Many people were excited to hear from the Biden regime that they were going to have some of their student debt “forgiven”.
Obviously, there is no student debt forgiveness in this regard. What is actually happening is the debt is being shifted onto everyone else. They took on the agreement to pay back a debt, and we have to pay for it instead of them even though we never cosigned the loan.
Of course, there is a lot that can be said about student loan interest rates, the outrageous price of going to college now, and the lack of any real motivation for these students/former student to pay back on their loans. They have nice houses, nice cars, nice phones, and nice jobs, but no real intention of repaying back their loans.
I know that paying off your debt is a hard thing for people to do. When you’re paying off debt, it just feels like you’re throwing money out the window because you’re not getting anything in return, or so it seems. You are getting something long term. You’re getting your own money in the future instead of throwing it away every month. But for most Americans it’s difficult to invest in their future unless they are really making a lot of money, like $250,000+ per year.
Another thing about the student loan situation and not paying it back is because too many people go to colleges that cost way too much money to get degrees in career fields that don’t pay enough.
Well, not Joe Biden is backpedaling on the student loan forgiveness plan. According to The Epoch Times,
The Biden administration quietly issued an update to its student loan forgiveness plan on Sept. 29, drastically scaling back eligibility, on the same day that six Republican-led states filed a lawsuit against President Joe Biden, claiming his student loan forgiveness plan is illegal.
As of Sept. 29, borrowers who have federal student loans that are owned by private entities and not by the Department of Education will no longer qualify for the relief program.
Previously, the administration had said those borrowers with student loans owned by private entities, many of which were made under the former Federal Family Education Loan (FFEL) program and Federal Perkins Loan program, would qualify for relief of up to $10,000 or $20,000 in loan forgiveness, as long as the borrower consolidated his or her debt into the federal Direct Loan program.
The guidance now states, “As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans.”
So, they’re saying that if your loan isn’t held by the Department of Education, you cannot obtain the relief. IF the loan is from a privately held group, no loan forgiveness for you.