How will Biden's student loan forgiveness affect retirees?
Today, I discuss Biden's proposed student loan forgiveness and how it will affect retirees and others.
My name is Howard and my goal is to bring KZhead viewers interesting and factual information about the process of getting to retirement and living a successful retirement, through my channel, Otter's Retirement Corner. I have a degree in Finance, with an MBA from the University of Chicago's Booth School of Business, along with an extensive career in financial services, credit and risk management, within the Banking industry. I have extensively studied retirement topics such as: Social Security, Medicare, investing, economics and portfolio withdrawal strategies, to name a few. My own journey getting to retirement and now living within retirement has allowed me to gain an important perspective on those topics. Note: I am not a financial planner, a tax accountant or an investment advisor and none of the material covered in my videos is intended as personal advice. My videos are for entertainment purposes.
You can email me at: retirementtalk43@gmail.com
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Our debt is going trough The roof !!! This is absolutely ridiculous and unsettling
Sword: How is this "unsettling" to you?
Howard is oblivious to The Party’s failures.
@@raymonddeflaviis2306 Yes, he is in denial!!!
@@raymonddeflaviis2306 hoiward is simply asking questions to get more comments for his channel.. they all do it.. but more power to him..
@@michael-dx3lc I ask question because I love the conversations. Who else do you see on KZhead who responds to almost all questions and comments?
Howard, you really are special! We sent 2 kids to State schools. We had prepaid plans for both, one had a small loan. Mostly they went to Florida schools which are relatively affordable. Private tuition is out of control! My wife and I both went to state schools and grad school so had significant debt, but it was manageable and we paid it back. You are quite jaded, and border on irrational. (Paraphrasing) “It’s only a few $billion” . It actually works out to several $100 for every man woman and child in our country! The disconnect that many, including you have from how much money is spent/given by our government is a major problem. The government does create money, which then is spent or given away in huge quantities that most can’t comprehend. All with no concern. Yet, it obviously contributes to fiscal problems, debt, and inflation.
randolph: And yet, it is a trivial amount in the overall scheme of things and no one will notice its affect. I would certainly rather see our money spent here than on a new missile or dozens of other items. I am not saying it is a good idea to do this loan forgiveness though. I made that clear in the video.
$10B here, $10B there. We need to stay mindful of each spending event. We have to resist the politicians that spend money to gain votes. I know it is common but we need to call it out when it happens, especially when it is blatant as this is. I have not heard anyone explain why student debt is any different from any other.
@@patkane3532 The main difference is that it is federal debt. It is the only debt Biden can even attempt to cancel.
Thank you for taking this subject on. The biggest issue I have with it is that it does absolutely nothing to solve the original problem, tuition cost that is simply way too high. If they take on the actual problem and actually solve it, then that’s when I think it’s appropriate to have the conversation about forgiving the debt of the students who may have been overcharged. The way I understand this now is that we could be having this conversation all over again every few years with a whole new group of students who have borrowed even more money because now they have the expectation that the government will cover them. In addition, while I fully get that this program doesn’t move the government needle, I’m not okay with so casually raising the national debt as if that doesn’t affect anyone. I understand that has become normalized over the last few decades but I really believe that at some point we have to have a reality check. We are way beyond living paycheck to paycheck, we are more like a drug addict on a bender and that’s not okay. Finally, the students who took these loans signed a contract to repay the money. If they didn’t understand the contract then we have failed them in their education up to that point. Going to college in the first place is a choice, taking out loans instead of working a part time job is another choice, life is all about choices. Part of the college experience is learning to make smarter choices and we often learn by doing.
Well stated!
@@LisaNewman-qe2ie thank you. I really only care about actual solutions and I don’t see this as being one. 👍🏼🇺🇸
Failure: Exactly what I said in the video, tuition costs are too high and that is the crux of the problem. I didn't say I am okay with adding additional debt, I simply said that no one will notice such a small amount. Yes, we need to stop deficit spending ASAP. Again, don't blame the borrowers. as I said in the video over 98% make their payments on time and no one was asking for loan forgiveness. They kept up their end of the bargain. BTW-I had to take out $60,000 in loans for graduate school AND worked two jobs.
