Posted on 06/14/2022 2:23:39 AM PDT by markomalley
Roughly 45 million Americans owe a combined total of $1.7 trillion in student loan debt. If that were distributed evenly among the borrowers, each would owe close to $38,000.
Over the past two years, the federal government has paused collection of student loan payments because of the COVID-19 pandemic. Now, some Americans contend the government should forgive student loan debt outright.
But what would canceling a $1.7 trillion bill mean for the American people?
“When we talk about this notion of forgiving student loans, what we’re really talking about is benefiting those who don’t necessarily need it,” Betsy DeVos, a former secretary of education, says. “And the ones who are going to be ultimately paying for it are those who’ve never attended college.”
(Excerpt) Read more at dailysignal.com ...
All my kids college was paid for out of my pocket.
If they end up forgiving all student loans, I'm going to feel like the biggest idiot in the world because I paid my way and my family's way.
(Of course, there are those on FR who would call me the biggest idiot in the world for completely unrelated issues, but that's a different point altogether 🤣🤣)
Companies should make a point of not hiring anyone who had their loans forgiven. They have shown they cannot keep their commitments.
I agree.
Interesting thing, during the beginning of the Wuhan Flu, I got a debit card loaded with Trumpbux. I made a 6-figure salary and was at literally zero risk of being furloughed because of the shutdowns. But they mailed me the money (in the fourth of a debit card). The card went in the shredder because I need charity, I’m not too proud to ask.
And they talk about forgiving student loans. More free money that will be paid for by my children and grandchildren.
Note that they don’t talk about forgiving loans and then cancelling the program as something that doesn’t work. What that tells me it’s that they will be subsidizing college at Harvard and Georgetown in perpetuity. The student loan program will explode. Just like the Wuhan Flu giveaway programs.
yep, my uncle and a bunch of other doctors got busted in some medicaid scam a few years back. most went to jail including my uncle. they bilked medicaid for millions of dollars.
at the end of the day, did they make the necessary changes to prevent that kind of fraud from happening again?
Nope
The only reason it would be done is because women have the large majority of this debt. More gynocentric welfare.
Higher Ed is yet another scam on the taxpayer. What about all those who payed over the years and decades
Get the government OUT of the Student Loan Business is only solution. They should have never gotten into it in the first place. How the hell did that happen??
Yes, while these 'universities' teach that America is a terrible nation, and that the lazy POS Marx was a genius.
Maybe the place to start, if you are going to insist on student loan forgiveness, is with the endowments of Harvard, Yale, Princeton etc. Use their endowments to pay off the student loans of everyone in their respective states. I wonder if they'd be on board with that..
At the end of 2021 Harvard's endowment was $53.2 billion. Yale's was $42.3 billion. Princeton's was $37.7 billion. So just those three institutions are sitting on $133.2 billion. I'd say that's a decent start to loan forgiveness.
VA money, personal money and Loans for Grad School. Paid off loans for both wife and my self within 5 yeas of graduating.
The government wants to screw them. 🤗
Agreed! It is the most vile campaign cash-out with OUR money, ever!
Good luck running institutions with students in that mindset.
The worst part of all this is that it teaches people that solutions to their financial problems are political rather than through their own educational and work ethics. But that’s the reality of 21st century politics in the US.
My daughter and husband paid off $60,000 in Student Loan debt in 3 years by eating rice and beans and buying only necessities.
Were they suckers?
It’s way past time for a tax revolt in this country. That or CWII. Time to get rid of the parasites we call government.
The government forgiving student loans is wrong & unfair. If the country was so well off that everybody was receiving loan forgiveness or a check if you didn’t owe anything, then this might be very foolish but a little more understandable. Doing stuff like this forgiveness of student loans just makes our debt situation worse. What about when Soc. Sec. runs out? Are they going to just send everybody a big check for what is left owing them? That’s well beyond doubtful. No, this loan forgiveness is a really, really bad idea...one of many from the Biden administration. I’m older than Joe Biden, but even I can think better than that.
The government forgiving student loans is wrong & unfair. If the country was so well off that everybody was receiving loan forgiveness or a check if you didn’t owe anything, then this might be very foolish but a little more understandable. Doing stuff like this forgiveness of student loans just makes our debt situation worse. What about when Soc. Sec. runs out? Are they going to just send everybody a big check for what is left owing them? That’s well beyond doubtful. No, this loan forgiveness is a really, really bad idea...one of many from the Biden administration. I’m older than Joe Biden, but even I can think better than that.
Earn it. It will mean more with a little sacrifice. College should not be free.
Biden thinks he can just spend money like someone drunk with power.
No such thing as “cancelling debt”. Somebody has to pay for it, no doubt it will be the people currently overburdened with taxes. Bad Idea, don’t do it.
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