Robert M. Pirsig
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"no one has to go to college" feels like an argument out-of-time
like something out of the 1900s
like something out of the 1900s
My only issue with this program is that it’s only federal loans that qualify.
My wife and I did the fiscally responsible thing and refinanced our loans using a single lower interest loan. That would disqualify us.
"no one has to go to college" feels like an argument out-of-time
like something out of the 1900s
This program also doesn’t include any student loans in default, which automatically knocks out the people most in need of the forgiveness.
"no one has to go to college" feels like an argument out-of-time
like something out of the 1900s
among US adults age 25-34, 36% of men and 46% of women have a bachelor's degree
Do you have a link for this?
The news release from the administration doesn’t mention borrowers in default, but it highlights that the debt being forgiven is debt held by the federal government, to which defaulted federal student debt more than 270 days old is very often sold auction style to private debt collecting businesses.
Once the debt is held privately it isn’t eligible for forgiveness. I did this research a few years ago when Biden first announced his idea. There has been a separate plan floated by this admin to help get defaulted borrowers back into good standing, but I believe that plan only applies for defaulted loans still held by the government. Once the debt is sold you are SOL.
On Nov. 8, 2021, the U.S. Department of Education (ED) announced that private collection agencies will no longer service ED-held defaulted loans. If a private collection agency worked on your ED-held loans, it will no longer manage your loans moving forward.
Now pretend someone is going to pay you $10,000 that they owe you and they don't.
Imagine someone is going to pay the government $10,000 and they put a down payment on a car from your dealership instead. Or start buying an appetizer at your restaurant. Or buy new furniture from your store. Or hire you to paint their house.
It’s so weird to see people complain that money will go into the broader economy than go to a federal program.
I can't tell if this is sarcastic or not, but this post will live forever for #teamlowtaxes.
Never knew PhDeac was such a big fan of trickle down economics.
Now imagine that instead of the government receiving the $10,000 they were supposed to, they just tell me and you to send them an extra $10,000. The government isn't going to contract because they didn't receive these money owed. And, money that goes into a domestic federal program goes into our broader economy.
These people borrowed the money under the pretense that they would pay it back, to you and me. You can be pissed at government spending on any number of things -- the military, welfare, highway building, whatever . . . and still be pissed about a program that forgives loans and turns them into grants.