Biden to make an announcement on student loan forgiveness

Agreed, but it's going to piss off a large portion of the students that either:

1) Have private loans that are not covered
2) Paid off their loans already
3) Worked like hell to get through without loans.

I'm not sure which group is larger.

Then there are those:
4) Parents that worked like hell to pay for their kids schooling.
5) Those who see it as a vote buying scheme

I'm thinking it may hurt them in the short and long run.
 
The Sound Guy said:
Agreed, but it's going to piss off a large portion of the students that either:

1) Have private loans that are not covered
2) Paid off their loans already
3) Worked like hell to get through without loans.

I'm not sure which group is larger.

Then there are those:
4) Parents that worked like hell to pay for their kids schooling.
5) Those who see it as a vote buying scheme

I'm thinking it may hurt them in the short and long run.
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It might also piss off those who are working blue collar jobs, who could not afford to go to college...

They are giving money to the "wealthy" college educated... Those without a college education will watching the "rich kids" get $10,000 paid off... the rich kids who have more ability to make more money over their lifetime than those who simply have a High School diploma.

Let's Go Brandon...actually I will say FU@K Joe Biden... what a clown..

I know Biden does not even know he decided this... he can't remember what pudding he ate this afternoon... it is the puppets behind him who want to make sure they have the full 8 years to destroy our country. Buying 2024 votes for Democrats from the future Marxists of Amerika...

Those who took out debt for college and now are expecting others, who did not benefit from that education, to pay for it, have no respect for property rights. If you take out debt, you have the responsibility to pay it back, you don't have the right to take it from someone else who is working hard to get ahead without paying your debt. Talk about not being fair to the rest of society.

And what is really criminal... the effing professors like Elizabeth Warren who taught one effing class and made $400,000 dollars a year... that is why college is now unaffordable. And Warren screams for the government to pay off student debt...corrupt old bag....

This whole give away pisses me off... if you can't tell.

PS ... I worked 2 jobs to put myself through college... it took me longer, but I never took out a loan. I had to live at home to be able to afford my classes. I was the one who did not get to go on spring or summer break, or any vacation because I had 2 jobs I had to work.
 
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I agree with this comment from Spike Cohen, a libertarian:

Giving corporate welfare to multi-billion dollar universities and lenders will make inflation worse. And it isn't "forgiveness". It's a debt transfer, from the richer to the poorer.

Student loan "forgiveness" will not fix the student debt problem. It will: - Force middle-class workers to subsidize universities with multi-billion dollar endowments - Cause future tuitions to rise even more - Increase inflation due to more money printing

And to be clear, this is not an actual forgiveness. Government is simply paying off the lenders and assuming the debt. That means more taxes for you, more debt (future taxes) for you, and more inflation for you due to money being printed to lend to the Treasury for that debt.
 
theintercept.com

Joe Biden’s Role in Creating the Student Debt Crisis Stretches Back to the 1970s

As a senator, Joe Biden supported several bills that contributed to the rise in borrowing from $1.8 billion in 1977 to $12 billion in 1989.
theintercept.com theintercept.com

The solution to the student debt crisis is simple: Let people who can't pay their student loans have it discharged in bankruptcy court. That would force lenders to be less predatory in their lending practices. Guess who made that nearly impossible?

Allowing student debt bankruptcy would also force universities to make their tuitions more affordable, as lenders refused to make risky, overly-expensive loans. Biden made sure this crisis would happen, and now he's going to give corporate welfare to lenders and universities. ~Spike Cohen,

In 1978, Biden supported the Middle Income Student Assistance Act, which eliminated income restrictions on federal loans to expand eligibility to all students. Biden helped write a separate bill that year blocking students from seeking bankruptcy protections on those loans after graduation. (The income restrictions on federal loans were reinstated in 1981.) Then he went on to vote to create the Parent Loan for Undergraduate Students, or PLUS, program in 1980 and the Auxiliary Loans to Assist Students, or ALAS, program in 1981, which extended loan eligibility to students with no parental financial support.

“Within a few years, the crackdown [on student debtors filing for bankruptcy] that began in 1978 would extend beyond just government loans. In 1984, as Biden was gaining seniority on the Judiciary Committee, the Delaware lawmaker reprised his role as one of his party’s top negotiators on a new legislative proposal,” the International Business-Times reported in 2015. “Under that bill — which was signed into law by President Ronald Reagan — bankruptcy exemptions were extended to non-higher-education loans like those for vocational schools, according to the U.S. Department of Education.”
 
My son's college loans were paid off within 18 months of him graduating. I know, because I taught him that debt free is stress free. Now, look at the millions whining that they need a handout. Many simply refuse to pay their obligations with no consequence at all. Makes me sick. Free ain't free when it costs me money. My mother used to cuss at the TV when watching the news, now I get it.
 
Far West said:
theintercept.com

Joe Biden’s Role in Creating the Student Debt Crisis Stretches Back to the 1970s

As a senator, Joe Biden supported several bills that contributed to the rise in borrowing from $1.8 billion in 1977 to $12 billion in 1989.
theintercept.com theintercept.com

The solution to the student debt crisis is simple: Let people who can't pay their student loans have it discharged in bankruptcy court. That would force lenders to be less predatory in their lending practices. Guess who made that nearly impossible?

