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AD says
As of October 2024, Biden-Harris have given $175 billion to 5 million Americans for student loan forgiveness.
That averages to $35,000 for each of those 5 million.
No more handouts like that. Use that ~$100 billion to build the border wall and reinforce border security.
.
Sure they are not reinstating this debt since they lost the election? They probably would have reinstated it anyway.
On the end, that money is actually bailout for BANKS. Those loans were Non-Preforming.
Uhhhhhhh, the debt that was forgiven was issued and held by the Federal Government. It was not held by private entities.
It was a gift from YOU the taxpayers.
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
Tip. Government never lends money (or DOE). Budget is negative for so many years. Government borrows money from FED (issue Bonds) to survive. Banks lends money always. Thats their business.
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
You are absolutely wrong. It is the Department of Education that makes and holds Federal Student Loans. There is no bank loaning the coin.
There is only a small amount of privately issued student debt issued by banks. Usually this requires a cosigner in the form of parents with decent income. Since it is private debt, Biden cannot touch it.
Misc says
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
You are absolutely wrong. It is the Department of Education that makes and holds Federal Student Loans. There is no bank loaning the coin.
There is only a small amount of privately issued student debt issued by banks. Usually this requires a cosigner in the form of parents with decent income. Since it is private debt, Biden cannot touch it.
Yup. Ever since Obama nationalized student loans. There are a few 'non-profit' banks that still do because they were tied to some Dem big wigs he needed to pass that bill.
Government BACKED LOANS! They cannot be discharged. Public or private can be forgiven. Basically every single loan outside of a loan taken out by a student on their own which is maybe 5% or less. It was a FED and bank bailout. BANKS. FED is not government giving money out. Not even a debate. You have to pay the loan and Biden just forgave a ton.
Yup. Ever since Obama nationalized student loans. There are a few 'non-profit' banks that still do because they were tied to some Dem big wigs he needed to pass that bill.
"But what exactly does “cost the government” mean? Canceled federal student loans would be immediately added to the federal deficit, which measures how much the U.S. spends minus how much it takes in."
Why deficit? Government has to borrows money (from Federal Reserve-FED and pay interest on it) to pay off variety of banks, which borrowed money for students. D.O.E DOES NOT HAVE A PENNY TO BORROW.
"Canceling federal student loans will cost the federal government hundreds of billions of dollars— and the general public will eventually end up footing the bill."
*Forbes advisor
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from.
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from.
None of that is true concerning Federal Student Loans.
Available through the US Department of Education, federal student loans are loans from the federal government that you can use to pay for higher education expenses.
These loans are FROM the federal government itself, not just backed by the federal government.
https://www.fidelity.com/learning-center/smart-money/how-do-student-loans-work
Wife and I had student loans about a decade ago. Nothing was from the federal government.
The university admins are the only winners in this scenario.
WookieMan says
The university admins are the only winners in this scenario.
The quality of education that students get in undergraduate school is poor too.
Top DOGE Elon Musk, House speaker balk at Senate report showing only 6% of federal workers show up in person on full-time basis: ‘Absurd’
College kids are never given a dime from the federal budget besides covering the interest.
Top DOGE Elon Musk, House speaker balk at Senate report showing only 6% of federal workers show up in person on full-time basis: ‘Absurd’
Bureaucrats Are Playing Hide-and-Seek
Bureaucrats have been found in a bubble bath, on the golf course, running their own business,
and even getting busted doing crime while on taxpayers’ time. Members of President Biden’s
own cabinet claimed to be on the clock while being out of office and unreachable.
Just three percent of the federal workforce teleworked daily prior to the COVID-19 pandemic.
Today, six percent of workers report in-person on a full-time basis, while nearly one-third are
entirely remote.
Most federal employees are eligible to telework and 90 percent of those are. Some come to the
office as infrequently as once a week.
The Biden administration redacted the locations of over 281,000 rank-and-file federal
employees.
Services Suffer as Taxpayers are Put on Hold by Bureaucrats
Phoning It in
Service backlogs and delays, unanswered phone calls and emails, and no-show appointments
are harming the health, lives, and aspirations of Americans.
Thousands of calls from veterans seeking mental health care go unanswered. Remote work may
be partly responsible for the recent baby formula crisis. Small businesses, students, and other
taxpayers seeking assistance are instead getting sent to voicemail.
Public Employees Padding Their Paychecks by Avoiding the Office
Some bureaucrats are claiming to be working in areas with higher pay rates while actually living
elsewhere.
My audits are finding as many as 23 to 68 percent of teleworking employees for some agencies
are boosting their salaries by receiving incorrect locality pay.
Some employees live more than 2,000 miles away from their office and one “temporary”
teleworker collected higher locality pay for nearly a decade.
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