Why does Biden keep pushing free handouts for college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
It's the problem they never recognize... that people with lots of student loans almost always have valuable degrees that support very high incomes. Yet the media highlights the sob stories about the small percentage who couldn't graduate with a worthless degree from New Hampshire Backwoods Pine Tree College because their Great Aunt Wilma got sick and had to live under the poor student's front porch. Thus... forgive the loans.

Everyone I know who has had loans forgiven is either well-off or rich.

What I find most annoying about this whole debate is that the original terms of the loan stated forgiveness with 250 on time monthly payments. This was in the loan agreement I signed. The loan servicing companies did not keep track of this information. Many people met the required terms of the loan. I paid 250 payments on time. My income is irrelevant to the discussion because it was taken into consideration in my monthly payments.

I don't understand. When you get a mortgage, you know what your payments will be for 30 years, if you have a 30-year loan. You also know you can pay it off early under the terms of most loan contracts.

How did your student loan differ? If you made the prescribed payments of original amount and interest, you should have paid off the loan in the 250 payments, or what am I missing?

The loan servicing company had to abide by the terms of the contract, just as you had to.

So explain to me like I'm 5 years old why your loan was not paid off in 250 payments per the terms of the contract?

The bipartisan laws that established the federal student loan system allow forgiveness of any remaining principal + interest after 20 years of payments for undergrad loans and 25 of payments for graduate school loans.

If you’re in a “public service” job - teachers, cop, military, federal/state/local government employee, working for a nonprofit - you can get forgiveness after 10 years of on-time payments.

Prior to Joe Biden, the federal government & its contacted loan servicers were doing a horrible job of applying the forgiveness to borrowers allowed under the law. Servicers would loss payment records. The Department of Education wasn’t processing forgiveness & their loan files were a mess. Joe Biden’s administration fixed those issues.

So really, Joe Biden is just making the government abide by its laws and responsibilities. I thought you wanted “law and order”? Well, this is it.

I get it. The loan gets forgiven after 250 payments.

But my question remains. Why is the loan not paid off at the end of the 250 payment period? If you paid off the principal loan amount, plus interest, following an amortization table, there should be no need for loan forgiveness because there should be no unpaid amounts remaining. So why is the loan not paid off at the end of the 250 payment period? I need that part explained like I'm 5 years old.

Because federal law also allows for income-based repayment programs. It’s not a straight line amortization, like a 30Y mortgage. Your minimum payment amount will go up and down, depending on your employment status and earnings. Further, if you get laid off from a job, you can put your loan into forebearance. But your interest will accumulate while you’re not making payments and then get capitalized into the principal balance when you come back out of forebearance and start making payments. So then the interest is now compounding on new, higher amount of principal moving forward.

This is how people ending up paying monthly amounts for 10-15 years but barely touch the principal balance. In short, they are not making enough money to fully cover a principal + interest payment every month. Further, the previous loan servicers were HORRIBLE. They would “accidentally” put people into forbearance without authorization, the interest would get capitalized, and the borrowers had no recourse for a long time despite making payments (that only applied to interest!).

Here’s my personal example: I took out an undergrad loan in 2004. By the time I paid it off in 2010, I had gone through 3 servicers who all had partial documentation of my payments. If you’ve been paying for 20+ years, I guarantee you’ve probably had 4 servicers none of whom had complete information of your payment history. This would never happen with commercial or residential loan servicing with banks because there’s actually lawyers involved and servicers get sued. For student loan borrowers with an incompetent servicer, you actually need to sue the federal government….who can afford that?

"By the time I paid it off in 2010, I had gone through 3 servicers who all had partial documentation of my payments. If you’ve been paying for 20+ years, I guarantee you’ve probably had 4 servicers none of whom had complete information of your payment history. "

These two sentences are a lie. I guarantee they are. This would violate so many state and federal statutes, it's not funny. Nope. Not buying that for a second.

lol you know absolutely nothing. Servicers have been the primary problem with student loans.

https://www.forbes.com/sites/adamminsky/2023/11/03/27-million-student-loan-borrowers-to-be-compensated-for-servicer-problems/?sh=77b1f7f87576

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is the reason I'm sitting out in 2024. There are others like me. We just don't respond to polls honestly.