Allowing student debt bankruptcy would also force universities to make their tuitions more affordable, as lenders refused to make risky, overly-expensive loans. Biden made sure this crisis would happen, and now he's going to give corporate welfare to lenders and universities. ~Spike Cohen,

In 1978, Biden supported the Middle Income Student Assistance Act, which eliminated income restrictions on federal loans to expand eligibility to all students. Biden helped write a separate bill that year blocking students from seeking bankruptcy protections on those loans after graduation. (The income restrictions on federal loans were reinstated in 1981.) Then he went on to vote to create the Parent Loan for Undergraduate Students, or PLUS, program in 1980 and the Auxiliary Loans to Assist Students, or ALAS, program in 1981, which extended loan eligibility to students with no parental financial support.

“Within a few years, the crackdown [on student debtors filing for bankruptcy] that began in 1978 would extend beyond just government loans. In 1984, as Biden was gaining seniority on the Judiciary Committee, the Delaware lawmaker reprised his role as one of his party’s top negotiators on a new legislative proposal,” the International Business-Times reported in 2015. “Under that bill — which was signed into law by President Ronald Reagan — bankruptcy exemptions were extended to non-higher-education loans like those for vocational schools, according to the U.S. Department of Education.”
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I did a paper on this subject in grad school. Each time the government made more eligible for federal student loans and increased the amount one could get, tuition prices increased. In the 90s, new colleges were opened by those who wanted a piece of that pie. Many of those colleges were and still are scams.
 
The NCAAP is very upset with Biden over his student loan forgiveness of $10k. They want it all forgiven.

"If the rumors are true, we've got a problem. And tragically, we’ve experienced this so many times before," NAACP President Derrick Johnson said in a statement on Tuesday. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."
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www.foxnews.com

NAACP slams Biden over reported student loan debt cancellation plan

The NAACP, which is pushing Biden to cancel $50,000 in student loan debt for every borrower, criticized reports that the administration may forgive just $10,000.
www.foxnews.com www.foxnews.com

A lot of people are assuming that loan forgiveness includes student loans taken out with private financial services. I don't see how constitutionally the federal government could tell private banking institutions they have to forgive student debt loans owed to them. What this is all leading up to is free college tuition for anyone who wants to go to a public college or university. These idiots on the left advocating for this use Germany as their example of free tuition. What they don't tell you is, that it's not provided to everyone who wants a higher education. It's a competitive program where only the most intelligent are accepted. There is also a limit on how many a year can start under the "free" program.
 
"As for the loan-payment moratorium, what began in March 2020 as pandemic emergency relief now rolls on and on. The moratorium so far is estimated to have cost some $115 billion. Another four-month extension could cost $15 billion to $20 billion more," the editorial board continued. "There’s more to say about loan forgiveness if Mr. Biden announces it—such as he lacks the legal authority without an act of Congress; it would benefit the affluent at the expense of those who don’t attend college, and it would benefit the spendthrift over the responsible who repaid their loans or decided to go to a school that costs less. It’s vote-buying at its most raw."
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Do the math. 115 billion + 20 billion + 300 billion = $435 billion four months from now. If he keeps extending the freeze on payments, it will cost an additional $15 billion to 20 billion every four months.

This will completely defeat the anti-inflation in the Anti-Inflation bill he signed into law. The Dems knew beforehand that bill and the student loan repayment would increase inflation. This is nothing more than an attempt to buy the votes of everyone with student loan debt.

www.foxnews.com

Student loan handout: Wall Street Journal roasts Biden’s ‘inflation expansion act’

The Wall Street Journal’s editorial board slammed President Biden’s anticipated student loan handout as an "inflation expansion act" and "vote-buying."
www.foxnews.com www.foxnews.com
 
Nancy Pelosi said last year Biden didn't have the authority of canceling out student debt. How come her mouth is shut now? Because she no longer cares he can't and will let it slide by because the Dems are desperate for votes in November to keep their majorities in Congress. If he cancels any debt, I hope the Republicans have the balls to file a lawsuit that the move is unconstitutional.
www.foxnews.com

Biden lacks authority for student debt handout, Pelosi warned last year

House Speaker Nancy Pelosi said last year that President Biden does not have the authority to create a program to pay off some Americans' student loan debt.
www.foxnews.com www.foxnews.com
 
I'm quite confused by the verbiage in the report. Is this a proposed new bill, a Presidential order or free spending of monies already allocated in another bill such as the Covid relief act? He simply doesn't have the constitutional authority to allocate and spend any money on his own,,, so what's the deal???

Then again, maybe the whole thing is just showboating for the sheeple trying to win back some approval.
 
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You all are a bunch of hard asses. Why should anyone have to pay back money they borrowed and signed a contract to pay back. You probably also believe you should earn any money you receive by working and being productive. You act like this is a capitalistic economy. What a bunch of cavemen.
 
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