SKelley and Trump Disciples are big fans of predatory lending of all kinds.
And they hate the idea of an educated population and do whatever they can to prevent it.
They cut that out in 1978, when the law changed, and before the Gingrich bow to private predators. To declare bankruptcy on student loans, the plaintiff had to show hardship.
The average cost of college (tuition room and board) in 1977 when Kelly would have been 18) was $2,411 and $3101 four years later. Adjusted for inflation this is an average of $11,468 and (per www.usinflationcalculator.com). In 2022, the in-state public college average for TR&B was $27,330 per year. Four years of college today averages roughly $109,320 and four years in Kelly’s day $45,872. That’s 2.3 times the cost Kelly would have spent. Putting it all in perspective the $10,000 forgiveness makes it now only 2.1 times the cost—not much of a subsidy of the cost of college by the government. The way Kelly and rest are howling you’d think Biden is giving away the farm. Get a clue Kelly.
^ GOP poster boy for being “dumbed diwn”.
I hate whataboutisms, but since these barking Republicans received loan forgiveness, it isn’t false equivalency:
Rep. Matt Gaetz (R-Florida) with a $476,000 loan
Rep. Greg Pence (R-Indiana) for $79,441
Rep. Vern Buchanan (R-Florida) for $2.8 million
Rep. Kevin Hern (R-Oklahoma) for $1.07 million
Rep. Roger Williams (R-Texas) for $1.43 million
Rep. Brett Guthrie (R-Kentucky) for $4.3 million
Rep. Ralph Norman (R-South Carolina) for $306,520
Rep. Mike Kelly (R-Pennsylvania) for $974,100
Rep. Vicki Hartzler (R-Missouri) for $451,200
Rep. Markwayne Mullin (R-Oklahoma) for $988,700
Rep. Carol Miller (R-West Virginia) for $3.1 million
If only it was this simple. Kelley overlooks the numerous documented cases where colleges, disproportionately proprietary (for profit) over promised results to mislead prospective students to enroll and then they got nothing. Think Trump U times 1,000. Kelley overlook the failure of most postsecondary schools (public and private) that lured prospective students who were unprepared for the curriculum, enrolled them, took their money and provided no support for success leaving the student hopelessly in debt and with no degree and hope for a degree. Students in this latter category were disproportionately veterans or inner city and more often than not, minority.
When I went to college in the 80’s, it cost a relatively small amount, though it was more than what it cost my parents in the 50s as a percentage of income. Then the fed (under Republican pressure) started to dramatically cut assistance to students. Now, costs for higher education are a much larger percentage of income. I view this loan forgiveness as a small, retroactive investment in the nation. Although I paid back all my student loans, I am HAPPY these young people are getting a much needed break. I would gladly pay MORE taxes if we could make all state schools tuition-free — as they have done in so many countries that are outstripping us on so many levels.
Guess he should have taken out a ppp loan instead
As posted elsewhere, tuition is the 800 pound gorilla here. The college I attended charged ~$2000/year for full time students. Presently, the tuition at the same school is ~50,000/year. Biden’s plan would cover about 7 weeks of expenses (or 14 weeks for Pell grant recipients; Pell grants go to the financially poorest students).
The average college graduate pays about $7800 more a year in federal taxes than the average high school graduate. Over 30 years, that totals about $234,000. If that’s divided by the 4 years it takes to get a college education, the government breaks even if it paid every student $58,500 a year to attend school. The best investment we could make to keep America strong is to not just forgive all student loans but to make all higher education, including trade schools, etc totally free, as long as the student is making decent grades. There is no better way to spend money than, to give our people every opportunity to be the best they can be. Yes, It’s good for them individually, but the country is made up of individuals, so what’s good for one is good for the country. I do, however, think the problem of paying back tuition should be solved by never charging it in the first place. Public colleges should be free, just as public high schools are. Books can be rented instead of bought. Those who choose to go to private schools can pay the tuition required, just as those who choose to go to private schools do.
SKelley thinks the taxpayers should only help billionaires and corporations, instead of everyday people struggling to pay for their education loans.
This appears to be the RW meme of the “weak”.
Do these people knw that $10,000 is not going to wipe out many people’s student debt? Tuition at the nearest university to me is nearly $8,000 a year. That’s $32,000 for tuition, not counting fees, books or living expenses. Even the $20000 for those with Pell Grants won’t wipe it out.
Steve Kelly paints a fantasy.
Well that isn’t the issue, Steve Kelley is an uninformed moron
I thought Republicans believed in “old-fashioned values.” Well, when I was growing up, predatory lending was DESPISED by EVERYONE.
You think that kid is irresponsible? How about the guy who loaned $100,000 to a teenager who didn’t have a job? Was HE being responsible?
Practicing usury on teenagers. And some people actually defend it.
I haven’t done any research, but after zumpty-zump years of experience with economics I can’t shake the feeling that these sorta-predatory loan payments on the up-coming generations are a BIG drag on the economy, because people are TRYING to pay their loans. Relieve that economic burden and we’ll see what happens.
I swore an oath to uphold the constitution when I was inaugurated.Now, I’m in the oval office and I don’t want to.Why should I have to?Skelley’s guy DJT 2017-2021
Maybe, just maybe, if we stopped giving unnecessary tax cuts to the rich, we could better fund education and students.
So mortgage industry bailouts, bank bailouts, airline bailouts, auto industry bailouts, PPP debts, hurricane relief, disaster relief, and COVID relief are all ok, but relieving part of the onerous burden of student loan debt for 43 million people is automatically going to destroy the economy?
Oh, wait, that’s right. Can’t have a Democrat do something good for people.
It’ll probably be moot, anyway. There is definitely a legal question that says only Congress could pass this reform – which, of course, they won’t. Republicans in Congress helping people? What a laugh!
The government has been managing student loans for many years. Giving them out like candy and not caring if they can be paid back. People wonder why college costs are sky rocketing. . . it is amazing how people will spend so much money on a questionable education and think that because someone gives them money for it they will command a high salary upon graduation.
All part of the Democrat’s Cloward and Piven strategy of course.
Wow, don’t you have rich parents?
Your an IDIOT