@@RetirementTalk43 I only have an undergrad and I ended up with $2000 in loans. A pretty manageable amount even in the 80’s. I don’t blame the students at all. It seems to me like the government trying to solve a problem that is probably marginal at best and, as usual, they are completely going about it in the wrong way. Sure, helping a bunch of poor students today is a dopamine hit, but it does nothing for the students of tomorrow. The reason tuition is so high to start with is because the government started offering student loans which allowed the colleges to start overcharging. Without the student loan program I think one could make the argument that tuition would be much more reasonably priced and the college system that we know today may not exist. To me, college is a value proposition in the first place and what they are currently delivering is overpriced.
@@RetirementTalk43 to be more clear, if the government actually forgives the debt, I’m not mad at the students at all. I do place blame on them for signing a contract that they may not have completely understood. But then they don’t really seem to be the ones seeking forgiveness either so in that case that’s okay as well
While I make my living in academia, I thoroughly agree with you about tuition, Howard. I feel for those students (former and current) who are repaying exorbitant debts (particularly interest!). Also feel compassion for those who have recently finished paying off huge amounts of debts only to hear proposals about debt relief (often presented and misunderstood as "total loan forgiveness"). i have also observed that one's major and career choice can be highly impactful on a graduate's ability to repay any loan. Overall, efforts to support global defense, lack of education about personal finance, escalating immigration, residue of the pandemic and the media's nuanced "opinions" about it all, have created fear of a financial storm. Most important to note; Know that Otter, other viewers, and I approve today's tee shirt! 👍😃👍
Thank you, Jean.
These people with these student loans chose to go to college. Most of them didn't have the money for it so they borrowed it. They absolutely knew they had to pay it back!! And most of them have better jobs because of it.. I chose not to go to college because I wasn't that much good as a book person, I had hand skills or trade skills. We are all working class People and if these Democrats want to give relief to working class People they should give everybody a 10,000 or 20,000 payment of some kind off of debt or towards an IRA or something equivalent... THEN AND ONLY THEN IS THE PLAYING FIELD EVENED!!! AT THIS POINT I WOULD NEVER VOTE FOR A DEMOCRAT AGAIN IN MY LIFE UNTIL THEY PROVE OTHERWISE!! AND YES REPUBLICANS AIN'T THAT MUCH BETTER, BUT YOU HAVE TO PICK THE LEAST OF TWO EVILS!!!
Thanks for your comment, Robert.
I live in Michigan and young kids can go to the community college in the county they live in for free, if they want to learn a trade or get an associate degree. I work at the University of Michigan and if your parents makes less than 64K a year you can get free tuition, if you can qualify for admission and it is your first degree. Plus you can get tuition re-imbursement at plenty of companies.
@@UncleJam5624 That's great to hear.
Same here, both my wife and I never went to college but we worked hard and sent our 2 kids to a local private school through high school and then helped them fund college at a state school which they paid back. We bought a cheaper house and crappy cars to make it happen but after all these years working as a team we're doing fine in retirement. Time for these college kids to take some responsibility.
Voting has always been a choice between lesser evils. Howard has his reasons for being a die hard Democrat. I don’t think he’ll ever be totally honest about why that is.
Public high schools should be required to offer trade classes as part of the education. The was an option in the 70's. Not sure if it still is these days. AND college track students should be able to test out of Sr. level classes and get college credit. Higher education shouldn't break the bank, AND people need to be responsible when borrowing money AND the lenders need to be held accountable as well.
yoga: I agree with it all.
A lot of high schools offer AP classes so you can test out of college courses .
If you emerge from 13 years of formal schooling and dont have the stills for moderate employment that is criminal on the side of the state!
@@yourgooglemeister6745 Many people aspire to higher things than "moderate employment."
@@RetirementTalk43 if all they want is a moderate job then getting a worthless degree is on them I know there wasn't KZhead back then but right now KZhead could cover about 80% of the degrees that are shitted out of universities now
Debt is a person’s responsibility, that is that. No one should expect anyone to help . I worked my off to get my daughter through college, her debt is paid , sick of people wanting free shit!!!
Linda: As I mentioned in the video, your anger should not be directed at the borrowers. They didn't ask for loan forgiveness and the overwhelming majority have made their payments in a timely fashion. If you bank offered to forgive your mortgage debt, would you say no?
@@RetirementTalk43you are a little off on this. If they vote for politicians because they promise student debt relief then yes, they are asking for the debt relief. The borrowers aren’t innocent with this…..
