Stick a fiscal fork in ’em: These student loan debtors are done. As they contend with a second legal setback to President Biden’s estimated $430 billion student debt cancellation plan, some exasperated borrowers told The Post they won’t ever pay another penny toward their massive tabs — regardless of how it might impact their future finances.
Rather than having up to $20,000 forgiven as Biden vowed in August, the fed-up debtors remain among the more than 45 million borrowers who owe a total of $1.6 trillion in federal student loans. The average undergraduate borrower leaves college with nearly $25,000 in debt, according to a Department of Education review, and payments often start six months out of school when cash can be especially tight. As a result, roughly 16% of all borrowers are currently in default, federal data shows.
You get the gist of this - we're catering to a nation of deadbeats, but if you want to read the full article, it's here:
deadbeats? no. we funded the most expensive day care ever done in history. want to blame someone? blame the universities for promoting classes that have no benefit to society.
ReplyDeleteCannot pay back $25 grand? Perhaps they could cut back on the Starbucks, newest I Phone, making lunch at home, ditch the Netflix and the new car. My kid owed $32,000 and paid it off in 3 years easily.
ReplyDeleteDeadbeats. They signed a contract that they would pay the money back. Now they say they won't. Go ahead, default, ruin your credit rating, have a lien attached to everything you own, never get an IRS tax refund again, never be able to buy a car or a home. Serves you right.
ReplyDeleteAs for the intelligence, or lack thereof for the USG getting involved in these student loans, yeah it is a mistake. But so are most things enacted by Congress and enacted by POTUS. They never look at the unintended consequences of the stupid stuff they vote for or sign. It was basically a kickback scheme to funnel lots of money to colleges and universities. Tuition and fees kept pace to soak up all that loan money. That doesn't let the students off the hook for their promises..
They owe the money they pay it BACK. If they ever work the IRS garnishes their wages until it is ALL PAID BACK
ReplyDeleteStudent loans should be run like a typical loan. Factor in the default rate when determining the interest rate. Screen applicants and only loan to people who are a good risk. That means no more loans for gender studies or other unproductive degrees.
ReplyDeleteStudent loans never go away, (that had to be part of the attraction to the lenders). There have been people who co-signed student loans having their social security garnished.
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