Credit unknown. As seen on Facebook:
"There's not actually money being spent to wipe away student loans. A student has $20,000 college debt and has paid $250/ month for 10 years. They have paid $30,000, but still have an outstanding balance of $15,000 on the school loans, due to the way the loans are written. The loan relief is saying – you've paid $10,000 more than your loan value, so we're discharging that remaining balance. The loaner of the $ already received their loan amount, plus interest. And 18 yr old old bowerers are ill prepared to understand the long term ranifications of these high interest loans. Better to forgive the remaining balance to allow their spending to help the economy. Like we did with banks."
https://i.redd.it/0w487xkgzsbd1.jpeg
by beeucancallmepickle
11 comments
Doesn’t make it right. It punishes those who didn’t go to college and went straight into the workforce to support our economy, only to see their taxes pay off the loans of those who partied their way through college.
This person has no idea how loans are amortized.
Yay goo humams!!
Like we did with banks. Exactly.
From FB, no credit, just someone typing words.
If there anyone who knows about the student loan debt forgiveness who can say whether this post is bs or not?
I posted this and a FB “friend” replied with this to me –
“Liberals be like: “we are so smart, we believe in science, the news tells us we do. What!? they are going to pay off some of our loans!? We so dumb… we no understand simple interest.” Sad how easily a liberal’s opinion and ignorance can be bought. I paid off my students loans because I signed a contract that said I would. It’s that simple.”
Then my mom liked his post.
I’m trying to understand the entire thing better but I don’t want to put false information out there. What do I even say to this guy?
Dumb. The interest was used for other budget items like healthcare now it just adds to the deficit.
“Due to the way the loan is written” is a strange way to say “the interest on the loan”
Who wrote this? Why is some random post being posted like it’s an explanation from an economist or lawyer?
This is a bribe for votes where no money is being spent. They’ll NEVER receive any debt relief. This is just to buy useful idiots w/ bad math skills and naivety.
Why not repeal the Bankruptcy Abuse Prevention and Consumer Protection Act?
That would allow student loans to be discharged in bankruptcy.