President Joe Biden announces a federal student loan relief plan that includes forgiving up to $10,000 for borrowers — up to $20,000 for Pell Grant recipients — who make less than $125,000 per year. #CNN #News
Biden announces student loan forgiveness plan
The problem was greedy for profit colleges. I taught at one – sad scams for so many.
@Papa Wheelie no, I knew the definitions already.
Mostly from that “useless degree” you think people my age got.
Yes that is the problem. I say they should eradicate $10,000 for everyone — not reallocate it to the general taxpayers as many are claiming. Just wipe it out, clean slate, and the greedy institutions automatically lose $10,000 per student.
@GotohellQultist Gender studies? 😂
Universities around this country have endowments in the billions of dollars. In 2021, Harvard University had an endowment of $53.2 BILLION. That’s just one of hundreds of universities in this country. How about making them pay forward and put money in a tuition forgiveness plan.
@Rick Caldwell sure pal 😉
@Chris what is your tax burden? How much do you contribute?
How about starting by cracking down on colleges overcharging kids instead of just giving them more money.
@Serena Kane First, I wouldn’t vote for Biden if my life depended on it. So, wrong on that point. Secondly, why should anyone pick up the tab for others decisions? I agree that the cost of tuition is outrageous, but if you agree to it, it’s YOUR responsibility, not anyone else’s.
@TheJman 7 I am against student loan forgiveness but these schools charge horrible prices. They are only accessible to upper middle class people who will cosign a loan which is why they aren’t getting of all people a free ride. The rich want a free ride here. Tuition for private schools and grad schools is enormous if we incentivized the rich to help out it would work out for everyone. I have no sympathy for the upper middle class but there are people who actually have to work their asses off. They should not be forgiven of the loan but if rich people want to help and get a tax credit for it better than free college. If we do not give a middle ground college will just be for the wealthy.
This guy graduated with top honors remember?
At least he can read! 😂
He is the president of the most powerful country on earth, remember?
@Dave nice bro
Near bottom of his class. And it shows.
@YouTube WantsToSilenceMe but you know who is last in class.
The interest rate is a key problem. Cap the interest rate and that will help a lot.
330 Million People in the US and this is our President. We don’t care about your Dad, let’s talk about Hunter’s Jobs?
@tommy 2tone how about stop sending billions of dollars to ukraine
@David Cronberg That’s right. Where they can’t account for 70% of it. It probably went to Russia.
I would wish it was around 5%. I defaulted on my student loans. Immediately my balance of 56,000 jumped up by 14,000 in fees. Thus my balance became 70,000. They garnished 15% of both my wages and my Social Security. They took my 1,000 federal income tax. Even taking all that money, my balance ballooned up to 73,000. Really makes it hard to repay my loans if I have to live with just the bare essentials. Yes the interest is eating me alive. Bankruptcy is not an option, it will not clear the debt. At least this forgiveness will help a lot. But the light at the end of the tunnel is just a bit brighter.
If the interest rates are too low people will just take them out to get things like pay off mortgages and cars or invest in the stock market and make more on the interest of the index funds than the loss in interest of the loan. If you want to cap the interest rates there needs to be a crackdown on how many loans you can get and what you can spend them on. Right now you could literally take your student loans and use it to take a trip to Hawaii for a week and that needs to be stopped.
Crack down on the predatory private loan companies like Sallie Mae.
@Mike Hunt Yeah no, that’s not what happened, they had to FORGIVE, 2 billion in loans, that’s writing a check for 0. They had to give up writing off their uncollectable accounts, which amounted to 2 billion. The criteria for eligibility was that the borrower had to be delinquent for over 12 months and pending “charged off” status. They only lost the write-off on their taxes of that acknowledged loss. They weren’t going to collect a penny of that 2 billion nobody had paid on it in years. Usually lenders could write those loans off as losses for tax purposes, their settlement was losing that write-off. They still get to collect the ballooned loans from all the borrowers they swindled who can afford their swindled payments. It was pathetic.
And there are others out there too.
@Christine Hunt you have that backwards. It was privatized then when the government took over the prices skyrocketed because the schools knew they were going to get paid.
@george wakai They will become “debt free” by passing their debt on to others. The debt doesn’t just disappear. The likelihood they will remain debt free is zero. Their predisposition to bad choices assures that.
Why would I be jealous of people that continuously make bad choices and are buried by their own mistakes? I made great choices, worked hard and I retired early and now live a life of leisure.
@DiS♡F All terms must be spelled out in writing for them to be enforceable in a loan contract. Verbal terms can’t supersede the written terms. As with all contracts, read and understand the terms before signing.
A person that is prepared to attend college should have a reading proficiency adequate to understand a written contract. If they do not, they have the option of taking it with them to be reviewed by someone more competent.
No one is forcing them to attend college. No one forced them to sign for a loan. Any desperation is of their own making.
They should make the universities help pay for this. And textbook manufacturers.
I like Biden‘a stories. He. Has. American. History.
They?
You signed the dotted line for indoctrination pay the bill. Not me
@Tawny Bees Yes, it makes @Greg Ed better than any person who took out a loan and now wants it to be forgiven.
It wasn’t exactly free for me. I borrowed 45K Paid them 68k over twenty years and had a balance of 95k after 20 years of payments. Then I got forgiveness through the limited public service loan waiver in January of 2022 . The administration is enforcing a law that was passed close to 15 years ago in October 2007
Never. I will never ever ever click on that link
I went to DeVRY. Started with 150 freshman in my electronics engineering class. Graduated as one of 13 graduates. What do you think became of those other 137 students who borrowed 12k/semester and have no degree to show for it? Those are who this forgiveness is *really* for.
