• 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.

      • 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.

    • 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.

    • 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.