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Biden student loan forgiveness scheme is even worse than you think

It only starts with $10,000 in loan forgiveness. There’s much more going on in the fine print.

How is it that the executive branch can effectively spend what could total $1 trillion without input from Congress?

According to William Galston, a liberal economist writing in the Wall Street Journal:

The president has increased the amount of annual earnings not counted as income to about $30,000 and reduced monthly payments from 10% to 5% of what does count as income; for borrowers with original loan balances of $12,000 or less, he has reduced the repayment period from 20 years to 10; and for borrowers whose payments are too small to cover interest as well as principal, the unpaid interest will no longer be added to the loan balance.

The results will be dramatic. The average starting salary for students with two years of community college is less than $35,000, which means that loan payments will be based on only $5,000 of earnings—a total of less than $25 a month, including interest. Through the back door, the president will come close to fulfilling his promise to make the first two years of community college free, and almost all borrowers in this category will be debt-free after 10 years.

1 thought on “Biden student loan forgiveness scheme is even worse than you think”

  1. My issue is the messaging. My father said, say it like you mean it.
    The skullduggery of language manipulation is designed to fool us. I would have more respect (ok maybe not more) if the Dems would lay their plan out in plain sight for all to see and understand. But they don’t, they never did, they never will. And why? Because it works, and the media push the slime down our throats every day.
    In our house, we are all off all main stream media. I just wish I could cancel all news channels on my cable. Maybe its time for the snip snip.

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