@Kenia Mcguire Its too bad you decided not to make coherent sense.
Predatory school need to be close and charge
Recently, Dartmouth College received the largest alumnus donation in it’s lengthy history.
They’re not hurting for money.
Yes, and because of that their students don’t have to take out student loans. They called it the Call to Lead campaign.
One huge frustrating thing for me when I attended collage was books. I’d buy one say $300 to $400 bucks and by the end of the semester it was worth maybe $5 bucks. They have this huge business deal going on with the book companies and they just change the book on the inside out a little bit making the old book next to useless. Examples: Math book, English book, history and science. Not that there is any real change that needs to go on but its great business for the book company to sell a huge supply of books that otherwise could be purchased used instead saving the next student a bunch of money. It really sucks how much of a scam this really is!
I wish something would get seriously addressed in this spot to help keep big business out of schools and be more about education then business.
@Jeff S Huhggghhh… Yet another one
Apparently English was not your strongest subject.
I studied abroad in Germany for 2 semester my books were 58 usd when I came back I bought all used books cost over 500 dollars
Yes. Textbooks at a huge markup. That’s why I kept almost every book I ever bought; trading it back in for $5.00, as you mention, was something I was unwilling to do. I still have many of them, although over the years I did have to let some of them go. You are right, science textbooks were often horrendously overpriced. Nowadays they put the chapters online in PDF format and you can buy them that way for a little less money but not much less. But what they also do is make people pay for access to the homework problems from the textbook. You have to buy the book which comes with an access code for the homework problems and other info that is not found in the paperback copy of the book. So if you just buy the paperback book used, or at a cheaper price WITHOUT the access code, you have to pay like $150-200 for it. I know this all too well. I earned two Bachelors degrees. The first one, I earned in 1999. Yeah, books were expensive but there was none of this crap with the access codes. For my second degree, I experienced what I just described above. I spent a FORTUNE. SMH. Oh well, I guess it was worth it, I make almost three times now what I did earlier. LOL But the tuition pretty well bankrupted me.
When the U.S. government handed higher education the “,keys to the bank” in making loans to students tuition skyrocketed to the equivalent of student loan caps. Private for-profit institutions lead the way, “public-tax-supported” institutions followed. Tuition, lab fees, building use fees, etc.,etc.,raised according to Pell Grant, Student loan eligibility…capitalism at its very worst.
Well said.
That would not be capitalism, that would be socialism.
It depends on where you are. In my state tuition increases are controlled by the state. As the news report said, states have cut support for public higher ed (this is everywhere, not just red states) and so schools were allowed to raise tuition to compensate. Private, for-profit schools are (with very few exceptions) atrocious scams intended to bleed students and the government.
That’s Government at its worst, lol. Colleges are responsible for the cost of Education…period. And Government fed them
You know what’s funny you watch political news and it’s rich people interviewing other rich people talking about poor people and how they know what it’s like think of it
1 Walter Geniusz Fuk what you saying it here 😠 https://www.youtube.com/watch?v=_jjyWP6ii-s
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Australians gets zero interest loans from the government for University that you DONT have to start paying back until you start earning a minimum of like 65,000 per year
1 David Lu Fuk what you saying it here 😠 https://www.youtube.com/watch?v=_jjyWP6ii-s
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
It’s not zero interest. Its roughly 3%.
You might want to add that’s Australian dollars, so like 45,000 USD
Additionally, while I was repaying my college loans i had to watch my account like a hawk, both from the university and the loan company as for some reason, I would find double charges, dropped grants and scholarships .. etc. I always had to inform them of these issues.
I would NEVER take out anymore college loans due to the crooked(?) behavior from the university and loan company and I want to warn everyone NOT to do it!
good advice !!
Nancy Pelosi, July 2021: “The President does NOT have the power to cancel loan debt.”
@GODLOVE except he doesn’t
@Whoiscam0 it doesn’t mean he has the power to do it. This will for sure end up in court
@Whoiscam0 that’s not true at all
@John B him doing it means he had the power to do it regardless of if it’s going to end up in court. I think we’re having a words misunderstanding here.
Get rid of student loans and watch tuition go back to 1970 levels. Sadly, coaches might get a pay cut, no more luxury dorms or on-campus waterparks, and the humanities department will go back to getting paid their fair market value.
Bingo
that’s funny, you must dream alot.
I could not agree more. There is no way in hell I could afford to send my son to my alma mater. In 1979 my tuition, room and board was $8000. That’s around $20k in today’s dollars. They charge $58k today. My son is going to a state university and we are paying around $25k a year. My alma mater has turned into a snobby little 4-year country club for a rich kids. I have never sent them a donation and I never will!
First time a President has done something that will directly effect me ♥️
Have you bought gas lately?
@Jake S her parents pay for her car and expenses I’m sure
@The paradoxical tourist: travel reviews of concepts *affected
Preggy egotistical way of thinking. You realize this means people who didn’t go to college, and generally earn less money then people who did, will help pay for these college educations? It boils down to a transfer of wealth from lower class to upper class. But as long as it suits you I guess.
I love when he trails off into his grandpa story about his dad trying to send him to college, its so relatable. 🙂
I am a college alumni and I approve this message.
1 Rastaxz Fuk what you saying it here 😠 https://www.youtube.com/watch?v=_jjyWP6ii-s
Felicidades, es un buen ejemplo. 😠
5:25 Se deja ver que hay muy buenos resultados 😠😠
Saludos desde la Cd.. de world 🌹😉💖
los mortales abian apreciado tan hermosa mujer
Pay your own debt.