Biden's Student Loan Forgiveness Bribe is a deal with the Devil. I didn't vote to pay for someone else's poor decisions; they voted to force me to pay for their mistakes. Socialism is forced servitude
I would like to see the rates adjusted retroactively and then going forward — to a non-usurious level — and the borrowers credited accordingly for moneys already paid.
The resulting balance will be a fair way for them to honor their commitments and many will find their newly adjusted debt is already paid off.
The remaning debts will be honestly owed, and in due course: freedom. Otherwise, years of debt slavery — due to both government schemes and colleges’ commensurate exploitation (with their greatly inflated tuition and housing costs, and student [& parent] wooing employees & offices. ) — to which this royal scam would bind the unwise student and or their parents.
I know of such a student. His loans (beginning in 2011) were limited, his interest 2-4x the going rate at the time. His single parent got sucked in too, but with Parent Plus loans, at an even more usurious interest rate (6.7-8.5% at the time): double that of his student loans. — With just high enough an income and just non-minority enough to be the perfect patsies.
The trick was and is: no allowable student loan can possibly cover more than a minor portion of the money needed to attend an out-of-town state U or regular private college (unless he qualifies for scholarships or special status) So the unwise parent will supplement with a second loan of her own — or else, well… the routine of college following HS, then a great job for her only precious son is out (such a myth was marketed to prospective students and parents alike as much as ever the covid vaccine was)— and I’m not talking prestigious schools here; all but a few in the entire country played the game. And only a small fraction of students were brilliant enough to merit a free ride.
Well, this young man has dutifully taken on his single fool of a mom’s obligation, feeling that it is all his burden of debt. But I think she fell into a trap many parents fell into: she failed to read her Parent Plus Loan’s fine print. It said that interest accrues from the time of loan receipt and not after graduation, as it was in her day. So, her 7.5% avg interest neatly compounded her loans by the time her son graduated.
A hard worker, he had difficulty finding a job upon graduation. Seasonal wild land firefighting for the state and interim coaching jobs helped pay the minimum to avoid penalties, while he lived at home. Now, he’s a full-time firefighter and trainer with the forest service, paid a decent salary and constantly continuing his knowledge — and still ever paying what he can (after a covid respite). It’s still uphill, the high interest loans are still roaring apace. With nearly every penny going to the govt contracted loan collector, he’ll never catch up.
In my view, the whole setup is and was wrong, and perhaps both criminally usurious and slyly conceived. Most of the student borrowers were far too immature and the parents too inattentive and foolish.
The government should be examined for their egregious actions and it must be set to right.
But NO to to blanket amnesty. It not only penalizes all taxpayers — but it doubly wrongs and penalizes those who either wisely eschewed the entire loan route, took out a more modest debt and have worked & scrimped to pay it off, and parents who were positioned so to have paid back their PPL debts quickly.
So, there is more to the story than just dumb kids who took stupid classes (which have no place anyway) and who chose majors that never had any usefulness or potential. It’s likely that far less than 40% of them actually belonged in the sham vestiges of places of higher learning in the first place. Those students— and we — certainly don’t benefit, since so many of the jobs they do get are blights on the country
There is much more to tell. But the whole thing has been a great, bloated bill of goods, hard sold and stupidly bought.
I would like to see a push to allow for student loans to be discharged in bankruptcy. Not because I believe that is a better solution, but to expose the student loan scam for what it really is. Big Government and Big Education in bed together.
I will be lambasted for this, but I am tired of hearing about basket weaving classes and blue hair.
Single struggling mothers sometimes went to school whilst working FT, when including internships, practicums and residencies, adding up to literally 80 hour weeks. I used to think anyone claiming that had to be lying.
Student loans are a usurious trap. it is slavery. You get far enough into the programs that you can't leave - then they change the curriculum to be "credentialed" IN THIS OR THAT. You have no choice. You miss out on family gatherings, compromise your health, but it is for the promise of good living *which it is at the time you begin.*
But by the time you finish, you are held on short tether to COMPLY with AMA/APA licensing body's new demands - support political agendas (this is NEW - not 20 years ago!), encourage your patients to vax (!!!!!), help with mental stress of CLIMATE CHANGE (seriously), encourage early intervention in gender "affirmation." Which of course you cannot ethically do. So you keep your head low and help those you genuinely can.
