Biden’s student loan forgiveness rhetoric
has lured many into borrowing
American Thinker,
by
Thomas Lifson
Original Article
Posted By: DW626,
7/2/2022 6:55:22 AM
As The College Fix dramatically headlines, “Nearly 9 in 10 recent student loan borrowers bet on Biden bailing them out.” Without actually promising or committing anything, Joe Biden has led many young people to believe that the federal government will cancel the loans they take out to finance a college education. A new survey indicates that the lure of borrowing without having to pay back has enticed many youngsters take on debt that they otherwise would not have committed themselves to.
Reply 1 - Posted by:
F15 Gork 7/2/2022 7:32:34 AM (No. 1204010)
Back in my day most of us financed our education with something called a J-O-B......and we all graduated with a degree that was useful. Anything worth having was worth busting your tail for. Unlike today where you rack up $200,000 dollars worth of debt and a useless degree in navel gazing
22 people like this.
Reply 2 - Posted by:
mifla 7/2/2022 7:56:40 AM (No. 1204030)
Given that the left is going to get their clock cleaned in November, Joe's handlers will instruct him to forgive the debt since there will be no political downside. The economic downside, however, will be catastrophic.
9 people like this.
Reply 3 - Posted by:
bigfatslob 7/2/2022 8:45:34 AM (No. 1204079)
Now Scooter can use the money for college obtaining an education in African Studies with a minor in glass blowing art. Scooter then gets his debt forgiven and he's right back in his momma's basement playing video games 24 hours a day because there's no jobs in African studies or glass blowing at this time.
10 people like this.
Reply 4 - Posted by:
LC Chihuahua 7/2/2022 9:16:46 AM (No. 1204107)
People are stupid enough to borrow 100 to 300 thousand dollars for college. Get a job. Go to a local college that has lower tuition. Get real people. College is one of the biggest ripoffs going these days.
I did 5 years of college over an 8 year period. I WORKED. Sometimes full time, and college went on the backburner. I stayed at home which was cheaper. I graduated owing a total of just $400.
You cannot go in debt.
7 people like this.
Reply 5 - Posted by:
paral04 7/2/2022 10:06:29 AM (No. 1204156)
Making it so easy to get money is the reason why tuitions are obscenely expensive. These ridiculous loans need to be reined in. Most of these young people are graduating with no marketable skill nor any knowledge of the history of our country or just life in general. However, they are burdened with debt that I am not interested in paying it off for them. It will be the hardworking lower and middle class doing this because the rich dudes may seem to pay more taxes but they are taking back money with all kind of insider deals with the federal and local governments.
7 people like this.
Reply 6 - Posted by:
oldmagnolia 7/2/2022 10:21:38 AM (No. 1204185)
#1 back in your days, school was affordable and you could pay it with a job. Today, the indoctrination resorts cost too much and it is impossible to do it. When the government put its note into the student loan con, the universities pumped up the price every year. Look at their campuses. They are all high class resorts. Do they educate for that price? NO. They don't care if the student quit. They got their money. As to the loan forgiveness, of course it will come from "we the people" but if we are going to "rebuild" Ukraine and throw money left and right for countries that hate us, just forgive the student loan. At least the money will stay in the USA. I know it is hard to accept, but it will be America first for a change.
2 people like this.
Reply 7 - Posted by:
FLCracker 7/2/2022 10:34:23 AM (No. 1204206)
You know, this kind of thinking is what cause people to lose their shirts during the 1929 Wall Street Crash.
1 person likes this.
Reply 8 - Posted by:
cold porridge 7/2/2022 11:29:27 AM (No. 1204269)
I am another that worked construction in the summers and at night during college terms and graduated owing nothing. It was possible, but the colleges have raised their tuition so high that it may not be possible now. Still, to go to college and major in something that will not get you a job is foolish. To expect the government to forgive (and the taxpayers to pay your debt instead) is not only foolish, but selfish as well.
5 people like this.
Reply 9 - Posted by:
lakerman1 7/2/2022 11:49:09 AM (No. 1204282)
The 10,000 dollar forgiveness is meaningless for anyone who owes a large sum - 100,000 dollars for example.
A remaining balance of 90,000 dollars with substantially higher interest rates could result in higher monthly payments than those, payments that exist today.
When the savings and loan crash took place, President Reagan took the bailout off budget, with the cooperation of Congress. Student loan forgiveness could be handled the same way.
The change in behavior has to take place with the colleges and universities, who mislead applicants by creating a 'financial aid package'
with a fake scholarship amount, and the student loan buried in the package.
0 people like this.
Reply 10 - Posted by:
DVC 7/2/2022 12:19:20 PM (No. 1204313)
Sucker trap. "Free money"!
2 people like this.
Reply 11 - Posted by:
Luandir 7/2/2022 1:45:10 PM (No. 1204402)
The graphs in this article also point out the fallacy of the associated "free college" come-ons. These programs will draw only the slackers who have nothing better to do than spend a couple of years in a mediocre institution, dropping (or flunking) out when it gets too hard. The school has a couple of years of government money, the ex-student has nothing usable.
0 people like this.
Reply 12 - Posted by:
czechlist 7/2/2022 3:32:52 PM (No. 1204503)
I left university a few hours short of completing my degree after being offered a job I couldn't refuse. I was on GI Bill and had received payment for my final semester ($635 !!). I needed the money to rent an apartment in my new city but began repaying the debt in small amounts shortly after I started receiving my paychecks. After a year I still owed half and the VA threatened me with legal action. Hell, I knew guys who owed more and never paid back anything so I said come and get me. Nothing happened. A few years later when I had established myself and household I felt guilty and paid back the balance.
2 people like this.
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Hey it’s free money…right?!