You can’t discharge student loan debt.
You can credit card and most other debts.
There are kids graduating from college with six figures of debt fighting for jobs with H1Bs, and not making $50K. In STEM.
Fraud is not a conservative value, and this is fraud.
Make the schools hold the debt, and make it dischargeable in bankruptcy
Not to mention the salary potential the universities promote is an outright lie. My school said that I could make 35-40K starting and that over 75% of grads were hired within 6 months of graduation. I discovered that even an entry level job for a government inner city clinic requires 2+ years of experience with EHR software and medical office practices.
The fraud was in the free availability of virtually unlimited sums that could be borrowed. I know there appear to be rules that limit the total amount of borrowing, but there are ways around that. I had a potential client and his mother appear at my office seeking help with $588k in student loan balances, which paid for undergraduate, medical school and two master's degrees (medical related) that the student earned while waiting at another chance to get a residency. He never got a residency, so he had the education to be a doctor, but not the practical experience that is required to become a licensed physician. $8,100/month was his minimum monthly repayment, while he was earning $1200/month tutoring children to prepare for standardized exams. The mother was on about half the balances as a guarantor using Parent Plus loans. One debate in the Biden Administration is whether to do the student loan relief as a broad forgiveness or by making it dischargeable in bankruptcy. A bill was filed in the House last December that would radically reform bankruptcy law (it has Elizabeth Warren's handwriting all over it) and as initially filed that would remove student loan debt from the list of non-dischargeable debts in bankruptcy.
One of the reasons Chuck wants forgiveness and not accountability is, Chuck and his political friends are agues speakers at the universities and they get from 75K to 300K for conducting seminars or speeches there. One of the reasons tuition is so high is so they can pay for this. So, Chuck is trying to guarantee his paychecks for speeches, and now they will be paid for by taxpayers who never attended the university. This loan forgiveness is one of the greatest scams on our country’s history
“not making $50K. In STEM”
In a number of large metros[LA, SF, DC, NYC] with STEM jobs, the minimum wage is $15/hour.
It is actually incredible how much real fraud is involved in these loans, which are often referred to on move-in day as “scholarships”.
The borrowers were either people who took out the loans for bogus or dubious education at fly by night or fraudulent schools or the loans were outright theft and fraud where insiders and politically connected grifters in Democrat dominated areas stole the money using false identity, non existent phantom students to launder the money to themselves or family members.
A lot of the loans were seen as back door reparations
Out politicians have been blocking any audit of who took out the loans, what schools were involved and where the money went and to whom it went to hide the fraud.
These student loans were taken out by people who never intended to pay them back and they will never be paid back , especially the loans to non existent phantom students.
The goal of the loan forgiveness is to launder the money and hide the fraud before the taxpayers catch on and the fraud is exposed.
Yeah, there is a lot of i=of bad debt from people taking out $259K to spend the best 6 years of their life getting an Ethnic or Womyns Studies degree
But a lot of it went to “trade schools” ( some of which may or may not have ever existed as more than an office address ) that either ripped off students and took their money or were just fronts to launder “free” student loan money set up by ACORN type grifters.
We need to see an audit of who the students were that that took the loans out and what schools were involved in the loans.
So tell them blacks are getting affirmative action jobs even if less qualified than you are. And foreigners getting jobs you could have had. Dem loving suckers.
Join with us when the battles get going. Fight on America's side with us.
The other thing about debt forgiveness is that our nation's money supply will decrease by every dollar of debt forgiven - leading to deflationary tendencies.
A) The "kid" went to a college that was too darn expensive. My "kid's" bachelors cost about $45K to $50K (no loan, we budgeted for it for years ahead of time because we're responsible with money).
B) I'm a software engineer, thus I understand the STEM jobs. You can get a junior programmer job with a BS in CS in Alabama for about $45K. For perspective, that's in low cost of living Alabama.