Student Loan Debt $50K? No Problem Says President Biden, It’s Forgiven

Student Loan Debt $50K? No Problem Says President Biden, It’s Forgiven

One of the promises that Joe Biden ran his 2020 Presidential campaign on was that he was going to eliminate school loans. The first step of his plan was to continue or extend the present freeze on payments to college / school loans. That already existed due to COVID-19 and the Trump administration. No word on how long that ‘freeze’ would stay in place, but Biden also asked Congress for legislation which would ‘erase’ $10,000 worth of federal student loans for each ‘student’. Biden though was in talks with powerful activists and politicians that had requested to him that the amount be raised to $50,000 in some cases. Those people include Chuck Schumer, Elizabeth Warren, Ayanna Pressley and other Democratic lawmakers. They were trying to convince him to push that through as an executive action as soon as he took office. (As usual, All Sources found at bottom of article)

Don’t let the media or the Biden administration fool you. It was back in the early days of the pandemic when the Trump administration put a pause on student loan payments, froze all interest, and told collection agencies to stop going after accounts in delinquency. Just before leaving office, that pause was extended by Betsy DeVos who was on her way out of the position of Education Secretary. She extended it through the end of January. The incoming deputy director of the National Economic Council under Biden stated “On day one, the President-elect will direct the Department of Education to extend the existing pause on student loan payments and interest for millions of Americans with federal student loans.”

Sounds like a great plan, doesnt it? Sure it does! But socialism always does, however as history has taught us, it never works out in the end. WHO do you think pays for all this ‘free college’ crap? We Do! The American People Do! Our Taxes pay For Everything! .. It’s NOT FREE! … This is a very controversial subject. What wiping this debt really does is it ‘unfairly benefits those with a college education’ because they usually will earn more than someone without a college education. According to data obtained by the Federal Reserve, student load debt in the country totals about $1.7 Trillion Dollars. The average debt held by students for school is $28,950 (that # is according to the Institute for College Access and Success). … What do YOU think about college loan forgiveness? Is Biden a moron for even thinking it?? Please let us know your thoughts in the below comments.

Sources :
https://www.warren.senate.gov/newsroom/press-releases/schumer-warren-the-next-president-can-and-should-cancel-up-to-50000-in-student-loan-debt-immediately-democrats-outline-plan-for-immediate-action-in-2021
https://www.usatoday.com/story/news/education/2021/01/08/student-loan-forgiveness-biden-freeze-interest-payment/6602401002/
https://www.usatoday.com/story/news/politics/elections/2020/01/14/election-2020-elizabeth-warren-says-she-cancel-student-loan-debt-first-day-in-white-house/4460802002/
https://twitter.com/WhiteHouse/status/1347643858625196033
https://fred.stlouisfed.org/series/SLOAS
https://www.theepochtimes.com/democrats-pressure-biden-for-50000-student-loan-cancellation-by-executive-order_3685438.html