@@RDQ30A That feels like a reach.
@@RetirementTalk43 absolutely not a stretch. If you vote for a politician because they promise to relieve your debt then you are essentially asking for your debt to be forgiven. The borrowers are not innocent. They’ve made it clear their voting block wants student loan forgiveness.
@@RDQ30A How do you prove that is what happened? How do you connect any one voter or block of voters to their votes via that debt promise?
You know, I don't like to see people struggle either. But I went to college 2 years at community college and 2 years at state college there were a number of years that passed between the two because I could not afford it. In the end I paid for my college less a few very small grants (that I was grateful for). My parents did not and could not pay for my schooling. My thoughts are, if you can't afford a specific college, figure it out. Because many other people have and are paying for their own college, no freebies given.
I just think that an educated populace benefits us all.
Every stroll through our college campus's and notice how nice things are kept? Then drive or ride your bike down our city streets and notice the sorry state of the roads and streets in even our nice neighborhoods. I've been asking our city to just repave our alley that's been crumbling for years but they don't have the money. Show me the money!
Are you advocating for higher property taxes?
@@RetirementTalk43 no just redirect some of that money where it’s needed.
@@notanomad9320 So you are talking about state colleges and universities not private schools?
@@RetirementTalk43 both, but I believe the state schools receive taxpayer funding.
You can argue all day long how this problem doesn’t really affect the economy but in principle any person that takes out a loan is required to pay it back. In the words of the dirty jobs guy, should a student loan be any more forgave than the person who took at a loan to buy tools for his Business. And what about all those that paid theirs off. Forgiving loans throws egg on the face of all that paid theirs off. To quote another person’”It ain’t right”
You can write off tool cost for your business, you can't write off the cost of your loans.
52: that is why i understand people not thinking this is fair.
@@UncleJam5624 writing off isn’t the same as forgiving. You still pay most of the cost. It only helps a little.
BTW I made some harsh comments but I’ve heard a few compelling arguments in the past where forgiveness makes at least some sense. Didn’t want to sound totally negative on the topic of
Thank you so much for making the video. In theory, maybe it would be "OK" with state college being "free" if and only if the degrees were worthwhile where they can make a living. STEM, Medical, accounting, etc. real stuff. The problem is, as you know, If the government pays for it, 4-year tuition will go way up and then there will be degree expansion. Then people will want a Masters degree and PhD paid for. Also, should include trade schools. Most jobs do not need a four-year college degree. It wastes the students time and money. Bottom line, with our government it will be a disaster.
Certainly, the devil would be in the details.
@@RetirementTalk43 Plus there are a lot of managers and directors with liberal arts degrees, people skills can carry you a long way in life.
@@UncleJam5624 I kind of think those people get by on personal charisma. I could be wrong but I doubt it is based on much they learned in school in non technical fields. I've seen BS and nepotism carry people to the top!!! If they think the degree is worth it then they should have no problem paying for it. As I do not suffer from "personal charisma" I think I would be bagging groceries right now still paying student debt had I gone into liberal arts. I would have liked to have been a history major but was wisely talked out of it. Money matters.
@@ThorIsBoss That may be true but if you do not have a degree you will not get an interview in a lot of places. I work in a IT department and probably half our directors have degrees in none computer science related fields.
@@UncleJam5624 That is interesting. In the past, engineers definitely were portrayed as geeks with no people skills. Not as true anymore. So are you saying liberal arts teaches people skills? I have a friend that has aways been popular since we were kids. You would not believe how far that alone seems to have taken him (especially with women). He is a hard worker of course but being liked has helped him a lot in his career and other things.
I missed the boat. That's life!
I WANT MY TRUCK PAID Off DAMMIT!🤑
mark: Why did you buy a truck?
Because we live in northern Minnesota and the winters up here can be brutal so the four wheel drive and clearance comes in handy. Also it can pull our camper and the way the greedy landlord has been jacking up the rent so eventually we will just get the hell out of here and travel out west and stay on BLM land and save that rent money for about five years. Everyone should be given the same perk.
