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|User Info||Student Loan 'Forgiveness'?; entered at 2022-04-30 08:47:14|
Registered: 2019-05-07 Atlanta
USA continues to act like it has vast amounts of money and can do whatever it wants. The reality is we were that wealthy but corruption, scams and complete mismanagement of our finances have turned us into an economic basket case living on fumes.|
I think most student loans nowadays are private and so not subject to any federal action Biden might take without laws being passed by Congress. Students can only borrow $5k/year without a co-signer which pays for diddly squat. I wonder how many financially illiterate family members like parents, grandparents, aunts & uncles got pulled into co-signing as they were all told spending any amount of money on your education is the greatest investment you can ever make?
Personally I say fuck these companies that made loans to 18 year olds with no regard to the degree because they knew they were getting a virtual slave who would owe the money to the day they died. Let the loans be discharged in bankruptcy with no other complication.
Look at John Mauldin's (free) blog this week where the content is from a guy called Ben Hunt. He really puts a knife in the back of the Fed. It is shocking those people have no real world experience.