The “Greedy Truth” Behind Joe Biden’s Student Debt “Forgiveness”
On the surface, the idea of forgiving debt might sound like a good thing. But that’s just what the left would like you to believe! Besides the fact that no one gets nothing for nothing in this world, and somebody has to pay for Biden’s student debt forgiveness programs – namely YOU – the taxpayers, Trump’s head of education has revealed that the whole thing was a scam that colleges have profited immensely from!
Linda McMahon, the current Secretary of Education, has defended President Trump’s decision to resume student loan debt collections, insisting that greedy colleges have “profited massively” from Biden-era forgiveness measures.
The Department of Education announced earlier this week that it would start recouping federal student repayments again from May 5 from the roughly 5.3 million borrowers who are currently in default on their loans.
In a fiery Wall Street Journal op-ed addressing the move, the education secretary blamed the Biden administration and universities for making “empty promises to students while pocketing their loan dollars.”
“Colleges and universities call themselves nonprofits, but for years they have profited massively off the federal subsidy of loans, hiking tuition and piling up multibillion-dollar endowments while students graduate six figures in the red,” McMahon wrote.
“A widely cited 2015 study found that for every dollar of increased federal caps on subsidized loans, colleges raised tuition by 60 cents,” she continued.
“Many of the degree-granting programs that qualify for student loans are worthless on the job market, but colleges continue to accept students to these programs and encourage them to borrow to pay for them. Accountability is a two-way street. As we push to hold student borrowers to account, we will also push colleges to be responsible and transparent,” her piece went on.
McMahon insisted the administration wasn’t enforcing the collections to be “unkind” — as she blasted former President Joe Biden for dangling “the carrot of loan forgiveness in front of young voters” during his successful 2020 election campaign.
Student loan collections were initially paused under Trump’s first administration in 2020 as a COVID relief measure, but Biden later extended the temporary deferment program, McMahon said, noting that the Democratic president “never had the authority to forgive student loans across the board.”
The move, she argued, only allowed students to “rack up a massive debt that is now long past due.”
“I am announcing the end of this dishonest and irresponsible policy. We will conform the department’s repayment options to federal court decisions and end the Biden-era practice of zero-interest, zero-accountability forbearances that are pushing borrowers into loan delinquency and default,” she said.
On May 5, we will begin the process of moving roughly 1.8 million borrowers into repayment plans and restart collections of loans in default. Borrowers who don’t make payments on time will see their credit scores go down, and in some cases, their wages automatically garnished.
“Why? Not because we want to be unkind to student borrowers. Borrowing money and failing to pay it back isn’t a victimless offense. Debt doesn’t go away; it gets transferred to others. If borrowers don’t pay their debts to the government, taxpayers do,” McMahon added.
That’s what they said when they convicted the Felon Trump for business fraud, tax fraud, false business records, stealing from his own charity, his own university students………… and the President claimed his actions were victimless although EJ, Stormy, Karen, and the other Trumpy dozen of allegedly abused women.
I agree they should pay or go bankrupt. Given the changes, it would be fair to buffer the surprise change in payments if one was being fair and balanced.
But payback is a bitch Your crowd tried everything including assassination. How did that work out. Dunger.
Seth seems to live in his own reality of delusion. Might need to open the windows on his doublewide to get some fresh air.
A Republican attempts assassination and he blames my “crowd.” Weird thought. Delusional.
That part of PA it’s hard to find a liberal.
What payback? Seth seems to think only liberals go to college with student loans. Conservatives can’t make college Sethie? Too stupid to get the lower cost loan. Speak for yourself, Sethmo, IMO there’s plenty of Republicans with student loans. I even bet you have debt. Not me though Sethalopolis.
Payback? WTF do you even mean. I never took any college loans and paid full for kids at really good expensive schools. Took one auto loan to build credit, on demand so 2 points over prime and paid off in 18 months. Paid my mortgage off in my early 40’s.
Always have been against total forgiveness. you must have missed that. Think the college program like subsidies or tariffs. Might have short term advantages, but long term just make the market skewed.
One thing is certain. You don’t have a clue. Take another lian and buy one.