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What bothers me is nobody is talking about who is profiteering on this whole plan. First thing it is not “forgiveness”. That would be telling creditors to take
by exabrial 4y ago
What bothers me is nobody is talking about who is profiteering on this whole plan.
First thing it is not “forgiveness”. That would be telling creditors to take a hike and declare the loan contracts null/void.
Instead, student loan companies are salivating at the opportunity to reap gold mines of taxpayer dollars. They wrote a ton of really bad loans and old uncle Biden wants to reward them for their crappy lending practices.
I certainly understand the sentiment of taking out a loan at 18 years old and not realizing the consequences. But the solution isn’t paying off companies who know better to give you that loan so they can go afford more private jets and yachts for the C Suite.
Let the loans default. These creditors are rich enough already. You made a $250k loan to an 18 year old studying hair design? Tsk. That’s on you.
- Mountain_Skies 4y agoAren't something like 90%+ of the loans held by the US government on behalf of the taxpayers?
- lockhouse 4y agoYes, but the executive branch can't just wipeout debt without Congressional approval, due to the separation of powers outlined in the Constitution.
- staticman2 4y agoYou have to read the statute approved by congress. You can't just assume they have not authorized this.
- lapcat 4y agoYou misunderstand. This isn't a bank bailout. These are direct loans held by the federal government itself, otherwise there wouldn't even be a question about whether the administration had the authority to forgive them.
- jenkstom 4y agoYou know that's a lie, don't you?