an interest, at least not for a certain amount of years.
      Education has always been a positive investment, therefore should receive a
      position incentive in getting one.

    • Posted by houchi69, at Reply

      +freedom1322009101
      I just realized his name has “trolling” in it. We are falling for the
      troll trap already. Don’t bother.

  5. Posted by Scott Verge, at Reply

    25 years! Damm! The Canadian government forgave mine after 10. And starting
    next year the Ontario government will pay the bulk of your college for you.

    • Posted by freedom1322009101, at Reply

      +Foghorn Leghorn Please do explain

    • Posted by Foghorn Leghorn, at Reply

      +freedom1322009101 ..”I believe in the competitive free market not the
      communist style free loading ideas you have”

    • Posted by Scott Verge, at Reply

      Ok so he’s a genius for ripping off the tax payers but I’m not? Interesting.

      Not that I consider getting help from a government program designed to help
      people ripping people off. Just using your words.

      Also I never bragged about it. Maybe that’s your issue. You read my
      statement from your own mindset.

      Oh and he definitely bragged about it.

      Even if I ever mention my student loan I say that the government paid a
      large part of it for me. Not all mind you but a decent amount.

      What happens? Society moves on and those workers can now contribute to the
      economy more directly through the purchase of goods and services and are
      less likely to require help from the government.

      I’m going to assume you’re really unhappy about the proposals for free
      college and Ontario starting it next year.

  6. Posted by Landon Thomas, at Reply

    I think you guys should just come to study in Canada. It’s generally
    cheaper here and you can still work in the US when you graduate.

    • Posted by Lalilulalo, at Reply

      I been thinking Canada for some time now.

    • Posted by Landon Thomas, at Reply

      +nuke4sen Speak for yourself. Retards like you can make from for more
      liberals and NDPs. now get out!

  7. Posted by Johnny Blazem, at Reply

    if the us can forgive 108 billion can the young turks forgive denying the
    Armenian genocide

    • Posted by Johnny Blazem, at Reply

      +ricomajestic The Armenians do

    • Posted by ricomajestic, at Reply

      +Johnny Blazem Armenians could care less about American clowns on a youtube
      channel!

    • Posted by Johnny Blazem, at Reply

      +ricomajestic Well anna’s great grand parents do. Cenks grandfather killed
      her great grandfather.

    • Posted by Virgo Strain, at Reply

      +Johnny Blazem lol what

    • Posted by ricomajestic, at Reply

      +Johnny Blazem Apparently Anna doesn’t give a chet since she works with the
      guy!

  8. Posted by Shining Star, at Reply

    Here come the trolls ready to oppose student debt forgiveness.

  9. Posted by silat13, at Reply

    A whole 300+ billion? So what?
    We give 100’s of times that to the rich and the corporations.
    Privatize the profits and socialize the losses is the mantra of the reich
    wing and its KOCHsucking fuhrer Drumpf.

    • Posted by silat13, at Reply

      +Juan Osorno 🙂

    • Posted by Juan Osorno, at Reply

      +silat13 Not you Dave Miller i actually agree with you 100%

    • Posted by silat13, at Reply

      +Juan Osorno Edited my post:)

    • Posted by Paleo bro, at Reply

      Those same businesses also take loans and pay them off.

  10. Posted by Juan Osorno, at Reply

    Debt is slavery

    • Posted by The World, at Reply

      So don’t take the loan if you’re not prepared to be a slave to pay it back

    • Posted by Juan Osorno, at Reply

      +The World We are part of it by definition. federal reserve is a private
      bank that lends the government money with debt attached. it will never be
      paid off cause there will always be more debt than actual money supply.

  11. Posted by Imma Liberal, at Reply

    It should be the interest of every nation to have a well educated public
    that is capable to contributing to society. It is a waste of talent and
    human resources to allow are smartest among us, those whom are capable of
    offering the most, to suffer the most. Education on all levels, should be
    free, period.

    What should not be free:
    Birth control
    Abortions
    Less welfare and more forcing corporations to pay their employees a livable
    wage.

    • Posted by cobraglatiator, at Reply

      Dee Cee HA! your optimism is almost sickening….

    • Posted by Imma Liberal, at Reply

      +Dee Cee Everyone in this thread is now dumber because of you.

    • Posted by Hypnotic Synopsis, at Reply

      +Imma Liberal if you get scholarships then your debt wouldn’t be super
      high. Most ivy league schools ard extremely affordable for poor families.
      Go to a community college. If you are smart, then most of it will be
      covered. Transfer to a four year college after that. That will reduce
      costs. Grants drastically reduce debt.

    • Posted by Imma Liberal, at Reply

      +Hypnotic Synopsis Or we could make education a top national priority so
      people can focus on their education and not figuring out how to pay for it.

    • Posted by Hypnotic Synopsis, at Reply

      +Imma Liberal that would just make everything more expensive and the
      degrees would be become worthless unless they are masters or above. It
      wouldn’t solve anything.

