Biden cancels 6 more Billion in student loans--- Call it what you want-- It is good that he did it (Page 2): Gee Tom, a government run program that is a failure, I'm shocked, truly...

SeaLass Loc: Western Soviet Socialist Republics

Coos Bay Tom wrote:

I paid my way through college cutting fire wood an... (show quote)

Gee Tom, a government run program that is a failure, I'm shocked, truly shocked!

crazylibertarian Loc: Florida by way of New York & Rhode Island

Coos Bay Tom wrote:

https://www.forbes.com/sites/alisondurkee/2024/03/21/biden-cancels-6-billion-in-student-loans-for-public-service-workers/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=4409056&sh=7b9938b37acb

What about the financial institutions who may lose their money?

There is a clause in The Constitution that forbids abrogation of the obligation of contracts?

SeaLass Loc: Western Soviet Socialist Republics

WEBCO wrote:

If the government gets out of the student loan business, tuition rates will plummet. People won't spend their own money on worthless degrees

nwtk2007 Loc: Texas

SeaLass wrote:

To update a famous quote: 'A trillion here, a trillion there, and pretty soon you're talking real money'! apologies to Sen. Everett Dirksen (?)

Gonna call it a peso pretty soon!

NotMAGA Loc: Upstate NY - in a very red county

Coos Bay Tom wrote:

I paid my way through college cutting fire wood an... (show quote)

The high interest rates are k*****g the student borrowers. And a lot of these loans started with one lender, at one rate, then got sold to another, and another... And each had their own rules. Kids that could only afford the minimum payback amount every month still had almost the same amount due on the principal 10 years later.

Cutting the interest down and allowing students to pay ahead on principal would have been a better way to go.

Coos Bay Tom Loc: coos bay oregon

NotMAGA wrote:

The high interest rates are k*****g the student borrowers. And a lot of these loans started with one lender, at one rate, then got sold to another, and another... And each had their own rules. Kids that could only afford the minimum payback amount every month still had almost the same amount due on the principal 10 years later.

Cutting the interest down and allowing students to pay ahead on principal would have been a better way to go.

agreed

hbmac10

Coos Bay Tom wrote:

I paid my way through college cutting fire wood an... (show quote)

A few years ago I watched a congressional hearing on student loans. It was headed by maxine waters.
The committee had supeened the CEO of four of the largest banks in America.
Waters opening statement asked the question " What are your banks doing to address the problems of student loans?" I had to laugh at the answer. The CEO said " Congresswoman I have no answer for you. Private banks have not been involved is student loans for the last 3 years since the federal government took over the student loan program."
It also came out in the hearing as to why the tuition fees were going up every year.
The bankers stated they thought because the federal government was guaranteeing the loans the schools felt there was no way they could loose money. It is the feds that set the interest rates.

Go back 20 years and look at the ratio of school administrators to the number students compared
to today. It is astounding! What with all the added woke,die,fem and g****r and other assorted no employable job degrees.
A prime example of an another govt FUk UP.

Coos Bay Tom Loc: coos bay oregon

SeaLass wrote:

Gee Tom, a government run program that is a failure, I'm shocked, truly shocked!

NotMAGA Loc: Upstate NY - in a very red county

hbmac10 wrote:

A few years ago I watched a congressional hearing ... (show quote)

Both our kids had student loans that were obtained after they filled out the FAFSA

Both of them had those loans go from one lender to another. I'm not sure the government was involved at all after the first couple of years. Seems like it was Sallie Mae or something like that? And then it went belly up so all the loans got distributed to various subprime lenders... It was a nightmare.

Found someone else's story that sounds pretty much like what our kids went through trying to get their loans paid off.

It's very sad. Talk about a ripoff!

https://www.reddit.com/r/StudentLoans/comments/i50jto/found_out_that_sallie_mae_is_not_related_to/

WEBCO

NotMAGA wrote:

The high interest rates are k*****g the student borrowers. And a lot of these loans started with one lender, at one rate, then got sold to another, and another... And each had their own rules. Kids that could only afford the minimum payback amount every month still had almost the same amount due on the principal 10 years later.

Cutting the interest down and allowing students to pay ahead on principal would have been a better way to go.

Keeping the government out of student loans would be a better way to go

Jim0001 Loc: originally from Tennessee, now Virginia, USA

Coos Bay Tom wrote:

https://www.forbes.com/sites/alisondurkee/2024/03/21/biden-cancels-6-billion-in-student-loans-for-public-service-workers/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=4409056&sh=7b9938b37acb

I had NO student loan debt....until Biden. I RESENT this BS.

Jim0001 Loc: originally from Tennessee, now Virginia, USA

NotMAGA wrote:

The high interest rates are k*****g the student borrowers. And a lot of these loans started with one lender, at one rate, then got sold to another, and another... And each had their own rules. Kids that could only afford the minimum payback amount every month still had almost the same amount due on the principal 10 years later.

Cutting the interest down and allowing students to pay ahead on principal would have been a better way to go.

OBAMA took over student loans and it been a goat rope ever since!!!!

DDity

The white trash illegal president buying v**es, sad the tax payers who paid their loans off have to foot the bill, FJB and his party of trash.

WEBCO

Jim0001 wrote:

I had NO student loan debt....until Biden. I RESENT this BS.

Neither did I. Will he pay off my car loan? I need to get to work, so I can pay someone else's bills

martsiva

Coos Bay Tom wrote:

https://www.forbes.com/sites/alisondurkee/2024/03/21/biden-cancels-6-billion-in-student-loans-for-public-service-workers/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=4409056&sh=7b9938b37acb

Good?? Good that tax payers are on the hook for loans they never took out?? Good that he defied the Constitutional ruling of the SCOTUS?? He did this for v**es!!