Under Biden's student loan forgiveness, who pays off student loans to the banks?

Question

Every debt is paid. By the borrower, by the lender, Right? Wrong.
By The Government? The government is deeply in debt. So they borrow it from somebody, much of it the Communist Chinese. But the Chinese must be paid back. THROUGH YOUR TAXES. So, for example, your mom, earning barely above minimum wage folding laundry somewhere is paying off the debt of some suburban wine woman (Karen's) degree in LGBT studies Or maybe pajama boy Kaden's degree in Ethnic and Civilization studies; from which neither will never be gainfully employed except in academia.

RavVid · Accepted Answer

My gov't was claiming today they want everybody to go to University. But how many people with degrees does a country actually need and what type of degrees?

Does anybody think degrees in Feminist Studies, LGBT Studies or Ethnic Studies are likely to get a plum job? Plus if Universities are structured to take in everybody than in order to qualify most students then the academic level has to be degraded.

IQ does matter in academic studies. Above 120 is about 10% of people. Above 100 is 50% of people. Above 90% is 75%

Our Prime Mister has a pretty low IQ. Pretty much at the dullard level. If our country only needs and can pay for only 10% to have useful degrees, then it is pretty stupid to fund 50% or worse 75% to get easier useless degrees and saddle the students with debt.

University students used to have IQ's around the 120 mark but that has dropped down to about 102 or about 50% level. Manifestly University education does not increase students IQ.

I think the situation is worse than you are suggesting. It amounts to a fraud to encourage young people to enter into a large debt to get a degree that will benefit them little and prevent them from getting on in life in a more conventional way.

Then have taxpayers pick up the tab for useless degrees.

NamerOfStars · Accepted Answer

They only borrow money from "the Communist Chinese" when said Chinese people are for some reason paying American taxes. A person has to stay in the black because eventually, they're going to age out of the ability to work. A government doesn't have that problem, because more citizens are constantly being born and immigrating. It simply borrows the money from its future self. Still not particularly smart, but hardly "the Chinese are taking over!"-worthy.

For that matter, I'm very curious how you complain about the "Leftist zombies" are so unfazed by this, given that the $1.2 billion that Biden approved is less than three quarters of a single percent of what Reagan approved for the S&L bailout, without adjusting for inflation, for a CRISIS HE CAUSED. This makes your prior praise of the man very suspect indeed.

MiddleAgedClimbee · Answer

I didn't think this executive order held up. We both fully paid our student loans off, never had any assistance from the government. We got degrees that made sense and had earning potential. I do have a couple of friends that received degrees in library science, or something of that nature, with the promise of having some level of forgiveness or low interest rates from the respective universities they work at.

JacobJordan · Answer

The US owes more money than exists. They also spend more money than exists. In theory no one needs to pay it off actually. In practice taxpayers will

Dongie · Answer

How about reimbursement from mine I paid decades ago.

Hispanic-Cool-Guy · Answer

It's the government's job to take care of its people. It's the patriot thing to do. ☝️

Under Biden's student loan forgiveness, who pays off student loans to the banks?

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