Posted on 07/20/2023 2:42:07 AM PDT by Libloather
After finding legal loopholes around the Supreme Court’s student loan decision, one personal finance expert unveiled what the Biden administration isn’t broadcasting about its new repayment plan.
"They're really pulling the wool over people's eyes because they go, 'oh, there's forgiveness here, I don't have to pay my loan,'" Jade Warshaw, "The Ramsey Show" co-host, said Wednesday on FOX Business' "Mornings with Maria." "But what they're not saying is how many years it takes to actually get this forgiveness."
President Biden announced the new student loan handout legislation - dubbed the Saving on a Valuable Education (SAVE) plan - which aims to cut monthly payments while following an income-driven outline.
Borrowers could see their monthly payments go to zero dollars, be cut in half, or those who do make payments may save up to $1,000 per year, the White House said in a statement.
"If you have $12,000 of student loan debt, that's the bar getting into this, and you're going to have to pay for 10 years in order to see that forgiveness. And then for every additional thousand, you pay another year," Warshaw explained.
"So the average person has about $30,000 of student loan debt," she continued. "That's 30 years they're going to have to pay before they see this forgiveness at the end of the rainbow… it’s a bait and switch."
Loan repayments were set to begin again in October after more than three years on hold amid the COVID pandemic. Warshaw pointed out how Biden’s revamped plan - which was struck down by the Supreme Court last month - discourages living debt-free.
"During this three-year pause, we only saw that about 1% of borrowers continued to make payments… we've seen the studies come back that the others who did not take that windfall...
(Excerpt) Read more at foxbusiness.com ...
Bidung screw-up ping
Biden Announces $116 Billion In Student Loan Forgiveness, With More Coming
Bait and switches work on low information voters.
That is why these democrats are called useful idiots.
The Biden Vote Buyers say student loan borrowers
<><>could see their monthly payments go to zero dollars,
<><>be cut in half,
<><> or those who do make payments may save up to $1,000 per year.
But a financial expert says “If you have $12,000 of student loan debt, that’s the bar getting into this, and you’re going to have to pay for 10 years in order to see that forgiveness. And then for every additional thousand, you pay another year,” he explained.
“So the average person has about $30,000 of student loan debt,” she continued. “That’s 30 years they’re going to have to pay before they see this forgiveness at the end of the rainbow”…........ it’s classic Biden......a felonious bait and switch.
It’s all right there in the eighth article of the Constitution.
....All spending and debt forgiveness shall originate in the Department of Education.
EC
It’s just another way for FJB buying votes.
The Fed Gov needs to get out and stay out of the education business.
Wouldn’t that be 28 years, not 30?…
student loans should only go to those that are studying for critical degrees for the U.S. no loans for any other degree program.
🔝🔝🔝
“the average person has about $30,000 of student loan debt,” she continued. “That’s 30 years they’re going to have to pay before they see this forgiveness”
I don’t understand this. Sounds like they keep paying.
” Sounds like they keep paying”
As it should be, they borrowed it, they should pay it back.
Dave Ramsey is the man! I watch his short videos daily, and they have been all OVER this since Day One of the initial (now overturned, thank you SCOTUS!) student load cancelling boondoggle.
I have no pity for the fools that think Mother Government is EVER going to do ANYTHING ‘in our interest.’
Seems to me Hunter is in a class by himself.........a totally self-serving degenerate.
Never saw anything like him.
Uncle Joe is your best friend, students.
I think his dad is worse - in a more substantive way. What kind of father destroys his kids and family members for his own pleasure and financial gain?
Good point.
Thanks Liz.
It’s like a criminal ‘father’ teaching his son to be a thief. The ‘father’ is worse.
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