Not only does the report come from Slate, but the proposal is by RIN-ubio.
Sorry, ain’t buyin’ it.
Liberals and sub-liberals (RINOs) can shove it.
Where is the barf alert? Has Mario gone totally nuts?
No one owing a student loan will ever make another payment.
They think Bambi will bail them out.
A person who didn’t have a job would never have to pay back the loans. Stay at Home Mom not filing jointly or not married to her partner.
The obvious question is why should students who go to elite schools with high tuition be subsidized by blue collar workers who don’t go to college. I vote no. Emphatically. Just more government subsidization of debt which encourages higher tuition, that ends up in the pockets of liberals, and more debt. Looney tunes unless the reporting is wrong.
Lotta people predicted that the Pubbies would offer loan forgiveness, if only to pre-empt the Dems from doing it.
The best Student Loan Bill is more dollar bills in the pockets of graduates. There aren’t any good paying jobs.
More Big Brother government.
The answer to the student loan situation is simple.
Get the government out of the equation and require the borrower to pay the loan back as agreed.
It is not the constitutional responsibility of the government to extort money from taxpayers to help students through college.
A student loan is just another loan to buy something now and pay for it later - like a vehicle, a boat or a home and should be treated as such.
If the borrower has to pay their own loan, and the lending institution has to deal with the financial impact of bad loans, they will both be a little more responsible in seeking ans making loans.
How about this plan Marco? You borrow it .......... you pay it back.
I don’t believe anywhere in history has there been so many 25 - 26 year olds that have never worked a job a day in their lives.
All these government grants and loans are a slacker’s dream come true. Regardless of a student’s academic achievement, there will be a so-called university or college willing and wanting to take the government money (taxpayer money).
This is one reason all these illegals come over here. Our working class are all slacking on government dime until they’re about 25-26. They then wonder why no one has a job for them other than Starbucks. Could it be that they’ve never worked a day in their lives?
The federal government has no business being involved in student loans; and I don’t trust Rubio as far as I can throw him.
End all federal government involvement in education. From pre-school Head Start to college education and loans. Period.
a) Allow student loans once again to be forgiven in bankruptcy. Bankruptcy has pretty severe consequences for several years.
b)With the provision that there will be a charge-back against the school(s) and the bank(s) originating the loans-- they are primarily responsible for 'shepherding' students into borrowing too much money, let them pick up part of the tab.
Now, we could change the deal going forward for new students. That would make sense.
I propose we cap repayment at 10% of yearly earnings with a maximum payback period of 15 years AND make the educational institution a co-borrower on any federal education loan GOING FORWARD. That would solve the problem real quick. If the kid doesn't or can't pay the loan payments, the school eats it. I bet the amount of majors in "Ethnic Gender Studies" will drop dramatically overnight.
A $50,000 loan at 5% interest paid back over 15 years would be about $400 per month. A student would need to earn an average of $48,000 per year over those 15 years to be required to fully pay back the loan. If they didn't, the school would have to pay any short fall.
Problem solved.
All those people trying to break free of the welfare state by getting an education will just continue to be domesticated livestock until ... until ... well, forrrr-eeeeee-ver.
Thank you, La Raza Rubio.
“All federal loan borrowers would be enrolled in an income-based program where they paid 10 percent of their earnings each month, with a $10,000 annual exemption. Meanwhile, the government would collect the money directly from workers’ paychecks, just like tax withholding. One potentially controversial part: It would >forgive< up to $57,500 worth of loans after 20 years, but anything above that amount wouldn’t be forgiven for 30 years. (The current Pay as You Earn repayment program forgives all debts after two decades.)”
Since these are `guaranteed student loans’ (the lender is guaranteed repayment) “forgive” means if s/he doesn’t pay, then you and I pay—it falls on the taxpayers’ backs.
I paid on my GSLs for years until they were paid off. And @ 9% interest. And no tax write-off. Screw RINO Rubio and the pony he rode in on. Students are adults when they sign these contracts. Now they want to re-negotiate their agreements?
They either keep their agreement or they don’t. They can’t have it both ways.
If Slate likes it, it must be bad
Banning it?
They should be looking into why college costs so much.