Posted on 11/28/2020 10:41:31 AM PST by karpov
The potential forgiveness of student loan debt could be one of the biggest policy shifts in the first months of the incoming Biden administration.
President-elect Joe Biden has said that student debt forgiveness will be a key part of his economic agenda, though how and to what extent the loans will be forgiven has become a point of debate among Democrats.
...
It’s not known what percentage of that belongs to students of color, but a study from the Consumer Financial Protection Bureau in 2016 showed that 90 percent of Black students and 72 percent of Latino students take out federal loans when paying for college, compared with 66 percent of white students.
A 2019 analysis from the Federal Reserve Bank of New York showed that the default rate on student loans majority-Black or majority-Latino zip codes were 17.7 percent and 13 percent, respectively, both higher than the 9 percent default rate in majority-white zip codes.
And a study from Brandeis University’s Institute on Assets and Social Policy found that “twenty years after starting college, the median debt of White borrowing students has been reduced by 94 percent—with almost half holding no student debt—whereas Black borrowers at the median still owe 95 percent of their cumulative borrowing total.”
All of this, coupled with the fact that amid the pandemic, unemployment rates for Black and Latino Americans remain higher than the national average, could see the student loan debt crisis snowball come January.
Approximately “22 million borrowers will have to resume their payments,” Andrew Pentis, a certified student loan counselor who writes for Student Loan Hero, told The Hill. “The vast majority of the eligible federal loan borrowers did take advantage of this break in the sense that they did not make payments.”
(Excerpt) Read more at thehill.com ...
I doubt very many STEM majors have a lot of trouble paying back their school loans, no matter what color God made them.
—————————
74% of STEM graduates cannot find work in their own field. The Cheap Indian Labor Express ensures this.
Why should anyone be forgiven their student loan debt? They willingly took on the debt and they have an obligation to pay it back. Why should Joe the Plumber, for example, see his tax money go to someone who borrowed $200K to get a gender studies degree, when Joe went to trade school to learn his occupation, and no one is talking about forgiving his debt?!
Add to this ‘reparations’, which, by current trends, will be for ‘b’lack, latino, LGBTQ, American Indian ... etc., and we will make us all equal, as debtors to China, grinning like that grand Panda, Xi!
So entitled kids that went to college get a pass and those that did not and went on to do dirty jobs get nothing.
She has paid the loan off and will not benefit if something this stupid goes through.
Socializing debt. An idea whose time has come! Nyet, tovarish?
This does not mean they can not find productive and good-paying careers.
I started, with a Ph.D. in Chemical Engineering in 1972. My first job was doing research on manufacture of fuel for nuclear reactors -- pretty close to chemical engineering.
Second job was development for a company that made electrically conductive polymers -- getting a little further afield.
Retired 13 years ago from a major aerospace company where I was a project manager in their optical sciences department. Not much chemical engineering in there.
But, I accumulated 20 patents over the years, chemical, mechanical, electrical and optical engineering. So lets just say a STEM career can be rewarding even if it isn't in your own field.
You missed the WHOLE point. Without the Indian OTP and H1B trash in this country, these 74% of graduates could work their fields. Yours is a sample size of 1. And being forced to work at Walmart or Starbucks is light years different than working in a related field as you did.
Recent graduates and industry veterans alike are locked out of this entire field due to extreme Indian racism, nepotism, cheating and favoritism.
I guess a patent in flipping burgers is in their future.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.