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‘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

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 ...


TOPICS: Culture/Society; Government; News/Current Events; Your Opinion/Questions
KEYWORDS: biden; loans; schumer; student
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To: Wally_Kalbacken
More than 85% of the outstanding $1.7 Trillion is federally guaranteed. That means when the borrower does not pay it back, by whatever mechanism that is accomplished (forgiveness, discharge in bankruptcy), the taxpayer does. It is a zero sum game - borrowers or taxpayers. Take your pick

A lot of that debt will never be repaid no matter what. I hired a young engineer with about that much debt between her and her then boyfriend ($500K). They were making a house payment with out having someplace to live, working jobs that paid $55K. They both had engineering degrees, and were working in juice plant micro lab for $13/hr when I hired them away from the East Coast. No jobs in their field at home.

Student loan debt USED to be dischargeable. However when the fed took it over they removed the ability to shed the debt. In your example the kid will never be able to pay for his loan unless he gets a residency, which if he doesn't have one now I would bet he won't get one. Right now all the risk is on the student with none on school or anyone else. They are told "This is the ticket for the middle class!" while that is being exported and imported away.

So the tax payers will be paying the note one way or another.
61 posted on 04/19/2021 11:13:57 AM PDT by redgolum (If this culture today is civilization, I will be the barbarian)
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To: realcleanguy

“.... Chuck wants forgiveness and not accountability is,....”

Rats never want acountability ! Freedom from the cosnequences of actions is the guiding principle of the Rat party.


62 posted on 04/19/2021 11:14:34 AM PDT by Reily
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To: redgolum

“not making $50K. In STEM”

In a number of large metros[LA, SF, DC, NYC] with STEM jobs, the minimum wage is $15/hour.


63 posted on 04/19/2021 11:16:07 AM PDT by Brian Griffin
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To: Brian Griffin

This was about six years ago, and they were in New Jersey (won’t say the plant).

I was shocked honestly.


64 posted on 04/19/2021 11:18:33 AM PDT by redgolum (If this culture today is civilization, I will be the barbarian)
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To: ChicagoConservative27

Yeah, they’ve got debt, but they’ve also got a *college degree*. The equation balances (more or less).

They were loaned the money to get the degree. That loan was an opportunity, not a punishment.

I and most of the people I know had substantial debt but paid it off in a few years by working. That’s the way it works here on planet Earth.


65 posted on 04/19/2021 11:18:50 AM PDT by Yardstick
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To: HighSierra5

And credit debt


66 posted on 04/19/2021 11:19:39 AM PDT by frank ballenger (End vote fraud, harvesting,non-citizen voting & leftist media news censorship or we are finished.)
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To: HighSierra5

“What about mortgages and car loans? Hmmm?”

What about my Hookers & Blow bar tab?

My Stimmy just ain’t cuttin’ it no more!


67 posted on 04/19/2021 11:20:26 AM PDT by Macoozie (Handcuffs and Orange Jumpsuits)
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To: ChicagoConservative27

Gender studies degree holder and can only find employment at Starbucks or Burger King. Nothing wrong with working there, just that most don’t go into debt to do it.


68 posted on 04/19/2021 11:20:33 AM PDT by bk1000 (Banned from Breitbart)
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To: redgolum

It is actually incredible how much real fraud is involved in these loans, which are often referred to on move-in day as “scholarships”.


69 posted on 04/19/2021 11:21:31 AM PDT by Jim Noble (Extremism in the defense of liberty is no vice)
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To: redgolum
A very substantial amount of the in defalt was outright student loan fraud of one sort or another , much of which occurred due to loosening of lending controls and an expansion of eligible “schools” teaching things like hair weaves during Obama's first term

The borrowers were either people who took out the loans for bogus or dubious education at fly by night or fraudulent schools or the loans were outright theft and fraud where insiders and politically connected grifters in Democrat dominated areas stole the money using false identity, non existent phantom students to launder the money to themselves or family members.

A lot of the loans were seen as back door reparations

Out politicians have been blocking any audit of who took out the loans, what schools were involved and where the money went and to whom it went to hide the fraud.