One problem is that the student loan program used to be administrered by the Federal Gov't and it kept interest rates low. I think somewhere around 1990 it was 'privatized' and really changed the program and penalized the borrowers. Then the higher-ed kind of piled on and went commercial too, make money over everything. So it was a double whammy. How come students can't write of the debt like if you were a small business owner? You are improving your intellectual plant. I went to a 2-yr certiicate program that ran continuously over 18 months. We had like the week between Christmas and New Years off, and the week of July 4th I think. That was it. It was affordable at the time and got me into a 32 yr career, so it was worth it. I was lucky. After I was laid-off/retired, I looked at similar positions that were current in 2019/2020 and the pay was basically what I was making 30 yrs earlier, but, nothing costs what it did 30 yrs earlier, so I saw how people are really shafted with pay the past generation. And now all these jobs required a 4 yr degree and experience and work long hours and on-call. Sheesh, and you still can't pay off your loans...Not right.
ph: Thanks for your comments.
The only good financial advice is from Timothy Baker. 🥴 From Jacksonville Florida hayfield
I agree the focus should be more on how to reduce/manage the costs of education and home ownership. I would argue we as a society have ingrained in our American culture a vision of success where college and owning a home are essential. We have also ingrained Capitalism which seems to have been over achieved in these two areas causing a conflict. We are going to have to find a compromise (which is novel today) to bring us back into alignment with the values of the Land of Opportunity.
Thanks for you comment, Michael.
Mr Howard, tax payers have been clobbered enough , I think we all can agree on that. Nevertheless, I partially agree with providing financial assistance with State and local community colleges based metrics of financial and academic achievements. NO free lunch folks, it has to be earned or you can apply for assistance. Often wondered why no political party goes after the Universities to justify their excessive costs and let's get them to open up the books. Its always easy to through money at a problem in hope that it goes away. It was a political promise for votes so the adminstration can through money at a problem.
Thanks for your comments MtoF.
"When people find they can vote themselves money, that will herald the end of the Republic." --Ben Franklin
I get it.
The problem with the whole student loan forgiveness move to is that it rewards poor decisions and behavior. What’s the incentive for future student loan recipients to pay back their loans? There is also the question of fairness to those that paid their loans back or paid their own way by working while attending college.
Blaw: How does this reward poor decisions? Over 98% of borrowers are current on their loan payments.
@@RetirementTalk43 Then why in their right minds would this administration consider this proposal? Never mind, it’s Biden; there is no right mind.
@@BLaw707 You tell me. Why do you think?
It creates a terrible moral hazard to those that are paying and many will just stop and hope for a free ride
Black: hopefully those not getting relief won't sacrifice their own financial lives by withholding payments.
Lemme ask my financial advisor SS Timmy He’s a the bar and can’t talk right now 😂
He's trying to figure a way to "crush" that student debt.
According to your data it’s a NON problem …..if most of the debt is being paid, why fix it? Sounds like a joke to bolster politics. The borrower is to blame as it IS a CHOICE. And yes , your choices in life DO matter. Suck it up and pay your debts…
mchell: How is the borrower to blame, for being given debt forgiveness? If you owed $10,000 and the lender said you didn't have to pay back that debt, are you somehow to blame for something?
@@RetirementTalk43 The issue is that the debt should not have been forgiven in the first place. It's not about how some undeserving recipient feels about their windfall.
@@henchmannumber_1735 Okay, let's say the debt forgiveness shouldn't have been done. Is the borrower somehow to be blamed? No one is really broaching the subject of how that borrower feels about their forgiven debt.
@@RetirementTalk43 I'm sure they feel quite relieved and if the lending institutions that made these loans were taking a haircut then most of us wouldn't care. As a matter of fact I just saw an article, "Gen Xer who got $250,000 in student loans forgiven said he can now finally start saving for retirement - and consider his dream of studying in India" Biden offloads this guys debt onto the citizens of the U.S. so he can now go study in India. This is the kind of crapola that drives so many up the wall. We need a discussion on moral hazard.
@@henchmannumber_1735 He is looking to study meditation in India. I'm somewhat suspicious of this story of $250,000 in forgiveness though.
I went to a private university and at the time the tuition was reasonable (high I felt at the time but realize it really wasn't compared to today). About 10-15 years ago I looked up the tuition of the university just for kicks, and was shocked and remembering telling myself if this were today there is no way I could afford to go to that school. Tuition is going way faster than the rate of inflation and I believe the government is having a direct effect on that fact. When I graduated and got a good job, I made it a priority to pay off my loans and did so in 7 years. That is not really possible today.
brad: The ease of which people can get federal student loans, certainly doesn't help in controlling rising tuition costs.
