Biden Student Loan Relief --- Yes He Is Still At It

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  1. Sharlee01 profile image89
    Sharlee01posted 6 months ago

    https://hubstatic.com/16882007_f1024.jpg

    Biden-Harris Administration Announces Nearly $5 Billion in Additional Student Debt Relief

    What are your thoughts on Biden's recent announcement regarding student loan debt relief? The Biden-Harris Administration has approved an additional $4.8 billion in relief for over 80,000 borrowers, bringing the total debt cancellation to nearly $132 billion for more than 3.6 million Americans. U.S. Secretary of Education Miguel Cardona emphasized the administration's commitment to fixing the broken student loan system.

    However, this move raises questions about the sustainability of offering student loans in the future. Some may argue that Biden's debt relief agenda could set a precedent, potentially dissuading new students from fulfilling their repayment obligations.

    There's concern that this approach might inadvertently encourage a mindset of non-payment among those who secure student loans. While the intention is to provide relief, there's a need for careful consideration of the long-term consequences and potential challenges that may arise from this significant policy shift.

    It prompts contemplation on whether the government should continue to offer student loans at all... and the unintended effects of such initiatives on the broader education and financial landscape.

    "In August, President Joe Biden announced that he would cancel as much as $20,000 in federal student loan debt for lower- and middle-class Americans. The news comes after years of student loan forgiveness being dangled as a possibility but remaining a dream for struggling Americans.

    But student loan cancellation isn’t a magic wand that makes those loans disappear—they’ll have to be paid for somehow. The question is: By whom?



    "Who Pays for Student Loan Debt Cancellation?"

    "Canceling federal student loans will cost the federal government hundreds of billions of dollars— and the general public will eventually end up footing the bill.

    According to an official estimate from the Congressional Budget Office, Biden’s student loan cancellation plan will cost $400 billion. However, the office notes that the estimate is “highly uncertain” based on the unknown of how many people would’ve repaid their debt had Biden not taken executive action and how much they still will repay.

    Biden previously stated at a press conference that “there is plenty of deficit reduction to pay for the programs.”

    But what exactly does “cost the government” mean? Canceled federal student loans would be immediately added to the federal deficit, which measures how much the U.S. spends minus how much it takes in.

    Analysts agree that canceling federal student loans would increase the deficit. But what they’re split on is how significant that addition would be, and how the government could eventually recoup the costs."  https://www.forbes.com/advisor/personal … rgiveness/

    My jaded thought --- A grift to buy votes on our dime. 

    Thoughts

    1. TheShadowSpecter profile image84
      TheShadowSpecterposted 6 months agoin reply to this

      Back when I was living in Los Angeles, I toured an Arab museum and found out that all college and university tuition is free in Saudi Arabia.  The reason the Saudi Arab government can do that is because the oil and gas companies there pay for everyone's schooling right on up through graduate school.  Joe Biden could not even achieve something like that here in the United States, because he put the ax to the Keystone XL pipeline.  Therefore, gas and oil companies here in our nation probably want nothing to do with him.

      If Donald Trump had gotten a second term in the Oval Office, he might have been able to talk gas and oil companies into funding Americans' college education to prevent future student debt.  He might have even been able to convince the oil and gas companies to help fund student debt relief.  It would probably be a deal where college graduates would have to agree to work for these oil and gas companies for so many years in exchange for these companies paying off their student loans.  I know that there are employers in both the public sector and the private sector that offer these kinds of deals to new hires.

      I cannot even fathom why Joe Biden would think that anyone would want him to run for reelection.  He clearly doesn't know how to handle these situations.  He should be banned from running for office ever again.

      1. Sharlee01 profile image89
        Sharlee01posted 5 months agoin reply to this

        I believe that if Biden had approached the oil industry differently and exercised more fiscal restraint, the economic challenges we witnessed could have been avoided. In my opinion, his decision-making lacks common sense, and he doesn't thoroughly consider the long-term consequences of his policies.

        On a related note, I'm curious about the decision-making process behind his actions. It seems unclear to me, and I anticipate that we might eventually get insights from a tell-all book, possibly authored by Biden himself. Such a book could shed light on the individuals influencing his choices, and given Biden's inclination towards financial gains, it could be a lucrative venture for him.

        I must agree, I am not sure why Biden or the Democratic party would feel he should run.

        1. Valeant profile image84
          Valeantposted 5 months agoin reply to this

          Then you surely must also question shutting down 20% of the global oil production back in April 2020, and wondering why the price of gas rises when the economy reopens in 2021 - but that 20% of the supply is no longer available.  Biden gets some culpability as well, but he's not alone.  Not that anyone ever expects MAGA to acknowledge the basic economics of supply and demand and the role that Trump policies during the pandemic had on it in the months after his presidency.