Nothing bold about letting other people speak for you. People fought and died for the right to vote. Are you ignorant or are you a troll trying to encourage voter apathy?

I'm a different poster who also won't vote for president this year. My kid paid off her student loans by working two jobs, while her friends are getting these handouts. I also don't respond to polls.

I think there's a lost of people upset by these forgiveness schemes but who are keeping quiet because a small number of people w/ debt are super loud. This will come back to hurt Biden in November.

+100%

[Anonymous]

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

The current student loan laws allow this! 20 years for undergrad repayment and 25 years for graduate school repayment.

These are literally the people being forgiven by Biden in the recent actions. These are people who should have been forgiven years ago, but the Dept of Education and the loan servicers botched the job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

The current student loan laws allow this! 20 years for undergrad repayment and 25 years for graduate school repayment.

These are literally the people being forgiven by Biden in the recent actions. These are people who should have been forgiven years ago, but the Dept of Education and the loan servicers botched the job.

No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

The current student loan laws allow this! 20 years for undergrad repayment and 25 years for graduate school repayment.

These are literally the people being forgiven by Biden in the recent actions. These are people who should have been forgiven years ago, but the Dept of Education and the loan servicers botched the job.

No.

No what?

That's exactly who benefitted from the most recent presidential action on student loans:
https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/12/president-joe-biden-announces-7-4-billion-in-student-debt-cancellation-for-277000-more-americans-pursuing-every-path-available-to-cancel-student-debt/

The references to "borrowers in Income-Driven Repayment Plans" is a condition for those getting forgiveness after 20 years/25 years of repayments. The Standard Repayment Plan pays off your loan in 10 years via straight line amortization. The only way to make payments for over 20+ years is to be on an IDR plan or new SAVE plan.

[Anonymous]

Why?
49.1% of voters age 18-24 years are registered to vote, of those, 39.4% voted in 2016 and 48% in 2020
62.7% of voters age 25-34 years are registered to vote
69.3% of voters age 35-44 years are registered to vote

These two age groups combined (25-44) only 49% voted in 2016 and 55% voted in 2020.

These are the majority of people that still hold outstanding student loans. So, many of those age demographics either are not registered or do not vote. The majority of those who are registered and vote regularly are already committed to one side or the other.

The best way to improve numbers is to get people who are not registered, to register and get those are registered to vote, to actually vote. And Biden wants to encourage uncommitted voters to register and vote for him. So he is bribing the unregistered and the apathetic into voting for him.

https://www.statista.com/statistics/999919/share-people-registered-vote-age/
https://www.statista.com/statistics/1096299/voter-turnout-presidential-elections-by-age-historical/

[Anonymous]

Anonymous wrote:Why?
49.1% of voters age 18-24 years are registered to vote, of those, 39.4% voted in 2016 and 48% in 2020
62.7% of voters age 25-34 years are registered to vote
69.3% of voters age 35-44 years are registered to vote

These two age groups combined (25-44) only 49% voted in 2016 and 55% voted in 2020.

These are the majority of people that still hold outstanding student loans. So, many of those age demographics either are not registered or do not vote. The majority of those who are registered and vote regularly are already committed to one side or the other.

The best way to improve numbers is to get people who are not registered, to register and get those are registered to vote, to actually vote. And Biden wants to encourage uncommitted voters to register and vote for him. So he is bribing the unregistered and the apathetic into voting for him.

https://www.statista.com/statistics/999919/share-people-registered-vote-age/
https://www.statista.com/statistics/1096299/voter-turnout-presidential-elections-by-age-historical/

This is the bottom line. And, in so doing, he is having the rest of America, many of whom make $65K a year or less, pay for the loans.
Interesting that Trump is currently on trial for a $130,000 pay off to "influence an election" yet Joe Biden is spending billions of taxpayer money in pay offs to influence an election.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

The current student loan laws allow this! 20 years for undergrad repayment and 25 years for graduate school repayment.

