Posted on 08/21/2024 9:48:04 AM PDT by george76
Student loan borrowers who benefited from Joe Biden’s loan forgiveness are still burdened by their finances as their debt is continuing to accumulate...
Biden, who made student loan forgiveness a key promise in 2020, has pushed forward with the initiative despite the U.S. Supreme Court ruling 6-3 in late June 2023 to strike down his plan for nearly 40 million Americans. However, despite the loan relief, interviews with borrowers who have had their debt eliminated reportedly show that financial stress is still a major component of their daily lives, as debt from other sources piles up...
A July study by Constantine Yannelis, an associate professor of finance at the University of Chicago who studies household finance, found that borrowers have accumulated other forms of debt since having their student loans forgiven...
Yannelis’ research shows that borrowers have seen increases in other types of debt: auto loans have risen by $230, credit card borrowing by $220, and home loans have also jumped. Despite having their student loans eliminated, these borrowers saw almost no change in their credit scores, which researchers believe could be due to the loan forgiveness recipients taking out new loans to replace the old ones
...
For example, Kimberly Acquaviva, a University of Virginia School of Nursing professor, took out roughly $90,000 in student loans during the ’90s to complete her bachelor’s, master’s, and Ph.D. at the University of Pennsylvania. While the debt relief eliminated her student loans, she and her husband pivoted to spending the newly available funds on helping her stepdaughter pay off her student loans and are planning to also help their son as well
...
The Biden administration has forgiven $1.2 billion in student debt for 35,000 public service workers as of July. In addition, the administration has provided $168.5 billion in relief to 4.76 million student loan borrowers in July,
Totally unexpected!
Huh.
Stupid people keep acting stupidly.
The precedent has been set. Make stupid financial decisions? As long as you vote DEM, you will get your bailout.
Neck tattoos? Tramp stamps? “Medicinal” marijuana?
If we think Biden is bad,Harris will make him look like a fiscal conservative. The interest alone on our debt is $1 Trillion every 100 days. Most of our politicians and regular citizens are economic illiterates and can care less that one day the American economy/system will simply collapse. In the old days the banks locked people out and cash was kept under the mattress. These days your banking app will be inaccessible in the “cashless” society.
Until the country goes broke.
$218 Trillon in unfunded National entitlements. When this explodes, who will cover these promises? –bottom right.
v.
"Teach a man to fish"
I want what I want now! When I get it from you I want more!
Wow. The only example they could find is that of a mother who is using her freed up funds to help her children pay off their student loans? What an irresponsible jerk she is, right?
And, why wouldn’t they?
They have LEARNED (been taught) that debt goes away magically if you vote Democrat.
Even K2R Spot Remover can’t get rid of stupid.
Of course they are. This is what spoiled children do when their parents bail them out. They do it again. And again. “Give an inch, take a mile”.
The biggest beneficiary of the student loan ‘forgiveness’ program was second rate colleges and ‘training schools’ (learn to be a truck driver etc) Theaw students get paid to party and learn useless skills. then they can’t or won’t pay back their student loans.
Biden wanted to reward them and he did.
Democrats rewarded horrible behavior and in the process created more democrats and all while giving the finger to the folks who keep their word, study hard, and make wise choices.
Unfortunately, I'm in a similar situation with my brother, who over the years has made many stupid, reckless decisions. He never seems to learn (or care?) from his mistakes. This summer I had to give him $2000 for rent & legal fees, money I was planning to use to pay off a loan of my own.
When planning my budget, I had never factored him in. And I've come to realize that he has serious issues. Sadly I may reach a point where I have to set up a "brother" fund (maybe a separate credit card) to bail him out.
I chastised my mother for years because she kept paying off my younger adult sisters debts. They maxed out credit cards and couldn't pay them. She said how can she say no. Then my mom ran out of money, and sisters were begging from me. I said no. They (and their husbands) went into bankruptcy. Decades later, they haven't learned to control their spending, own nothing and scrape by. My wife has a similar tale, regarding a brother and sister. We won't toss money at lost causes. My son-in-law had a similar situation with his brother, who was reckless with money and always borrowing from siblings. That brother ended up taking his own life in suicide. Tough love to say no.
The US does not pay off its debt. Why should they?
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