President Joe Biden announced that his administration will forgive $10,000 in federal student loans to qualified applicants. The controversial plan is expected to launch in early October. WATCH EPISODES OF NIGHTLINE: https://abc.go.com/shows/nightline ALSO AVAILABLE ON HULU: https://hulu.tv/2wSmSrZ #abcnews #nightline #studentloanrelief
Original source (ABC/Youtube)
People need to understand one thing: THE GOVERNMENT DOES NOT HAVE THE AUTHORITY TO FORGIVE STUDENT LOANS! The Fed is DEAD! There is nobody left to regulate the payback of these loans and THAT IS WHY they are going away! Because the fed is bankrupt and doesn’t have the means to enforce the payback! BIDEN is trying to take credit for this- his playbook is blame the other guy for his actions and take credit for others efforts. He is a coward and a fool and always has been! WAKE UP PEOPLE! We are running out of time here! America is falling apart!
It's not. He already admitted it would be illegal.
The cost of education should be reflective of the real income… a skilled tradesman is getting payed appropriately the same medians college graduate… so technically the cost of college should be no more expensive than a quality trade school but instead it’s 5x-10x more expensive.
I doubt that they’ll cancel loans. They announced it to get elected and now they are announcing it at election time again.
actually, teachers bring no value to society in the age of the internet.
When do we get refunds? I paid mine off in the 10 year period they like and struggled right after college too. I had $17K in 1999 with the inflation factor that is equivalent to $33,200 today?
$10,000 and $20,000 is nothing compared to the millions and billions the US spends on things that don't benefit the average in any way.
Republicans in this country are so backwards lol
I owned a house for 20 years and 2/3 of my property tax went to the school district even though I don't have children. Over the years, I paid more than $100,000 to subsidize someone else's education. Now at age 62, my remaining $16,000 student debt will be forgiven and I can retire totally debt-free. I consider it a fair trade – we're even, thank you.
If the price of a college education had been controlled or if workers' wages had grown in line, maybe student loan debt forgiveness would never have been an issue. The real solution that benefits everyone is to keep the cost of attending college low and pay workers more so they can afford to pay their loans.
Deadbeats.
While I couldn't afford to go to college, I'm truly glad that my taxes could go to help those who decided to go into debt to do so.❤☺
BS.
This ain’t relief.
This is bringing down more taxes on the middle class.
So will these people expect the landlord to forgive their rent ? The bank to forgive car payments and mortgage ? You went into this with open eyes, no one forced you. Pay your bills, that's what I've always had to do.
Fucking joe pilled us in the debt
All Colleges are in it for the money, nothing else.
Europe does it much better. If you can’t pay back student loans after a certain number of years, they just forgive it. And most universities there are free anyway
$10,000 os an insult!!!
We bailed out Wall Street. Lets bail out regular people trying to get by!
It’s not enough! We bail out auto manufacturers, fund wars in other countries, allow billionaires ridiculous tax loops, but we can’t forgive student loan debt for people who work their arses off like public school teachers who have been unable to make a dent in principal after paying on loans for years and years? 10,000 is not enough and fu*k Boebert and her wonton soup BS. This fool works in Congress and is nearly illiterate. Forgive all student loan debt for every borrower living under median wage. Also for those who have paid on loans for over 10 years! All civil servants should have loans forgiven too!!!!!!! No paperwork, red tape and crap that lets people fall through the cracks.
Where’s my fucking money! Democratic Party buying votes again #FJB
Higher education should be free and everyone who’s made any payments on loans should be refunded what they paid.
Look at the stress that this teacher, wife, and mother of two in what appears to be a "good school" is dealing with. Now, imagine the same scenario for teachers serving in inner-city schools where the student body has likely experienced more hardships and trauma than any adult in the building could ever even imagine. Just imagine trying to teach these kids every day while simultaneously being burdened with astronomical amounts of student loan debt for degrees that your very own employer/ school district requires.
It's like being a cashier at Walmart, only having to purchase the shopping bags, the cash register, and all of the candy and other products in the checkout lane at your own expense and with a smile on your face. Oh, and the restocking and repurchasing falls on you too. 🥴
The biggest problem with this program is that is does nothing to solve the problem (the cost of a college education) and will probably make it worse. The second biggest problem is the income limits. Why should a married couple making $250k per year benefit when that is more than 2.5x median household income? Why should a person with a college education, who on average earn 3 times what someone without a degree earns, get a benefit? The majority of taxpayers are neither in the income category nor have the earning potential of those for whom they are paying for the forgiveness. Something is terribly wrong with anyone who thinks this program makes sense if they actually understand the details of the program.
That's just drops in the bucket. If you wanted to help, how about fixing the interest so we can actually get to a point of paying off the actual debt instead of it compounding forever? How about decreasing it by half, whatever amount half ends up being? 18 year olds are tricked into signing up for loans with 0 concepts of the inability to ever pay them back. We're told that we'll make so much money that it will just be a bill we pay for a decade or so and then be done and over with. In reality, the higher degree you get and the better college you attended, the more screwed for life you are. 10k won't fix that, not even slightly.
Taking out a loan is a conscious decision, presumably you will know that you will be paying the balance and interest. It is especially stupid if you are training in a field which has no market demand. Now we are creating a faulty market because debt is after all the backbone of monetary policy. In order to forgive debt you must create more debt, happens when you trade fiat currency.
Why would Connecticut have teachers get a Master's degree in education? $86,000 in school loan debt to teach in primary education is too much.
What am I missing?
College is a choice , I chose not to go why should I pay for your mistake? Apparently 12 years of free school did not make these people smart enough to know how to plan there life correctly. Sad. Simple math. How much does a teacher make, how much will I owe.. They all knew this before they borrowed the money.
Family, the college education system and student loans is prophecy. Repent 💜
https://youtu.be/5GfJXhyMs-Y
Government forgiving loans bad policy. Government should reduce interest rate to .5%. That way the taxpayers are not paying for spring breaks the college student financed with student loans.
If some people get it , everyone should get it even for those people who will borrow in the future. Everyone should get that amount forgiven regardless that it was borrowed in the past or will borrow in the future. There are some people who worried about debt that didn’t pursue higher education or people who saved to pay off loan and didn’t buy car or house. Why others should pay for other people’s debts? This really makes me consider supporting Repulikans than Demokrats.
That’ll fix inflation problem the Democraps created🙄
I paid for my college myself I didn’t need help from the government. What is this really buying votes.
This network is such a WH stooge: Biden has no authority to make budgetary changes…. Act of congress only.