Why is Biden extending the student loan repayment pause?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone break down how much of the $1.6 trillion is federal loans? And how much is undergraduate debt vs. master's and professional degrees?

Something like 95% of that amount. There’s very little students underwritten by private lenders. Anything private these days is refinanced student loans.

This is not quite true. There’s Sallie Mae, College Avenue and others still distributing private loans.

[Anonymous]

Anonymous wrote:I've switched from D to I already. If this happens, I'm switching to R.

+100 Democrats are underestimating how much independents hate this idea.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone break down how much of the $1.6 trillion is federal loans? And how much is undergraduate debt vs. master's and professional degrees?

Something like 95% of that amount. There’s very little students underwritten by private lenders. Anything private these days is refinanced student loans.

This is not quite true. There’s Sallie Mae, College Avenue and others still distributing private loans.

It’s de minimis in the giant amount of outstanding debt. Those private loans are for people who can’t get federal loans (convicts, foreigners) or doctors/lawyers who exceed the federal loan limits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've switched from D to I already. If this happens, I'm switching to R.

+100 Democrats are underestimating how much independents hate this idea.

Most independents don’t know their head from their ass, and their kids have student loans that would be forgiven. Literally, every American will have someone in their family getting loans forgiven.

Make it personal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've switched from D to I already. If this happens, I'm switching to R.

+100 Democrats are underestimating how much independents hate this idea.

Most independents don’t know their head from their ass, and their kids have student loans that would be forgiven. Literally, every American will have someone in their family getting loans forgiven.

Make it personal.

lol, ok, just wait for 2022/2024. remember hillary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've switched from D to I already. If this happens, I'm switching to R.

+100 Democrats are underestimating how much independents hate this idea.

This is so dumb. Every person who paid back their loan or parent who paid for college at a state school will get mailers reminding them that Biden gave handouts to their idiot neighbors kid who took out loans to attend some fancy private school.

Political TV ads will show old clips from Girls Gone Wild circa 2002, reminding voters that Biden used their tax dollars forgave these idiots student loans.

Swing voters in the Midwest who didn't go to college - or their kids didn't go to college - will be told how Biden paid off the loans of lawyers and physicians that they can't afford.

[Anonymous]

Any forgiveness needs to be coupled with policies to reduce students loans in the future. Cap loans, prohibit loans for for-profit institutions, or something else to ensure this situation doesn’t occur again. Let’s not encourage people to take out more loans because they assume the loans will be forgiven.

[Anonymous]

Sure, forgive the deadbeat losers who can’t meet their financial obligations and then what, eliminate loans going forward?

[Anonymous]

Anonymous wrote:Sure, forgive the deadbeat losers who can’t meet their financial obligations and then what, eliminate loans going forward?

Again, stop attaching morals to this sort of thing.

[Anonymous]

I wouldn’t expect DCUMers to understand, but a lot of universities really are predatory with “offering” parent plus loans in the financial aid letter. I would call NYU predatory in this respect for both undergrad and graduate programs. There is an immense stigma, which is also constantly perpetuated on here, toward “commuter schools” or community colleges that are the cheapest schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sure, forgive the deadbeat losers who can’t meet their financial obligations and then what, eliminate loans going forward?

Again, stop attaching morals to this sort of thing.

You don’t get to tell others what to do genius. And while there are some sob stories amongst the deadbeats the vast majority exercised absurdly poor judgement saddling themselves with a debt they can’t service. These people are imbeciles who never should have gone to college in the first place. Taking out 200k in loans to be an unemployable gender studies major requires an extraordinary level of stupidity. And sure, the colleges are culpable but not the taxpayers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sure, forgive the deadbeat losers who can’t meet their financial obligations and then what, eliminate loans going forward?

Again, stop attaching morals to this sort of thing.

You don’t get to tell others what to do genius. And while there are some sob stories amongst the deadbeats the vast majority exercised absurdly poor judgement saddling themselves with a debt they can’t service. These people are imbeciles who never should have gone to college in the first place. Taking out 200k in loans to be an unemployable gender studies major requires an extraordinary level of stupidity. And sure, the colleges are culpable but not the taxpayers.

The colleges are very much culpable. What you don’t understand is a lot of kids too out these loans at 17/18, long before their brains were fully developed, and some were basically told “you’re going to XYZ school” by their parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't see him doing a $1.6 trillion jubilee. I assume it'll be $10k for all federal borrowers under X household income. But jeez, $10k really isn't much these days with what real estate has done in 28 months, but better late than ever, I guess? Feel sorry for anyone under age 40, it's just been one set back after another since they were in college. The president finally gives you some student loan relief... but a basic starter house costs literally $100k more than it did a year ago!

$10K in forgiveness will wipe out the student debt for something like 10,000,000 Americans. It’s pretty wild how so little forgiveness could have a big impact.

Think of all the votes that “forgiveness” would buy!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't see him doing a $1.6 trillion jubilee. I assume it'll be $10k for all federal borrowers under X household income. But jeez, $10k really isn't much these days with what real estate has done in 28 months, but better late than ever, I guess? Feel sorry for anyone under age 40, it's just been one set back after another since they were in college. The president finally gives you some student loan relief... but a basic starter house costs literally $100k more than it did a year ago!

$10K in forgiveness will wipe out the student debt for something like 10,000,000 Americans. It’s pretty wild how so little forgiveness could have a big impact.

Think of all the votes that “forgiveness” would buy!

It’s such a blatant purchase of votes but it will backfire on this inept, panicked administration.

[Anonymous]

Great tweet. But it really captures what a scummy political hack JD is. He knows damn well there are hundreds of thousands of poor families in Ohio impacted by student loans. His billionaire donors told him to be against it, so he’s against it.