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Old 05-05-2024, 12:13 PM
BrianL99 BrianL99 is online now
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Originally Posted by Vermilion Villager View Post
I am sorry you do not understand how this program works. Your home mortgage comparison is apples to oranges. "not much different" as you put it IS different. A bank is a for profit entity.
1. Not every student loan qualifies. 2. the student loan has to have a minimum of 20 years payback history. 3. 100% of the principal must have been repaid. 4. The Government BORROWS the money at a lower rate than it charged for the loan. Translation: the government made money on the loan (Profit). In these cases...20 years of profits! 5. The government is only forgiving future profit from the future interest.
Student Loan Forgiveness will cost the USA $400 BILLION over 30 years, according to the Congressional Budget Office.

Biden's student loan forgiveness plan will cost $400 billion, budget office says : NPR

Not FOX news. Not CSPAN.