The college loan forgiveness program is much worse than you thought. In addition to the $10,000 and $20,000 giveaways, Democrats, under Biden the figurehead, are planning a new income-driven repayment (IDR) system for college borrowers.
Biden – Democrats – rolled back borrower’s maximum monthly payment on undergraduate loans to 5% of discretionary income. It also cuts the amount of earnings considered “discretionary.” Then, after ten years, the debt is wiped out under the IDR.
As if that isn’t enough, “no borrower earning under 225% of the federal poverty level … will have to make a monthly payment” at all. And even those earning more than $50,000 right after graduating would face trivial payments. He sticks the obligation on taxpayers.
It’s the beginning of free loans to a lot of people until the money runs out, and it will.
Reason’s Robby Soave explains the IDR gives universities and students incentive to stick it to the taxpayers. That is the goal. Students can borrow without concerns, and universities can keep raising tuition.
“By encouraging students to take on even more debt, and then never expecting them to repay it, the Biden administration is creating a system where everyone involved in higher education has the incentive to fleece the American people,” Soave concludes.
IDR is a win-win for the Left. Everyone goes to college to be indoctrinated in hard-left ideology. And far-left ideologues get rich as the middle class evaporates.
It’s Biden’s gift to the fools in universities. Next year, it will cost a fortune to go to two-bit college mills.
This is shocking. He’s making college free and dependent on central government.
I just want to see Joe Biden’ real medical records.
Bernie Sanders, Elizabeth Warren, AOC – free university for all, especially for the wealthy!!!!
All of this is Joe Biden’s continued bs to engage in preferential treatment to elitists and their children who have outstandingg school loan debts. For years Joe Biden has been trying to force hmself into elite circles and has been rejected with each try as they view him as a low-bred swindler and grifter who gathered his and family’s wealth by stealing and corrupt business deals, not through hard work and sacrifice. To ‘get in good’ with the wealthy Joe Biden has devised a plan which can allow him to rub shoulders with those who don’t want him around by giving preferential engagements and favors to the heavily-debted children of the elite wealthy in the form of ‘student loan forgiveness’ to win their favor and entry into the members-only clubs and circles which he was rejcted from, past and present time.Though he (for now)holds the title of ‘US president’, it remains that not even this impresses those who have rejected him. The poor, low-income, and struggling student citizens of the US hold no interest to the mega-pandering Joe Biden and who will not receive any of his ‘special favors’ for any reason since they aren’t beneficial to him. That’s the name of that Joe Biden tune and his true character and intentions.