$10K in student loans forgiven by Biden; Fine but its NOT ENOUGH

[bripat9643]

Sure. Let’s saddle a generation with crushing debt.

Great for the country

They saddled themselves, moron. No one forced them to sign the papers.

 

[Billiejeens]

Issued below market rates.

And HALF of all loans are for masters degrees etc. at much higher cost.

It's sad when highly educated, high income people have to pay their debts.
Oh, wait, no it isn't. DURR

Middle class people should definitely help pay the student loans for people with masters Degrees.
Just to show our appreciation that they have allowed us to be around them.

 

[Lesh]

Don't you?

A. If we're making money off these loans don't even try to claim that taxpayers are bearing some burden by forgiving them. Taxpayers are MAKING money on these loans.

B. Our government charging at or near market rate on guaranteed loans is a huge scam. Built into market rates is a big per cent of default that doesn't happen here.

 

[M14 Shooter]

A. If we're making money off these loans don't even try to claim that taxpayers are bearing some burden by forgiving them.

The taxpayers are footing the bill for the lost principle, and the government misses out on the lost interest.
That's a burden.

Taxpayers are MAKING money on these loans.

Not if they are forgiven.

 

[Lesh]

The taxpayers are footing the bill for the lost principle

Very few loans will have lost principal. My son's for instance (that he has been paying for THIRTEEN years) paid off the principal well over a year ago and he is stuck with about SEVEN more years of payments

the government misses out on the lost interest.

These loans were not originally to make money (the government is not a bank) but to help educate the middle class

 

[M14 Shooter]

Very few loans will have lost principal.

Quantify this. Cite your sources

My son's for instance (that he has been paying for THIRTEEN years) paid off the principal well over a year ago...

This is a lie.
You mean to say his tital payments exceed how much he borrowed. You choose to forget the interest, which comes off the top of each payment.

These loans were not originally to make money

If that were true, they would have been zero-interest loans from the the start.
They were not.
Thus, you are wrong.

 

[Ray From Cleveland]

A. If we're making money off these loans don't even try to claim that taxpayers are bearing some burden by forgiving them. Taxpayers are MAKING money on these loans.

B. Our government charging at or near market rate on guaranteed loans is a huge scam. Built into market rates is a big per cent of default that doesn't happen here.

The government is not making any money:

Report Highlights. One out of every ten Americans has defaulted on a student loan, and 7.8% of all student loan debt is in default.

• An average of 15% of student loans are in default at any given time.
• 11% of new graduates default in the first 12 months of repayment.
• $124.4 billion in student debt is in defaulted student loans.
• Over a million student loans enter default each year.
• Student loan default affects 9 million borrowers and their families.

National Student Loan Default Rate [2022]: Delinquency Data

An analysis of student loan default rates along with financial consequences and solutions for students with loans in default.

educationdata.org

 

[Toddsterpatriot]

The only question that matters is, did they or did they not borrow the money?

If they borrowed the money, then they owe the repayment of the loan plus interest. Where are you confused?

He's a liberal. He's confused everywhere.

 

[Toddsterpatriot]

A. If we're making money off these loans don't even try to claim that taxpayers are bearing some burden by forgiving them. Taxpayers are MAKING money on these loans.

B. Our government charging at or near market rate on guaranteed loans is a huge scam. Built into market rates is a big per cent of default that doesn't happen here.

If we're making money off these loans don't even try to claim that taxpayers are bearing some burden by forgiving them.

We're using all the huge profits (LOL!) to pay for Obamacare.
If you want to whine about it, I think he's living in a huge house next to the ocean.

Our government charging at or near market rate on guaranteed loans is a huge scam.

How is a loan the government made to some 18 year old "guaranteed"?

Built into market rates is a big per cent of default that doesn't happen here.

Cool story! What are the most recent default rates on these direct government loans?

 

[Ame®icano]

The diabolical plan was opening the door for something just like this, an eventual federal takeover of collage funding. 10K this time, 30K the next time, 60K the time after that...... Anybody on the left that thinks this is a one time deal is kidding themselves unless there is a strong public resentment like there was with defunding the police.

Federal student loans for undergraduates currently have an interest rate of 4.99% for the 2022-23 school year, while graduate students have interest rates of 6.5% or 7.5% for unsubsidized loans or Direct PLUS loans, respectively.

So, if you have student loan of 50K, your payment is around $330 for 20 years. If you get $10K from Biden's forgiveness program, your payment is going to be around $260, which is saving of $70 per month, only. This has nothing to do with helping students, it's just another socialist scheme to buy votes with someone else money.

 

[Ray From Cleveland]

Federal student loans for undergraduates currently have an interest rate of 4.99% for the 2022-23 school year, while graduate students have interest rates of 6.5% or 7.5% for unsubsidized loans or Direct PLUS loans, respectively.

So, if you have student loan of 50K, your payment is around $330 for 20 years. If you get $10K from Biden's forgiveness program, your payment is going to be around $260, which is saving of $70 per month, only. This has nothing to do with helping students, it's just another socialist scheme to buy votes with someone else money.

Of course it is. It's certainly not about helping the disadvantaged when the income limit is 125K. I never made 125K in my life, and they want me to fund the loan forgiveness for people that do, and 250K for a couple? Ridiculous.