Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'

[LumRaiderFan]

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The democrats with yet another plan to accommodate freeloaders.

From the article:

President Joe Biden is today expected to announce a student loan handout plan that would essentially use taxpayer money to pay off up to $10,000 of student debt per borrower making under $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it was and is the right thing to do.

 

[BS Wildcats]

1 hour ago, LumRaiderFan said:

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The democrats with yet another plan to accommodate freeloaders.

From the article:

President Joe Biden is today expected to announce a student loan handout plan that would essentially use taxpayer money to pay off up to $10,000 of student debt per borrower making under $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it was and is the right thing to do.

 

The mid-twenty somethings that just graduated see it as more free stuff.  biden knows they have been brainwashed for four years by liberal faculty, so he is now just panning for votes!  The higher education system will be the downfall of America, not biden, although he is trying his best at it.

[bullets13]

 

Many of us are upset about funding other people's education.  The president of the NAACP is upset for a different reason:

"If the rumors are true, we've got a problem. And tragically, we’ve experienced this so many times before," NAACP President Derrick Johnson said in a statement on Tuesday. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."

AKA: You think the votes you're buying from us are only worth 10k?

 

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[Big girl]

3 hours ago, LumRaiderFan said:

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The democrats with yet another plan to accommodate freeloaders.

From the article:

President Joe Biden is today expected to announce a student loan handout plan that would essentially use taxpayer money to pay off up to $10,000 of student debt per borrower making under $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it was and is the right thing to do.

 

The way interest is accrued is criminal . Someone I know know borrowed 20 000. Ten years later she owes 18,000

 

 

 

[Unwoke]

Canceling student debt is a tax on the most responsible people in the country.

Forcing people who worked hard to repay their loans or those who didn't have the luxury of going to college, to subsidize people who wasted $$$ on worthless gender study degrees is a slap in the face.

[thetragichippy]

While I don't agree with it, my Son would be a fool not to say good buy to his $14,000 in student loans. If he only gets 10K, I'll throw in the other 4K ......

[LumRaiderFan]

46 minutes ago, Big girl said:

The way interest is accrued is criminal . Someone I know know borrowed 20 000. Ten years later she owes 18,000

 

 

 

That is on the borrower, not the lender.

Maybe read the fine print next time.

[Unwoke]

50 minutes ago, Big girl said:

The way interest is accrued is criminal . Someone I know know borrowed 20 000. Ten years later she owes 18,000

 

 

 

All you have to do is ask what the interest rate is before you take out the loan. At that point you should be able to figure out the amount of interest you would pay on the life of the loan.  If it’s not to your liking then you go to another lender. If you have horrible or no credit with very little assets then your going to pay a high interest because your considered high risk on defaulting on the loan.

[5GallonBucket]

Just another way dems prey on people’s lack of discipline…..just so they can get votes 

they care nothing about the person just the VOTE.

 

[Reagan]

Not sure what JoeBama has done is legal.  Imagine that!  Think his home will get raided?!  LOL!!  Anyway, the Congress has passed laws concerning student loans.  Remember -- spending starts and stops with the House.  So, I have finally found something that N. Pelosi has got right:  "

Lawmakers, including Nancy Pelosi, have argued that Biden’s executive order, is unconstitutional and goes outside the rights of the executive branch.

Congress, not the president, is the only body that can cancel student debt, Pelosi said in July of 2021, arguing that “the president can’t do it.”

“Not everybody realizes that, but the president can only postpone, delay but not forgive” student loans, she added.

The Department of Education came to the same decision, arguing that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”

Senate Majority Leader Chuck Schumer told Biden to provide as much relief as possible in a phone call Tuesday night, according to Politico, saying its “the right thing to do morally and economically.”

The total estimated cost for JoeBama’s one-time cancellation is $300 billion!

 

 

 

 

[BS Wildcats]

3 hours ago, LumRaiderFan said:

That is on the borrower, not the lender.

Maybe read the fine print next time.