But the loans keep raising interest (when you are halfway through you have no variable/fixed CHOICE and they know it) - now @ 12% and rising. What was manageable now is ~$1600/mo. For a profession which has vanished. Not, though, the expenses (liability insurance, continuing "education," records requirements - 6 file cabinets worth, ethical responsibility for patients, emergencies, etc).
So the "unfairness" is on both sides folks. I have paid ~ $200K and owe more than I took out.
NO - not foolishness, but trust in what WAS a viable, responsible and altruistic profession.
Great article. The problem is that those who take the devil's money do not read your article, nor do they have a conscious. They laugh in our faces and call us stupid while they keep partying with our money.
The National Debt Now at a hair short of 35 Trillion will never be paid off. The vote buying give-aways to college students, "new comers" formerly known as ILLEGAL ALIENS (or our replacements) Only mean wage slavery at low wages for most. Remember when the buying power of a dollar was a dollar and living wages were around $40 a week. A ounce gold coin was $20. Of, course none of us do remember that because that was around 1912. You could also buy a new automobile for around $500. So, for this generation of students what will be the retirement age? Pensions and Social Security will be thought of as Stipends. If you remember the movie Spinal Tap, a stipend was defined as an amount so small it was not considered money.
I want my money back which I paid for my kids' education. I don't want to pay for other's basket weaving courses and their party time in school. Go out and earn your money like we all had to do.
The bribe is for a vote. It's very hard to turn down "free money", but very easy to vote red. Double cross Biden. What's he gonna do, send his thugs and demand you vote for him?
CC— May I ask you to read my post and tell me your thoughts? I think there is a solution outside of our binary discussion. Much appreciated.
I would like to see the rates adjusted retroactively and then going forward — to a non-usurious level — and the borrowers credited accordingly for moneys already paid.
The resulting balance will be a fair way for them to honor their commitments and many will find their newly adjusted debt is already paid off.
The remaning debts will be honestly owed, and in due course: freedom. Otherwise, years of debt slavery — due to both government schemes and colleges’ commensurate exploitation (with their greatly inflated tuition and housing costs, and student [& parent] wooing employees & offices. ) — to which this royal scam would bind the unwise student and or their parents.
I know of such a student. His loans (beginning in 2011) were limited, his interest 2-4x the going rate at the time. His single parent got sucked in too, but with Parent Plus loans, at an even more usurious interest rate (6.7-8.5% at the time): double that of his student loans. — With just high enough an income and just non-minority enough to be the perfect patsies.
The trick was and is: no allowable student loan can possibly cover more than a minor portion of the money needed to attend an out-of-town state U or regular private college (unless he qualifies for scholarships or special status) So the unwise parent will supplement with a second loan of her own — or else, well… the routine of college following HS, then a great job for her only precious son is out (such a myth was marketed to prospective students and parents alike as much as ever the covid vaccine was)— and I’m not talking prestigious schools here; all but a few in the entire country played the game. And only a small fraction of students were brilliant enough to merit a free ride.
Well, this young man has dutifully taken on his single fool of a mom’s obligation, feeling that it is all his burden of debt. But I think she fell into a trap many parents fell into: she failed to read her Parent Plus Loan’s fine print. It said that interest accrues from the time of loan receipt and not after graduation, as it was in her day. So, her 7.5% avg interest neatly compounded her loans by the time her son graduated.
A hard worker, he had difficulty finding a job upon graduation. Seasonal wild land firefighting for the state and interim coaching jobs helped pay the minimum to avoid penalties, while he lived at home. Now, he’s a full-time firefighter and trainer with the forest service, paid a decent salary and constantly continuing his knowledge — and still ever paying what he can (after a covid respite). It’s still uphill, the high interest loans are still roaring apace. With nearly every penny going to the govt contracted loan collector, he’ll never catch up.
