mechanics, plumbers, active military and other hard workers pay off college loans for college grad welchers.
Posted on 05/13/2022 12:04:50 PM PDT by Kaslin
Biden should abandon misguided pursuit of student loan forgiveness
The Biden administration has extended the "pause" on student loan payments for a sixth time. By the time the latest pause ends, those who took out student loans will have been able to go 30 months—two-and-a-half years—without making a single payment nor accruing any new interest.
It’s a raw deal for taxpayers. The Department of Education estimates that, each month, they are losing over $200 billion in repayments and another $5 billion in accrued interest. Since the beginning of the pandemic, the pause has cost taxpayers more than $130 billion in interest payments.
As if that were not sufficient largesse, President Biden is now considering outright "forgiveness" of some portion of all student loan balances. Here, "forgiveness" is a euphemism for a taxpayer-funded bailout. It’s bad policy from any angle.
First, it’s incredibly regressive. The Urban Institute found that "most outstanding student loan debt is held by people with relatively high incomes. … [It] is disproportionately concentrated among the well off." While lower-income households make a up a larger share of borrowers, upper-income households make up a larger share of outstanding student loan debt. That’s because nearly half (48 percent) of student loan debt is held by households whose borrowers earned graduate degrees. Professional degree holders (doctors and lawyers, for example) earn a median annual salary of $96,772, far more than those who did not attend or graduate college.
The more generous student loan forgiveness becomes, the more it benefits upper income earners. The Federal Reserve Bank of New York recently estimated that 30 percent of loan forgiveness would go to borrowers from high-income neighborhoods.
(Excerpt) Read more at foxnews.com ...
Not news.
America Last.
Of course it is.
When will be rid of resident Huggies?
Anyone who has worked without a college education should not have to pay for others to relieve them of their decision to take on college debt - never!
Everything the Uniparty pushes is a disaster for taxpaying citizens.
How much are illegal aliens costing us (besides the loss of our country)?
Of course …what else would ANYONE expect from this fraudulent idiot ‘administration’…
Bidens trying to “buy” student voters with this scam to the public.
“We Democrats have a lab — two labs actually, secret labs — one in Berkeley and one in Brooklyn, where we come up with ideas to completely piss off the working class, and it’s working wonderfully.”
They're the ones who've defrauded the students!
Santa Claus has elves making toys. The Democrats buy their gifts with the money from others.
Nothing is free, it all gets paid for.
You’re asking people who didn’t go to college to pay for your college.
You’re asking people who went to much more affordable community college and trade schools to pay for your college.
You’re asking people who paid off their loans to pay for yours too.
There’s nothing fair about this.
Just like everything else he’s done.
Why can’t they stick to calling us racists?
Buying votes with OPM.
Cause we’re a democracy.
Recent legal immigrants like Jose and Maria who pick strawberries for a living should be forced to subsidies the life stiles and education of the beautiful people.
And the dems wonder why nobody likes them, I hope they keep this up.
My mortgage self identifies as a student loan...
Not me. But my lack of getting a higher paying job is because none of the credits I earned at a local community college would not transfer to bigger colleges, say, Purdue University, Indiana University, etc. Ivy Tech lied to me and 6 years worth of college went down the drain.
Well, it’s not Biden’s money, and it’s not the money of the democrats advocating for it, and it’s not the students’ money, so, why not get those student loans paid off?
It’s very easy spending OTM (other people’s money).
All of that will backfire on the students, when they find out that getting the country into deeper debt means that, they’ll be either taxed at higher rates when they start working, or will have a very hard time finding jobs because companies will have to go out of business because they have to pay higher taxes because of those student loans adding to the debt.
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