These are literally the people being forgiven by Biden in the recent actions. These are people who should have been forgiven years ago, but the Dept of Education and the loan servicers botched the job.

No.

No what?

That's exactly who benefitted from the most recent presidential action on student loans:
https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/12/president-joe-biden-announces-7-4-billion-in-student-debt-cancellation-for-277000-more-americans-pursuing-every-path-available-to-cancel-student-debt/

The references to "borrowers in Income-Driven Repayment Plans" is a condition for those getting forgiveness after 20 years/25 years of repayments. The Standard Repayment Plan pays off your loan in 10 years via straight line amortization. The only way to make payments for over 20+ years is to be on an IDR plan or new SAVE plan.

Let people file for bankruptcy after 25 years. Problem solved.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why?
49.1% of voters age 18-24 years are registered to vote, of those, 39.4% voted in 2016 and 48% in 2020
62.7% of voters age 25-34 years are registered to vote
69.3% of voters age 35-44 years are registered to vote

These two age groups combined (25-44) only 49% voted in 2016 and 55% voted in 2020.

These are the majority of people that still hold outstanding student loans. So, many of those age demographics either are not registered or do not vote. The majority of those who are registered and vote regularly are already committed to one side or the other.

The best way to improve numbers is to get people who are not registered, to register and get those are registered to vote, to actually vote. And Biden wants to encourage uncommitted voters to register and vote for him. So he is bribing the unregistered and the apathetic into voting for him.

https://www.statista.com/statistics/999919/share-people-registered-vote-age/
https://www.statista.com/statistics/1096299/voter-turnout-presidential-elections-by-age-historical/

This is the bottom line. And, in so doing, he is having the rest of America, many of whom make $65K a year or less, pay for the loans.
Interesting that Trump is currently on trial for a $130,000 pay off to "influence an election" yet Joe Biden is spending billions of taxpayer money in pay offs to influence an election.

I'm the PP you are responding to. The difference is that what Trump did was illegal. What Biden is doing is legal.

Laws have meaning and purpose and as long as they are in place, you have to follow them whether or not the logistics make sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wonder why the Biden administration doesn’t promote the military’s student-loan forgiveness program. The armed services are reporting difficulty meeting their recruitment goals. Seems those who made the decision to spend tens of thousands of dollars on their education should be required to serve their country for four to six years rather than expecting taxpayers to take care of the loans they don’t want to repay.

None of this debt is “cancelled.” It remains alive and well in the national debt, paid for by taxpayers. Thanks, Biden.

+100
Exactly this.

At 53 you want me to enlist? I don’t have an issue with this but I’m pretty sure the military doesn’t want me.

I think we should allow people to discharge their student loan debt after, say, 25 years. Your credit will take a hit, but you'll get forgiveness.

The current student loan laws allow this! 20 years for undergrad repayment and 25 years for graduate school repayment.

These are literally the people being forgiven by Biden in the recent actions. These are people who should have been forgiven years ago, but the Dept of Education and the loan servicers botched the job.

No.

No what?

That's exactly who benefitted from the most recent presidential action on student loans:
https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/12/president-joe-biden-announces-7-4-billion-in-student-debt-cancellation-for-277000-more-americans-pursuing-every-path-available-to-cancel-student-debt/

The references to "borrowers in Income-Driven Repayment Plans" is a condition for those getting forgiveness after 20 years/25 years of repayments. The Standard Repayment Plan pays off your loan in 10 years via straight line amortization. The only way to make payments for over 20+ years is to be on an IDR plan or new SAVE plan.

