These student loans don’t just pay for tuition education - students take extra $ to buy cars, televisions, pay rent, daycare, etc. Why? When you have a poor credit score (or no credit score) it’s the only way to get money - and low interest rates, delayed payments and easy to default eventually. Sometimes, for some students (certainly not every student), the ability to get loan money is more important than getting the degree. It may be for survival or may be taking advantage of the system - or both. But it happens routinely.
I wonder what the household demographics are of those qualifying for the loan cancellation.
How many are in households earning >$100,000 a year? 20%, 50%? You can bet your bottom dollar that those getting the welfare will be democrat voters like those on AOC's GOON squad.
I could not afford to go to university until I was 29. Sad that there are so many people that think that repayment of borrowing is "optional" and that they are "entitled" to not pay the loan back.
The entire country would collapse into another great depression if contract law was abused in this way.
No-one would ever extend any credit for cars, houses, credit cards, or any loan. Why would they, when the loan can simply get cancelled at the whim of some left wing moron?
And what about all the shenanigans foisted on students by banks so they can never get their debt paid back. Also, when a student cannot get work and defaults on the overcharged loan, there is also a great loss to the banks. What should be argued is for free college tuition. We used to have such zero rates in NYC and upstate State colleges were under $1000/yr. It is Capitalism that is the problem.
Personally, this is just one of many reasons for a mass Tax Revolt! Why are folks such cowards these days? It’s time to stand up and fight back and tell them NO!
If we all got together and did this, there is not a damn thing they can do about it. But I digress......
Peter
Maybe you can explain to us a little better how he can do this?
SCOTUS said he cannot forgive student loan debt and this does that very thing.
Isn't the final result of not paying a debt the decision that SCOTUS made?
SCOTUS said the decision to forgive federal debt is a matter for Congress to resolve with legislation NOT Biden with an executive order.
You are 100% correct!
These student loans don’t just pay for tuition education - students take extra $ to buy cars, televisions, pay rent, daycare, etc. Why? When you have a poor credit score (or no credit score) it’s the only way to get money - and low interest rates, delayed payments and easy to default eventually. Sometimes, for some students (certainly not every student), the ability to get loan money is more important than getting the degree. It may be for survival or may be taking advantage of the system - or both. But it happens routinely.
I wonder what the household demographics are of those qualifying for the loan cancellation.
How many are in households earning >$100,000 a year? 20%, 50%? You can bet your bottom dollar that those getting the welfare will be democrat voters like those on AOC's GOON squad.
I could not afford to go to university until I was 29. Sad that there are so many people that think that repayment of borrowing is "optional" and that they are "entitled" to not pay the loan back.
The entire country would collapse into another great depression if contract law was abused in this way.
No-one would ever extend any credit for cars, houses, credit cards, or any loan. Why would they, when the loan can simply get cancelled at the whim of some left wing moron?
Welfare is a good way to describe it.
Biden is such a degenerate and he WAS that when he was younger. It has nothing to do with his current dementia issues.
And what about all the shenanigans foisted on students by banks so they can never get their debt paid back. Also, when a student cannot get work and defaults on the overcharged loan, there is also a great loss to the banks. What should be argued is for free college tuition. We used to have such zero rates in NYC and upstate State colleges were under $1000/yr. It is Capitalism that is the problem.
Personally, this is just one of many reasons for a mass Tax Revolt! Why are folks such cowards these days? It’s time to stand up and fight back and tell them NO!
If we all got together and did this, there is not a damn thing they can do about it. But I digress......
When you have a corrupt government - all taxation is theft.