Think Biden’s student loan write-offs
are unfair? Just take a look at the fine print
New York Post,
by
Post Editorial Board
Original Article
Posted By: Ribicon,
9/4/2022 9:49:04 AM
President Joe Biden’s plan to instantly write off up to $20,000 in individual loans is bad enough, costing the taxpayers north of $300 billion—but the rest of his idea is even worse: He wants to the public to eat most all future student debt, too.(Snip)Biden would roll back borrowers’ maximum monthly payment on undergrad loans to just 5% of “discretionary” income—and cut the amount of earnings considered “discretionary.” Then he’d wipe out all remaining debt after just 10 years for many borrowers. The payment limit by itself is huge: The White House boasts it means “no borrower earning under 225% of the federal poverty level … will
Reply 1 - Posted by:
justavoter 9/4/2022 9:56:35 AM (No. 1268127)
This is also a way for the government to constantly monitor your income on top of the tax filings
19 people like this.
Reply 2 - Posted by:
snakeoil 9/4/2022 10:30:39 AM (No. 1268161)
Not to go off topic, but why is a college education so expensive? It's not the salary of the people who actually teach courses or the custodians who pick up the trash the students throw on the floor or the campus police who take the rowdy ones to the hoosegow. It the administrators who are overpaid and devoid of a useful purpose. Each university has a president who is paid millions each year to shake the hands of the students at graduation and make speeches about how they need more money. Then there are the Vice Presidents. The US has one Veep but most universities have 7 or more. Then there are the Provosts. Dave Barry once wrote that the biggest mystery on a college campus is what does the Provost do? That's easy. The Provost supervises the Vice Provosts who supervise the Associate Provosts who supervise the Assistant Provosts, ad infinitum. Then there are the Deans. The best thing that can be done to improve college education would be to cut their funding by at least 2/3 so that they would be forced to spend money on things that matter. So what is Quid Pro Joe up to with "forgiveness" of student loans. He is following George Soros orders to destroy America. Their goal is to take the money people earn away from them as taxes and to return a small amount in such things as "free" college. And we are supposed to be as grateful as a mule eating briars. I ain't.
18 people like this.
Reply 3 - Posted by:
itsonlyme 9/4/2022 11:05:35 AM (No. 1268197)
Kevin "MultiUseless 2.0" McCarthy and Mitch "MultiUseless" McConnell might be drafting a stern letter. Could end up in the hands of the CSPAN camera crew. Back to deciding whether the silverware is on the left or right side of the dinner napkins.
15 people like this.
I can't tell you how many students register at the junior college (easy to get in). Get student loan money to live on and pay their rent....and never go to class. Happens all the time. It will happen a lot more if they don't even have to consider repaying the debt.
14 people like this.
Reply 5 - Posted by:
Illinois Mom 9/4/2022 11:26:29 AM (No. 1268225)
#2...not so far off topic.
When Obama took the banks out of the picture and the loans were transferred to the government things changed. Before people who borrowed money for Med school or Law, a substantial amount, looked to their earning potential those loans could be paid off with the larger salaries. The average kid was another story.
My daughter started college in 2000. Part of our bargain with her was that she take Stafford loans in her name as an investment in herself. If she goofed off or had to repeat a class it was on her. If she quit school, she was on the hook for loan, not us. At that time the Stafford loans for dependent student had limits. Something like $1700 the first year, a little more year two, and more for years three and four. Setting it up I dealt directly with a bank in the college town. We went in, and the bank officer explained an unsecured loan, why it was limited, and the salary she would need to earn to pay it back within the allotted ten years. The bank worked directly with the college. She never handled any money. By limiting the amount that she could borrow, she graduated with approximately $15K loan debt. She had a job right after graduation, did some coaching at the local high school for a $3K stipend per season and had the loan paid in two and a half years.
When the government took over they started throwing money at the kids. Money for everything...and the checks sent to the student, not the school. I have friends whose kids bought cars, took vacations and bought all kinds of things not related to school, racking up big debt.
It's like insurance. I the not so olden days we had hospitalization insurance for the big stuff. We paid for checkups and routine appointments in cash at the doctors office. We could afford prescriptions. Remember the "Back to School physicals $25" doctors used to advertise? Now a simple doctor visit is $180. Of course the cost goes up over the years but when HMO'S became a thing it skyrocketed.
With both college and medicine, when the easy loans and medical insurance was established they found that they could charge any amount they wanted, never mind the debt the student incurred or the soaring cost of insurance for the average family.
15 people like this.
Reply 6 - Posted by:
ms1234 9/4/2022 11:48:41 AM (No. 1268253)
I'd like to say that the next Republican administration will reverse this insane policy but we all know the Republicans will do what they always do, nothing. Usually you hear of people being all talk and no action. The Republicans won't even talk about it.
15 people like this.
Reply 7 - Posted by:
TXknitter 9/4/2022 11:56:16 AM (No. 1268261)
You are right, #6, and the way we see continuance of voters keeping in nice old Grandpas that are 88 freaking years old, the reason Republicans do nothing lies at the feet of the voters.
9 people like this.
Reply 8 - Posted by:
rikkitikki 9/4/2022 1:59:57 PM (No. 1268382)
To #4: your description makes this entire disaster into just another baseless social welfare program...paying healthy people to sit on their butts, at the sole expense of taxpayers in general...and the university staff are the secondary beneficiaries.
Sort of like Obamacare, which did nothing more than normalize previously competitive health insurance to one standard, so now everyone pays more, and the insurance companies get even richer.
4 people like this.
Reply 9 - Posted by:
LadyVet 9/4/2022 2:35:23 PM (No. 1268411)
#5 and others recognize that there is a link between student loans and Obamacare. Obamacare needed a way to make it look like it was affordable. So to improve the Congressional Budget Office "scoring," they took over the student loans, raised the interest rate paid by the student to the government, and assumed that all that interest would be collected. That made it look like healthcare would be "free
." Obama and Dems knew that they would later, 10 years down the road, push to forgive all that accumulated student debt, but that timeline kept it out of the CBO calculation. Nancy Pelosi passed the bill before anyone knew what was in the bill. So the Dems bought off three generations of voters: 1) the 50 year-olds who were out of a job but not on Social Security or Medicare; 2) the college class of 2006 who will get their debt forgiven; and 3) the new crop of 18 year olds who expect to go to college for free.
2 people like this.
Reply 10 - Posted by:
joew9 9/4/2022 10:18:31 PM (No. 1268754)
One problem of all this is the "loans" are only available to people who meet the requirements of the loan organizations. And no white male meets those requirements.
Making college 5 times more expensive than in 1980 makes it not accessible unless you qualify for a loan or have a rich daddy. Thus college becomes available only to those who are selected. And that criteria is not based on merit but rather politics.
2 people like this.
Below, you will find ...
Most Recent Articles posted by "Ribicon"
and
Most Active Articles (last 48 hours)
Comments:
With a wave of His Mighty Hand, president Biden's puppeteer makes future college education free via "loans" that need never be repaid. In return, schools will raise tuition limited only by their greed. Commoners learn about this by reading a newspaper, but Republican side of the coin must be in the dark because they're doing nothing to stop the complete upheaval of the government's role in American society at every level.