No, wait a minute. We've been paying our mortgage the whole time.
"NO MORTGAGE PAUSE FOR YOU!"
Posted on 06/04/2023 7:42:27 AM PDT by Libloather
Student-loan payments are resuming this year. It's likely going to hurt not just borrowers, but the entire US economy.
In March 2020, former President Donald Trump first implemented the student-loan payment pause to give borrowers financial relief during the pandemic. Trump and President Joe Biden since extended it multiple times - Biden in November most recently extended the relief through 60 days after June 30, or 60 days after the Supreme Court issues a final decision on the legality of the president' plan to cancel up to $20,000 in student debt for federal borrowers, whichever happens first.
And the most recent extension is very likely to be the final one. Education Secretary Miguel Cardona told lawmakers in early May that "we're going to resume payments for 60 days after, but no later than June 30. We're going to begin that process."
"We're confident, Senator, that the Supreme Court will rule in favor of the targeted debt relief, providing relief for millions of borrowers, and we want to make sure that the information that borrowers get is accurate. We do plan on making sure it's a smooth reentry to repayment," Cardona said, adding that "the emergency period is over, and we're preparing our borrowers to restart."
Biden also agreed to codify the end of the student-loan payment pause in the debt-ceiling deal he reached with Speaker of the House Kevin McCarthy, suggesting the president did not deem additional relief necessary for borrowers this year in connection with COVID-19.
But some economists think the administration - and the country - should start prepping for an economic strain once payments resume. Marshall Steinbaum, senior fellow at the Jain Family Institute and economics professor at the University of Utah, told Insider that "it's pretty clear the payment pause has been very stimulative to the...
(Excerpt) Read more at businessinsider.com ...
Yes, Trump started this nonsense during the Wuhan Flu and then made it worse with the CARES Act handing out money left and right to these people who cannot earn enough to pay for their worthless degrees.
This was also another source of fuel for the inflation fire we are suffering today.
“The economy will suffer”… False.
In sum, they are saying the only way to keep America’s economy afloat is extend wide-spread debt forgiveness, incurred with a bloated, corrupt government-controlled program, to people who wasted 4 years of their lives and remain unproductive to the point they can’t service that debt.
... and taxpayers get stuck with paying for all these Grievance Studies courses.
By this reasoning the economy is hurt by people paying back their mortgages, their car loans, their credit cards etc etc etrc. Probably a leftist “economist”.
Yesterday I watched a video of a car dealer at an auction, at link, as he walked down row after row of bank repossessions. It’s a staggering number of vehicles and you can multiply that by every city in the country. A lot of them were dodge super cars. I can tell you that the free money my renters got went to either buying cars they couldn’t afford or drugs. I had to throw out two women who got into drugs so deeply they spent not only the government money but apparently every penny they had. They were doing fine when they were more hand-to-mouth. I thought helping them sign up for essentially free rent would allow them to get out of the trap they were in. It turns out that free money is spent like water with no thought to the future. Looking at the linked video will give you some idea of what other people did with their money. Families who buy a two door five-hundred horsepower car are not dealing with reality.
https://www.youtube.com/watch?v=pSID-EqoQ4c
“ Yes, Trump started this nonsense during the ”
I am certain you will provide zero evidence of this nor even attempt to do so.
No, wait a minute. We've been paying our mortgage the whole time.
"NO MORTGAGE PAUSE FOR YOU!"
“ people who wasted 4 years of their lives and remain unproductive to the point they can’t service that debt.”
I have 2 degrees both of which have afforded me careers, real estate and a desirable and healthy lifestyle in a good safe community as well as the personal value of an excellent education. I spent out of pocket about $6,000 total.
I advise any kid who asks, and they don’t, get a degree from which you can develop a marketable skill. Or I use as an example of what not to do, kids who major in history, philosophy, psychology as people wasting time and money which in this situation is life altering
That said, tuition has risen so much higher than inflation over the past thirty years that people who blame 18 year olds for this are as cruel and malicious as any leftist idiot pretending to solve this crisis by temporarily halting the obligations and interest
My school was $1,100 per year and about $1000 for dorms in the ‘80s
It is now $38,000 per year and 12,000 for dorms
Same school. Same rep- I got a job recently based on my schools rep
Can one of tge young adult haters on this or any such thread give us a good explanation of this?
And why are schools not responsible in any way for ripping off the taxpayers and these kids in such a manner?
You blame an 18 year old who hasn’t listened to his neglectful, day care using parents in 8 years and not a multimillion per year Dean of students
Insane
These kids at 22 owe more than many owe on mortgages and way more than on credit cards at 6-9% interest thst they do not understand.
I know perfectly successful reasonable parents who co-sign loans for history degrees. That’s stupid.
Why do you think there weren’t mortgage pauses offered?
Indeed, 18 year-old Americans are effectively still children, who are inculcated and are unwittingly being fed into a system which government and much of society simply presents to them as the only way forward.
So please tell us - who is to blame then?
Precisely.
They have acted as if all the relief and free money they get are permanent and blew it on excess. That too has to be paid back and the banks and other lenders will not be so lenient as the gooberment. All of the gooberment largess is of course the root cause of the inflation fire.
It may be undeclared but it is time for a recession and only politics and a willing press are hiding it.
Sick of sob stories and sick of stupid but most sick of all of the freeloaders.
“wasted 4 years of their lives and remain unproductive to the point they can’t service that debt”
***********
Or simply don’t want to because they’re “so special”.
Just add the increased costs (inflation, taxes) into the price of goods. But by all means, the people must keep spending, even if it's consumer crap that they don't need.
Yes because all things related to money from the federal government starts with the Executive Branch. Which is in complete contradiction to over 200 years of government where all things financial, as it relates to the federal government, initiated in the House of Representatives.
All that rent moratorium stuff, no eviction stuff....all of that came from the White House, NOT Congress. I remember it clears as day.
I heard that you recently tripped on the sidewalk and it was all Donald Trump’s fault. Amazing what that man can do. Heard you got a flat tire the other day and it was all Donald Trump’s fault. WOW, he’s a busy man.
Parents as well as whoever is conspiring to rip them off by increasing tuition rates exponentially.
President Trump was working with flawed information on the Wuhan. People had a fit when he restricted inbound flights from China. And that was the right thing to do. Shutting down our country, mailing out checks and paying people more on unemployment was asinine. He certainly shares in the blame.
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