Lets say that you finished college in 2018....with $65,000 in debt. I looked up the monthly payment plan of an average guy (not an engineer or rocket scientist)....which the ball-park figure is $220 a month on this loan. So yearly, you might be paying back $2,640.
Even if 'Uncle' President Biden gave you $10,000 to cover the $55k remaining on your debt....you still owe $45k, and can figure eighteen more years of a monthly payment (unless Aunt Cassie or Dad bailed out some of this).
So this is what is bothering me. Once you admit that President Biden has this 'power' of just wavering off $10,000.....why couldn't the next idiot in 2026 stand up and state his/her power to waiver the remaining money (1-trillion dollars)?
It's a scary thing to think about. It's not so much what Biden might do to wreck the economy, but the next step in this overall gimmick.
For you folks who got some portion of your $100,000 trimmed off? My advice....have a bottle of booze and celebrate....knowing that he cut four years of your twenty years of pain. Then go back to work tomorrow....hoping for another miracle to occur.
I turn 71 in a few weeks.
ReplyDeleteDuring a half-century of my foundation degrees and continuing education, I never had a student loan.
But, now, thanks to obiden, I do?
.
An aside:
Seen on the always interesting Virtual Mirage:
* "I do not deny [obiden] received 81 million votes.
I deny he received them from 81 million voters."
Through the Air Force and Dantes testing....I eventually wrapped up 2 bachelor degrees and 3 associate degrees. No loans....working full time....night-school and weekend classes only. So I'm not hyped-up or happy over this. I also don't think this is the end with $10,000. There's likely a revisit in five years....with another ten-thousand chopped off.
ReplyDeleteI'd like to see all the colleges mandated to give their professor to non-instructor employee rates, and explain why a four-year degree can cost $75,000 minimum.