My feeling is lower the interest to the point just to cover maintenance fees of the loan but make them pay it back. Where's the outrage of local and federal subsidies for big corporations folks? Job creators my behind. They have no problems laying off people and closing up the brick and mortar shells when they move out. The problem in the country is lack of education and broken families. Inflation comes and goes. Our youth takes care of us seniors and if we don't take care of them....change your own bedpan folks!
dan: okay, thank you for commenting.
None of the early school years are “free”. We pay school taxes every year and it keeps going up! 37% go on to higher education. The rest of us go to trade schools or start working. None of us got a bailout for our trade school. This is a BS proposal. I take out a loan for my truck, house, tools, I’m expected to pay it back. It’s a ton of money to foot the bill for this. And yes, our debt is our tax. We will notice it. Your analysis is wrong and we can’t continue to spend, spend, spend and not think it will not affect us. WE WILL NOTICE IT. Biden can’t do school loan debt relief either. The Supreme Court told him so….so what does he do…he goes around it again. Stop the nonsense. Pay your bills. I struggled like crazy early and worked two jobs. If you can’t afford the school your going to, go to a community college. Don’t expect us to pay for your 4 year program. If you can’t afford it, neither can we.
The schools are free to the student in the sense that there is no tuition. Anyone who pays property taxes bears the cost, even those, like me, who don't use those schools. In terms of the cost of this loan forgiveness, no you will not feel it or notice it.
You’re wrong. We will feel it. If we’re giving away money, let’s help our vets, the homeless, fix the border.
Stop Lying ofcourse we will pay its buying Votes for the DemoncRATS Supreme Court already ruled its unlawful stop spreading falsehoods
@@dunning29 How will you feel the affects of this loan forgiveness?
@@scottcarr2871 How will we pay for this loan forgiveness program?
I agree the education systems needs reform, they need to go back to the policies when Obama was president and crackdown on the schools that don't graduate their students. I'm sure that will drive down the cost of tuition.
Uncle: Part of Biden's loan forgiveness includes those people who were ripped off by some colleges.
Forgot to mention, Otter looked either bored or hungry ......I think he wants to know why no one investigates Universities ..
Ahhhh, a whole new can of worms.
Ooh, why don't they take it out of the almost trillion dollars of endowments?These colleges have in their slush funds? University of michigan alone has almost 40 billion dollars. Harvard and Other ivy league schools Both have an average of seventy billion each
rich: according to their last audited financial statement, U of Michigan's endowment was at $19 billion but I understand your feelings. Ivy league schools have an average endowment of about $23 billion.
We are all trying to make it. If you borrow you pay it back, should it be free maybe how do you pay for it? Medical care should be free but the question is the same how do you pay for it? I’m 55 years old and when I buy something I pay for it. You sound like it’s fine for the country to just go further into debt…why?
If the loans need to be forgiven why does the program still exist?
What program?
@@RetirementTalk43 the government guaranteeing loans is why college costs have exploded.
@@paullampert6990 Do the loans "need" to be forgiven?
@@RetirementTalk43 I would agree that the loans should be forgiven IF the federal government stopped guaranteeing these loans. The banks and the schools have gotten rich on the backs of the kids.
Not much of a comment since the forgivness is so small… but I’m sure the people who paid back there loans and did the RIGHT thing are not happy about it….. people dont like when they do the right thing and see people who get rewarded for not… its not the cost of the education as u said is the problem…. I dont the federal gov should be in the business of college loans in the first place...
lee: As I mentioned in the video, I paid back over $100,000 in loans and this does not bother me. I imagine most people who paid back loans might feel differently though. I can find it in my heart to be happy for those who are getting relief. It is not as if those getting forgiveness didn't do the right thing. As I mentioned, about 98% of them have been making their payments as agreed.
@@RetirementTalk43 Its interesting to how loans are how alot of people go to college… when I grew up the parents saved for their kids colleges.. I dont think I knew a singel person I met in college that had a loan.. there parents saved.. my parrents were upper lower class… they did a $25 bond each paycheck at some point in my childhood.. it was only enuf to pay for 3 years of college. I worked after school jobs in high school and summers in college to pay for the fourth year. I did not even know what a loan for college was at that time… thats was in the mid 80s… things have certainly changed… do u for the better or worse ?? thats the question..
