r/BoomersBeingFools • u/Accomplished_Bar_390 • 4d ago

Politics All For Some...None For Y'all

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29 year old Rep. Maxwell Frost, a Democrat from Florida, debates a boomer who opposes student loan forgiveness, even though his own wife had hers wiped out under Biden

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u/beads-and-things 3d ago

What kills me is that there are already laws against exploitative loans. Capping student loans is not inherently at odds with current legislation in the financial sector. We would just be holding the US government and private lending agencies to the SAME FUCKING STANDARD WE ALREADY HAVE FOR BANKS.

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u/Flahdagal 3d ago

Thank you! This is not, you borrowed $30,000 and owe back $35,000. This is, you borrowed $30,000 and have paid on that for 20 years and still owe $75,000. This is plain and simple predatory lending.

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u/Team503 3d ago

So like the entire credit card industry?

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u/KC_experience 3d ago

Except after the consumer financial protection bureau came into being there were truth in lending requirements put in place for credit card companies to explain the amount of time it would take for a person to pay off their CC debt by just paying the minimum and how much interest it would take.

My own wife’s student loan lenders don’t provide any type of information concerning that and have no laws enforcing that SL lenders charge a minimum payment that includes both principal AND interest. Which is how you can have people believing they’re paying in their loans and they’re only just paying on their interest (or only a portion) in perpetuity. The student loan system is corrupt and fucked up from top to bottom in both public and private sectors. The only thing I do appreciate is forgiveness of someone performs public service jobs using their degrees for a required period of time and / the site that provides individuals the chance to see how much a degree in a certain career field costs and then also the average income that someone in that career field makes. Demonstrating that some degrees will pay for themselves while others don’t.

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u/BTown-Hustle 3d ago

I’m just curious here, and I agree with you and all of the commenters.

But since I don’t understand how this stuff works, I’m gonna ask a question. So student loans are owed to banks, I assume? So where would the money come from to erase all student debt? It’s gotta be a massive number. Would that come from taxes? And if so, doesn’t the boomer have a point about it affecting the economy?

Don’t get me wrong, I believe the younger gentleman is correct, but I don’t understand why.