Trump Education Official to Resign and Call for Mass Student-Loan Forgiveness

[OfTheCross]

A senior student-loan official in the Trump administration said he would resign Thursday and endorse canceling most of the nation’s outstanding student debt, calling the student-loan system “fundamentally broken.”

Mr. Johnson plans a long-shot bid for the Senate seat being vacated by Sen. Johnny Isakson (R., Ga.) … Mr. Johnson proposes forgiving up to $50,000 for anyone with federal student-loan debt, about $925 billion, he said. Nearly 37 million borrowers would have their entire student-loan balances canceled under the plan, he said.

wsj

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

[Idiot]

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

This is FANTASTIC!  How about my bank forgive my mortgage as well....  What a deal.  /S

[thackney]

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

You think money has no time value?  I want to borrow $100,000 from you.  I'll pay you back in 40 years from now.  No interest.

[InHeavenThereIsNoBeer]

This is FANTASTIC!  How about my bank forgive my mortgage as well....  What a deal.  /S

My mortgage is paid.  How much of a refund can I expect?  Do I need to take out a home equity line so I can be in debt?  I have a CC that I pay off automatically every month, should I run it up, too?

This free money stuff sure is complicated.

[OfTheCross]

This is FANTASTIC!  How about my bank forgive my mortgage as well....  What a deal.  /S

Well, imo, in 2008-09, they should have.

[Hoodat]

Here's what the article actually says:

WASHINGTON—A senior student-loan official in the Trump administration said he would resign Thursday and endorse canceling most of the nation’s outstanding student debt, calling the student-loan system “fundamentally broken.”

A. Wayne Johnson was appointed in 2017 by Education Secretary Betsy DeVos as chief operating officer of the Office of Federal Student Aid, overseeing the $1.5 trillion student-loan portfolio. After seven months, he moved into a different role as chief strategy and transformation officer, leading a revamp of how the agency deals with borrowers and the companies that service the debt.

Mr. Johnson said repayment trends suggest much of the debt will likely never be repaid, and he is calling for moving toward a system that gets the government out of student lending.

So the gist of Johnson's position is that the government takeover of the student loan program under Obama has been an unmitigated failure of epic proportions - a failure so colossal that there is no way to remedy it other than getting government out of the student loan business altogether.

[Wingnut]

Here's what the article actually says:

So the gist of Johnson's position is that the government takeover of the student loan program under Obama has been an unmitigated failure of epic proportions - a failure so colossal that there is no way to remedy it other than getting government out of the student loan business altogether.

If so I agree 100%.   The Gov should not be in the Money lending business.  Hell they shouldn't even be allowed to borrow money!  Such a shitty risk they are, ... even a Mafia backed bookie wouldn't hold their paper.

[mountaineer]

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

Let me know when banks lend tens of thousands of dollars at 0% interest.

[DB]

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

Instead of my daughter going in debt I paid for her tuition, approximately $120,000. It was very painful. Why should those who sacrifice and pay their own way not only be on the hook for others that borrowed but also giving the borrowers a break while I paid in full?

The bottom line is all of these high tuition costs are the direct result of government getting into the student loan business. With easy money tuitions were "more affordable" and therefore the prices went up to match what "people could afford". It is the usual liberal good intentions ignoring the actual cause and affect results that we see play out over and over. And they never learn from it.

[Cyber Liberty]

Well, imo, in 2008-09, they should have.

That sets you in very good stead with the socialist wing of the population.  That is beyond stupid, just like your lack of understanding why Interest exists.

[PeteS in CA]

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

So a bank should not be paid for the use of the bank's money? People should be able to retain part of the bank's money for years or decades for free?

[Wingnut]

So a bank should not be paid for the use of the bank's money? People should be able to retain part of the bank's money for years or decades for free?

And landlord should be prevented from evicting tenants for failing to pay rent...ever.  It is a human right to free housing.

[Cyber Liberty]

And landlord should be prevented from evicting tenants for failing to pay rent...ever.  It is a human right to free housing.

I'm sure that's already a law in California.  Evicting a family with children is nearly impossible.  90 days, minimum, I believe.

[OfTheCross]

That sets you in very good stead with the socialist wing of the population.  That is beyond stupid, just like your lack of understanding why Interest exists.

Well, if the choice was between the bank bailout and a Main Street bailout, I choose that they bail out Main Street.

They should've just let the SHTF in 08 and not bailed anyone out.

[Hoodat]

They should've just let the SHTF in 08 and not bailed anyone out.

Absolutely right.

[DB]

Well, if the choice was between the bank bailout and a Main Street bailout, I choose that they bail out Main Street.

They should've just let the SHTF in 08 and not bailed anyone out.

Yes. The ones who gambled should have lost instead of passing their losses to others. The government likes setting up casinos where the biggest gamblers win the upside and the taxpayers "win" the down side.

[Cyber Liberty]

Well, if the choice was between the bank bailout and a Main Street bailout, I choose that they bail out Main Street.

They should've just let the SHTF in 08 and not bailed anyone out.

I chose "neither" at the time, but nobody listens to me.  In '08 I had owned my house for 10 years, and never refi'ed to cash out equity, so when the inversions started hitting I was not a part of that mess.  Many other people were prudent as well, and we resent having to bail out people who were not.

I don't like "Main Street" bailouts, either.  First, the term "Main Street" is nebulous, and secondly I don't like government wealth transfers for any reason whatsoever.  When government gets involved in such transfers, the rule of Robin Hood is best observed:  "He took from the rich and gave to the poor, except what he kept for expenses."

[txradioguy]

Here's what the article actually says:

So the gist of Johnson's position is that the government takeover of the student loan program under Obama has been an unmitigated failure of epic proportions - a failure so colossal that there is no way to remedy it other than getting government out of the student loan business altogether.

Wait...hold up...you mean OTC wasn't completely honest in what he posted in his OP?

Let me find my shocked face.

[txradioguy]

I don't know about forgiving it all together...

But I think if you've already paid more than what it actually cost you to go to college you should be freed.

You haven't done very much living on your own in the real world have you?

[Cyber Liberty]

Wait...hold up...you mean OTC wasn't completely honest in what he posted in his OP?

Let me find my shocked face.

Here, you may borrow mine...

[Cyber Liberty]

You haven't done very much living on your own in the real world have you?

How do they define "bliss?"

[txradioguy]

Here, you may borrow mine...

Thanks...I seem to have left mine in my other coat.

[mountaineer]

And landlord should be prevented from evicting tenants for failing to pay rent...ever.  It is a human right to free housing.

I recommend an article I posted yesterday, "Why You Have No Right To Marriage, Health Care, Or An Education"

[Wingnut]

I recommend an article I posted yesterday, "Why You Have No Right To Marriage, Health Care, Or An Education"

I shared it to all my Facebook liberal "friends"....Didn't get one like.

[Smokin Joe]

If so I agree 100%.   The Gov should not be in the Money lending business.  Hell they shouldn't even be allowed to borrow money!  Such a shitty risk they are, ... even a Mafia backed bookie wouldn't hold their paper.

If they had, Congress would crawl to work on shattered kneecaps.