@@leehaskins307 " do u for the better or worse?"
Sounds like from the comments forgiving student loans is a stupid unfair idea (it sure is) So if our government implements 1000s of stupid spending programs doesn’t that up to one big spending too much program that will affect the economy? Gees Howard, I thought you were a math guy. But I still like you.
Tom: When you say "affect the economy," well of course, any fiscal policy affects the economy. Sometimes it is negative and sometimes it is positive. Sometimes it is a large affect and sometime it is a small affect. Can you be specific?
The massive debt that every Congress and President has racked up for the last 24 years is the main reason for the inflation we are seeing. Inflation is a tax on all Americans including retirees. Forgiving billions of dollars of student loan debt does not help.
tuna: Any inflation from this loan forgiveness will not be noticed. As I mentioned in the video, it is insignificant compared to the size of our economy.
If you forgive this current group of borrowers, then don't you have to forgive folks who take out loans in upcoming years as well? Why single out folks just in an election year? And all the students in the past that did pay off their loans...I guess we just call them "Chumps", or "Saps" for diligently paying down their signed for debt, they're not getting any money back for signing on the line, paying years worth of debt .,
mark: Good questions.
at this point in time, a free college education is overpriced..
michael: I'm very grateful for mine and it paid off big time.
@@RetirementTalk43 sure if you use it correctly, far too many use a higher education to avoid the work world.. they get useless degrees or degrees that dont offer employment opportunities
@@michael-dx3lc How does one use a higher education to avoid the work world? Do you have any stats or studies to cite that support that claim?
Public school isn’t free. Tax payers fund that.
It is free to the student. Yes, those who pay property taxes bear the cost. I pay for my local schools, even though I don't use them. I am okay with that.
@@RetirementTalk43 Tougher when you have multiple houses., paying for multiple districts.
It took me 25 years to pay off my school loan. It was at 9%. I never regretted my education. Now they want me to pay their loans too? It’s a no go. You make major sacrifices to attend the best school you can, with that said I lived just scraping by for 7 years. They knew the cost and signed these loan agreements and they should be responsible and learn about personal ethics and responsibility. Go without fancy cars , designer clothes and any indulgent purchases. They are just things. Why should I pay your debt while I’m trying to retire and live a secure life that I have earned honestly.
It is not the borrowers who want you to pay their loans (you won't pay, actually), it is the Biden administration.
@@RetirementTalk43 Why won't he (a taxpayer) actually pay? I agree these numbers are in the noise level but t is still unfair.
@@ThorIsBoss Because the added national debt and interest, will never be repaid by anyone. Can you actually imagine us running a surplus and using that surplus to pay down our debt.
I still think delving into Peter Schiff will boost your subscriber count. My unanswered question remains: Did Peter Schiffs advice pay off in the last say - 4 years? They say a broken clock is right twice a day. Would people who listened to him have profited more than those who left their IRA ‘s alone. I understood that there are variables depending on where the funds were invested. Another topic for your consideration is the : The Weatherford International stock collapse. The stock went belly up but the company is still in business. It was the most obvious pump & dump scheme but nobody ever went after them. But investigators did go after the Canadian Drug Company formerly controlled by famous Hedge Fund Manager Bill Ackman after he was tagged by Hillary Clinton. Everyone knew Valeant was a gamble - but Weatherford International was supposed to be a solid investment. So much so that even the Swiss teachers union was heavily invested. And Weatherford kept finding bond investors even when they were tottering on the brink of collapse. This is the stuff of Hollywood movies. The Valeant story was a daily soap opera. But Weatherford only had shady Texas oilmen. But I think Weatherford were the bigger crooks. And yet nobody went after them.
I don't follow Adam Schiff's investment advice and I don't know anything about Weatherford. A quick search shows they went chapter 11 in June 2019 and emerged out of bankruptcy in December 2019.
