Posted on 08/03/2022 10:12:27 PM PDT by grundle
On The View on Tuesday, Whoopi Goldberg read from a New Yorker article that details how some people live with growing student debt well into their 80s and 90s. The piece she read from details, among others, the story of Betty Ann who faced bullying and abuse as she strove to get a law degree at NYU and whose debt for that course has ballooned as she aged to an insurmountable number. Student loan debt is the only kind of debt that cannot be eradicated by declaring bankruptcy.
GOLDBERG: “In 1983, at age 52, Betty-Ann enrolled at NYU's law school, she borrowed $29,000 in federal loans. She now owes over $329,000. She is 91. She sold her family furniture to make loan payments. wonders if without the dead, she could have stayed in a home she once owned. Listen, these are the debts you need to forgive. Because people who are in their 70s and 80s may not be making the same money they made in their 50s and 60s. You need to forgive this. You need to forgive. This is ridiculous.”
(Excerpt) Read more at yahoo.com ...
In 1983, at the age of fifty-two, Betty Ann enrolled in New York University’s law school. As a middle-aged Black woman, she wasn’t exactly the typical N.Y.U. law student. Her white male classmates would slyly elbow her books off the long library tables, and once, while standing at her locker, a classmate waved a ten-thousand-dollar tuition check, signed by his father, in her face. Betty Ann had borrowed twenty-nine thousand dollars in federal loans. Today, she owes $329,309.69 in student debt. She is ninety-one years old.
Whoopi is the same moron who advocated that “Dr.” Jill be made Surgeon General!
They’re not forgiving the debt, they’re collectivizing it.
When she dies, that will take care of the loan. It’s pretty much the only way.
That's so 1950s racist. Color me skeptical of the whole story.
the reason that you have a big push for a bail out is that a lot of the debt was bought for pennies from finanial institutions and the only way they will be paid out is from government, hence a push to forgive the loans and have those owning the debt get a payout
The real shame of her education is that they didn’t teach her about compound interest. It’s a criminal neglect, and the school ought to pay for that negligence.
But to quote a famous leftist, “At this point, what difference does it make?”
Did she sleep through contract law?
“she wasn’t exactly the typical N.Y.U. law student”
Most managed to pay off their loans on schedule I suspect.
Something about the story isn’t adding up here.
How do the penalties for a $29,000 debt end up at $329k?
That seems absurd on so many levels. It’s a federal loan, not the down the street payday loan shark.
2x or 3x penalties over decades covering interest and inflation is one thing, but over 11x?
Imagine if all student loans were written off in 2022.
The class of 2027 would think it only fair to them that college should be free, as would all future college students.
If college isn’t worth paying for, it isn’t worth attending, or more likely, the student is not qualified for higher education.
In 1975, I got a 3% NDSL and a 7% commercial student loan.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
$30,000
40 years
10%
$1,357,777.67
$30,000
40 years
7%
$449,233.74
In 1985 I graduated from law school owing close to what Betty Ann owed. $20,000 plus. By 1994 I had it all paid off. If they forgive Betty’s, I want a refund with interest.
“In 1983, at age 52, Betty-Ann enrolled at NYU’s law school, she borrowed $29,000 in federal loans. She now owes over $329,000.”
In terms of buying power, I think $29,000 in 1983 money is about $110,000 in 2022 money.
Why is it that the rich idiots that get paid to portray someone that they’re not try to foist their babble on the rest of us, yet pay nothing to “fix”?
Let the woke universities with their tax free endowments forgive the damn loans.
Note: Inflation was modest from 1952 to 1967 under Eisenhower, Kennedy and LBJ.
Note: I think the last ten years CPI growth is badly understated.
Things have on average have nearly doubled in price since Obama took office.
I remember. Whoopi said she was a fantastic Dr
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