“It makes no sense that the average taxpayer, someone who works for a living and pays their fair share, must pick up the tab for deadbeat former students and pay off their student loans. You borrowed it, you owe it, you should have to pay for it,” noted Saul Anuzis, former chairman of the Michigan Republican Party, in a comment shared with Inside the Beltway. - https://www.washingtontimes.com/news/2024/jun/23/inside-beltway-bill-student-loan-cancellations-com/?utm_source=RSS_Feed&utm_medium=RSS
The "cancellations" this clown is bleating about are actually an integral part of the loan contracts that were negotiated two or more decades ago. If certain conditions were met/occured, the loans were to be canceled/forgiven. The Trump administration didn't honor those promises. The Biden administration has.
Calling former student borrowers "deadbeats" for having their loans forgiven as per the language in the loan contracts is an asshole bleat, and dead wrong.
Oh, and that $3,100 number in David's thread title is a gross overstatement. Note that he does nothing to support it.
Originally posted by: Kevin Lewis
The "cancellations" this clown is bleating about are actually an integral part of the loan contracts that were negotiated two or more decades ago. If certain conditions were met/occured, the loans were to be canceled/forgiven. The Trump administration didn't honor those promises. The Biden administration has.
Calling former student borrowers "deadbeats" for having their loans forgiven as per the language in the loan contracts is an asshole bleat, and dead wrong.
Oh, and that $3,100 number in David's thread title is a gross overstatement. Note that he does nothing to support it.
The article I linked concerning my post is where the information is located.
Originally posted by: David Miller
The article I linked concerning my post is where the information is located.
That insanely inflated figure isn't "information" by any stretch of the imagination.
It was inflated related to "deadbeat former students." I read the article that was published in Forbes. The CBO estimates that the student loan program will lose $393 billion between 2024 and 2034. $221 billion will be on loans that will be issued between 2024 and 2034. Payment hasn't begun on those loans. Another $34 billion will be spent on administration. $140 billion of losses will be from loan forgiveness. Since I'm still licensed to teach secondary math in two states, I did the calculation. The amount per household from loan forgiveness over the 10 year period equates to $1100 ($110 per year). So Saul gets 3 Pinnochios. https://www.forbes.com/sites/prestoncooper2/2024/06/19/cbo-cost-of-federal-student-loans-nears-400-billion/
So David is now linking to a newspaper founded by the Moonie CULT. And recently, he linked to the Epoch Times which the Falun Gong CULT runs. And he's a rabid Trump supporter.
I'm sensing a trend.
Originally posted by: Robert Davis
It was inflated related to "deadbeat former students." I read the article that was published in Forbes. The CBO estimates that the student loan program will lose $393 billion between 2024 and 2034. $221 billion will be on loans that will be issued between 2024 and 2034. Payment hasn't begun on those loans. Another $34 billion will be spent on administration. $140 billion of losses will be from loan forgiveness. Since I'm still licensed to teach secondary math in two states, I did the calculation. The amount per household from loan forgiveness over the 10 year period equates to $1100 ($110 per year). So Saul gets 3 Pinnochios. https://www.forbes.com/sites/prestoncooper2/2024/06/19/cbo-cost-of-federal-student-loans-nears-400-billion/
I greatly appreciate the calculations. But let me ask you--what was the asset value of those loans, since the language of the contracts implied that some of them would be forgiven? Surely not face value. Any loan twenty years old or older--as these loans were--should have been heavily discounted on the government balance sheet already. Thus, the contingent losses from borrowers exercising the forgiveness should have been baked into the asset valuations, and thus, forgiveness created no additional losses at all.
Another way to evaluate these loans is to consider them "wasting' assets."
In any event, these loans should have been forgiven during the Trump administration, but he welshed on the contracts.
Originally posted by: Kevin Lewis
I greatly appreciate the calculations. But let me ask you--what was the asset value of those loans, since the language of the contracts implied that some of them would be forgiven? Surely not face value. Any loan twenty years old or older--as these loans were--should have been heavily discounted on the government balance sheet already. Thus, the contingent losses from borrowers exercising the forgiveness should have been baked into the asset valuations, and thus, forgiveness created no additional losses at all.
Another way to evaluate these loans is to consider them "wasting' assets."
In any event, these loans should have been forgiven during the Trump administration, but he welshed on the contracts.
Bottom line - tax paying citizens who did not sign up for and accept loans are now going to pay for the student loans of others.
Originally posted by: David Miller
Bottom line - tax paying citizens who did not sign up for and accept loans are now going to pay for the student loans of others.
This subject is so far out of your depth that it's an embarrassment for you to try to understand it.
The loans that are being forgiven are worth $0 anyway, since forgiveness was written into those contracts and the conditions for such forgiveness have been met. I know that this is beyond you.
Originally posted by: Kevin Lewis
This subject is so far out of your depth that it's an embarrassment for you to try to understand it.
The loans that are being forgiven are worth $0 anyway, since forgiveness was written into those contracts and the conditions for such forgiveness have been met. I know that this is beyond you.
The ONLY thing "beyond me" is your ignorance.