These student loans were taken out by people who never intended to pay them back and they will never be paid back , especially the loans to non existent phantom students.

The goal of the loan forgiveness is to launder the money and hide the fraud before the taxpayers catch on and the fraud is exposed.

Yeah, there is a lot of i=of bad debt from people taking out $259K to spend the best 6 years of their life getting an Ethnic or Womyns Studies degree

But a lot of it went to “trade schools” ( some of which may or may not have ever existed as more than an office address ) that either ripped off students and took their money or were just fronts to launder “free” student loan money set up by ACORN type grifters.

We need to see an audit of who the students were that that took the loans out and what schools were involved in the loans.

70 posted on 04/19/2021 11:21:35 AM PDT by rdcbn1
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To: blueyon

“Then I want the money back that I used to pay off the loan.”

Me, too!!


71 posted on 04/19/2021 11:22:31 AM PDT by Polyxene (Out of the depths I have cried to Thee, O Lord; Lord, hear my voice.)
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To: redgolum
There are kids graduating from college with six figures of debt fighting for jobs with H1Bs, and not making $50K.

So tell them blacks are getting affirmative action jobs even if less qualified than you are. And foreigners getting jobs you could have had. Dem loving suckers.

Join with us when the battles get going. Fight on America's side with us.

72 posted on 04/19/2021 11:23:32 AM PDT by frank ballenger (End vote fraud, harvesting,non-citizen voting & leftist media news censorship or we are finished.)
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To: ChicagoConservative27

And yet Schumer is okay with these outrageously debt-creating, ridiculous “infrastructure” bills.


73 posted on 04/19/2021 11:23:45 AM PDT by Savage Rider
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To: redgolum
Great thoughts.

The other thing about debt forgiveness is that our nation's money supply will decrease by every dollar of debt forgiven - leading to deflationary tendencies.

74 posted on 04/19/2021 11:25:58 AM PDT by politicket (Don't remove a Bernie Sanders bumper sticker. It's the only thing holding the car together!)
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To: Mr. K
Will I get back the $100,000 of my money I used to pay my daughters loans?

Like me you wasted your life playing by the rules, obeying the law and being nonviolent. In short, a good little boy.

Reward time: You get nothing but are older now and wasted those years. You can't get them back.

75 posted on 04/19/2021 11:26:16 AM PDT by frank ballenger (End vote fraud, harvesting,non-citizen voting & leftist media news censorship or we are finished.)
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To: desertfreedom765

“It sounds like you went to school in the 1970’s.

Things are different now, school inflation makes it much more difficult on young people than in the past.”

I had to pay 12% for a mortgage in 1982.

2021 mortgage rate - 3.2%

I could not get food stamps because college students were categorically barred from the program back when I went.


76 posted on 04/19/2021 11:26:34 AM PDT by Brian Griffin
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To: ChicagoConservative27

Will it be retro? I paid my student debts off over 10 years, but certainly I think I should get a refund now.


77 posted on 04/19/2021 11:27:05 AM PDT by kaehurowing
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To: redgolum
"There are kids graduating from college with six figures of debt fighting for jobs with H1Bs, and not making $50K. In STEM."


A) The "kid" went to a college that was too darn expensive. My "kid's" bachelors cost about $45K to $50K (no loan, we budgeted for it for years ahead of time because we're responsible with money).


B) I'm a software engineer, thus I understand the STEM jobs. You can get a junior programmer job with a BS in CS in Alabama for about $45K. For perspective, that's in low cost of living Alabama.

78 posted on 04/19/2021 11:28:09 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: ChicagoConservative27

why not forgive everyone 50,000 debt? Why just education debt?

All the debt thet want to forgive was taken on by every person voluntarily, no coercion, they made the choice.

Forgive everyone 50,000 or if you have no debt, give them back 50,000 in taxes prior paid.

Why so stingy Chuckie?


79 posted on 04/19/2021 11:28:34 AM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: HighSierra5

“What about mortgages and car loans? Hmmm?”

What about those of us who repaid our student loans?


80 posted on 04/19/2021 11:29:27 AM PDT by odawg
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