    2. tsmog profile image84
      tsmogposted 5 months agoin reply to this

      Where I stand, today, off the cuff, is anything that adds to the deficit → debt I am against. However, I think it reflects a greater problem being the cost of a college education. That, to me, is a complex problem when weighing costs compare/contrast benefits while what are those benefits come to mind. As I see it it is a matter of Return on Investment for the potential college student. That can be complex, too.

      As stated, your son has a hard time recruiting American citizens to full fill open positions. And, Grace, constantly tells us you will not be socioeconomically ahead without a college degree.

      1. Sharlee01 profile image89
        Sharlee01posted 5 months agoin reply to this

        I completely agree with your perspective. Addressing anything that contributes to the deficit and national debt is crucial. The rising cost of college education is indeed a multifaceted issue, involving a careful consideration of costs versus benefits. Evaluating the return on investment for potential college students adds another layer of complexity to the matter. It's important to address these challenges to ensure a sustainable and equitable educational system. We need better education opportunities all around America, in my view. So many can't afford college, sad it has come to this. We need to ask why.  My husband and I were able to afford college, saw well as put two children through college --- However, it was much more affordable.

        The issue typically doesn't lie in the recruitment process but rather surfaces in attitudes at times. The individual perceives a stronger work ethic in some of the men and women he has hired from other countries. Despite having individuals who have worked for him for a decade, they are still in the process of becoming citizens. It's important to note that he highly values his American employees, many of whom are recruited from institutions like the University of Michigan and Wayne State.

        I feel merit grants would be a wonderful idea to encourage students to work hard and be rewarded with a free ride. 

        Ya know --- I appreciate how you contribute to my threads. Thanks

        1. tsmog profile image84
          tsmogposted 5 months agoin reply to this

          Thanks for the reply! Let's face it as far as supply and demand the learning institutes have plenty of supply to the extent competition is very stiff. That is one reason why I appreciate the strong community college system we have in California. There are 116, yet it nears on being competitive soon based on demand for an education. There are two within 21 miles where I live.

          Those community colleges also serve as trade schools too with certificate programs such as diesel mechanics and nursing. We both know there are plenty of private learning institutes for trades at a much higher cost. 

          What I like is at the high school level beginning with 9th grade is career exploration classes with tools such as aptitude testing, personality testing, and more. That is reinforced at the college/university level having career classes for high school students. It is a matter of cost and convenience.

          Of course there is the ole' reliable testing done by military to aim a person in the right direction while placing them in that field with their training.

          Back in my day those opportunities didn't exist (1968 - 1972).

          1. Sharlee01 profile image89
            Sharlee01posted 5 months agoin reply to this

            I fully support the community college system. My journey to obtaining a Registered Nursing license began through the community college route. Discovering my passion for the field, I pursued further education at the University of Michigan to deepen my understanding of the Sciences of nursing. Community colleges provide an excellent opportunity for individuals to assess their compatibility with their chosen field. If the government aims to support education financially, prioritizing funding for community colleges would be a beneficial starting point.

            1. tsmog profile image84
              tsmogposted 5 months agoin reply to this

              I agree with the sentiment that community colleges are a wise choice for students today. I applaud your journey.

      2. TheShadowSpecter profile image84
        TheShadowSpecterposted 5 months agoin reply to this

        Joe Biden had to have flunked Economics 101 back when he was in college.

        1. tsmog profile image84
          tsmogposted 5 months agoin reply to this

          Who knows . . .

  2. Kathleen Cochran profile image76
    Kathleen Cochranposted 5 months ago

    I'd be interested to know how long it takes the average student to pay off the principle on their college loans vs. how long it takes them to pay off the interest the government charges on those loans? If the government is making unproportioned interest off students, which seems to be the case, then some form of relief is in order. This country investing in a more educated population should be seen for what it is: an investment. Not a money-making scheme off the backs of our young people.

    1. wilderness profile image95
      wildernessposted 5 months agoin reply to this

      Confusion - I'm not sure I understand your question.

      As with all loans, I think that the payment is apportioned between principle and interest - it takes exactly as long to pay off the principle as it does the interest.  In addition, if the payment is increased, giving more to principle than required, it takes less time.

      I don't know what you mean by "unproportioned interest" at all. 

      There are fewer and fewer college grads that actually leverage their education into a job that will support them and their family.  It is thus less and less an investment in our future and more and more simply supporting students in their chosen lifestyle. 

      Secondly, a college education is available that does not require massive loans.  True, one must give up their entertainment and fun times during the years they are learning their new skills and work instead, but there is no reason I can see for the taxpayer to subsidize that entertainment for them.

      Finally, the cost of college is far beyond the cost of an education in a field of study.  Sports teams, political speakers and massive entertainment programs all add to the cost but none of those add to education.  Just 4 years of fun times.  Universities can cut their costs (and tuition) considerably without losing any of their education process.

 
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