[–] clubberlang [S] 0 points 1 point 1 point (+1|-0) ago
Former Vice President Joe Biden has his own $750 billion student loan plan.
Isn't that the same amount they stole from the tax payer to bail out failed banks?
[–] numberonewebhandle 0 points 4 points 4 points (+4|-0) ago
So they do have the power to do all this
[–] sohelpmehannah ago
This is quite the interesting order.
Student loans are not collected (but do accrue interest) while students are actively enrolled in college. All of these college students no longer attending classes will not have to start paying until 6 months after the last semester they were enrolled, which means anybody not graduating doesn't have to worry about making payments.
Interest on loans is probably at most $100 for most students, many in the $20/mo range I would suspect. What exactly is this going to do for the economy?
This is all supposing that the reason for waiving interest is because classes are canceled at most schools?
[–] captainstrange ago
Many of these kids don't have $500 in an emergency.
This will go a long way toward preventing the medical bills that would accrue if they were to riot (and needed a few batons to the head to calm down) all because they had to choose between interest payments and ramen noodles.
[–] sohelpmehannah ago
Possibly, but what are the actual numbers?
Students currently in school probably have on average $40k in debt, or less - what is the monthly interest on a $40k loan? About $175/month, and that doesn't need to be paid (of course it helps to pay it). Student loans typically start collecting after graduation (6 months after last enrollment) which includes any principle and interest.
Graduates who have debt of 100k or more, are the most likely to benefit - if they are paying. That interest payment is probably $400-500, but even without interest the principle payment is still $1200.
[–] aname787 ago
They also accrue interest while niggers are in a income based payment plan meaning they pay no payment while interest still accrues.
What is the purpose of this waiver? It doesn't help niggers who will never pay off the loans anyway.
[–] Handsoffmygats 0 points 3 points 3 points (+3|-0) ago (edited ago)
Well it is a fair way to not fully forgive student loans, allows the bankers to get fucked and doesn't alienate people who paid for school up front. I guess the only people who will be salty are those who finished paying off their loans.