Home | About | Donate

The Federal Government Owns 92% of Student Debt. Will Biden Wipe It Out?

Originally published at http://www.commondreams.org/views/2020/11/16/federal-government-owns-92-student-debt-will-biden-wipe-it-out

That’s likely forbidden by the “standstill” on any kind of new financial services regulation in an add on to the WTO that we backed particularly strongly.

It also seems to me and others to block (any?) improvements in the health insurance and banking situations from the consumers points of view. Its to encourage foreign investment in those sectors by limiting permanent (non emergency) regulation to a ceiling which is said to be the level that existed in February 1998.

Also a specific foreign country that views our students as competition with jobs they are asserting that they were were promised would likely protest our doing anything that assisted poor and middle class people who normally couldn’t afford college any more to complete it. Any kinds of subsidies in dozens of areas triggers this response now.

They want those jobs, badly. They have riots there over jobs all the time. They have tens of millions of unemployed and underemployed youth with degrees of all kinds, many of whom speak perfect English, and many of them are willing to work literally for free, or close to it. Thats a pertty powerful incentive to employ them, isnt it?

Insane as it sounds, our workers, who cant work for that little, are likely going to have to pay back their student loans even if a great many the jobs they hoped to get with their degrees , or are doing now, are outsourced.

I don’t know. Maybe we could figure out a way.

Another war or two? It would require something like that.

Otherwise we would be breaking rules and rigid ideology in a treaty provision we ourselves seem to have written and backed, strongly, just a few years ago. And we had another one of these deals on the way just back in the Obama era. So you can bet that effort is going to be revived.

Despite the lack of buy in for this extreme add on we got before. (only a few dozen countries signed on to this “Understanding on Commitments in Financial Services” including of course, us)

2 Likes

This system started out as a good thing that has reached a saturation level. It has never been totally reliable but the number of people it affects negatively is growing. It is twisted level of conformity as evidenced by the college entrance scandals recently in the news.

TIERLESS public healthcare systems work for everybody, when you have sold your country’s soul to maximizing profit, all but the richest and most spendy have to be punished for being poor.

Please stop pretending these kinds of things are right around the corner. Its bad enough as it is without having people lying so shamelessly to our young people. They should know whats going on so they can get out while they are still young. They would do much better in other countries, maybe also WTO members but not the worst and most extremist one. Then they could get married and start families, have children and live a normal life.

1 Like

All of my doctors are foreign born. They are all pretty good, two could be considered excellent, the agencies they work for not so much. One of them (medical group) is not good at all. The statistics on this are pretty weird too. Most hospitals now have a research clause. After all this time, having a choice is very important and greater consideration should be given to this Then there is custodial care that really needs reform.

I’m sorry, Fern, you of all people should know what “choice” really means in the health insurance biz.

It means hiding that there’s no real choice.

Yeah, you can still say no, and there are alternatives. The best thing is to educate yourself on this subject by asking questions. (Or get a healthcare advocate, or rather a patient advocate)

Most of my experience is outside of the “insurance biz”.

I’m not speaking for myself, and I am quite familiar with the statistics. They are quite sobering.

Doctors are starting to admit what we have long known.

The G word.

I meant you, not as in you personally. Ok, I’m not sure what the “G” word is?

Is it Greed?

“The Federal Government Owns 92% of Student Debt. Will Biden Wipe It Out?”

Is this a Joke? Do the authors not understand, it was Biden who insisted student debt could not be discharged in a bankruptcy, when the last bankruptcy bill was written? The 92% is the very reason it will not be wiped out, that debt is a money maker for the government.

6 Likes

Doesn’t the government just insure the money? More of a PPP deal?

I agree they are poorly structured.

Lets not forget that within a few years young Americans entering the job market are literally going to need a PhD in an in-demand field AND to have already carved out some kind of niche for themselves in their chosen field to get a long term stable career.

Ask STEM grads about the problems faced by postdocs getting good jobs and you’ll get an earful.

Thats why I think we need to get out of GATS and dump the TISA (and the others) insanity if we want to avoid major civil unrest. Because they should be a crime, considering how tey steal democracy. Democrts and Republicsns, both of your promises are bs and you are stealing the peoples votes and time.

It wont sit well with people whats being done. We have to cut our losses and get the F out of these trade deals, or we’re going to tear this country apart. Out means out, stop lying.

Look at all people’s precious time millions being deceived is wasting.

What kinds of evil creeps are okay with doing things like that?

1 Like

Its the unspeakable G word, and I am going to stop responding to you, sorry.

Ok, Thank you for all the information on globalization.

Will just add that the “G” word is not exclusive to capitalism.

I don’t understand the structuring, but back in the 90’s when the bill was written, and Biden lead the charge to remove student loans from the bill, I read an article showing how much money the government makes off of student loans, it was quite substantial at the time.

Ok thanks, I know Biden was involved in not being able to discharge student debt and they replaced other forms of assistance like Pell Grants. Loans were a new thing when I went to college and I considered it a bad deal then. Some people just finished their education and moved to another country to avoid the expense.

1 Like

Will Biden wipe out student debt?

Get to know Biden’s New Chief Of Staff

~https://youtu.be/nKLb4uUsero

1 Like

This is an issue I wonder how it sells with working class people who will never go to collage???Can you use these loans to buy things like cars??? 70% of the people in this country don’t go to collage. To bad people didn’t elect Warren you get the whole thing. Biden said today as he promised a 10,000 cut that is what he will do. It was nice seeing a normal person answering questions like an adult.

Glen Greenwald and Jimmy Dore must be so upset -----but I’m sure we will see them in Georgia campaigning for the republican rightwing Senate canidates???

This has never happened in the history of the USA (sarcasm). Ask the 1st Nations as to how well the USA upholds it treaties.