Posted on 08/29/2022 12:39:14 PM PDT by fwdude
With more than 2 million people in New York State alone becoming eligible for student loan forgiveness under President Biden’s recently announced plan, loan providers nationwide need to staff up to handle the influx of paperwork, says Senate Majority Leader Chuck Schumer.
He called on the companies to add “thousands” of staff to process loan forgiveness applications and answer questions.
“We need our loan processors to get with it and inform students how to do this,” Schumer said at a Midtown press conference, adding that loan providers are currently understaffed.
(Excerpt) Read more at msn.com ...
Need to close the top 1000 schools that students need loan forgiveness.
Staff up for what will be struck down in courts as not being legal? Mmmmmm.....nah.
I think it would be fair if all loans on houses, credit cards, cars and more are forgiven....If we’re going to sink the “ship” let’s just go out with no debt....before government confiscates it all anyway.
/S
NOW he tells them?
I’ve heard, don’t know for sure, but some major universities have huge endowments, in some cases over $1 billion.
Granted that there are operating expenses for a college, and tuition and fees go towards operating expenses. But, how much “profit” do these non-profit colleges and universities make? What is their bottom line?
And, in the last few decades, college costs have increased far more than the rate of inflation. How much are colleges and universities increasing their tuition and fees, precisely because their students will be able to borrow additional amounts to pay whatever they charge? And apparently, what they charge is unrelated to the actual operating costs of these places of higher education.
I know I have questions for which there are no good answers, but, these questions are important, in terms of our policies on college loans, and the apparent zeal to just write off these loans. In the meantime, the colleges got the full amount of the loaned money. Colleges aren’t being asked to rebate any of that cash, are they???
I will assume that there will be no complaints taken from or compensation to private industry for the time needed to process this boondoggle.
The states get effed daily with unfounded mandates but hurting the private sector is just stupid… sorry, normal too.
So someone takes out a loan. In that transaction there is a lender and a borrower. How does the lender get their money back? How does this work? Does the government reimburse the lender?
I think it would be fair to lower interests rates to under 10% on all credit cards as long as they are at it.
I’m trying to figure it out too. Aren’t Pell grants from federal government?
Bump!
I've lost track of them these days...
$10,000 student loan forgiveness goes through. In completely unrelated news, colleges increase tuition $10,000.
Pretty sure most of the Sunglass Hut employees have MBA's
This is part of an ongoing huge money shift from the taxpayers to education institutions that are predominately democrat and radical, employing leftie professors that would starve if they had to get a real job.
This “loan forgiveness” only affects government loans, loans guaranteed (reimbursable) by the government, but not private bank or lender loans. Even so, this describes about 90% of all student loans, from what I’ve heard and read.
The government will give OUR money, taxpayer money, to the lender to satisfy the loan. I don’t know if there will be a discount on the loan repayment but I wouldn’t be surprised if they pay the lender $.90 on the dollar. Since this regime is just doing what it wants, there’s nothing to surprise me.
That doesn’t mitigate the rush to take advantage of this money give-away on the lenders’ side.
Total college endowments is int h ehundreds of billions, they have huge budgets own valuable real estate, and keep hiking tuition at a rate well beyond inflation.
Add to the billions in governement programs and huge tax breaks.
I have two nieces from a conservative family. The oldest one is studying “art therapy” at a leftist state school. The other started in nursing and moved to psychology. Both throw-away degrees unless you want to remain in academia as a “teacher.” I don’t have very big hopes for them.
They make huge profits. But they have to put them back into the university via big paychecks to top admin, coaches, and professors.
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