Posted on 08/24/2022 8:46:56 AM PDT by Tell It Right
Well let’s see, both my wife and I graduated from college and took out student loans to pay for it. We also worked summer jobs to pay for school. We payed back our student loan debt in full when we graduated and found jobs. Times were tough financially just starting out. I wonder if this EO is retroactive and we will get a ten thousand check in the mail. I doubt it. I need to control myself.
45 million borrowers. Average student loan debt is $20K or so. Most will qualify for the $10K of forgiveness as household income just needs to be below 250K. One third of borrowers also have Pell Grants and they get $20K in forgiveness.
That's about how much I recently spent on a bachelor's for my daughter in Sweet Home Alabama for the entire years plus books, not just one year. But she commuted from home (no dorm costs). Plus she worked full time the entire time and invested her money (her mother still "thanks" me for putting that idea into our daughter's head).
And FYI, I worked full time the whole time I was in college getting a BS in computer science.
I am so glad that I put my son’s tuition on my line of credit and have been paying that down for the past 5 years or so. FJB!
The Biden Admin’s next step is to take everyone’s money and give them an allowance
Can't find in the Constitution where a President has authority/power to cancel debt for a select group in society resulting in taxpayers footing the bill. I believe the Constitution dictates that $ matters originate in the House and must be passed by the House - or did I miss something?
We don't have a king! The R party needs to challenge this outrageous illegal overreach - and take it to the SCOTUS.
Current student loan holders shouldn’t make any more payments, wait for the next forgiveness.
Another article I read on the subject said $300 billion.
That’s about 30 million people at $10k each. So it sounds about right.
And just who would 'go after Biden'? The corrupt FBI? The equally corrupt DOJ? Those groups won't even go after Biden for "splitting the loot" from the Ukraine and China sharkdowns with Hunter...
Yes this applies to government loans, not private loans. They won’t need to be paid back by anybody; the government will just write them off.
But she didn’t say that they shouldn’t try it anyway!
When I got married in 1973, I also got the opportunity to pay off her student debt - which we did on one income of $9,000.
I’ve kept my wife but I’d like to get my money back for that historic injustice of contract enforcement.
Student loans used to be dischargeable in bankruptcy (I think it was George HW Bush who changed that.)
Borrowers first had to wait 5 years, then 7, for them to be eligible. The problem is it was too easy to just wait it out and then just get them discharged at age 25. Then just wait 7 more years for the credit to be repaired by age 32. And there’s no stigma to bk anymore and no collateral to seize and take back—you can’t remove the education from the borrower’s brain.
I wonder how many votes this will buy?
5.56mm
Don't forget 10% for the big guy, who we need to protect us from Corn Pop.
Yes all new federal loans since 2010 are 100% government loans (Department of Education held) and no longer involve banks or guaranty agencies.
If you don’t pay back the parent loan it will default and the Dept of Education can (and will) initiate wage garnishment without a court order and also offset any federal payments such as IRS refunds or Social Security payments and apply it to the debt. So it’s a risk.
“They won’t need to be paid back by anybody; the government will just write them off.”
As long as it is just the government that is taking the hit - fine and dandy.
The thing that would concern me is if the taxpayers get stuck with paying.
That was what I wanted to know. Thought a grant did not have to be repaid.
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.