Posted on 04/19/2021 10:39:53 AM PDT by ChicagoConservative27
Sen. Chuck Schumer pressed President Biden on Friday to use executive action to wipe out up to $50,000 in federal student loan debt per borrower, centering veterans and service members in his latest push.
Flanked by a group of local veterans at Hunter College on the Upper East Side, the Senate majority leader said that too many college graduates — including combat veterans who risked their lives overseas — are shackled with crushing debt that plays an outsized role in their life decisions.
(Excerpt) Read more at nydailynews.com ...
Yeah. Where’s all the free stuff we’re supposedly getting? Did I miss the pick up day again?
They will, just watch. There have been no negative consequences for running up the debt so far, just some scary talk about grandchildren having to pay for it. Well, first, they don’t care, and second, those kids will be communists so the government will pay for everything anyway.
But please ignore the $60k of federal debt for each and every American citizen.
Paid for my kids college education. every penny and a lot more than 50k per kid. The. paid for grad school where i could. Paid for other people’s kids college education through government grants given other people’s kids (of course we made too much to get that). Now you want me to pay for other people’s kids college educations not covered by what I already paid plus interest? I have an 2 word answer
We the people don’t want to pick up the bill. If Chuck wants to forgive it, he and his friends who vote to do this can cough up the cash to pay for the loans.
1.) You take out a loan
2.) You pay it back
It’s called responsibility
The debt was entered into FREELY by “students” who got the money from US the U.S. taxpayers so they could “go to school” and get “higher education”. THEY Agreed to be loaned the money at an interest rate they signed for— and agreed to PAY IT BACK.
How is it “up to their necks” having entered into the agreement according to finance laws YOU Schmuck Schumer— and your ilk PASSED in banking and education finance lawmaking. YOU MADE THE DEBT available and THEY agreed to Pay it Back. Simple as that.
Why should all this DEBT of Federal money lent to apparent incapable of paying people... become AGAIN the financial responsibility of the US People? Explain that Chuckie!
Its actually a thank you to all the primitive culture, gender studies and social justice degree holders for furthering the destruction of western culture!
This is going to open up a ginormous can of worms. Can’t wait for some to say that they should get reimbursed for the loans they’ve already paid back. What will they do then?
With 13 Supreme Court justices you can just seize retirement funds to pay for all this debt.
What did you pay for tuition?
What do you think it is today?
Your experience isn’t even close to what can happen today.
At my old school, instate tuition starts at $9K a year for non STEM degrees and goes up to 11 or 12 for STEM.
That doesn’t include a housing plan, food, or anything else. That is another $10K a year.
So if you live on campus, you are paying $20k for in state, double for out of state. Figure $80 to $100K for four years.
Which is very cheap.
A 20 hour a week job paying $14 an hour might clear most of that, but you won’t get that in a college town.
Grad school is even harder.
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.
Agreed, but the generous student loans have made it possible for colleges to jack up their rates (much, much faster than the inflation rate).
I also went to school in the 1970s and it was common for people to pay their own tuition with a summer job and a part-time job during the school year. I went into the military and had $2,700 deducted from my pay during my four year hitch. When I got out, it was tripled and I received a $8,100 check to use for the school of my choice.
Back then, $8,100 would actually be enough to pay full tuition at a typical four-year college. Maybe not Harvard or Caltech but most schools back then.
So the colleges and universities brought this crisis on us and they should be held responsible for any college debt that gets written off. Make the schools hold the paper on these student loans. Every dollar of tuition relief needs to come right out of their endowment. Then see how much harder it will suddenly be for people to get school loans.
One of the reasons Chuck wants forgiveness and not accountability is, Chuck and his political friends are agues speakers at the universities and they get from 75K to 300K for conducting seminars or speeches there. One of the reasons tuition is so high is so they can pay for this. So, Chuck is trying to guarantee his paychecks for speeches, and now they will be paid for by taxpayers who never attended the university. This loan forgiveness is one of the greatest scams on our country’s history
As I began reading the headline, I thought the national debt was the subject. Then I saw Schumer’s name and I got really confused for half a second. Then I saw the rest and realized this was another “free money” scam.
Forgiven debt should be fully taxable as income.
That is, unless, they have sold worthless degrees. Sort of like an auto dealer who sold a lemon and the customer doesn't care if it gets repossessed.
The wealthy universities should get their loan financed tuitions clawed back out of their endowments—before the taxpayer puts in a dime.
Hell no! Many of us WORKED our way through college. I have a family member now who is working a full time job while handling a full course load. She’s attending a state university so by being frugal she’s able to cover most of her costs with only a little help from her family. We’re VERY proud of her. She doesn’t have a lot of time to party and socialize but mainly goes to classes, studies or works. She’ll graduate with a high GPA and without debt because of her hard work.
Is it fair for someone in her situation to have worked like hell to pay her way while other students don’t work but get loans that will be paid off by the taxpayers? No!
“What about a mortgage? That is typically responsible borrowing.”
Are you being sarcastic?
‘That debt is just up to people’s necks’
$50,000 student loan - big problem?
$300,000 mortgage - ¿no problema?
The main purpose of a college education traditionally has been to show to employers you can handle a heavy workload year after year.
Repayment of a student loan plus paying monthly rent shows to mortgage companies you can deal with making large monthly payments month after month and year after year.
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