@@RetirementTalk43 Of course you don’t subscribe to Schiff’s advice! Neither do I. That’s not the point. Many people do. And I’m thinking maybe 10% of our net investment in gold might not be a bad idea. An old guy I knew a long time ago was a bank vice president. He was called out of retirement to make the bank he’d worked for get solvent again. Afterwards he died. I guess his work was his life. But this guy believed in putting some gold aside. When he died it didn’t go to waste. He gifted it all to his kids. That’s the nice thing about physical gold. You can always gift it and it will always be appreciated by the recipient.
@@raymonddeflaviis2306 Since when has Adam Schiff given financial advice? Has he done it while in office? That seems strange.
@@RetirementTalk43 Peter Schiff, sorry, I always confuse the two. lol
@@raymonddeflaviis2306 Ohhhh, Dr. Doom. He is just a gold bug trying to scare people into buying gold through his company. He has a very mixed record, depending on when one chose to follow his advice.
Not really sure it will affect me at all. It remains to be seen if this guy Biden can even get this done. Personally, I think it's a shame it cost this kind of money to go to college but at the end of the day if you agree to the terms of a loan you need to pay it as you had agreed to. Try that with a car or a house.
Those getting loan forgiveness, by and large (about 98%) have been paying as agreed.
@@RetirementTalk43 I have no knowledge of the accuracy of that claim but if true then good because they owe the money and so do the others that won't pay up.
@@myvenusheeler Who is it you think won't pay up?
@@RetirementTalk43 It's not who I think but anyone who is obligated to pay for a loan they themselves took out. I am sure to someone who received a degree in Advanced Knitting or perhaps Marine Biology that's old people thinking but that is the way it truly works in the world we live in. If you owe pay up.
@@myvenusheeler So even if they have been granted loan forgiveness, you think they should continue to make payments?
All good points. Well stated. But student debt relief does allow the beneficiaries to spend more money into the economy. That does matter. And for heavens sake, show some respect. It's "President Biden"... Geez.
pensacola: I did talk about the additional spending power those borrowers would have. Given the size of our economy, it likely won't be noticeable though.
As a very soon to be retiree i agree this has no effect on me… biden has effected negatively but not on this...
lee: okay then.
Public schools are NOT free, their taxpayer funded through our local, state and federal taxes. How does Bidens student debt forgiveness affect me as a retiree? Makes me want to vote for anyone but Biden. Why stop at student loans? How about homeowners struggling to pay their mortgage?
I covered that in the video.
@@RetirementTalk43 yes you did but you repeatedly used the word free which I take issue with. When something is given away for "free", the person receiving it usually doesn't value it as much as someone who earned it on their own.
@@notanomad9320 Yes, I probably should have said that tuition is free. There is no direct payment tied to a child going to public school. You could have two identical houses next to each other. One homeowner could have no children and the next door neighbor could have 5 children. They would both pay the exact same amount of school appropriated property tax.
@@RetirementTalk43 of course people with no children still have to pay their property taxes that fund our local schools but we still pay even after our kids are grown and out of the house, that's the deal. We need an educated workforce BUT if someone willingly signs up for a college education, then they should honor the contract and pay it off. Having the President go around congress makes him a dictator, that's not how its supposed to work. Now if it's such a small amount then anyone can certainly volunteer to help pay off those loans themselves, President could step up and show leadership by making a huge donation himself. I say this not to be mean but because it's the right thing to do. Take care
it isnt going to happen...
michael: What, the loan forgiveness? It has already started.
@@RetirementTalk43 it has been challenged in the supreme court and denied, they changed directions and are trying to slip it by another way but it will be challenged and denied again... nobody should be forced to pay for anothers higher education.. there are ways to get these degrees for less than many colleges are charging..
A retiree with student loans? Tell me you are a loser without telling me you are a loser!
There are 3.5 million people over the age of 60 with outstanding student loans.
@@RetirementTalk43 that's a lot of losers and a lot of obviously worthless degrees
@@yourgooglemeister6745 Why are they obviously worthless degrees?
@@RetirementTalk43 because they have reached the age of retirement and they didn't earn enough money to pay back their loans. Spare me your sophistry
@@yourgooglemeister6745 I'd bet a lot of them have parent plus loans. I know a few people over 60 still sitting on them. In fact, Mike Pence has several 100 thousand himself. Others likely went to school later in life. Some probably made more than enough to pay the loans back but spent the money on other things. You seem more opinionated than informed.
Are people who received school loan forgiveness eligible for more school loans?
reb: Great question. No idea.