In my view, the whole setup is and was wrong, and perhaps both criminally usurious and slyly conceived. Most of the student borrowers were far too immature and the parents too inattentive and foolish.
The government should be examined for their egregious actions and it must be set to right.
But NO to to blanket amnesty. It not only penalizes all taxpayers — but it doubly wrongs and penalizes those who either wisely eschewed the entire loan route, took out a more modest debt and have worked & scrimped to pay it off, and parents who were positioned so to have paid back their PPL debts quickly.
So, there is more to the story than just dumb kids who took stupid classes (which have no place anyway) and who chose majors that never had any usefulness or potential. It’s likely that far less than 40% of them actually belonged in the sham vestiges of places of higher learning in the first place. Those students— and we — certainly don’t benefit, since so many of the jobs they do get are blights on the country
There is much more to tell. But the whole thing has been a great, bloated bill of goods, hard sold and stupidly bought.
What a sorry con job. What sorry patsies.
I would like to see a push to allow for student loans to be discharged in bankruptcy. Not because I believe that is a better solution, but to expose the student loan scam for what it really is. Big Government and Big Education in bed together.
Exactly described:
“This is the price of Socialism: it is a deal with the Devil.”
“If not you, who? If not now, when?”
God bless you and your family supporting your work! You are much appreciated.🙏🙏
If only someone would come up with a way to depopulate the world of morons.... What about a medical trial that you don't get paid to partake in?
That should sort out those damned moron sellouts 😁
This article crystallizes the essence of inflation, taxes, socialism and the demise of prosperity to we the people!
I will be lambasted for this, but I am tired of hearing about basket weaving classes and blue hair.
Single struggling mothers sometimes went to school whilst working FT, when including internships, practicums and residencies, adding up to literally 80 hour weeks. I used to think anyone claiming that had to be lying.
Student loans are a usurious trap. it is slavery. You get far enough into the programs that you can't leave - then they change the curriculum to be "credentialed" IN THIS OR THAT. You have no choice. You miss out on family gatherings, compromise your health, but it is for the promise of good living *which it is at the time you begin.*
But by the time you finish, you are held on short tether to COMPLY with AMA/APA licensing body's new demands - support political agendas (this is NEW - not 20 years ago!), encourage your patients to vax (!!!!!), help with mental stress of CLIMATE CHANGE (seriously), encourage early intervention in gender "affirmation." Which of course you cannot ethically do. So you keep your head low and help those you genuinely can.
But the loans keep raising interest (when you are halfway through you have no variable/fixed CHOICE and they know it) - now @ 12% and rising. What was manageable now is ~$1600/mo. For a profession which has vanished. Not, though, the expenses (liability insurance, continuing "education," records requirements - 6 file cabinets worth, ethical responsibility for patients, emergencies, etc).
So the "unfairness" is on both sides folks. I have paid ~ $200K and owe more than I took out.
NO - not foolishness, but trust in what WAS a viable, responsible and altruistic profession.
Great article. The problem is that those who take the devil's money do not read your article, nor do they have a conscious. They laugh in our faces and call us stupid while they keep partying with our money.
The National Debt Now at a hair short of 35 Trillion will never be paid off. The vote buying give-aways to college students, "new comers" formerly known as ILLEGAL ALIENS (or our replacements) Only mean wage slavery at low wages for most. Remember when the buying power of a dollar was a dollar and living wages were around $40 a week. A ounce gold coin was $20. Of, course none of us do remember that because that was around 1912. You could also buy a new automobile for around $500. So, for this generation of students what will be the retirement age? Pensions and Social Security will be thought of as Stipends. If you remember the movie Spinal Tap, a stipend was defined as an amount so small it was not considered money.
I want my money back which I paid for my kids' education. I don't want to pay for other's basket weaving courses and their party time in school. Go out and earn your money like we all had to do.
The bribe is for a vote. It's very hard to turn down "free money", but very easy to vote red. Double cross Biden. What's he gonna do, send his thugs and demand you vote for him?
It's not loan forgiveness it's loan transfer from then to all of us.