Posted on 02/07/2019 11:37:24 PM PST by blueplum
Borrowers could soon be required to pay back their federal student loans directly from their paychecks, if one powerful Republican gets his way.
Senator Lamar Alexander, a Republican from Tennessee and the chair of the Senate’s Committee on Health, Education Labor and Pensions, which oversees higher education, proposed automatically withholding a borrower’s monthly student-loan payment from their paycheck, similar to the system already used for federal payroll taxes. (snip)
...Proponents of payroll withholding for student-loan payments say the idea would help borrowers stay current on their loans and avoid default, while also ensuring taxpayers received a return on their investment, given that taxes pay for the federal student-loan program. Under his proposal, a borrower could choose to repay their loan over 10 years through ...
(Excerpt) Read more at marketwatch.com ...
Not sure how I feel about that. I understand the logic,
but I’m glad I won’t have to worry about that.
If I attend college now, it will be straight out of my own pocket, along with perhaps a scholarship, if I qualify.
Most any college for me at this stage comes in the form of just a few classes at a time.
I don’t see myself ever going full time again.
Being a full time student was kind of a rite of passage into adulthood.
Some professions demand ongoing education, such as in medical fields. That’s different.
Sounds like a great deal to me. If you don’t want to pay it back, don’t borrow it. It is a life lesson.
Win win. We know democrats want the student loans repaid to their profs and government what not, but they do not dare say it out loud to their free money base. I hope this wins us the elections as the democrats will infight over this.
The Camel’s Nose
I have issues with this, be cause it is a way for dumb irresponsible dipshits to not have to sit down and decide HOW they are going to scrimp and save to pay off those student loans....
It is the same as my argument against withholding of your taxes from each paycheck.
If people had to budget and send in their taxes once a year, they would be a hell of a lot more involved in what bull crap gets funded at the DC level.
Businesses have to SEND IN A CHECK QUARTERLY TO THE IRS!!!
But the wage worker that the SOCIALISTS PREY UPON, doesn’t fell the full impact of their INFLATED TAXES because it gets automatically removed from the wages BEFORE they check ever rests in their hands.
This sort of crap will encourage more dingbats that cannot budget into going to college, make my words the OFFLOADING OF PLANNED CONSEQUENCES IS A BOON TO CENTRALIZED GOVERNMENT!!!
Tax withholding from paychecks is something the socialists love, they would absolutely HATE for people to have to budget and grudgingly send in a check 4 times a year to the IRS.
the kind of people who can’t manage a budget are the type of people who need the withholding crutch so they don’t go out and party now and go bankrupt later.
most of us already grovel under the IRS withholding already so adding another withholding for student loans for those who take them out seems to me as if it should target the tardy loan repayers fairly neatly. this in turn would seem to save us (in this case represented by the government) the need to track these folks down and nag them for being chronically behind on their student loan repayments. they would be, as the saying goes, out of excuses. the non-workers with consistently low or no income could then be pigeonholed more neatly into a cost of educating the uneducatable write off at the government/taxpayer level. and more funds in theory would become available for future generations of honest student loan recipients.
I paid my student loans back. In full. No one had to pester me to get me to do it, either. I agreed to pay it back when I got the loans, and that’s what I did.
People who don’t pay back their debts? Deadbeats. Of course the lender, in this case the gov’t, has a right to go after them.
I am in favor of this proposal. That’s because, I believe, the next Democratic President with a Democratic Congress are going to pass a bill to forgive (i.e. Amnesty) all student federal loans. Bank on it...it’s coming. This proposal would make that more difficult to pass, since the mechanism to collect would already be in place.
Paid back my loans and didn’t need some entity taking the money out of my pay check. I think the government can already take the money from your paycheck but a judge has to sign off.
If they’re talking about new loans as a matter of the loan contract I have no problem with that.
It’s called *garnishing your wages* and it happens with bad debt.
Too bad.
Pay back your loans like you agreed to if you don’t like it.
From what I understand; it’s the government’s guarantee on the loan that has caused colleges to raise their fees so high thereby paying teachers at these colleges and the higher level supervisors/presidents far more than they are worth.
It seems to me some kind of cap is needed on these loans. For some poor kid to leave college with up to $200k in debt is ridiculous. That’s a $1200 house payment over 30 years.
Republicans again helping Democrats with their incremental Communism.
Student debt is forced Government debt. Dishonor that bad debt and forgive State debt. The wicked socialist schools would have to adjust their prices downward.
All private volunteer debt remains untouched.
Bad money ruins good money.
Public debt bad money ruins good private money.
The Democrats want to excuse the student loan debt. At some point I expect this to find its way into the Dem platform. That was always the plan ever since Obama had the federal government take over the student loan program.
With over one trillion dollars in student loan debt involving millions of students, you can bet that the Dems will attract many voters with the promise of writing off this debt. It can be part of free college for all.
Debt slavery to a government that manufacturers as much paper fiat currency as it wants, monstrous.
What an astoundingly stupid thing to suggest.
Let the remittance begin in earnest.
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