‘That debt is just up to people’s necks’: Schumer wants Biden to forgive $50K/person in student loans By TIM BALK

nydailynews ^ | 04/16/2021 | Tim Balk

[rdcbn1]

The fraud was in the free availability of virtually unlimited sums that could be borrowed. I know there appear to be rules that limit the total amount of borrowing, but there are ways around that. I had a potential client and his mother appear at my office seeking help with $588k in student loan balances, which paid for undergraduate, medical school and two master's degrees (medical related) that the student earned while waiting at another chance to get a residency. He never got a residency, so he had the education to be a doctor, but not the practical experience that is required to become a licensed physician. $8,100/month was his minimum monthly repayment, while he was earning $1200/month tutoring children to prepare for standardized exams. The mother was on about half the balances as a guarantor using Parent Plus loans. One debate in the Biden Administration is whether to do the student loan relief as a broad forgiveness or by making it dischargeable in bankruptcy. A bill was filed in the House last December that would radically reform bankruptcy law (it has Elizabeth Warren's handwriting all over it) and as initially filed that would remove student loan debt from the list of non-dischargeable debts in bankruptcy.

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More to the story here or the story is bogus. It is very rare for a graduating med student to not be able to get a residency unless there is something very ,very wrong with the graduate.

There are more open residency slots than there are new Docs to fill them, including the option of signing up with the military to complete your residency.

There are also a number of docs that take a non practicing physician career track for positions which do not require a completion of residency.

Qualified med school grads are always in demand and the jobs available to med school grads who opt out of the residency rat race career track are usually significantly higher paying than the typical indentured servitude pay of med school grad during their residency

There are lots of aspiring pre meds who tune pianos for a few years trying to get an admission to a med school, but I have never heard of med school grad waiting in vain for several years for a residency

[Midwesterner53]

Veterans have a number of VA programs to use for college expenses.

[Stevenfo]

If a student owes $50K that is considered a big problem. IF they buy a truck for $50K no one will notice.

[Roman_War_Criminal]

There’s no free lunch.

Schumer wants a new class of slaves for him and his peers.

[9YearLurker]

I agree, but all that comes from Uncle Sam. as the endless 3rd party payer. Stop guv subsidies and the correction on that front will begin.

Wholesale confiscation because the money is there is a terrible precedent.

[servantboy777]

Cloward-Piven Strategy - spend the nation into collapse in an effort to usher in a new socialistic model. There is no other explanation as to why these so called best and brightest on both sides of the aisle are foisting this monumental fiscal mismanagement on the American people.

In-freakin-sane!

[Political Junkie Too]

Inflate the cost of college and then ship all the jobs to China. Give the jobs that are left to H1-B visa workers and wonder why our students are neck-deep in debt?

-PJ

[al_c]

Hey, Schumer ... https://www.usdebtclock.org

[Organic Panic]

And a combat veteran taking out 50k in student loans is my fault how??? What about all the vets who took advantage of the GI Bill and didn’t take out debt???

[al baby]

What about my bass boat loan ?

[upchuck]

The colleges won’t be stuck for the money. So guess who ultimately pays? One guess and the first one doesn’t count.

[al baby]

then go to a trade school or learn by doing we cant all be poets

[vpintheak]

SO, all these working, non-college indoctrinated people; have to have increased taxes to pay for these people that took loans and don’t have to repay them.
That’s right, isn’t it?
Screw that. It will be time for war, if that happens.

[right way right]

My daughter has been working hard in her second year of college to pay her own way through school.
Does she get that back too?

[ridesthemiles]

CHANGE the interest the Feds are charging from COMPOUND to Amortized-—like a mortgage——

THEN perhaps they could get the amount paid down.

[ridesthemiles]

AMEN

I paid every single penny of my college classes out of MY OWN .

I paid every single payment on my houses.

I paid off every car I bought with a loan.

$50,000 would about square me with all that debt I paid off.

[goorala]

There is a feedback loop on the availability of loans and tuition costs because the schools only benefit

[Seaplaner]

Force the Universities to use their TAX FREE ENDOWMENTS to pay off Student loan debt!!!

This, and also...

1. Require all universities to publish truthful and comprehensive audits of just where the billions are going, (it's not the classroom) and...

2. Require all universities to publish the actual value of various degree programs, including the likelihood of finding employment in their degree field, how long the search might take, and what the starting salaries might be.

As a nation, we do not have critical shortage of those newly degreed in communications, gender studies, sociology, design, paranormal studies and a dozen or so more trash programs.

This Veteran who used his GI bill to obtain a legitimate and in-demand degree (and who worked as well) sees Schumer as insulting us Vets.

[Vaduz]

Schumer wants Biden to ***forgive*** $50K/person in student loans.

Translation: We will tax the working class to pay for it.

NOTHING is free in the money arena.

[NoLibZone]

Forgive tax debt for the same reasons.