Thwarted by the conservative-leaning court, Biden told reporters that his administration would pursue student loan relief through a different avenue, the Higher Education Act.
Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.
Well, consider that we also live in a world where American school districts, in major metro areas, are literally opening up low income housing dorms for teachers, so teachers can afford to subsist on a teacher’s salary.
Low interest doesn’t mean much when you can’t even pay your rent with a job that requires a college education.
You can use the loan to get a bs degree. If you’re in 100k in debt for a degree that gets you 55k a year job you fucked up. The lenders world normally factor that in but if it’s backed by the government then free money.
I’m not super familiar with how it’s suppose to work, but do they even need “taxpayer’s money?” Couldn’t they just decide the debt is paid (or like remove $10,000) and then call it a day?
You’re right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just… change some ledger somewhere and subtract $x from what Bob Student owes.
There’s no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).
But that potential revenue happens in the future. If the future revenue is less than expected, it’s exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.
But but but what if I’m dumb and I don’t want my tax dollars to invest in a smarter, more educated America so in ~15-20 years when the last of the boomers are drooking and dying in hospice homes they actually have the medical professionals they need.
Which one are you talking about? Big corporations getting government subsidies or police getting an ever increasing budget or the military industrial complex? Ah, people being able to live life not being forever burried in debt, got it.
So you think the lenders are predatory but still support them and want the borrowers to ‘reep’ what they sow instead. Basically you don’t have any solution but will complain about any solution anybody proposes. Nice.
More like Biden is taking money from the Treasury that then has to print more dollars out of thin air putting our economy even further in debt which sooner or later is going to have large ramifications.
That’s not the only reason to oppose this.
All Bidens solution does is take money from the tax payers to pay off the predatory lenders.
Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.
Very low interest rates, yet nobody can pay them off.
Well, consider that we also live in a world where American school districts, in major metro areas, are literally opening up low income housing dorms for teachers, so teachers can afford to subsist on a teacher’s salary.
Low interest doesn’t mean much when you can’t even pay your rent with a job that requires a college education.
Honestly, teachers are a bad comparison when it comes to the student loans debate.
A lot of districts/states/townships have programs that forgive loans for teachers after a predetermined amount of time serving a public school.
You can use the loan to get a bs degree. If you’re in 100k in debt for a degree that gets you 55k a year job you fucked up. The lenders world normally factor that in but if it’s backed by the government then free money.
True. You can get a loan to get a bachelors of science
Who owns the debt for federal student loans?
I’ll wait while you learn the answer is, “Department of Education.”
Is the Department of Education a predatory lender?
I’m not super familiar with how it’s suppose to work, but do they even need “taxpayer’s money?” Couldn’t they just decide the debt is paid (or like remove $10,000) and then call it a day?
You’re right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just… change some ledger somewhere and subtract $x from what Bob Student owes.
There’s no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).
But that potential revenue happens in the future. If the future revenue is less than expected, it’s exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.
It’s the exact opposite of spending.
But but but what if I’m dumb and I don’t want my tax dollars to invest in a smarter, more educated America so in ~15-20 years when the last of the boomers are drooking and dying in hospice homes they actually have the medical professionals they need.
With the interest rates they push, yes.
You sure about that?
https://studentaid.gov/understand-aid/types/loans/interest-rates#older-rates
Which one are you talking about? Big corporations getting government subsidies or police getting an ever increasing budget or the military industrial complex? Ah, people being able to live life not being forever burried in debt, got it.
What solution do you propose?
Cut off the interest and have borrowers pay back the initial loan.
Predatory lenders get shafted for being pieces of shit. Students get a huge break. The rest of the country doesn’t feel taken advantage of.
But that’ll never happen because profits > people.
Reep what you sow and pay your fucking loan back at the agreed terms at the time of signing.
Personal responsibility is a bitch. Only irresponsible people want loan forgiveness.
Wait until you hear about PPP loans…
So you think the lenders are predatory but still support them and want the borrowers to ‘reep’ what they sow instead. Basically you don’t have any solution but will complain about any solution anybody proposes. Nice.
More like Biden is taking money from the Treasury that then has to print more dollars out of thin air putting our economy even further in debt which sooner or later is going to have large ramifications.
That is why I hold bitcoin