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Author Topic: Biden Extends Pause on Student Loan Repayments, Again  (Read 194 times)

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Offline mystery-ak

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Biden Extends Pause on Student Loan Repayments, Again
« on: December 29, 2021, 09:21:53 pm »
Biden Extends Pause on Student Loan Repayments, Again
By The Heartland Institute | Dec 29, 2021 3:00 PM ET

On December 22, President Joe Biden announced that he has unilaterally extended the pause on student loan repayments for an additional 90 days, through May 1, 2022.

The latest pause on repayments, which is now the third postponement under Biden, “has given 41 million Americans badly-needed breathing room during the economic upheaval caused by the global COVID-19 pandemic,” according to the Biden administration.

As of this writing, the student loan debt burden stands at a staggering $1.7 trillion. About one-third of the 41 million Americans who hold student loan debt are in delinquency or default.

This begs the question: Is it wise for the Biden administration to kick the can down the road yet again when it comes to stalling student loan debt repayment? In a word, that answer is a resounding no.

For better or worse, the 41 million Americans who are on the hook for $1.7 trillion in student loan debt entered into those contracts willingly. As such, every single one of the 41 million Americans who owe student loan repayments is contractually obligated to repay the amount they borrowed, pandemic or not.

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https://redstate.com/heartlandinstitute/2021/12/29/biden-extends-pause-on-student-loan-repayments-again-n498799
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Offline Fishrrman

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Re: Biden Extends Pause on Student Loan Repayments, Again
« Reply #1 on: December 29, 2021, 11:33:49 pm »
The vast majority of these loans aren't going to be "paid back". Not soon. Not ever.

They'll either be excused by the feds, or existing bankruptcy laws will be modified to that the former student borrowers can discharge their debts via bankruptcy.
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Offline Hoodat

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Re: Biden Extends Pause on Student Loan Repayments, Again
« Reply #2 on: December 29, 2021, 11:43:21 pm »
They are pausing the payments, but not pausing the interest.  Instead of paying down on their debts, these borrowers are seeing their student debts increase.  Three more months on the road to serfdom.
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Offline The_Reader_David

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Re: Biden Extends Pause on Student Loan Repayments, Again
« Reply #3 on: December 30, 2021, 03:02:28 am »
Quote from: Hoodat on December 29, 2021, 11:43:21 pm
They are pausing the payments, but not pausing the interest.  Instead of paying down on their debts, these borrowers are seeing their student debts increase.  Three more months on the road to serfdom.

Not so.  The terms are the same as when Trump started the administrative forebearance on undergrad student loans:  all interest rates are set to 0% and no payments are required.
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Offline Hoodat

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Re: Biden Extends Pause on Student Loan Repayments, Again
« Reply #4 on: December 30, 2021, 03:15:53 am »
Quote from: The_Reader_David on December 30, 2021, 03:02:28 am
Not so.  The terms are the same as when Trump started the administrative forebearance on undergrad student loans:  all interest rates are set to 0% and no payments are required.

My older son is still getting hit with interest each month.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline The_Reader_David

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Re: Biden Extends Pause on Student Loan Repayments, Again
« Reply #5 on: December 30, 2021, 05:48:08 pm »
Quote from: Hoodat on December 30, 2021, 03:15:53 am
My older son is still getting hit with interest each month.

What sort of loans does he have?  It can't be the standard Stafford Loans (whether subsidized or unsubsidized) -- my kids have those and they've have 0% interest and no payments since Trump announced the administrative forebearance.  They didn't pause interest on Graduate PLUS Loans, so we never took advantage of the payment pause on my wife's.  Some private student loan lenders followed the Feds lead on payments, but not interest (for which blame the banksters not the Feds).
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