Posted on 08/26/2022 7:55:02 AM PDT by cotton1706
Sputterings of dissatisfaction among Democratic ranks over President Joe Biden's plan to wipe out at least $10,000 in student loans has erupted into a full-blown civil war within the party, with some claiming the move is 'out of touch' with what Americans want.
The shocking price tag of the forgiveness plan is now estimated to cost taxpayers up to $600 billion – even for those who did not take out federal student loans or have already paid it off.
Thousands of families who saved up to pay for college educations are furious that their responsible financial planning will leave them without benefiting one cent from the relief plan and potentially paying roughly $2,000 in taxes to help pay for it.
Democrats, who are fearing a Republican bloodbath in the 2022 midterms, are turning against the president as the White House scrambles to explain how they will pay for the plan.
Education Secretary Miguel Cardona ducked twice when asked by CNN's New Day how much the plan would cost and how it would be paid for.
The Committee for a Responsible Federal Budget released estimates Wednesday claiming that the forgiveness plan could cost taxpayers between $400 and $600 billion over the next decade.
(Excerpt) Read more at dailymail.co.uk ...
I think the money ought to be taken from university/college endowment and/or investment funds. I think the product many of them have provided to students the last several years is defective to the point of fraud.
No no no!!! There is NO democrat civil war. NY-19, ABORTION!!!! The GOP is the only party that ever wars amongst itself. Liz Cheney.
Jeez, these authors need to get with the narrative, uhhh, I mean truth.
Blue Wave!!!
“What is being out in place is that college tuitions will explode higher and soon the only people who can afford college will be the very wealthy and the very subsidized.”
Which will go a long way toward justifying free college education.
And since college entrance exams are racist and discriminatory, everyone will be going to college.
We are so screwed!
This is illegal. So the strategy here is interesting. Is it best to let people think it will move forward to keep people upset? And then knock it down after the election?
Voting doesn’t make any difference anymore…
If we had an opposition party they could sue to stop this.
Like they could have stopped DACA before it got started, but they didn’t want to stop it.
Exactly..
In August 2021, CNBC said 61% of Americans paid no federal taxes in 2021.
Somebody has to sue to stop it for the courts to get involved.
It won’t be the GOP.
They could have stopped DACA before it got started, it has no legal basis, but they wanted amnesty anyway they could get it, so they did not sue to stop it.
“Me...I am glad I am an old, over the hill dude...so I will not be around as failure comes to the once great all powerful USA”
That’s a refrain you hear a lot nowdays.
Old people taking joy from the fact they’ll be dead soon! Even looking forward to it!
Quite funny... and sad at the same time at how far this country has sunk.
Republicans could have stopped DACA before it got started , but they chose not to, they won’t sue to stop this either.
You heard it from me first: become a landlord in a college town. If these new subsidies stick (the Supreme Court upholds the legality of Biden doing all this), rents in college towns will explode. Student loans are for not only tuition (which will now also explode even more) but for room and board too, and for anything else like textbooks (or restaurants and breweries in college towns) that college students buy.
Most borrowers won’t have to actually pay the cost of their rent, in the end. Just 10 years of minimal payments (income based) and minimal interest means all the heavily subsidized college kids won’t have actually had to pay college expenses. Only the very wealthy will have to.
(This is what happens when you let the 10% fanatics and loonies try to tell the other 90% how to live their lives...)
Yep
And why stop at student loans?
What about car loans, or home loans? There are people “struggling” to pay fhose loans also.
Yeah, I know, but sadly, people will try.
OK I’m definitely against this student loan forgiveness but you are in your 80s and college costs were very different back then.
I have 4 kids all just out of college, in college now, or about to start college. Minimum wage jobs no longer make a dent in college costs. In state tuition at a public university is $15k/year and room and board is $15k/year. Multiply that by 4 years and 4 kids and it’s a half million dollars to put 4 kids through college and that’s a CHEAP college with no grad school and living frugally.
80% of college students take out student loans now. I saved up in 529 plans and benefitted from the stock runup from 2010-2020, but how many families can actually SAVE UP a half million dollars?
The problem is that it’s the availability of student loans themselves that lead to the extraordinarily rapid increase in college tuitions over the past decade or so.
And what Biden just did is to make it exponentially worse. Colleges have no incentive to keep costs down now. At all.
If politicians wanted to solve the student loan “crisis” all they would have to do is allow students over their head in debt to file for bankruptcy. This would destroy the student loan industry and they would stop lending money for wymen’s studies and the like. This in turn would cause a huge down turn in the number of students attending college and colleges would go bust. Then colleges would slowly build back offering just worthwhile classes that would give a return on investment.
Student loans used to be dischargeable in bk. Students just had to wait first 5 years, then 7, after leaving school to file. It was removed in 1991 (by Biden, ironically).
They are still dischargeable if one files an adversary showing extreme financial hardship.
There’s no reason to allow student loans to be discharged in bk. The Dept of Education is surprisingly easy going (prior to default anyway) and allows $5/mo payments for life on them and then they are discharged at death. Everyone can afford $5/mo (which is what the bk courts tell the adversary filers).
“I think the product many of them have provided to students the last several years is defective to the point of fraud.”
My daughter has utilized researched information in an on-ine course posted to whole class. Freaked out Prof, that tried to walk back, [She still received an A for her college course.
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