      People who get a useful degree don’t worry about college debt since they
      can easily pay it back.

      The solution is to stop going to college for art degrees and gender studies
      degrees.

  12. Posted by fujin mage, at Reply

    greetings from Denmark…
    where the goverment pays people to take an education….

    • Posted by orderoutofchaos621, at Reply

      The Government DOES NOT pay for your education. HARD WORKING TAXPAYERS DO!

    • Posted by fujin mage, at Reply

      +Jordan Ricketts you are 319 million to flip the bill. we are 5,6 million.
      you could do it much better than we can, if your leaders wanted to

  13. Posted by Bible Man, at Reply

    Education is supposed to be free, so is healthcare. Just look at Finland,
    both of those things are free here and it’s one of the best places to live,
    with one of the most educated populous.

    • Posted by David Taylor, at Reply

      The Young Turds oh so the original rapists and murderers, true, sounds
      cool….

    • Posted by You know me boy, at Reply

      +David Taylor sure then why bother raising taxes if they don’t pay the ones
      they already have.

    • Posted by David Taylor, at Reply

      You know me boy they don’t pay taxes because it’s 0% for some of them, or
      some companies have it at 1% and the Senate in their state gives them an
      100 million dollar tax benefit, it happens all the time

  14. Posted by Nobody From Nowhere, at Reply

    That’s 105 billion that will be in rotation contributing to the economy a
    lot more than if they remained in the pocket of wallstreet.

    • Posted by BamBoJam, at Reply

      Of course! But first the Gov needs to steal the money from some people and
      then distribute it. How is that not wrong on a moral level?

    • Posted by Paleo bro, at Reply

      Actually America will still need to pay off the 105 billion in debt through
      taxes.

    • Posted by Nobody From Nowhere, at Reply

      BamBoJam libertarian much?

    • Posted by Nobody From Nowhere, at Reply

      Paleo bro taxes are not as bad as crushing debts.

    • Posted by BamBoJam, at Reply

      +Nobody From Nowhere Yes, but I’m very sad to see that theft, which btw is
      universally acknowledged as morally wrong, is not applied to Government
      actions. I mean don’t get me wrong, I want people live a happy life, I want
      poor people to prosper. That is not the discussion. You can think that
      taxes do great things in society and so on, but you can never try to not
      see it as what it really is, otherwise the whole meaning of the word theft
      is suddenly not meaningful any longer.

  15. Posted by David Gutowski, at Reply

    IMO it depends on what they majored in, if they got gender study degrees
    then they deserve to have those loans held over their heads :P

    • Posted by Michael P, at Reply

      What was your major?

    • Posted by David Gutowski, at Reply

      +Michael P
      Computer Science

  16. Posted by Pedro Hernandez, at Reply

    This is why we should not be sending everyone to college. Instead people
    should get specific training and take specific courses that they would
    apply to their career. Like coding bootcamps, Ux design and etc. Instead of
    taking a boatload of classes that they will never use in their lives.
    Worthless degrees like liberal arts, gender studies, and etc should be
    abolished. Crap that you will never use in the real world is worthless

    • Posted by Brent Posy, at Reply

      …or the U.S gov’t could actually work for the American people.

  17. Posted by eatmorenachos, at Reply

    Wall Street mega banks get massive bailouts. Trump’s businesses declared
    bankruptcy six times when he ran them into the ground—–but heaven forbid
    we help out the students. Oh right, people with student loan payments don’t
    have any lobbyists and can’t legally bribe politicians. That’s how the
    world works.

    • Posted by tobz d, at Reply

      eatmorenachos I payed $250,000 back. Maybe they shouldn’t of dropped out or
      got a degree in something pointless. at least if your going to drop out
      have a plan lol you would be surprised how many people don’t have a plan
      when they drop out then they are fucked.

    • Posted by Rodney Jones, at Reply

      Well hopefully everything will get better

    • Posted by Rodney Jones, at Reply

      Well that’s optimistic

    • Posted by Beast Inaction, at Reply

      +tobz d quit being salty and deal with it

  18. Posted by Ibi Onyemaechi Amuro, at Reply

    Great… my taxes are going to pay some useless degrees of some stupid arse
    morons.

    • Posted by toastsandwich, at Reply

      arse? Are you even American? I guess you could be an immigrant from the UK

    • Posted by Kal El, at Reply

      +toastsandwich He probably an immigrant from South Africa.

    • Posted by Ibi Onyemaechi Amuro, at Reply

      He probably an American citizen before both of you were even born.

    • Posted by Brittany Damron, at Reply

      Don’t worry, once they are forgiven the student then pays income tax on
      their forgiven amount. So while yes your taxes paid for it, they pay back
      to the IRS at the lowest end 10% of the loan amount (so lowest US tax
      bracket). So if they had 100,000USD in loans they pay the IRS 10,000USD.
      Probably due as a lump sum, similar to what the IRS does if you receive a
      lump sum scholarship over a certain amount from a university (this is also
      the case if the scholarship is from a foreign institute).