I couldn't have said it better myself... it's all a ploy to get votes. Like I mentioned to YAX... if they had really cared about it, they would have done it as soon as they took control of both the Executive and Legislative branch of gov't.
This is to punished the responsible people while awarding the irresponsible people... same with crimes too, help the criminals while punish the law abiding people.
During a press briefing this is what Jean-Pierre had to say...
Doocy: "Who is paying this?"
JP: "What we're saying is the work that this administration has done, the work that the Democrats have done is there...."
Doocy: "But when you forgive debt, you're not just disappearing debt so who's paying for it?"
The full exchanges is here
https://twitter.com/i/status/1562541653650317312
She can't even answered who's paying for it... but beating around the bush.
I have a few scenario and I'm using some generalization that has merit into this.
Lets say that I have a 100k student loan. If I'm irresponsible, upon graduation and moving out of the college lifestyle, I would like to move on with a new chapter in my life. My loan is the boogeyman that must follows me. Now I don't know about you but a lot of people hate paying back their loans. They will default it until whenever. So even if I'm getting a 10K discount off my 100K loan, do you think I will pay off that 90K plus interest? So is the program actually working? This 10k loan forgiveness only works in favors of those loans that are dancing around the 10k area. Minus 10k and I'm owe just 5k left, now that's more doable.
If I'm reading this loan program correctly, the 10k is only apply to undergraduate loans and not private loans. Well who are them folks that are holding onto them 100k+ loans? Professional that is who. So who's holding onto a 10k loan? Drop outs that's who. Each semester is 5k loan. After 2 sessions, 10k and they decided to drop out. Know anybody? I sure do.
Now to address the question of who's going to pay for it? I can bat on the other side as well. Ever heard of businesses getting a waiver on their PPP loan? So who's paying for this? No one crying about it so why now?
What I think is your government needs to make the program better. Instead of handling out 10K to folks, perhaps they can take that 10K and help pay off their interest instead. The folks that are paying for loans and if payed minimum are usually paying into the interest so the principle amount will not go anywhere so they will end up owing a loan for life. If you help them with the interest, at least it will make them more responsible when it comes to paying back their student loan, especially when they can really see their loan amount falling.
I'm not even sure how the money is being disturbed either. I know they have to register for it and the irs is going to verify their income and then send them a check? You know what I'll do with a 10K check? Forget about paying my student loan, I'm gonna buy a new car instead. So is the program working or people are going to abuse it like how some are with their stimulus checks?
Topic: Joke Biden just cancelled my 10k student debt... (Read 695 times)