Let people file for bankruptcy after 25 years. Problem solved.

Why do you keep pushing for illegal things? The current student loan law explicitly bans discharging federal student loans via bankruptcy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

You mean like the PPP loans taken by most of the GOP? Or how about those bailout loans to the banks during the GFC? It's only handouts when it's the poor and middle class. Maybe just give them the option of filing bankruptcy so at least they can discharge these debts rather than be stuck with them for life. And let's be honest, you boomers are the biggest takers with your hands out your whole life.

What problem does Biden's loan forgiveness solve?

Pretty much none, because 5 years from now the same problem happens again. The PPP loans prevented the Great Depression 2.0. The bank bailouts WERE LOANS and actually were paid back with interest. Taxpayers made profit, lol.

And they made a profit on these. Except for cases of for profit colleges accused of fraud, these borrowers paid back their loans with interest. Maybe not all the interest you get owed at the rate they were paying, but that’s because main took public service jobs at lower pay for 10 years in return for this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why?
49.1% of voters age 18-24 years are registered to vote, of those, 39.4% voted in 2016 and 48% in 2020
62.7% of voters age 25-34 years are registered to vote
69.3% of voters age 35-44 years are registered to vote

These two age groups combined (25-44) only 49% voted in 2016 and 55% voted in 2020.

These are the majority of people that still hold outstanding student loans. So, many of those age demographics either are not registered or do not vote. The majority of those who are registered and vote regularly are already committed to one side or the other.

The best way to improve numbers is to get people who are not registered, to register and get those are registered to vote, to actually vote. And Biden wants to encourage uncommitted voters to register and vote for him. So he is bribing the unregistered and the apathetic into voting for him.

https://www.statista.com/statistics/999919/share-people-registered-vote-age/
https://www.statista.com/statistics/1096299/voter-turnout-presidential-elections-by-age-historical/

This is the bottom line. And, in so doing, he is having the rest of America, many of whom make $65K a year or less, pay for the loans.
Interesting that Trump is currently on trial for a $130,000 pay off to "influence an election" yet Joe Biden is spending billions of taxpayer money in pay offs to influence an election.

I'm the PP you are responding to. The difference is that what Trump did was illegal. What Biden is doing is legal.

Laws have meaning and purpose and as long as they are in place, you have to follow them whether or not the logistics make sense.

Biden is buying votes. It is very much illegal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why?
49.1% of voters age 18-24 years are registered to vote, of those, 39.4% voted in 2016 and 48% in 2020
62.7% of voters age 25-34 years are registered to vote
69.3% of voters age 35-44 years are registered to vote

These two age groups combined (25-44) only 49% voted in 2016 and 55% voted in 2020.

These are the majority of people that still hold outstanding student loans. So, many of those age demographics either are not registered or do not vote. The majority of those who are registered and vote regularly are already committed to one side or the other.

The best way to improve numbers is to get people who are not registered, to register and get those are registered to vote, to actually vote. And Biden wants to encourage uncommitted voters to register and vote for him. So he is bribing the unregistered and the apathetic into voting for him.

https://www.statista.com/statistics/999919/share-people-registered-vote-age/
https://www.statista.com/statistics/1096299/voter-turnout-presidential-elections-by-age-historical/

This is the bottom line. And, in so doing, he is having the rest of America, many of whom make $65K a year or less, pay for the loans.
Interesting that Trump is currently on trial for a $130,000 pay off to "influence an election" yet Joe Biden is spending billions of taxpayer money in pay offs to influence an election.

I'm the PP you are responding to. The difference is that what Trump did was illegal. What Biden is doing is legal.

Laws have meaning and purpose and as long as they are in place, you have to follow them whether or not the logistics make sense.

Biden is buying votes. It is very much illegal.

No, it isn't illegal and Biden certainly isn't the first use this type of tactic ahead of an upcoming election. Assuming you're new to politics, get used to it. It's what they do.