Posted on 08/29/2022 5:39:55 AM PDT by Red Badger
Apparently $500 billion is not enough.
“Biden student loan plan leaves Black borrowers wanting more” is the headline of a recent report in The Hill, which chronicled the parade of groups now arguing the college loan bailout recently announced by President Joe Biden doesn’t go far enough.
The bailout is expected to apply to borrowers making less than $125,000 per year and households making less than $250,000 and includes “up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients.”
Estimates put the cost of the plan at anywhere from $300 billion to $1 trillion.
Yet some groups argue the plan falls short for black Americans.
“Black student loan borrowers hold the most debt out of any other racial group. An April report by PBS NewsHour found that, among 2016 graduates, nearly 40 percent of Black students graduated college with $30,000 or more in debt compared to only 29 percent of white students, 23 percent of Hispanic students and 18 percent of Asian students,” The Hill reported.
With that, here comes the usual suspects, such as the Congressional Black Caucus, which “called for more focus on the impact the crisis has had on Black borrowers.”
The Hill also reported the NAACP is making some noise.
“If student debt repayments can be paused over and over and over again, there’s no reason why the President cannot cancel a minimum of $50,000,” the NAACP said.
And the Student Borrower Protection Center cited “racial financial inequities.”
“The first thing you have to understand is the fact that student debt is not only a direct reflection of systemic disparities we have in this country, but it also continues to perpetuate them,” said Kat Welbeck, SBPC’s director of advocacy.
“When it’s time for [Black] families to send their children to school, they have less wealth to be able to pay for college,” Welbeck said. “So Black borrowers are not only more likely to borrow but also borrow higher amounts. When Black students leave school, they then also have these higher student debt balances that cuts into opportunities for wealth building over a lifetime.”
Read the entire report at The Hill.
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Indeed. My first thought was this won’t buy Biden many votes because a. It’s not what he promised and b. It’s not very much in relative terms. It’s not life changing. So many folks will actually be angry at 10k. Hilarious
This tells you how reparations would work out.
On OAN this morning they stated that 85% of people/families do not have student loans.
Of the 15% of the population that does, 58% of those people are considered wealthy/affluent.
Another article I read sited some Black woman who was the Principal of a school in California who had $205,000 in student debt. She had a doctorate degree in something. Probably education.
My son applied for several different PHD programs. He was offered a position at two different universities. Each of these positions came with a stipend of $30-35K/year. That means they pay YOU while you are their grad student/slave for 5-6 years.
He ended up deciding to take a job instead.
My point is, many of these graduate students are NOT taking on more debt, unless it is just money to live on IF they are in a PHD program. A Masters Degree is different. Most MBA/Masters programs cost on average about $50K. However, most companies will pay for their employees to take a Master degree course work.
These students who have racked up this massive debt are people who have made bad decisions. They decided to go to Private Universities when they really should have gone to state colleges.
Again, I will use the example of my son and daughter.
Each could have gone to various private universities. In my sons case he was deciding to go to either WPI for $47K/year(they were willing to give him $10K in scholarships ) or UNH and stay at home $10k/year. He chose UNH.
My daughter ended up going to college part time at Southern NH University. A private college that most students go to online. Her employer paid for part of it. She, her grandparents and I paid for the rest. She was no longer living at home. Both of my children ended up with about $20K in debt when they graduated.
Well, based on the news reports, it sounds as if this debt relief will happen.
I heard the website crashed at the Dept of Education, as people are clamoring for information on how to get their loans forgiven.
I think that the amount of late payments will skyrocket. I know the details of how these loans get forgiven haven’t been worked out yet. But, I expect many will simply stop paying, in the anticipation of their loans being canceled.
And if that happens, the political Democrat narrative may become, look at how many past due loans there are, and use that as justification for canceling loans, because so many loans are past due.
America was a great idea, while it lasted.
The recent “forgiveness” was designed to make certain whiners demand more. And biden will be more than happy to give them more of our money.
I'd bet that the vast majority of the beneficiaries of this scheme were going to vote Democrat anyway. Against this, there will be a huge number of independents and probably quite a few Democrats who will be extremely pissed off at having to pay for the freeloaders.
Im guessing that is because Pell Grants are awarded based on family income at the time you were going to college. They are likely using it as a proxy for coming from lower-income backgrounds, regardless of current income.
I’m guessing you can will your answer if you could find the racial stats for people receiving the Pells. How cynical of me.
question was honest
Thank you
Biden is reverting back to his RACIST!!!! roots.
I am searching for my teeny , tiny violin.....
AND-—THOSE of us who worked 2 jobs to get ANY classes that would benefit us.
Let’s just “forgive” all loans and really get this economy roaring! < / s >
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