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re: Blue Collar Joe cancels 6.1b student loans for Art Majors..
Posted on 5/1/24 at 1:00 pm to L.A.
Posted on 5/1/24 at 1:00 pm to L.A.
quote:
Did the lending institutions say that the loans do not need to be paid back?
the us government owns the debt.
there are private loans that banks own, but all federal student debt is owned by uncle sam.
2
Posted on 5/1/24 at 1:06 pm to Bunsbert Montcroff
Wish they could at least put in some useful work to earn this "forgivess"
I mean the average art major is gonna be bumming off friends, pushing their shitty $5k a year website design business, and spending money on booze as fast as it hits their pockets
I mean the average art major is gonna be bumming off friends, pushing their shitty $5k a year website design business, and spending money on booze as fast as it hits their pockets
Posted on 5/1/24 at 4:17 pm to Bunsbert Montcroff
quote:
the us government owns the debt.
there are private loans that banks own, but all federal student debt is owned by uncle sam.
When you say "owned" does that mean that the students borrowed from the govt? Or does it mean that the govt now owns the loans by virtue of debt forgiveness? I genuinely don't understand how this works.
And if the debt is truly forgiven, who takes the loss? The US govt? If it is the govt who is on the losing end of this transaction, will taxpayers have to reimburse the govt for the loss?
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