Posted on 08/30/2022 11:03:25 PM PDT by know.your.why
President Joe Biden's plan to forgive at least $10,000 in student loans has divided Americans and even members of his own Democratic party, raising tough questions about the scheme's cost, popularity and even over its legality.
(Excerpt) Read more at dailymail.co.uk ...
This is a complete loss for me. I paid off my student loans decades ago.
Americans don’t like cheaters, those who cut in line and people who get free money on the backs of the taxpayer!
The article didn’t even mention the worst of it: the bill creates a moral hazard. Colleges will now think nothing of raising tuition and students will think nothing of borrowing vast sums of money the minute they turn 18 because hey the government will pay it off.
One thing not uttered much about this....there are several million who got a year, or two, or three...into a degree, and just quit college. Those idiots are standing there with loans yet to pay off, and don’t have the degree. Whole thing is a racket.
No authority to do this.
None whatsoever.
Me too.
I will be adjusting my tax return accordingly.
Take Harvard’s endowment* and pay it off. There’d be some left over.
*or Princeton’s, or Stanford’s, or . . . . . .
A racket is too kind a word for it.
Instead of doing this by dictate, he should be submitting a proposal to Congress and let them sorted out.
Yes, a racket it what it is.
Rich alumni donate money to their alma mater and get a tax deduction, and the colleges get tax-free returns on their invested endowment.
They won’t give that up as long as useful idiots in DC are able to dump the burden of their largesse on rank and file taxpayers.
The argument here over these (Harvard, Princeton, and Stanford)...is that they are private organizations (not public).
In their case...probably half the students have parent’s wealth to cover the tuition cost, and never take a loan. From the remainder, there is use of the scholarship aid where elements of the endowment are used. Since they are private in nature....I doubt if anyone shares the data/numbers.
It would be interesting to divide up the student loan business to talk public versus private, in-state-versus-out-of-state, and what kind of degree leads to people paying off their loans in five years. But there seems to be no interest in laying out the entire landscape of this matter.
The majority of those who start finish college don’t finish it, and now 80% of all those starting college take out student loans. So yes the majority of those with debt now have nothing to even show for it.
For defaulted debt in particular, it’s mostly for crappy colleges like Heald (the largest college closure in American history) and ITT and most students with that debt never got their crappy degree. Buyer Beware. For profit programs look good because they have advertising and are easy to enroll in and offer quick completion but are expensive. The opposite of community college in every way.
80% of college students these days take out federal grants and loans.
No doubt that commie Fukkerman loves this
No one sees the “footing the bill”. The money is “printed” as some sort of US Treasury asset creation, as a debt that cannot ever be paid back except through low-interest payments and inflation spread over entire lifetimes, as has everything our corrupt USA! USA! government has leveraged in the course of our lives.
Everything will work out fine. /s
and this will only add to the military recruitment problem. The GI bill is no longer a benefit if the govt will just wipe out your debt.
Romney was right about one thing. Half the country are Takers, not Makers. By now, maybe more than half.
So at least half of all Americans have no problem with cheaters and cutting in line.
Unfortunately, I think this is just the beginning, not the end. The a$$ hat in the white hut, is going to do this again. Is there anyone who will stop him?
I’m more worried that the mass “wipeouts” of debt are a precursor to mass “withdraws” by the govt from our bank accounts.
Thats whats coming next
“.....that could worsen inflation, erase deficit reductions and prompt legal fights.”
heck, it might even increase our carbon footprint!
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