• DukeSilver@lemmy.world
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    1 year ago

    That’s not the only reason to oppose this.

    All Bidens solution does is take money from the tax payers to pay off the predatory lenders.

    • axtualdave@lemmy.world
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      1 year ago

      Who owns the debt for federal student loans?

      I’ll wait while you learn the answer is, “Department of Education.”

      Is the Department of Education a predatory lender?

      • Chailles@lemmy.world
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        1 year ago

        I’m not super familiar with how it’s suppose to work, but do they even need “taxpayer’s money?” Couldn’t they just decide the debt is paid (or like remove $10,000) and then call it a day?

        • axtualdave@lemmy.world
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          1 year ago

          You’re right. The debt is owned by the Dept. of Education. Forgiving a loan is just as easy as it sounds. They just… change some ledger somewhere and subtract $x from what Bob Student owes.

          There’s no money transferred. The only real cost is the loss of interest payments in the future, but those are interest payments made by the student to the servicer (private organization that handles the day-to-day operations, like, collecting payments, sending statements, etc.).

          But that potential revenue happens in the future. If the future revenue is less than expected, it’s exactly the same situation you see if say, Congress were to lower taxes. The revenue we expect to get in the future is now lower than thought it would be.

          It’s the exact opposite of spending.

          • Caradoc879@lemmy.world
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            1 year ago

            But but but what if I’m dumb and I don’t want my tax dollars to invest in a smarter, more educated America so in ~15-20 years when the last of the boomers are drooking and dying in hospice homes they actually have the medical professionals they need.

    • Ghostalmedia@lemmy.world
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      1 year ago

      Predatory lenders? Biden’s plan largely targeted federal loans. That shit was pretty regulated and had very low interest rates. A pay day loan it was not.

        • Ghostalmedia@lemmy.world
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          1 year ago

          Well, consider that we also live in a world where American school districts, in major metro areas, are literally opening up low income housing dorms for teachers, so teachers can afford to subsist on a teacher’s salary.

          Low interest doesn’t mean much when you can’t even pay your rent with a job that requires a college education.

          • OneThere@lemmy.world
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            1 year ago

            Honestly, teachers are a bad comparison when it comes to the student loans debate.

            A lot of districts/states/townships have programs that forgive loans for teachers after a predetermined amount of time serving a public school.

      • Sixofdiamonds@lemmy.fmhy.ml
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        1 year ago

        You can use the loan to get a bs degree. If you’re in 100k in debt for a degree that gets you 55k a year job you fucked up. The lenders world normally factor that in but if it’s backed by the government then free money.

    • playxdestroy@lemmy.world
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      1 year ago

      Which one are you talking about? Big corporations getting government subsidies or police getting an ever increasing budget or the military industrial complex? Ah, people being able to live life not being forever burried in debt, got it.

      • DukeSilver@lemmy.world
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        1 year ago

        Cut off the interest and have borrowers pay back the initial loan.

        Predatory lenders get shafted for being pieces of shit. Students get a huge break. The rest of the country doesn’t feel taken advantage of.

        But that’ll never happen because profits > people.

      • Sixofdiamonds@lemmy.fmhy.ml
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        1 year ago

        Reep what you sow and pay your fucking loan back at the agreed terms at the time of signing.

        Personal responsibility is a bitch. Only irresponsible people want loan forgiveness.

        • nieceandtows@lemmy.world
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          1 year ago

          So you think the lenders are predatory but still support them and want the borrowers to ‘reep’ what they sow instead. Basically you don’t have any solution but will complain about any solution anybody proposes. Nice.

    • Ravenous20@lemmy.world
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      1 year ago

      More like Biden is taking money from the Treasury that then has to print more dollars out of thin air putting our economy even further in debt which sooner or later is going to have large ramifications.