Biden administration cancels $1.2 billion in student loans six months ahead of schedule
- Thread starter QChawks
- Start date
-
- Tags
- qcpizzasucks
From your post, "It took US 20 years to pay it back"
If you couldn't figure out a way to pay back 40k in mess then 20 years, you're proving my point perfectly. Thanks for playing... and proving exactly why Dems do this shit, they know their voters are dumb enough to eat it up.
Who was asking why general ed classes were important?
This moron can't read for context yet thinks he's smart.
You must not take the standard deduction on income taxes. It's a financial break afterall.
What is promising your constituents jobs? Tax cuts? Cheaper gas? You're a funny little guy with the things that you note. It can't be R = no problem, D = no way. Nooooooooo. You're a straight shooter, free thinker, blah, blah, blah, etc.
Oh so it’s the companies fault you didn’t pay off that loan sooner huh.
You know you can pay more than the bare minimum right?
Plus depending on the type of loan, you can save some in interest if you pay it off quicker.
Maybe they should have paying off loans as a gen ed class for 4 years students.
JFC. Can you people read? She tried repeatedly to pay it off quicker but they always put her additional payments towards the next months payment and not towards the principle. Happened every time and required a 40 minute call with multiple cs reps to change. It was intentional.
Ok if it went towards next months payment pay again the next month and it will continue to be a month ahead. If you double up another months payment you will be two months ahead. Eventually you’ll have it paid off before the required time frame they laid out for her. It’s pretty simple.
Can I just tell the bank to take my payments and use it towards the loan and not the interest. That way I can sell my home after it’s paid off and not pay the interest?
I’m guessing they will tell me I can’t do that but if I pay off my loan quicker I won’t be paying as much interest
You absolutely can. I worked in banks when I was young. People made their monthly payment then a payment just towards principle right after. It was very common.
So let me get this straight. Unless i am rreading your post incorrectly, you dont understand that any additional payments on a loan you make beyond your normal payment for a month could be applied to the principal and thought it just was applied to future months payments?
If that was your understanding, i am laughing my ass off at your previous posts to @BelemNole
You assume incorrectly, these loans will be paid off by the federal government at a negotiated value,.. Debt does not magically disappear.
That is not what I thought. But it seems that because it wasn’t paying the principle and just paying next months that she would stop playing the loan. I’m not sure how you are wanting to pay off some of the premium and still not have your loan paid off 20 years later. The interest is going to be added back on if you aren’t paying the entire loan off before the 20 years that it was originally set to be paid off in.
Of course a bank is going to apply that money toward the next payment and not towards the principal. They need to make gobs of money somehow.
OK, I have never had this issue, and am trying to wrap my head around how this works. How does the company applying it as the next payment not help reduce the principal if you consistently pay extra?
Forget about the 20 yrs. Im not concerned with how long it took @BelemNole and his wife to pay off his loan.
Thats irrelevant to you not understanding that making a payment beyond your monthly payment goes towards principal on any loan.
Who do you think had their votes bought by the this generous program? Some of Biden's bigger issues are with younger voters who supported him in 2020. Do you think this program helps many of them? You have to have made ten years of payments on $12k or less of debt
Please show me the math on who is benefitting from this and how many votes are getting bought this way
I do understand that.
I was more stating that it didn’t matter in his case when it was still taking 20 years to pay off that loan.
A bank is going to make the adjustment to continue to make that loan last 20 years if you don’t keep paying more then your monthly payment. So even if you want that extra to go towards the principle one month it won’t matter 19 years later.
Given that some unknown portion of those benefiting from this scam will be inclined to vote for Biden..
B = Number of beneficiaries
V = % of beneficiaries who choose to vote for Biden as a way of thanking him
(B) x (V) = Votes bought
As long as V>0 Biden benefits...
How many are benefitting from this "scam?" How many were already voting for Biden regardless? From $1.2B of forgiveness to a block that was probably already skewing Biden, B X V might not even be enough to trigger an automatic recount in states that have those. So my apologies for invoking math and muddying the waters for abstraction, let's get more concrete with the arithmetic please.
@Jan Itor love to see you weigh in with the cocktail napkin numbers here as well.
About the “math”. Why the $12k borrowed limit and 10 years of repayment cutoffs for eligibility? This is targeting people who most likely have very little debt remaining, not the people who are the most crippled by student loan debt.
The answer is 1) it reaches a lot people (voters) for not much money and 2) it buys the talking point “we have eliminated student loan debt for X number of people” when confronted with the fact that Biden’s student loan forgiveness promises have mostly been a failure.
Again, this really does nothing to help those most crippled by student loan burdens. In fact, it could be argued the cutoffs target those least burdened by remaining student loan debt. Why is that the approach they’re taking?
I agree with you the program sucks. The approach is openly cynical. I want to know whose vote is being bought with this? Trump can say the border was secure under his watch but the only people who believe that are people who were going to vote for Trump anyway. Trump sent me a stimmie and a letter claiming credit and I voted for Biden. Biden sent another stimmie so they've cancelled each other out as far as "buying" my vote. I'll be voting Biden despite thinking he's old and kinda sucks for one reason and that's appointments to NLRB. I'm not in any position where an NLRB I like is going to benefit me directly anytime soon. How many people are having their votes purchased?
My guess is you weren’t going to vote for Trump under any circumstance. You’re not the guy they’re targeting. They’re after the smallish fraction of voters who are on the fence or sitting on the sidelines who can be compelled to switch or get off the couch to vote. Exactly many people are in those fractions? Your guess is as good as mine.
But if I was competitively running for president, I’d have a team of actuaries and statisticians quantifying the voter fractions and coming up with probabilistic scenarios and outcomes. Then I’d be modifying my policy pitches to try to nab voters from different buckets. If I was sitting president, I might even throw out a nominal stimulus if I thought it might fetch me a few fringe voters.
I’m in no way politically connected, but I’d be really surprised if major political campaigns (aside from Trump, I’m sure he thinks he’s too smart to need the help) didn’t operate this way.
How about this isn’t the first round of student loan debt forgiveness. So it’s not just 1.2 billion. And you seem to be assuming that most would vote for Biden anyway. Maybe you can put pen to cocktail napkin here as well.
What was the first round? Where they actually processed debt forgiveness applications for programs that preceded the time any of Biden's EOs had been issued? Maybe you forgot Biden's $10k blanket forgiveness on federal loans and $20k forgiveness for Pell Grant recipients was struck down and never happened? All Biden has done for the vast majority of federal student loan debtors is reform/restructure the the repayment plans available to borrowers who owe (in part based on income) and then grant them relief from sliding backwards on what they owe if they suffer the type of hardship that would qualify mortgage borrowers some protection and modification options under HAMP following 2008-2009.
You can’t use Google?
Mr. Biden on Wednesday canceled $1.2 billion in student loan debt, bringing the total amount that he has wiped out during his time in office to $138 billion for 3.9 million borrowers.
Not an NYT subscriber. Which borrowers got the other $136.8B in forgiveness and what was it for? Are they giving him credit for approving preexisting debt forgiveness programs/applications his administration processed that held been held up previously? Everyone was so upset I was going to get some debt forgiveness because of Biden's executive orders. That never happened. So tell me who in the article got the remaining forgiveness? Or provide a link that's not paywalled?
Lol I found it unpaywalled and I was right and you are wrong you should have read it. Biden taking credit for processing existing forgiveness programs while his other ones failed.
"buying votes" must be the sound bite du jour for people who need something to bitch about.
So which is it? Biden forgave a ton of debt by executive order and that's bullshit handouts or I was right?
