This is well said but I’m also reminded of “The wicked borrows and does not repay, But the righteous shows mercy and gives.” Psalms 37:21
Our pocketbook reveals much about our heart. One of the reasons for living below your means is not just to increase funds for a rainy day but to enable you to increase your generosity, that’s the biblical goal. But taking from others or reneging on financial commitments you have made is a lack of integrity.
I’m very disappointed that the United States continues to make stupid financial decisions that impact low income taxpayers like me and straps the next generation with the overhead of paying for your choices rather than being able to pay for the opportunities and responsibilities that arise in our own generation. Socialism is generational theft.
From Dave Ramsey:
“There are a lot of mixed emotions across the United States today. On one hand, people with federal student loans (making less than $125,000 per year) will now have $10,000 of their student loans forgiven. For those who are also below that income amount and received a Pell Grant in college, they will have $20,000 of their loans forgiven. AWESOME!! We’re celebrating with you!
On the other hand, there are people who worked hard to pay their (or their children’s) way through school or have already paid their loans off, and they are NOT happy. They have every right to be angry. We’re pretty pissed off for you too.
This all comes with a price tag of 300 BILLION dollars. Who pays that bill? The taxpayers. This is not free money. It will come at a price.
If this crisis is so horrible (it is) that they are actually forgiving $10,000 worth of loans, then why aren’t they going to stop MAKING student loans? It makes no sense, and this problem will just continue to hurt Americans.
For those of you who still have tens or hundreds of thousands worth of student loan debt left to pay, we are STILL with you, and you still have the ability to fight your way out of this mess. Don’t forget, no matter what impact today’s news has on you personally, you are in charge of YOUR life, and your future success is thanks to YOUR hard work and sacrifice. Do not give up! We’ll be here cheering you on every step of the way.” August 24, 2022 Facebook
One thought on “In the News: Student Loan forgiveness (at first)”
Hey here is the thing, your article is spreading nothing but pure propaganda without any facts. Here are the facts: Studentloanjustice.org. Everything in that site is FACTS and is nonpartisan. Student loan debt is unconstitutional it violates amendments 13 and 14 for being a modernized and weaponized lending system that attacks the elderly, the youth, and minority groups. In fact every 1/4 people hold student debt that they are unable to pay or cannot pay back. The predatory practices of student loans go back to the 60s when over decades the bankruptcy rights were stripped away from student loans. Since before the pandemic (2019) over 85% of all borrowers were never going to be able to pay off their loans due to the compound interest. In fact many borrowers as it stands WILL NEVER be able to pay off their loans. With no bankrutpcy protections in place, this leaves borrowers in limbo since the federal agencies that issued these loans have all the chips in their favor to waive, modify or even abuse contracts against the borrower. This includes no knock search warrants, in fact a man was arrested for not paying back 1,500 of his debt that he could not discharge in bankruptcy….Over money! Money! This is completely not what the founding fathers had in mind. The founding fathers called, before the declaration of war a unified and fair bankruptcy protection system. This is a feckless, and very weaponized, destructive, vindictive and hostile lending SCAM.
It is beyond time to cancel all student loans, return bankruptcy protections and end this catastrophe before it destroys our nation. I hope you read this Ryan because this article is nothing but pure nonsense. Taxpayers will suffer NO burdens as a result of student loan cancellation, in fact the system has been more than paid for by decades of students paying back their loans over and over with no reconciliation. The balance is unpaid principle and interest that’s it! PPP loans took from the treasury and added to the deficit so the real people you should be blaming are the recipients of the PPP loan program. This program took from the taxpayers and bailed out big corporations, big banks and heaven help me…wall street. Do you honestly believe that PPP loans were used conditionally? No they were not, instead we had big athletes, big movie stars, and politicians such as Marjorie Greene Taylor who received millions of dollars of bailouts for businesses they 1. Did not own or 2. Did not have employees to pay during the pandemic. So then Ryan isn’t it hypocritical of these opponents to student debt cancellation who received tax payer bailouts to point the fingers at the borrowers who 1. Are not able to pay back their loans due to their minimum wages and compound interest. 2. Cannot discharge their loans through bankruptcy or have any consumer protections in place. 3. A feckless and low ball 10k cancellation? The cancellation should have been full not partial and NO means testing.
Here is another point to counter your arguments above. The federal loan pause has almost gone for 3 years and has the economy crashed? No it has not, in fact young people have been able to start buying homes since the burden of student debt has been paused and they can start putting money back into the economy. Cancelling student debt will allow young people AND the elderly to start putting money back into the economy because they can invest in meaningful things like supporting small businesses, buying new homes, investing in their futures. Why should education be treated like a crime? Education benefits society, every other country in this world praises higher education. The United States privatizes and subsidizes education and punishes everyone except the super rich from pursuing an education. Without it? We as a society will fail. Think about the teachers, nurses, doctors, police, scientists and law advocates. You have to have a license and an education to become all of these. Yet many of these people hold student debt. If you only believe in the propaganda that ‘liberal arts majors’ are worthless degrees? Hey here is some news or you loser. Those TV shows you watch, those paintings on your wall, the photographs at your wedding which were professionally edited and fixed, the books you read, the articles you read, the movies you go to on weekends, the video games you play. Every one of these were artists who went to college so you better think twice before you say anything negative about art degrees kay? I guess then by foolish right logic, all art degrees are ‘worthless then?’ Try again
I hope you read well Ryan and actually read the facts on student loan debt then do yourself a favor and rewrite your article citing actual facts about the burden of student debt and why it needs a complete overhaul, cancellation and the return of bankruptcy. Go watch Loan Wolves on Peacock streaming services or MSNBC. Do us all a favor and actually spread facts, not lies.