While millions of young professional Americans are basking in the glow of Joe Biden’s generous student debt cancellation plan, they should be sure to save a little bit of Champagne for millions of Americans over 50, who, as CNN reports, are also on track to reap the benefits:
Millions of Americans over 50 may benefit from President Biden’s student loan forgiveness plan https://t.co/1tKxzJsPwg
— CNN Politics (@CNNPolitics) September 5, 2022
Is this supposed to make us student debt cancellation opponents change our minds on this whole thing? Suddenly start feeling sympathetic toward people who borrowed irresponsibly and either didn’t read or just flat-out ignored the fine print? Because it doesn’t.
If it weren’t for her student loan debt, Lark Abelson would already be retired.
The 63-year-old took out $5,000 in loans more than 20 years ago to get an associate degree in computer technology from Wor-Wic Community College in Maryland to try to make a better life for herself and her younger daughter. But she wasn’t able to find work in the field and remained in low-paying retail jobs that prevented her from paying back the debt. After enrolling in income-driven repayment plans several times, she went into default a few years ago.…
Parents can apply for what’s called a Parent PLUS loan from the federal government to help their children pay for college. About 3.6 million people currently have outstanding Parent PLUS loans, totaling more than $107 billion, according to government data.
The Parent PLUS loans were first made available in 1980 and are meant to cover the financial gap if the student’s loans do not pay for the full cost. The parent loans usually carry a higher interest rate than the student’s federal loans, and payments must be made while the child is still in school unless the parent requests a deferment.
When James and Mary Stone took out federal Parent PLUS loans to help their two sons afford college decades ago, they did not think they would still be saddled with the debt in their late 60s.
So when James and Mary Stone took out those loans decades ago, did they just skip over the part that said that they’d have to pay a higher interest rate? And that they had to make payments while their kids were in school? Because if they had read that, maybe it wouldn’t have come as such a shock to them that they’re still saddled with debt in their late 60s.
The federal government’s getting involved in the student loan business has been an absolute disaster, and it’s left millions of Americans in debt and looking to the government for salvation. That doesn’t change the fact that every single one of those borrowers signed on the dotted line.
And, it’s worth noting, Lark Abelson and James and Mary Stone and millions of Americans over 50 who may benefit from President Biden’s student loan forgiveness plan still have to help foot the bill for student loan forgiveness for millions of other Americans who are also “benefiting” from Biden’s plan.
And the rest have higher taxes and inflation because of it since the money will have to come from somewhere as it can't just magically disappear. https://t.co/IG1KLRWchc
— WhiskeyMusingsBroadcast (@whiskey_musings) September 5, 2022
Well, the people in CNN’s article seem to think it can just magically disappear. And CNN’s just fine with people thinking that. Because CNN is nothing but a willing mouthpiece for the Democratic Party.
The White House fed them this angle and CNN dutifully ran with it. #Journalism
— Doug Powers (@ThePowersThatBe) September 5, 2022
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