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While we were busy being horrified by the Harris-Trump race.....

irishmolly72 · 2024-10-30T17:27:35-04:00

Government - While we were busy being horrified by the Harris-Trump race..... (Quote) - Douglas... (88 replies).

Friday witnessed the launch of another shameless, unethical, unlawful Biden student loan policy. Specifically, loans are forgiven in the presence of “hardship,” which is identified by two provisions. The first cancels debt when the Department of Education predicts that the borrower is at least 80 percent likely to default within the next two years. THE DEPARTMENT OF EDUCATION!!! Is there a worse financial institution on this planet, less to be trusted to assess default risk, than the Department of Education?

The second is a real knee-slapper. Hardship is divined by looking at 17 “non-exclusive factors,” including one factor that the Department itself calls a “catch-all” to “preserve the Department’s flexibility” to forgive debt. This is a joke. A blatant, corrupt, wrongful joke.

- Douglas Holtz-Eakin, economist

OK... so the more likely the student is to default, the more likely they are to get free money! YAY! Great incentive for everyone to select a major wisely and become a productive self-supporting citizen.

We recently estimated the President’s new student debt cancellation plan would cost between $250 billion and $750 billion over a decade

https://www.crfb.org/blogs/how-much-would-student-loan-hardship-provision-cost?utm_source=American+Action+Forum+Emails&utm_campaign=34696190cb-EMAIL_CAMPAIGN_2020_11_19_05_40_COPY_01&utm_medium=email&utm_term=0_64783a8335-34696190cb-471107068

So, what's $750 billion among friends???? Compared to our ~$36 Trillion in debt it's just chump change I guess.

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happilymarriedguy · 61-69, M Best Comment

When I married my current wife, she had a student loan. Did we ask for it to be repaid? NO! Did we stop making payments during the pandemic? NO! It was her debt to pay, and we finally got it paid off. When we were struggling on making a living, she refinanced it and had to pay back even more money, but again we paid it off.

If you take out a loan on a car/house should you get forgiveness or do you think the bank repossess the item to sell it to recover their money. I realize you can't repossess anything on a student loan, but the person should be held accountable to pay back the loan.

happilymarriedguy · 61-69, M

@irishmolly72 thanks for best comment

irishmolly72 · 56-60, F

@happilymarriedguy I wish you and your wife great success in your careers. It appears you have earned it.

SomeMichGuy · M

@happilymarriedguy I bet you also did not have a predatory loan by a for-profit school giving you a useless degree.

irishmolly72 · 56-60, F

@SomeMichGuy No, being intelligent consumers, they turned down the predatory lenders.

windinhishair · 61-69, M

@SomeMichGuy Well, we know they didn't go to Trump University, where they would have been fleeced by Trump and saddled with loans.

irishmolly72 · 56-60, F

@windinhishair Buyer beware. When we all practice that we all win.

windinhishair · 61-69, M

@irishmolly72 Agreed. And now we have one political party that is being fleeced and destroyed by Trump. They didn't pay attention to buyer beware at all because they buy literally everything he is selling.

irishmolly72 · 56-60, F

@windinhishair Let the chips fall where they may.

windinhishair · 61-69, M

@irishmolly72 Gullible and uneducated is not a desirable feature for the Trump Cult. I guess they do deserve it as you suggest.

NoGamesTolerated · F

@happilymarriedguy I paid two of them off! Every red penny!

irishmolly72 · 56-60, F

@windinhishair As long as Big Brother doesn't try to tilt the scales either way.

windinhishair · 61-69, M

@irishmolly72 We have laws, rules, and regulations to try to keep a level playing field. One of the many things Trump wants to do away with.

BohemianBabe · M

@happilymarriedguy In short, you had to suffer, so now other people have to suffer.

happilymarriedguy · 61-69, M

@BohemianBabe No, we held up to our part of the agreement of repaying the money and so should everyone else. My wife never finished college, never got a degree, worked as a security guard while I worked in a factory. We made it work because it was her responsibility to repay any loan she took out to go to college.

SomeMichGuy · M

@happilymarriedguy Yes, but if she is of a similar age, she went when

1) schools were well-funded behind the scenes (because we invested taxes in them),

2) tuition was low and much more affordable,

3) loan rates were low,

etc.

Your experiences are likely not comparable with what prospective students in the last 2-3 decades have had occur.

SomeMichGuy · M

@irishmolly72

No, being intelligent consumers, they turned down the predatory lenders.

People going to college often don't have lots of options in terms of funding.

The predatory lenders are associated with the for-profit schools.

BohemianBabe · M

@happilymarriedguy

No, we held up to our part of the agreement of repaying the money

Well you shouldn't have had to, college should be free. True patriotism is trying to improve the country for future generations.

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irishmolly72 · 56-60, F

@windinhishair Not a Trump fan here.

BohemianBabe · M

@Reason10

So you are advocating SLAVERY.

For College to be free, professors have to teach WITHOUT GETTING PAID.

Yes. That's exactly how it would work.

You know how firefighters will put out a fire and not charge you? Well, they're not actually getting paid through taxation. They're actually all slaves who are forced to put out fires.

SomeMichGuy · M

@irishmolly72

As long as Big Brother doesn't try to tilt the scales either way.

So you don't support policies which stabilize farmers' incomes?

Or encouraging industries to stay or come back/start?

Even the student loan program is tilting the scales by even existing; I had a loan from a successor of the original program put in place to encourage students to go into...well, here:

The national defense student loans were especially targeted toward students who possessed superior capacity in mathematics, engineering, or a modern foreign language or who desired to teach in elementary or secondary schools.