Exactly.  Someone saw them coming

[Big girl]

3 hours ago, Unwoke said:

All you have to do is ask what the interest rate is before you take out the loan. At that point you should be able to figure out the amount of interest you would pay on the life of the loan.  If it’s not to your liking then you go to another lender. If you have horrible or no credit with very little assets then your going to pay a high interest because your considered high risk on defaulting on the loan.

Apparently you don't know how student loans work

[Unwoke]

5 minutes ago, Big girl said:

Apparently you don't know how student loans work

Apparently she didn’t either. All lenders are required to disclose interest rates of loans wether they be a fixed rate or Variable rate along with all terms. 

[Big girl]

52 minutes ago, Unwoke said:

Apparently she didn’t either. All lenders are required to disclose interest rates of loans wether they be a fixed rate or Variable rate along with all terms. 

One fills out a FAFSA form. They tell you if you qualify for a subsidized or unsubsidized loan. A student doesn't shop for lenders nor interest rates 

 

[Unwoke]

Just now, Big girl said:

One fills out a FAFSA form. They tell you if you qualify for a subsidized or unsubsidized loan. A student doesn't shop for lenders nor interest rates 

 

So your telling me you blindly sign an agreement not knowing the terms of that agreement? 

[Big girl]

4 hours ago, Unwoke said:

All you have to do is ask what the interest rate is before you take out the loan. At that point you should be able to figure out the amount of interest you would pay on the life of the loan.  If it’s not to your liking then you go to another lender. If you have horrible or no credit with very little assets then your going to pay a high interest because your considered high risk on defaulting on the loan.

They don't look at interest rates or assets. Educate yourself. These are government backed loans

[Unwoke]

1 minute ago, Big girl said:

They don't look at interest rates or assets. Educate yourself. These are government backed loans

Educate me by answering the  below question.

So your telling me you blindly sign an agreement not knowing the terms of that agreement? 

[Big girl]

Just now, Unwoke said:

So your telling me you blindly sign an agreement not knowing the terms of that agreement? 

You have never gotten a school loan, have you? You take what they give you. My son's said 8% but the way it is applied makes it expensive.

[Big girl]

4 hours ago, thetragichippy said:

While I don't agree with it, my Son would be a fool not to say good buy to his $14,000 in student loans. If he only gets 10K, I'll throw in the other 4K ......

He is blessed. I know people who owe 80,000.

 

[Unwoke]

 I never needed to get a school loan. I used my GI Bill from being in the military an worked to pay the rest of school. Your answer is you take what they give you…gotta it. Don’t think that’s a sound financial decision but to each his own. 

[mat]

I’ll leave this right here for discussion. From a year age.

 

[baddog]

If the government wants to raise taxes on the public, why forgive student loans? Seems like a conflict interest. 

[tvc184]

15 hours ago, bullets13 said:

 

Many of us are upset about funding other people's education.  The president of the NAACP is upset for a different reason:

"If the rumors are true, we've got a problem. And tragically, we’ve experienced this so many times before," NAACP President Derrick Johnson said in a statement on Tuesday. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."

AKA: You think the votes you're buying from us are only worth 10k?

 

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In the article it says, “save democracy”.

No, the Black vote didn’t save democracy, it saved Democrats.

 There is a huge difference.

 

[tvc184]

54 minutes ago, baddog said:

If the government wants to raise taxes on the public, why forgive student loans? Seems like a conflict interest. 

True. It is a conflict of rational policy and buying votes.

I saw a comment on Facebook noting that Biden had promised to end student debt when he entered office.  The comment queried if he was concerned about student debt, why did he wait for more than a year and a half?

It is obviously because in January 2020, he had no need to buy votes. I can understand the conflict in his timing, he was busy the first week ending 93 million acres of offshore oil exploration by executive order.

 

[baddog]

I’m going to apply for a student loan < $10,000 and just keep it. All will be forgiven. 
 

STEALING YOU SAY?