Bad ideas from a bad president – Student loads up to $20K
Posted by jack1776 1 year, 8 months ago to Government
What is this dimwit going to do with future college students? How about the people like myself that didn’t go to school but I make a very decent salary, I’m paying for that! This will increase inflation, increase college costs, increase hostilities between classes. Sounds about par for the course of destruction of the western way of life.
Approximately 5 million illegal entries so far.
And those are only the ones "arrested." processed and bused.
Quid pro quo vote creator Joe could drown in all the blood he and his handlers have spilled so far.
This is crazy... Can I have a cap on my home mortgage? I can see families manipulating incomes to slow the payback.
Learn wokeism
Lean CRT
Consider a new gender
Blame others for my problems
Promote communism
Stop working and paying taxes
Study riot theory
Promote the destruction of family values.
Etc…
the downvoter struck here also
Stealing the 2022 election as was done in 2020 will be the last-ditch attempt.
Then will come the revolt and secession by half the states.
I think an election in 2024 is unlikely.
That sock puppet's Marxist handlers say so.
However, and this is the unnerving part, the President can do damn near anything he/she pleases during a national emergency, which only the President can declare. The excuse coming from the White House is that Biden is using his emergency authority because of COVID. However, the CDC has already declared an end to the pandemic. This is a ridiculous and dangerous stretching of the envelope, as Biden is claiming that being unable to repay student loans was a consequence of the COVID emergency, so he can take emergency action even though the emergency is no longer in effect.
The question has to be, what's next? Is he going to declare a "climate emergency" and put in place all of the most onerous Green New Deal draconian restrictions by decree?
We need to expunge all of the elements of dictatorship from the republic, starting with the right of the President to be the sole authority to declare national emergencies.
lie. He claimed he would cancel their debt. Probably will be so complex few will get relief. Also the relied received may be taxed as income. Might get ugly.
Every UNIVERSITY/SCHOOL must CO-SIGN the loans students Take. They have to clearly show, based on the degrees:
1) The Odds of getting a Job Making 2x,3x,4x the Minimum Wage
2) The Monthly Payment if fully borrowed, along with the Term, and it's impact on #1
3) The Actual Numbers with Said Degrees/Majors, broken down by their offers for the last 10 years
4) So that it is clear/obvious if this makes any financial sense.
Furthermore, the AMOUNT of the LOAN that the school is on the hook for... Should be calculated based on some scale!
(A minimum of 10% and a max of 75%). Furthermore the rates for said loans should be ADJUSTED based on the SCHOOLS success/failure rate (kinda like the real market would).
And for those NAYSAYERS... Keep this in mind. I've written software DECADES ago, that used ACTUAL interest rate data over the prior 20 years, that showed PROSPECTIVE BORROWERS using Adjustable Rate Mortgages with Various Caps (e.g. Payment Rate Cap, but no LOAN rate Cap, which caused NEGATIVE Amortization), and it would show how under water you would be, if you got your loan 20-30 years ago... Because SO MANY people were being PUSHED into ARMs that could destroy them.
It's one thing to have an ARM (Adjustable Rate Mortgage) that has a 2%/yr cap, and a 5% Lifetime Cap on the rate. If the loan will NOT negatively amortize. Yes, getting a 4% loan, and paying 9% 6 years later would SUCK. But after Jimmy Carter... We had 18% mortgage rates. I knew people paying 25% for car loans.
Imagine getting into an ARM... at 8% and paying 18%
The rules were changed to make sure that borrowers understood what COULD HAPPEN.
Students should be educated in the same regards before they sign the dotted line.
And SHAME on the University System that ties "Financial AID" to "Student Debt".
(Sorry, you don't qualify for (or you do to a TINY degree) any help, but we can let you BORROW!!!!)
I left University with about $40,000 in debt, when that was ABOUT my annual STARTING salary. It was a no-brainer for me. All debts were paid!
==
Back to the point. If the University was on the hook... they would NOT make BAD loans!
They would educate the borrower.
As it stands today... I would NOT recommend my children go to University. And that is truly sad!
debt and who could no longer deal with the vicious and criminal activities of the loan servicers. If they (the debtor) were a business they could file for relief through chapter 7 or 13 and get on with their lives. Beginning in 1986 the federal government created a debtors prison system by legislating away the right to legal relief through bankruptcy only for student loans. Trump has used this particular relief to his advantage. How about J. crew, Neiman Marcus, several airlines( Virgin Australia),100's of small businesses and thousands of individual households?
The Gov's basis for this was to get major heavyweight investors to invest in the student loan market with a guarantee that they would never lose money while providing for educational financing. It was an idea of import for the time.
Present day economics, inflation of over 40%, (or more) adverse market changes in hiring and job opportunities have made this debtor category a living hell for one Lydia Mendoza a hair stylist making $25,000 with tips per year. She immigrated 5 years ago from Guatemala after witnessing her immediate extended family macheted to death.. 7 siblings and 4 adults. She nets about 1800.00 per month, pays rent of $700 pays child care of $450, has a car payment of $275 per month and we haven't gotten to food and gas expenditures...Both those expenses are up over 100% in the last year!! (McDonalds has increased prices in the last year by over 45%.)
She tries to earns extra income selling used clothing on Etsy, Posh Mark and Ebay. The shipping costs (to ship the products she sells) for the postal service, Fedex, and UPS have gone up over 60% in the last year! The anarchist loan service company demand she pay $470 on her cosmetology license student debt of $17,600 and add interest and service fees that they will not own up to. Try to get them to waive the fees or explain it.. They wont. They change servicing entity names like bad underwear, and each time they change (to escape any oversight pressures) new fees are added with no basis. Her loan balance will increase to unconscionable levels.
Bottom line is ...she cannot pay, period! She is in a debtors prison in America. She hurts and lives a grim day to day existence.
I am by no means a Socialist and I am a registered republican and constitutionalist. I just want you to see a real live example of the student loan abuse, and she is just one of thousands including medical personnel, Dr's, Engineers, photography majors, and on and on.
Please remember that the majority of these debtors were at one time valiant in their efforts to get a better education to improve themselves and to better contribute to society.
If you would like to help go after the student loan serving cabal and the Fed's continuing insensitivity to all our needs for Justice in Government. I am working on, in addition to the student debtor prison issue, the utter perversion of government funding for self mutilations for transgenders.
I agree that they became predatory. One ABUSE in the 1980s that was common.
DOCTORS who had received a few $100,000s of loans could setup shop, go bankrupt, and clear their debts.
This was the basis for changing the law.
This is BAD. But let's get to the root cause. WHEN should she have realized this was a HARD ROW?
WHEN did she decide to have a child? That ONE expense is what's blocking her from paying her loan.
If she came with the child, then AGAIN, how could she agree to such a payment?
BUSINESS PLAN IDEA: Find these "good" people. And match against people who will payoff their loans,
but with better terms. 10% is 1,760/yr You could cut her payment to $150/mo minimum to cover interest.
The loan value would never go down, but she could breathe! I'd take that investment... If she could not file bankruptcy! (LOL)
Heck, I would consider it down to 8%