Not every piece of legislation needs to benefit you. It’s okay if others benefit and you don’t get hurt in the process.
this post was submitted on 02 Jul 2023
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That’s not the only reason to oppose this.
All Bidens solution does is take money from the tax payers to pay off the predatory lenders.
Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.
Very low interest rates, yet nobody can pay them off.
Well, consider that we also live in a world where American school districts, in major metro areas, are literally opening up low income housing dorms for teachers, so teachers can afford to subsist on a teacher’s salary.
Low interest doesn’t mean much when you can’t even pay your rent with a job that requires a college education.
Who owns the debt for federal student loans?
I'll wait while you learn the answer is, "Department of Education."
Is the Department of Education a predatory lender?
I'm not super familiar with how it's suppose to work, but do they even need "taxpayer's money?" Couldn't they just decide the debt is paid (or like remove $10,000) and then call it a day?
You're right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just.. change some ledger somewhere and subtract $x from what Bob Student owes.
There's no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).
But that potential revenue happens in the future. If the future revenue is less than expected, it's exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.
It's the exact opposite of spending.
What solution do you propose?
Cut off the interest and have borrowers pay back the initial loan.
Predatory lenders get shafted for being pieces of shit. Students get a huge break. The rest of the country doesn’t feel taken advantage of.
But that’ll never happen because profits > people.
Reep what you sow and pay your fucking loan back at the agreed terms at the time of signing.
Personal responsibility is a bitch. Only irresponsible people want loan forgiveness.
Wait until you hear about PPP loans...
What does this even mean lol
It means the people fighting against it are only fighting against it because they don't get anything from it and that maybe they need to stop and consider that not every piece of legislation needs to benefit them and them only.
Ok, ok, let's just give everyone enough to pay off the largest student loan debt.
I am fighting against it because it only supports those that will become some of the wealthiest sector in the country at the cost to a segment that will be in the lower end of wealth. It is simply greed.
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The problem is that everything is now legislated through the courts which is now how this system was designed.
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Republicans propose and pass blatantly unconstitutional stuff that there base wants right before elections all the time, then gets mad when courts overturn it right after the election. I'm glad Biden finally got rid of the "legal high ground" concept and started to do some of these "the worst they can say is no" measures.
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Good, because the next best option was probably to get together and burn down the Aidvantage headquarters
That's not off the table
Its seems as though the sentiment among the high middle class and up is:
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College is important to advance in our societal hierarchy. It is not absolutely necessary but generally you are rewarded for having a higher education in more prestegious institutions.
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People can afford college because they have been saving up generational wealth. Naturally, increasing costs of living shouldnt be an issue.
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College should be about merit not affirmative action. Giving spots for less fortunate makes us less competitive as a nation.
If you cant see how the issues in these statements affect lower classes then i believe you are part of the problem.
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