This is all an attempt to get those who took out loans, and quite often got degrees not worth it, overpaid for the degrees, or, are just not working to pay them back, to get out and vote Democrat in November. But, will they remember come November?
White House to announce student loan cancellation, payment pause extension Wednesday
The White House is expected to announce a plan to cancel a chunk of student loan debt on Wednesday, in addition to an extension of the existing payment pause, three sources with knowledge of the situation told The Hill.
Sources said President Biden’s intended measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually, as well as another payment freeze for roughly four months.
The $10,000 figure would be the largest forgiveness of federal student loans per individual to date.
The move comes just a week ahead of the White House’s self-imposed Aug. 31 deadline. The timing has left millions of Americans waiting for guidance from the Department of Education on whether student loan payments that have been deferred since the start of the pandemic would resume next month.
Guess who gets to pay for it? Someone has to repay the loan companies. If they’re direct federal loans (why is the federal government even doing this?), it’s on the taxpayer. If private companies are getting stiffed, then they will make it a lot harder for college kids to get loans.
The potential announcement on Wednesday comes within the smallest window of time borrowers have had to determine when their payments would resume. The White House, under Biden and former President Trump, has extended the pause six times since March 2020, sometimes giving borrowers up to a month’s notice on whether their bills would be due.
You still have to pay your home loan, right? How about your car? And other things?
But the $10,000 in forgiveness for a much wider breadth of borrowers will likely not satisfy some Democrats or activists who have pushed the Biden administration to forgive much more in federal student loan debt.
No, it won’t. They’ll demand even more free money.
In May, Senate Majority Leader Charles Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and Sen. Raphael Warnock (D-Ga.) met with Biden to push for forgiveness. Advocates and other Democrats, including Schumer, have pressed for forgiveness of $50,000 per borrower or to cancel debt entirely.
If you’re racking up that much debt, you better be getting a damned good degree, not in something like Feminism or any other ism that might get you a job slinging coffee.
Oh, and the cost?
According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
Surely, the IRS won’t go after those making less than $400k to pay for this, right?
The irony of it all, is that if colleges did what they say they did, which is to give students access to a successful and prosperous life, there wouldn’t be $1.6 trillion in outstanding debt, as the students would be able to pay it back.
Debt jubilees were, historically, used to wipe the slate clean also with the tacit admission that some lenders got too big for their britches and need to be brought in line. With that, I am actually in favor of a college debt jubilee, provided it was paired with the total destruction of the current college financing/loan scheme. This would also destroy the way these colleges operate, which is long overdue. Without the endless federal cash, colleges could not jack up prices, admit unqualified 18 year olds, and hand them a useless degree four years later in a know-nothing major.
It isn’t going to happen, of course. The entire system is working as intended. Those idiot college grads are excellent commissars and bureaucrats for the leftist commies and fascists in government and media, and colleges can even turn around and hire the surplus to do make-work jobs at inflated salaries. This thing “Biden” is floating is essentially a one-time bonus to those commissars, taking a little off the top so they can continue propagandizing the youth and perpetuating the current system.
The pieces come together even as America falls apart.
CarolAnn,
Did you pay your own way through college?
My wife and I each worked our way through college not having any family support or loans, but that was back in the day when college was affordable. I worked on a loading dock and as a truck driver, she worked in a supermarket (good union job!). Long hours for sure, but character building. My foreman was a tattooed Marine with forearms the size of a country hams and one of the finest men I’ve known for tolerating us college kids working for him.
GOP anti-elitists have been cutting state funding of colleges because everyone knows education past the 6th grade turns kids into libs.
Since forgiving loans is such a bad idea, should the gov’t make business folks pay back their PPP loans?
https://twitter.com/CAPAction/status/1562509000494968832/photo/1
Matt Gaetz was loaned $476,000 to support his “business” (trafficking teenage girls?). Maybe he could pay the taxpayers $466,000 and have 10K forgiven?
Millionaire Carol Miller (R-WY) was loaned $3.1 million!! But all forgiven!! LOL.
Fugging bunch of elite hypocrites. Loan forgiveness is for rich people, not college kids.
The Mrs and I have fully paid off three education loans and won’t be asking for anything.