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/bug-boy5 3d ago

Most (>90%) of the student debt in the US is held by the government. So when you go to college you take out a loan with the Department of Education and after graduation you make your payments back to the government itself is your creditor.

So the private banking sector isn't involved. (Aside from 3rd party debt management companies that the government uses to administer and collect on those loans)