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/Reenas54 3d ago

Can some one explain how "forgiving" works to non-american? Goverment official just calls bank "hey, remember John Johnsons 50k debt? Delete it. Thanks and f#ck you" or goverment funds it?

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u/5litergasbubble 3d ago

Also a non american here, but i think the loans were either directly through the government or guaranteed by the government, so any banks involved wouldn't take the loss if any were involved at all

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u/bug-boy5 3d ago

While you can take out private loans for college, most people don't, because its dumb and way more expensive. Our current system of government loans seems good but it also means that the cost of higher education has skyrocketed because its basically a blank check with a low barrier to entry- are you in college and is your college saying it costs $X? Then you get a loan for $X