Education
Are Student Loan Borrowers Looking For a Handout?
Are Student Loan Borrowers Looking For a Handout?
Here’s The Scoop
In a startling revelation, the Department of Education announced that nearly nine million individuals failed to make their first student loan payment after the pandemic pause ended this fall. This represents a staggering 40% of the 22 million people who had payments due in October.
To put this into perspective, less than 26% of borrowers missed their payment in October 2019, before the pandemic pause was implemented.
The Biden administration has been scrambling to protect borrowers from the “harshest consequences” of missed payments such as delinquency, default, and mandatory collections. This comes after the Supreme Court struck down Biden’s colossal $430 billion student debt relief plan that would have wiped out the loans of 40 million people.
Despite this setback, Biden has managed to forgive up to $116 billion in student loans for more than 3.4 million people. The administration has also introduced the Saving on a Valuable Education (SAVE) plan, which reduces monthly payments to $0 for millions of low-income borrowers.
Critics argue that forgiving student loans is unfair to those who sacrificed to pay off their loans, especially since taxpayers ultimately foot the bill for any government-funded debt relief. Michael Burry, the investor known for predicting the subprime mortgage crisis, has called the lower repayment numbers a “red flag.”
What do you think? Let us know by participating in our poll, or join the discussion in the comment section below!
Mark Smith
January 7, 2024 at 8:02 am
hey lets go to school for some easy courses that will never land a job but Gender studies and sign holding at protests will surely find us a good paying job to pay for that worthless degree we get. And we’ve never had to pay bills before so they really won’t expect us to now.
Grizz Mann
January 7, 2024 at 8:29 am
I have a PHD and use it often (Post Hole Digger).
Trent wuchter
January 7, 2024 at 8:54 am
The longer the left hands out money and is allowed to buy votes the longer they stay in power. I thought we had laws against buying votes. Shouldn’t that keep Biden off the ballot.
Donald R Cook
January 7, 2024 at 9:15 am
there are Laws, but the Democrats are above the Law.
Are these students actually American Citizen's? I had to work 2 jobs to pay off my son's loans. Will I get a refund on what I paid?
January 10, 2024 at 6:54 pm
100%
Denise
January 7, 2024 at 12:28 pm
Some perspective: When I first went to college in 1981, I paid for tuition, books, and living expenses working at a Taco Time. It was doable. My tuition was around 500 per session. I dropped out after 2 years, started my family, and then went back after my kids were in school, and I had figured out what I wanted to do with my life. Tuition had increased to several thousand dollars a session, so I had to take out loans to make it possible. I graduated in 1998. After paying on those loans for over 20 years, I now owe more than I started out owing when I graduated. I will continue to owe on them until I die, even though I had repaid the original amount and then some back. If we don’t help the kids going to school now, we will eventually have no teachers, no doctors, no lawyers, etc, no society that functions. Is that really what we want?
And no, I’m not saying the trades aren’t valuable – we definitely need more people going into them as well. But I like to think that things like medical care will be available in 20 years also.
Nancy LaPorte
January 10, 2024 at 7:05 pm
Then why is this administration allowing so many poor people with no education into the country, instead of bringing in legal immigrants that actually will be good for our economy in the medical field, etc. Plus, everyone hires on DEI instead of good grades and merit, so getting a recent college graduate might not be the best bet in today’s workplace.
Carol ANN Spencer
January 7, 2024 at 5:34 pm
IT’S A PATHETIC VOTE BUYING SCAM. IT’S THE SAME ONE HE USED IN HIS 2020 CAMPAIGN, IT WILL NEVER HAPPEN AND ONLY MORONS BELIEVE IT WILL.
Joanne Martin
January 8, 2024 at 10:23 pm
Absolutely no excuse for not paying your student loans. The people with loans are part of the worst generation of kids in many many years. Entitled, spoiled brats with no conscience. Djsmenn B on every one of you. I will not pay your loans. You should be punished in some way the same as if you didn’t pay a mortgage or any other contract you signed!
you
David Brown
January 10, 2024 at 6:14 am
You took out the loans to become a respectable citizen pay them off and prove that your education was for something.
Nancy LaPorte
January 10, 2024 at 7:08 pm
Then why is this administration allowing so many poor people with no education into the country, instead of bringing in legal immigrants that actually will be good for our economy in the medical field, etc. Plus, everyone hires on DEI instead of good grades and merit, so getting a recent college graduate might not be the best bet in today’s workplace.
Tarheel
January 28, 2024 at 8:27 am
When the government stepped in to manage student loans that is also when universities started increasing tuition to unrealistic amounts. They knew they would get paid and the government made it easy to apply for many students that realistically shouldn’t have wasted 4 yrs with a worthless degree. I would also hold parents partially responsible for not doing a better job of policing their child’s choices. A lot of kids are mature enough, sadly many are not and had never been held accountable for anything which turned into 4 yrs. of “lets party”.
Kennon C Domingue
April 25, 2024 at 11:10 am
If their student loan is forgiven and I have to pay for that loan then I should be able to claim them and their dependent on my taxes and their diploma should be invalided.