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Joined: May 2006
Posts: 4,870 Likes: 80
old hand
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old hand
Joined: May 2006
Posts: 4,870 Likes: 80 |
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.
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Joined: May 2005
Posts: 47,283 Likes: 351
Member CHB-OG
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Member CHB-OG
Joined: May 2005
Posts: 47,283 Likes: 351 |
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.
Contrarian, extraordinaire
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Joined: Aug 2004
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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!
Good doesn't always win!
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Joined: Aug 2004
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It's the Despair Quotient! Carpal Tunnel
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It's the Despair Quotient! Carpal Tunnel
Joined: Aug 2004
Posts: 17,124 Likes: 249 |
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?
"The Best of the Leon Russell Festivals" DVD deepfreezefilms.com
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pdx rick |
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Joined: May 2005
Posts: 47,283 Likes: 351
Member CHB-OG
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Member CHB-OG
Joined: May 2005
Posts: 47,283 Likes: 351 |
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.
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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.
Last edited by Kaine; 04/22/24 01:05 PM.
Good doesn't always win!
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Joined: May 2005
Posts: 47,283 Likes: 351
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Member CHB-OG
Joined: May 2005
Posts: 47,283 Likes: 351 |
...But, cash giveaways only pay off someone else's debt - not a long-term solution...I still don't think it should be a cash giveaway. She would never in her life vote for Biden. 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.
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When Boomers discharged their student loans through bankruptcy, was money being given away?
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