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Biden Cancels $7.7 Billion in Student Debt for 160,000 Borrowerswww.theepochtimes.com/us/biden-cancels-7-7-billion-in-student-debt-for-160000-borrowers-5655024?utm_source=rtnewsnoe&src_src=rtnewsnoe&utm_campaign=rtbreaking-2024-05-22-5&src_cmp=rtbreaking-2024-05-22-5&utm_medium=email&utm_content=access0&est=AAAAAAAAAAAAAAAAauM5ZxwYyNHJ%2BLIauzIJK7N3ykoCaSoB2DxHcGX4pZh5UcqcLElvw9M%3D
As someone who's paid off >$300k in loans, I would say /r/studentloans is a pretty sad/depressing place but gives you some perspective into the desperation at the other side of this debate.
Many of these people whose loans were forgiven went to worst shit-for-profit schools ITT tech, TrumpU, Devry etc to get scam degrees with absolutely zero value and have no prospects of ever escaping an increasing loan burden and interest payments. Many are suicidal because of this, they cannot declare bankruptcy and their parents who blindly their cosigned loans are unable to retire, leaving them with crippling guilt.
Congratulations on paying off your loans.
We should help borrowers in dire straits but blanket forgiveness is not the answer
Yup it's dumb, but I have a lot of empathy towards those whose lives are completely fucked.
They need to start forcing schools to have some sort of fiscal responsibility to reign in costs. The schools need skin in the game wrt these loans, the value of their degrees and the students ability to declare bankruptcy. They should shoulder some of the risk instead of getting a blank check.
Why is college so expensive? Why does tuition keep rising exponentially?
Regulatory capture. Admin/Student just keeps growing. Would love to see this graph updated to 2024...
https://pbs.twimg.com/media/GMYKGhNbQAEroqf?format=jpg&name=small
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Without paywall: https://archive.is/0MYfP
It's vote buying season.
You beat me to it.
You are under no obligation to pay back a loan if you don’t sign a 1040. Oh wait wrong discussion
I hope you did that on purpose.
Of course
Lol, I can't believe they don't teach us how to properly fill in forms at school, think of all the taxes we'd save and how bad the roads would be
https://media.tenor.com/AQz3_zaiD14AAAAC/hysterical-laughter.gif
Hate him all you want, but the fact that he is doing it is because it's a political blockbuster. Every single time I see this announcements, I direct my anger to the voter. The voters are the only ones that demand this and make it politically viable. The same way this announcement is negative propaganda for us, it's positive for his voters. People is the real problem.
The leaders "we" deserve.
Yes. What's even more, concentrating on addressing them completely defeats the purpose: not only they are not the root of the problem, but they will get victimized by their supporters. It's a lose-lose-lose strategy: you don't address the supporters, who are the root cause of the problem, you reinforce their union and conviction by attacking the product of their actions, not their actions, you only cause social distress and hatred.
It’s completely illegal action. Congress controls the purse.
It doesn't matter, nothing, absolutely nothing is illegal in practice for as long as it's politically profitable. And that's not even bad per-se, it's actually how it should be. That's not the problem, but the problem is: why is it politically profitable?
The irony of this article having a paywall...
Use archive.is
Nothing softens the voter base more than socialising some losses and pretending the inflation that comes after is just someone elses fault, lol works everytime
Fucking socialist! Election year in its finest, eh…
He didn't technically cancel it- he just postponed it.
He didnt keep his word before.
We need to know who these borrowers are: name, address, occupation, year of graduation, age, marital status , credit score, etc
These are taxpayers who are paying for forgiveness and cancellation
Wow, I didn't know he was that wealthy.
These kind of last minute announcements only show the fear of losing. Biden know that Trump is running ahead in the race to White House.