Biden Won’t Extend Student Loan Relief And Confirms Student Loan Payments Restart February 1

And I said OK.....let's require they do so if they accept federal aid including students with federal student loans, I can't be clearer. But any laws or new requirements will be global and apply to ALL such schools.

What about limiting student loan amounts to what their average graduate makes two years out? Of course somehow you have to track those students and get their earnings information. That could be a requirement of the student loans as I believe under the repayment plans it is based on their current earnings.

 

I agree. There would need to be a firm definition on which jobs most need to be filled, possibly by number of current job openings in a given field. Then there would need to be a list of degrees associated with each job. Those are the degrees feds should be offering financial aid for. This would of course cause much wailing and gnashing of teeth when students are told "Sorry, we're not paying for your art degree. We have enough artists." It needs to be done, but it will never be done because no one in government wants to be the bad guy and do what is necessary for society. That's just the system we have.

 

Not it begs the question why. I gave him credit for doing the right thing when he was saying he would not. Now I will criticize him for not doing so. And since you bring up Trump he was sued by students who said they did not get what they paid for, do you agree students at other universities how leave with HUGE student debt their career field does not provide an earnings level to repay in a timely manner? Should those students be able to sue and get their, actually the taxpayers, money back?

 

Trump was sued because the classes and instruction his University promised was not delivered - not because they didn't get high paying jobs. Are the Universities
conducting the classes they promised? Many students enter a major because it is a subject they are interested and/or enjoy - not because of high
wages promised down the road. That's on the student. But as a society on the whole - can that society afford to have hundreds of thousands of students
default on their loans at the same time? It's a balancing act for sure.

 

I was mocking the right, they would always do that when Trump changed his mind from what was reported, good to see Republican can catch those comments when it's not their guy, that is why I do it

these are government backed loans, no risk to the banks

 

if we have a shortage is Rutabaga degrees then would be covered

 

I am good with $$$ limits too, no reason a loan should be over 100k

 

Good Forbes read on Bidens inability to intervene between private lenders and borrowers.

https://www.forbes.com/sites/presto...ent-loans-by-executive-order/?sh=5e6b9aa13b2b

 

I didn't say it was a risk to the bank it's a risk to the taxpayers, pay back your loans don't make me eat 'em.

 

how is pausing the interest a risk to tax payers?

we paid for 20 years of a dumb war, we can pay for many things if we can afford that

 

It's money we are losing and of course we know the push for the loan forgiveness. Get on with it we could use the interest revenue and the principle repayments.

Why shouldn't they be paying interest and principle Biden and his administration is bragging how great is the economy. We have a glut of jobs. Wages are increasing.

 

we give the banks free money, were even talking about giving them negative interest money, why not invest in our children?

 

Yea like we going on in our colleges and universities as I noted, so let's get those would were ripped off form class actions lawsuits and get the money back and pay off their loans. Trump U conducted the classes and last I read there have been complaints about teacher aides teaching most of the classes not the prof's. Do you think it ethical for these schools to oversell their courses telling students how great their careers will be with that degree and no worry you'll be able to pay back the $150,000 we are going to charge you knowing the mean incomes a fraction of that.

Then don't come to the taxpayer expecting them to loan you the money or eat the cost.

Oh let them just blackmail us into eating all those loans, yeah that's the ticket. They can' be discharged in a bankruptcy and that is one reason why, so they can't stick the taxpayer.

How about this, if the school wants them to attend then let THEM loan them the money. Let them run their own financing. The government didn't loan me money to buy my house which is more important that a college degree to me. The bank saw how much I could afford and loaned me that amount. They wouldn't let me keep coming back for more and more unless I could an improvement to the property value. So let the colleges and universities run their own and if their product does not produce the income from the degrees because they do a lousy job or charge too much they can go out of business.

 

We do invest in them with a free K-12 education. The rest is on them because successfully attaining that higher education will afford them a higher income from which they can pay for it instead of people who make less than them having to do so.

