Schumer Demands Biden Use Executive Order To Cancel Millions In Student Loan Debt
That's all Democrats want to do--spend money that we do not have and pick up the tab for everything--socialism!The Committee for a Responsible Budget recently published a report showing that cancelling student loan debt would cost around $1.7 trillion, and would provide only a tiny bump in the economy in return.
So essentially, what Joe Biden wants to do is to give money to students to give to universities that raised the tuition and it adds to our national debt. Why does Biden want to reward students who agreed to pay a debt and took advantage of the government largesse to jack up costs. What sort of lesson is this? We were always taught responsibility and that the government didn't owe us a living.
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7 comments:
Lynn, I think we should all pay our debts. Debts that we were properly qualified for and found to have the ability to pay back.
How, did Sallie Mae expect these loans to be paid back? The Student Loan program is a scam. How could the lender possibly expect that these loans could be paid back. And, they can't even be discharged in bankruptcy. I'm sorry these loans should all be forgiven. Rich or poor, the loans were not properly underwritten, and therefore should have had no expectation of being paid back to begin with.
Prudent lending standards were not applied. No Way! No HOW!
I got student loans to attend college (teacher), then added to it to get my Master's Degree.
I paid ALL my loans off. It can be done. Not right now, due to covid, but it can be done.
I'm glad you were able to do that. Maybe you had some guidance on how much to borrow and you were able to calculate your projected income. Unfortunately, not everybody is experienced enough to know how to do that.
You have a degree that you knew had the potential to keep you employed long term. Sometimes, a bit of luck is also not a bad thing.
If you get a useless degree, and there are many of them, what then?
Do you think somebody says to the kid; that's a useless degree, and you won't even be able to get a job.
That's why they call them kids; because they don't know anything.
You shouldn't even be allowed to borrow that kind of money unless you are taking practical courses.
Do you think it's fair that you can let them foreclose on your house, and free you from debt, but you have to take a student loan to the grave?
That's not conservative, that's cruel and unusual punishment. You might as well spend a few years in prison, than pursue a useless degree. You might learn more and not be in debt when you get out.
If they’re smart enough to go to college, then they should be responsible for their debts. That is part of being an adult. As far as the loan to begin with, it should be co-signed by the parents especially if they are under 21 or have no credit history of their own. Socialism we do not need.
You're not thinking this through Lynn!
Society is not responsible because some kid chooses a major and then he can't get a job in that field. Perhaps he should have gone to trade school and learned how to be a plumber, an a/c tech, etc.
Society also should not be responsible for that debt. The person who borrowed the money is the sole responsibility.
Colleges and universities are charging way too much. If Biden's government picks up student loan debt, colleges and universities will be charging more.
Just pay your own debts or go to a school that is affordable like a community college.
Of course he should have gone to trade school, Lynn. The problem is that "Society" whom you claim is not responsible, encourages these kids to take out these loans.
If everybody was as smart, as you suggest they should be, none of us would need to go past 8th grade, which was all of the education you needed back in the day.
The student loan program is far worse, than even the housing crisis in 2008, because at least you had a chip to bargain with.
The student loan program is a criminal enterprise! You can put that in the bank!
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