Posted on 08/25/2022 5:33:22 AM PDT by Oldeconomybuyer
WASHINGTON (Reuters) - Americans bearing heavy college debt loads welcomed U.S. President Joe Biden's announcement on Wednesday that he would forgive $10,000 in student loans, and some shared hopes they can jettison extra work hours and perhaps take a vacation or return to school.
"I would not have second thoughts when planning a trip or going on a vacation," said John Paul, 49, a restaurant manager in Washington DC who said he took out loans for his son's tuition. "Earlier, it would be at the back of our mind that we have this debt hanging over us. Now we are somewhat relieved."
Vincent Joseph, who graduated in 2019 and currently works at a lobbying firm in Washington, said he was happy to hear his remaining $6,500 of debt was likely to be relieved.
"There could be an entire next generation that does not have to work extra hours or additional jobs to repay this debt," he said.
Kyra Taylor, an attorney with the National Consumer Law Center who focuses on student loans, described the step as "life changing for millions of Americans."
Taylor, however, added that the plan does not do enough to help borrowers with larger balances, like many Black Americans, who experts say face heavy debt burdens.
"The administration should take additional actions to address racial inequities that the student loan system has exacerbated, and that means Black Americans, and especially Black women, are burdened by more student loan debt just to access the same opportunities as others," she told Reuters.
(Excerpt) Read more at usnews.com ...
The profligate are rewarded once again.
Life changing for the millions that have to pay for it too.
It is unimaginable that there will not be at least one universal debt cancellation in my children’s lifetime.
There is nothing new under the sun. Usurers are never satisfied with a tidy profit, they have to push and push, and then push harder until the masses are enslaved (you will own nothing) and they have wealth beyond imagining.
It always ends the same way. Hopefully there can be a peaceful resumption of a non-debt based money system and restoration of debt slaves to citizen status - but based on the outraged comments about the mostly-fraudulent student loan business around here, bloodshed is (again) the probable way out.
I'd prefer a school tax payment cap. If you own a home and pay school taxes for 15 years you're done. You've paid your fair share an you can enjoy your home w/o being locked into higher and higher school taxes.
“I would not have second thoughts when planning a trip or going on a vacation,” said John Paul, 49, a restaurant manager in Washington DC who said he took out loans for his son’s tuition. “Earlier, it would be at the back of our mind that we have this debt hanging over us. Now we are somewhat relieved.”
Sounds like an excellent excuse for a dine-and-dash. I wonder what Johhny Paul would think about me forgiving my meal tab.
EC
“when planning a trip or going on a vacation,”
Ah yes, I remember when I got my first ‘home equity’ loan. I paid off all the credit cards and was so pleased with myself I went out and bought a bunch of new stuff on credit.
mostly-fraudulent student loan business
^This^
no one is addressing the real issue
The schools should be the debt holders, not the taxpayers.
“…Vincent Joseph, who graduated in 2019 and currently works at a lobbying firm in Washington, said he was happy to hear his remaining $6,500 of debt was likely to be relieved.
“There could be an entire next generation that does not have to work extra hours or additional jobs to repay this debt,” he said….”
*****************************************************************
“Not have to work extra hours or additional jobs”? Well, isn’t that special. I don’t know anyone in my extended family who didn’t have to WORK TO PAY FOR COLLEGE. This includes working long hours WHILE ATTENDING SCHOOL to pay tuition and other costs. Now they will be paying taxes so these parasites won’t have to pay THEIR OBLIGATIONS.
These “someone else will pay for me” people make me sick.
It's called buying votes with our money.
Folks, the student loan wipeout is really a precursor to the real plan which is to forgive us of our bank accounts.
Yep, the next step is the govt just auto-withdrawing our bank accounts.
Who’s gonna stop them? The FBI? The FDIC?
How horrible for them that the debt will ensure they are among the highest earners. Few things upset me. Questioning my integrity, bullies/abusers and the fundamental unfairness this give away represents.
Due to life circumstances, I didn’t even enter my field but I paid back my student loans like millions of others. I have also taken on debt to help unrelated others (who don’t look like me or even share my politics) get their college educations. They might benefit from this while I will still be paying on the debt I took on. They haven’t even started their careers and have a lifetime of earning potential ahead. There is NO justification for this “loan forgiveness” other than election meddling—vote buying.
I have no sympathy, only rage, for a man who is gleeful he can go on a vacation because his child might benefit from this “loan forgiveness.” He’s an idiot and a mental slave, happy King Joe was benevolent to him.
We should all be looking at Joe and asking for our 10,000.
That would create the equivalent of a "landed gentry". I say give the joy of paying for bloated schools and local government to every one good and hard.
There’s an entire generation coming of age in an era with ridiculously high starting wages, putting in minimal work. We’ve raised and continue to raise narcissists. Social media only amplifies this.
Higher starting wages leads to wage compression which means the middle class loses buying power and feel crushed by debt. They can’t get ahead because their salary ceiling hasn’t kept up, they’re going from making over three times the starting wage to less than double for the same work, worse working conditions and greater demands. Higher starting wages also lead to inflation causing even more stress.
They can’t pay back 10k but want to go to med school? My daughter that graduated from med school 3 years ago has 240k in loans. That’s after we paid for her undergrad and paid her living expenses during med school. Maybe they need to come up with another plan. Oh and my daughter is not asking anyone to forgive her loans. She will be working hard to pay them off
The $10,000 and $125,000 figures will change.
Remember when POTUS Trump wanted to give $1,000 to every worker whose paycheck was effected by the WuFlu? Then Congress got its hands on it and look what a debacle that turned into. The numbers being talked about today wrt student loan forgiveness will bear no resemblance to what will finally pass.....and yes, it WILL pass.
In the Carboniferous Epoch we were promised abundance for all,
By robbing selected Peter to pay for collective Paul;
But, though we had plenty of money, there was nothing our money could buy...
There was no grace period, no expectation of anybody swooping in to pay it off for me.
I no sooner got done moving in and getting the old lady wallpaper off the walls then I got hit with the first monthly payment (1 of 360)!
Now I'm nearly 60 years old and finally done with mortgage payments. I have no interest in paying off loans for younger folk so they can go on vacation and work less hours.
I went back to school at 26. I had to live like a pauper until well into my late thirties to pay those loans back.
I feel like a complete sucker and fool.
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.