Why is Biden extending the student loan repayment pause?

[Anonymous]

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Anonymous wrote:Pp your comment about boomers missss the larger issue. Before federal loans were so available, the cost to go was less. More federal loans and grants has only increased the cost for everyone because the new “zero” assumes you have gotten the loans. There shouldn’t be any more loans or forgiveness available until colleges and universities are forced to tighten their belts. If that doesn’t happen, all that will happen is tuition will continue to ride because the faucet if federal money will just keep flowing. College has been experiencing outpaced inflation for Decades because of the flow of federa money. We are now seeing the same issue across the economy broadly and we are upset. But the same economic forces (federal cash) have resulted in skyrocketing tuition. It wasn’t the intent but it is the outcome. And it needs to be stopped before any more money flows.

I agree that colleges should be held responsible and tighten their belts. But that would require a bipartisan solution and the GOP isn't playing ball on anything, since they are in the pocket of scam for-profit colleges and behemoth student loan churners like Liberty University.

The solution would be requiring colleges to hold risk retention on 10% of the loans they originate so that students, colleges, and the US taxpayers have aligned incentives. Then make a requirement that participation in federal student loans requires a freeze on tuition and fees for 5 years, after which cost may increase in line with inflation.

The 5 years of budget tightening will drastically downsize the mid-level administrators, plus the bloated salaries for university presidents and major sports coaches.

Colleges are already rewarded or dinged on their cohort default rate. I’d argue that should be more severe.

I am pretty sure the colleges with the worst default rates are local community colleges (no admissions bar) and local regional/commuter public universities (very low admissions bar). If you try to force them to raise their admissions bar you're going to get viral cries of racism very, very quickly.

I don’t think true. Tuition at community colleges is often less than the Pell Grants so for many families, there’s no loan at all. There are also many institutional grants available snd many states offer free community college programs. Community colleges also house do many workforce training programs that a kid can transition to if they decide to leave a credit program.

You are wrong. Jill Biden's community college costs $23,000 per yr all-in. Pell Grant is only $640 to $6,400, if you even qualify for it. Millions of low and middle class community college alums have federal student loan debt. Most of them didn't even earn an associate's degree or credential.

About $18K of that is living expenses.

Most voters would be totally fine with forgiving $10-20K of student loan debt, but not expensive graduate degrees. The biggest problem with any proposal to forgive all student loan debt is that there's absolutely nothing happening for those kids that haven't started school at all. It's a terrible solution to wipe out debt for one group of people and then have another group accumulate debt a year later. And don't say Congress will fix it because that's obviously not happening.

Make community college free for two years for all or you can take the $10K that community college would have cost and apply it to an in-state public school. Provide extra supplements for transportation costs/food etc, to families who really need it, increase the Pell grant system, decrease interest rates for outstanding and new loans, and forgive $10-20K is a viable solution, but only if it's part of a package deal.

Most voters are absolutely against loan forgiveness.

I know, but I think most voters could stomach $10k of debt being removed if it was coupled with sensible policies moving forward.

No, we wouldn't.
Most voters never went to college. And, many who did scrimped and saved to pay their loans.

+1 Biden is trying to buy the votes of a very small percentage of Americans at the expense of the vast majority. The vey idea of loan forgiveness is absurd. Change the regulations and allow the deadbeats to file for bankruptcy and be held accountable for their idiotic life choices.

I'd go for that. People walked away from their underwater mortgages 14 years ago. Allow people to walk away from their huge student loans (which they assumed of their own free will), and let them bear the consequences of a bankruptcy instead of shifting responsibility for their poor choices to taxpayers.

Let the lending institutions bear the consequences of predatory lending. Also, such a move will force the lending institutions to tighten loan requirements moving forward.

The US government is the lender.

Or the guarantor.

[Anonymous]

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

Completely agree. Those whose student loans are "forgiven" should have it on their credit report as the same as default or bankruptcy. Next they will want their credit card debt firgiven and all mortgages forgiven.

[Anonymous]

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Anonymous wrote:Multi-millionaire Fox host with a BA from Dartmouth and JD from UVA claims and is proud (???) her mom worked as a waitress well past the age of social security to pay off her student loans. Being right wing is a mental disorder.

I agree with her.

In other words, I suffered, so you should too!

In other words, "I was responsible and ensured that my bills were paid. Others should do the same and not expect taxpayers to pick up their tab."