 

Update:
Biden administration extends federal student loan payment pause until May
A moratorium was scheduled to expire early in 2022.

https://www.washingtonpost.com/us-policy/2021/12/22/student-loans-white-house/

 

There is over 30 million people who have student loans. You can bet there were 30 million students and their parents who voted for Joe, along with millions of Blacks wanting to get reparations they were promised. Trump had the highest number of votes of any one running for President before him and still lost. You can guess why. Many Trump supporters felt he lost because of voter fraud, I believed it was because of Biden's promises. I think I was right.

 

not like the old days when a degree meant great job

I look at it as we spend the money regardless of an R or D President, we may as well get something for our money

 

I say the government reimburse the private lenders the money that they cancel, as it was a federal loan program to begin with. In addition, we can solve this problem by making college tuition low again to begin with! Most of which is administrative costs!

 

I have student loans. I voted libertarian. You are quite free with your assumptions.

 

"Schools in the United States spend an average of $12,624 per pupil, which is the fifth-highest amount per pupil among the 37 other developed nations in the Organisation for Economic Co-operation and Development (OECD)."
https://educationdata.org/public-ed...nited States,operation and Development (OECD).

That is $176,736 per student if you include 2 years of Kindergarten with 1-12. Look what we are getting for that, some of the worst outcomes since the old days.

Yes colleges sell courses for huge amounts of money knowing that the career field will not pay enough to pay off the loan so the taxpayer will be stuck with it.

So in spite of all the bloviating from the Dems this is once again just using taxpayer dollars to buy votes. Trump extended it without proper authority as we entered the pandemic peak September of 2020, he should not have done so. Biden extended it ONE LAST TIME from January this year to September this year without proper authority and with no need to do so. Now he is doing it again without proper authority and certainly no need to do so again.

The Forever Student Loan Emergency
Under leftwing pressure, Biden extends the repayment pause again.

....Over the summer the Administration resisted progressive pressure for another extension. But it ultimately surrendered, as it did with the Centers for Disease Control and Prevention’s rental eviction moratorium. The Education Department in August claimed this “final extension” was necessary to “reduce the risk of delinquency and defaults.” Democrats don’t want the pandemic emergency to end because it’s too politically useful.

Claims of financial hardship for borrowers were dubious then and are even more so now as the unemployment rate among bachelor’s degree recipients has fallen to 2.3%. Some 1.1 million more were employed in November than in February 2020. The pause has on average saved borrowers $400 per month....

....Forbearance cost the government about $95 billion since Treasury hasn’t received a reprieve on its debt to fund the loans. The Administration’s latest extension will bring the taxpayer tab to $110 billion, most of which hasn’t been appropriated by Congress.

That may be a down payment on a larger loan cancellation. Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren want the Administration to discharge $50,000 per borrower, which would cost the government $1 trillion, according to the Brookings Institution....
https://www.wsj.com/articles/the-fo...y-joe-biden-11640211426?mod=opinion_lead_pos1

That is a cost the taxpayers should not be bearing.

 

If poor kids are desperate to ESCAPE POVERTY, the cost of doing so is the hard work which goes into the most lucrative and secure of degrees. That means the work of doing well enough in high school to qualify for those courses (most only accept kids from the top 5%), and working hard immediately on graduation in order to repay the loans needed for those courses. It has nothing to do with Govt - it's about the child's own choices, as guided and supported by responsible and involved parents. Escaping or avoiding poverty isn't something that happens by magic. It's difficult, just like anything worth doing.

 

Oh, did you think I said it accidentally?

 

it benefits society, benefits children, and creates many jobs - win\win\win

 

It's not tongue in cheek for me. I actually consider this essential if we're ever to realise free university (for courses leading directly to stable full time work in the field of study) - which I believe we should, if kids from low income backgrounds are going to be given as much help as possible to progress.

Charge like the dickens for these 'hobby' degrees (after all, if you can afford to spend four years studying Feminist Basket Weaving, you're clearly wealthy enough to risk a lifetime of under or unemployment). These people can fund the poor kids to study something which will pay them well and keep them employed for a lifetime.

 

Someone that stupid doesn't even have any business finishing high school.