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Money that would've been used to pay off debt, is now redirected towards buying other goods and services. More money chasing after fewer goods is the definition of inflation!
Yes, it was all a big scam. That’s why they are getting relief. I’m glad you understand.
It's not the governments job to bail people out who make bad decisions. I'm not glad that you refuse to get it.
Nothing in the Constitution gives them the authority to do so. Instead of trying to be clever why don't you educate yourself on the roll of government. Something that obviously wasn't taught to you in school.
QUOTE FOR ABOVE LINK, my italics and bold: The Biden administration is offering a new round of student loan debt relief for more than half a million borrowers who were students of Corinthian Colleges.
The action will see $5.8 billion in full loan discharges for 560,000 borrowers, marking the single largest loan discharge in the history of the Department of Education, and brings the total student debt relief extended by the administration to $25 billion.
[snip]
"This is a major problem facing younger Americans, but it's also obviously a potential huge win for President Biden after [Sen. Joe] Manchin (D-WV) blocked him from addressing voting rights," one official said. "The party needs black voters to turn out at 2020 levels to hold on to congressional majorities, which will be essential to furthering the president's economic agenda. Two birds, one stone."
Fiscal conservatives, however, predict that Biden's loan relief could exacerbate already historic inflation, and elected Republicans have stated that the initiative should be viewed as an outright bribe heading into the midterm elections. [END QUOTE]
So do you think this will bring the Democrats more total votes or fewer total votes?
And do you view this as a "bribe" or that it is done out of genuine concern for younger people burdened withs student debit or something else?
So only black students get loan relief? What about my kids who didn’t qualify for the grants and are struggling? This is bull crap!
It's not the governments job to bail people out who make bad decisions. I'm not glad that you refuse to get it.
Nothing in the Constitution gives them the authority to do so. Instead of trying to be clever why don't you educate yourself on the roll of government. Something that obviously wasn't taught to you in school.
I’d argue that the government loaned them the money without checking to see if the borrowers were worthy, nor if the schools were scams. No different than Chase when they forgive any charges that are fraudulently made on my credit card.
It's like in his mind that's the only schools that are sleazy. Better hope he adds more schools.
Quote:
Originally Posted by workingclasshero
why should the government forgive (pay for) any loans (with taxpayer money).... they (the students) SIGNED A CONTRACT for that loan...its their JOB (responsibility) to pay that loan, not us taxpayers giving them a free ride
no more handouts...no more bailouts
How is it a handout when college is a real challenge to even pass and often can make life more difficult having a degree?
Quote:
Originally Posted by anononcty
This should be a lesson taught in high schools or at home.
Yes sadly the opposite happens. We are encouraged to seek higher education when we really should be advised to consider other paths. Junior and senior year of high school is like one big infomercial.
Quote:
Originally Posted by FrankNSense
The "excuse" I hear with this case is that "Oh, well the school defrauded them". My response is...And?
People make bad decisions every day. Companies always try and make their product look as pleasing as possible. If you buy a car that you end up not liking or not having everything you "thought" it would be. Does the government come in and pay off your loan?
In this case, I am a bit torn. While I don't agree with blanket forgiveness. If a borrower can show a true issue in the loan and does not have the ability to pay, I would be more agreeable to forgive their loan. But someone who has the ability to pay the loan...should be paying.
You guys always equate this with cars but in every case you leave with an operable vehicle.
The ones who can't pay it off should take priority. However no one should have to pay off loans for a degree that is a meaningless piece of paper. It's not just about ability it's about principle.
Quote:
Originally Posted by stone26
1. They preyed on poor, uneducated students and GI Bill vets. I remember watching Jerry Springer one day, and counting all the ads for schools like this… nearly every ad (about 40+ during one show) was for these types of colleges. That was their demographic.
2. They made outlandish promises to desperate students they knew were untrue. There was no job placement assistance, and you would never make the salaries they promised when enrolling in the CNA/dental assistant/medical billing/etc classes.
3. These schools went out of business, and the credits are non-transferable. Very few, if any, colleges or universities will accept these credits from people who try to transfer in.
Okay so number 3 makes these colleges special, however just because a school is still is in business it doesn't mean anything.
Quote:
Originally Posted by InformedConsent
So why do Joe and Jane taxpayers have to bail them out? Shouldn't the colleges' stakeholders be liable for paying for it instead? Go after them. Seize their assets.
I guess because it's more difficult to go after them. The ideal is for the school in question to pay but in some cases it's easier to get taxpayers to bail because it's collective. Putting the loan on one person when they may not have it to spare is a lot worse.
Quote:
Originally Posted by SAN_Man
Cancelling debt is an INFLATIONARY policy.
Money that would've been used to pay off debt, is now redirected towards buying other goods and services. More money chasing after fewer goods is the definition of inflation!
It probably is but I don't know why because no one's making money they are just being forgiven of a debt.
Quote:
Originally Posted by stone26
I’d argue that the government loaned them the money without checking to see if the borrowers were worthy, nor if the schools were scams. No different than Chase when they forgive any charges that are fraudulently made on my credit card.
This is a good point. It's the government's job to keep its citizens safe from all types of harm and that includes financial. Unfortunately they often don't do their job with this. If they don't protect us from small business scams then why would they do anything about something with a bigger cost involved?
I’m sure a majority were liberal arts degrees not with the paper they were printed on. Four years, $100k+ later and you have a degree in philosophy from University of XYZ, and no job prospects.
Money that would've been used to pay off debt, is now redirected towards buying other goods and services. More money chasing after fewer goods is the definition of inflation!
The only way to stop it is to drastically increase production. Unfortunately the left has no interest in the demand side of the equation. That’s why it’s always more expensive to live in democrat controlled areas.
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