Student loan forgiveness is being taken seriously right now by the bourgeoisie.

The Federal interest rate going near 0% has led to a massive boom in housing construction. Student loan deferment has led to many people saving up for a down payment on a house. The housing market is carrying the US economy right now.

If student loan deferment ends, this space that Capital found for expansion will disappear. There will be an immediate crisis.

Also, the effort to privatize student loans has been a failure. Betsy DeVos has been the Secretary of Education most dedicated to privatization. She killed the Perkins Loan, which has led many new students to private loans.

Although, after her reign, 92% of public student loan debt are still held by the Department of Education. It is unlikely that the Biden SoE will be more successful at speeding up the process. Capital is in crisis now.

Forgiving public debts is a method of privatization in America, where a culture of indebtedness exists. They want everyone with public student loans to take out private mortgages, owned by JPMorgan, Citigroup, etc.

I'm not saying student loan forgiveness is good or bad. It is good for me. But it serves a purpose that we should understand.

  • PhaseFour [he/him]
    ·
    4 years ago

    If I had to guess, the Bourgeoisie will attempt to chip away at that solidarity over the next few years because it scares the shit out of them

    Heightening the divide between college educated and non-college educated workers seems to be a strategy they are considering.

    My friends from high school and I have materially been in a similar spot. I make more, but I have a shit ton of student loan debt. If my debt is forgiven, that would change. I would be able to buy a house, I could invest in the stock market, etc. My material conditions would look similar to white Boomers. My material interests would align more with Capital.

    • Bread_In_Baltimore [he/him]
      ·
      4 years ago

      Yeah for sure. I don't have a degree because I'm a dropout but I do have debt, especially debt I've ignored for years. If that disappears, especially if they wipe it from your credit score, I could actually buy a house and a car. I wouldn't look like a suburban boomer but I'd probably look similar to gen x, able to drive a 5 year old toyota and live in a 3br townhouse etc.

      I think they will also try to separate black and white workers. Student loan forgiveness would likely help white folks more than black folks already, but they also have control over cultural hegemony. Idk what it will look like but I think they will try to drive a cultural wedge like they always have.

      • PhaseFour [he/him]
        ·
        4 years ago

        Student loan forgiveness would likely help white folks more than black folks already, but they also have control over cultural hegemony.

        It will. In order to qualify for big student loans, parents need to cosign, and they check your parents income. I think student debt holders are more black, but mortgage-sized student debt holders are more white.

        Idk what it will look like but I think they will try to drive a cultural wedge like they always have

        I think Trump's brand of politics, anti-New World Order stuff, will continue to be a big wedge. I think that aligns with the college educated divide pretty well. The only people I know who take MSM seriously have a degree lol

        • Bread_In_Baltimore [he/him]
          ·
          4 years ago

          I think Trump’s brand of politics, anti-New World Order stuff, will continue to be a big wedge. I think that aligns with the college educated divide pretty well.

          If they can manage to make that stuff seem less racist, the GOP really would become the party of non-college educated workers. Trump made inroads with black and Hispanic voters even while ramping up the racism, if they dialed it back they could probably capture a majority of nonwhites. They don't seem to be doing that though.