Capitol Hill Blue Forums Political Issues The Biden Administration Biden to Cancel $10,000 in Student Loan Debt

First, they get a bunch of 18 year old kids and tell them that they will loan them the money to goto university. They never mention the interest and there was actually interest higher than most banks were charging. I knew one heart doctor who gave them 100,000 dollars and it didn't even cover the interest (she moved to Canada) Its my understanding that the banks they put in charge of these loads were getting rich off the interest. There are people who paid for over 20 years on one of these loans. Basically, this whole deal was to make certain banks rich and a bunch of kids very poor.

I was against this from the getgo. It was poorly put together and nobody seemed to mean it would leave a LOT of people trying to pay their bill which was getting bigger and bigger with more and more interest. It put my country in the banking business and I was also against that. Biden knows this and has been trying to bail folks out. I wrote to him and told him that I thought that he should take all interest paid and apply that amount to the amount owned. If its more than what is owed then mark it as paid. If I am right about the banks and the interest then gov should also have a little visit to the banks and ask if they were going to share the wealth with their country. (I know, won't happen but .......)

The people who really got screw are those that never paid for the interest. By the time they learned that their interest debt was bigger than the original interest. I wonder how many debtors paid off the debt but has not yet paid the interest which apparently gets bigger than the original loan.

Ol' Joe is using a provision of the 2005 Bankruptcy Reform Act to forgive student loans after 20 years. This law was written by Congress and GWBush signed it. Not much Republicans can do about that given their slim margin in the House and minority status in the Senate.

Why don't they fix the problem instead of handing out taxpayer dollars? That's not solving what the problem is, it's just a giveaway!! And to be quite frank, this is one huge checkmark against Biden in my book!

You do realize Biden is cornered at every turn as to what he is able to do about this, yes?

Rs would support ol' Joe if it were to the R benefit - not the American people's benefit.

I understand that Biden can only do so much. I am glad he is limited. This needs to be fixed in Congress and the Senate. But, cash giveaways only pay off someone else's debt - not a long-term solution.

I don't care who the beneficiary is for this one. I have a daughter-in-law that will probably benefit from this. That's good for her, but I still don't think it should be a cash giveaway. She would never in her life vote for Biden.

There has got to be a long-term fix for this. Are we going to start paying for everyone's extended education for free? If that is what is wanted, find a way that it doesn't burden the individual taxpayer more than it already does. We already pay enough for taxes!

I understand how important education is. Fix it so people can afford to go to extended education.

Oh, on a side note, I am not an R and am insulted that someone other than an R can not criticize Biden and what he does.

Today's student loan forgiveness is the result 2005 Bankruptcy Reform Act the Congress wrote, and GWBush signed, allows student loan forgiveness at 20 years of payments. It’s 2024, the law has been in effect for 19 years. The loans that are eligible for forgiveness are just now meeting the criteria for forgiveness.

The reasons why student loan forgiveness was written into the bankruptcy law is because the 2005 reform law made it impossible to ever roll student loans into bankruptcy – which many Boomers had done previously. This is another example of Boomer ladder-pulling.

Ol' Joe can be faulted for making the insinuation that he's forgiving loans, when in fact, he's simply enforcing a 2005 law.

When Boomers discharged their student loans through bankruptcy, was money being given away?

I don't really care when or who gives the money away when it is not going to fix anything. There has got to be a better way to spend that money to fix it so students aren't taken advantage of.

I'm no economist or education expert, but it looks to me like a waste to give the money away to pay someone's debt that they could have avoided in the first place. Similar to giving someone a fish instead of teaching them how to fish!

Fix the problem, whatever it might be, instead of handing out more taxpayer money. Then in another, what, 5 or 10 years there can again be another giveaway/bailout for the students and nothing again gets fixed?

Its not giving money away. Principle payments have been made for twenty years. Only the 9% interest added to the principle is being forgiven. After 20 years, the original principle has been paid.

Forgiving the interest is the right thing to do. After all, baby boomers got the entire loan cancelled in bankruptcy. No one is complaining about THAT!

Why? Because those complaining are baby boomers. In typical baby boomer fashion - they are ladder pullers. They got the benefit of loan dissolution through bankruptcy - they want no one else to have the same benefit. Ergo, pulling-up the ladder once the were safely on top. - so that everyone after don't have the same benefit.

We Gen X'ers, Gen Y's, Gen Z's know what you boomers did.