[Anonymous]

Anonymous wrote:We talked about this before! I can’t afford to pay for it

Then why did you borrow? It took me almost 7 years to get my degree because I worked a year, saved for tuition for next year, and did this rotation for thre years. I went to a State university and was able to live at home but I paid rent and board. There was no reason why you couldn't have done the same. You borrow money that you cannot repay, buy houses you can't afford and have children that you can afford. Start taking responsibility for your life because your bad choices should not be the problem of those of us who are responsible.

[Anonymous]

I chose not to have children yet my taxes go toward schools. I also didn't get pandemic relief money for my "children." I also worked for a very well-endowed school that received $5million in pandemic relief (not needed, but accepted with open arms). What else? Oh yeah, employees at my school get benefits like money toward child care that I don't get in some other form.

Do I begrudge those things and other forms of inequity? Not really. Do I think that offering relief for those for whom debt relief will make a huge difference in their lives? I sure do. Yep, even though I paid my own student loans.

How about that?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We talked about this before! I can’t afford to pay for it

Then why did you borrow? It took me almost 7 years to get my degree because I worked a year, saved for tuition for next year, and did this rotation for thre years. I went to a State university and was able to live at home but I paid rent and board. There was no reason why you couldn't have done the same. You borrow money that you cannot repay, buy houses you can't afford and have children that you can afford. Start taking responsibility for your life because your bad choices should not be the problem of those of us who are responsible.

You should be angry that you had to do any of that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We talked about this before! I can’t afford to pay for it

Then why did you borrow? It took me almost 7 years to get my degree because I worked a year, saved for tuition for next year, and did this rotation for thre years. I went to a State university and was able to live at home but I paid rent and board. There was no reason why you couldn't have done the same. You borrow money that you cannot repay, buy houses you can't afford and have children that you can afford. Start taking responsibility for your life because your bad choices should not be the problem of those of us who are responsible.

Your parents failed to save for your education and then charged you to rent your old bedroom and feed you? Was there a step mother? Good job staying out of debt and paying for your own education but your parents sound awful.

[Anonymous]

I hope you don't google Airlines baulout or PPP loans or Wall Street bailout

[Anonymous]

Anonymous wrote:

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Anonymous wrote:We talked about this before! I can’t afford to pay for it

Then why did you borrow? It took me almost 7 years to get my degree because I worked a year, saved for tuition for next year, and did this rotation for thre years. I went to a State university and was able to live at home but I paid rent and board. There was no reason why you couldn't have done the same. You borrow money that you cannot repay, buy houses you can't afford and have children that you can afford. Start taking responsibility for your life because your bad choices should not be the problem of those of us who are responsible.

Your parents failed to save for your education and then charged you to rent your old bedroom and feed you? Was there a step mother? Good job staying out of debt and paying for your own education but your parents sound awful.

Parents do not owe you a college education. I paid rent and for food because I am an adult and do no want to mooch off my middle class parents who gave me a good life. God help this country with people like you bringing up the next generation.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:We talked about this before! I can’t afford to pay for it

Then why did you borrow? It took me almost 7 years to get my degree because I worked a year, saved for tuition for next year, and did this rotation for thre years. I went to a State university and was able to live at home but I paid rent and board. There was no reason why you couldn't have done the same. You borrow money that you cannot repay, buy houses you can't afford and have children that you can afford. Start taking responsibility for your life because your bad choices should not be the problem of those of us who are responsible.

You should be angry that you had to do any of that.

I am angry about mooches like you.

[Anonymous]

We spend how much on bailing out Wall Street? We spend how much on bailing out the airlines companies?

[Anonymous]

Why not reward people for overpaying for nonsense degrees from nonsense fake colleges. It’s just tax revenue redistribution

[Anonymous]

Anonymous wrote:We spend how much on bailing out Wall Street? We spend how much on bailing out the airlines companies?

Wall Street lenders was forced to take tarp to stabilize the market, and paid it all back with interest in 6 months.

Unlike gifting consumer debt away like Biden does.

[Anonymous]

Anonymous wrote:Multi-millionaire Fox host with a BA from Dartmouth and JD from UVA claims and is proud (???) her mom worked as a waitress well past the age of social security to pay off her student loans. Being right wing is a mental disorder.

This childless unmarried boomer is obvi lying. She is a lonely and miserable woman projecting her dark energy onto the world. Not to mention college was dirt cheap when she went, especially as it relates to median wages.

[Anonymous]

Anonymous wrote:We spend how much on bailing out Wall Street? We spend how much on bailing out the airlines companies?

$6 trillion in the last 26 months. Plus another over $6 trillion on the fake Middle East wars the last 20 years.