Those silly banks: Those silly banks. Imagine a financial business that says: "If you take out a loan you must pay it back". Biden is telling young people: "If you get a student loan...

travelwp Loc: New Jersey

Those silly banks.

Imagine a financial business that says: "If you take out a loan you must pay it back".

Biden is telling young people: "If you get a student loan, you won't have to pay the whole thing back. Yep, Biden will pass along $10,000 of your loan to taxpayers who have problems paying $6 gas and paying 17% more for groceries than they did last year.

thom w Loc: San Jose, CA

travelwp wrote:

Those silly banks.

Imagine a financial business that says: "If you take out a loan you must pay it back".

Biden is telling young people: "If you get a student loan, you won't have to pay the whole thing back. Yep, Biden will pass along $10,000 of your loan to taxpayers who have problems paying $6 gas and paying 17% more for groceries than they did last year.

The loans in question are basically write offs at this point so forgiving them really won't cost much at all.

travelwp Loc: New Jersey

thom w wrote:

The loans in question are basically write offs at this point so forgiving them really won't cost much at all.

You are not a taxpayer, if you were, write offs are what you and I pay for when the federal debt grows larger.

Banks don't forgive loans because they are nice people.

I saw an estimate of 40 million who would qualify, that's a lot of money

aphelps Loc: Central Ohio

thom w wrote:

The loans in question are basically write offs at this point so forgiving them really won't cost much at all.

Who do you think pays for the write off??

DennyT Loc: Central Missouri woods

These are only”federal”‘student loans . If forgive at $10,000 level that will be $240 billion- far less than even one years annual deficit.
It gets added to the national debt. Which may or probably will
Never be paid by any tax payer.

I would like to see some action against the schools that keep steering students to getting loans.

JRiepe Loc: Southern Illinois

I was fortunate in that I had only one child and could prepay her college tuition for eight semesters when she was very young plus open a college savings account that I contributed to monthly. I know many low income parents can't do that but I also know many parents much better off financially than myself could do it but don't while wasting their money on other things. In many cases it's a matter of where your priorities lie. I was willing to make financial sacrifices for my daughter's benefit.

aphelps Loc: Central Ohio

DennyT wrote:

These are only”federal”‘student loans . If forgive at $10,000 level that will be $240 billion- far less than even one years annual deficit.
It gets added to the national debt. Which may or probably will
Never be paid by any tax payer.

I would like to see some action against the schools that keep steering students to getting loans.

Any economist will tell us that it is in our nation's best interest to reduce the national debt. To not reduce it means the treasury will have to print more money which will fuel more inflation. I agree that schools need to do a better job of controlling their aggressive loan promotion.

travelwp Loc: New Jersey

aphelps wrote:

Any economist will tell us that it is in our nation's best interest to reduce the national debt..

Same group and many others say it is at least as important to reduce spending.

thom w Loc: San Jose, CA

aphelps wrote:

Who do you think pays for the write off??

They aren't going to become write offs if forgiven. They will not be paid, forgiven or not. There is no other loan you can take where you can't get relief no matter what. Bankruptcy won't get rid of the death. My wife had a loan for a culinary academy that went under and whose certificates were worthless. She beat it when she passed in September. Schools should be checked better before being able to get money from student loans. In cases like my wife's the school principles should be hunted down, made to pay restitution, and incarcerated.

thom w Loc: San Jose, CA

travelwp wrote:

Same group and many others say it is at least as important to reduce spending.

You don't see where they might be connected?

DennyT Loc: Central Missouri woods

aphelps wrote:

Any economist will tell us that it is in our nation's best interest to reduce the national debt. To not reduce it means the treasury will have to print more money which will fuel more inflation. I agree that schools need to do a better job of controlling their aggressive loan promotion.

And how is that going . The national debt has not declined since the early 50’s.

I am going on78 and been hearing the ills of the debt and “ America will collapse soon “ and in my life time it’s all talk and theory.

What drives inflation is high demand low supply.

DennyT Loc: Central Missouri woods

travelwp wrote:

Same group and many others say it is at least as important to reduce spending.

You should learn the difference in deficit and national debt

DennyT Loc: Central Missouri woods

JRiepe wrote:

I was fortunate in that I had only one child and c... (show quote)

I got thru on the GI bill, Illinois viet nam vets tuition scholarship and pumping gas at night

travelwp Loc: New Jersey

DennyT wrote:

I got thru on the GI bill, Illinois viet nam vets tuition scholarship and pumping gas at night

Thanks for your service and you sure earned your tuition !!

Hiro Protaginast

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