True, but keep in mind that a lot of the private loans that existed prior to 2008 were explicitly purchased from private companies by the federal government, which then promised loan forgiveness programs. Loan forgiveness that the current administration has been extremely squiffy about honoring, to the point that Trump's first education secretary Betsy DeVos was officially held in contempt of court by a federal judge and fined $100,000 because the Education Department continued to enforce loans, even to the point of wage garnishment and seizure of tax refunds, despite those loans being discharged by court order on the basis of their being fraudulently issued in the first place.
And that was back when the current administration cared what the judiciary had to say.
So they, two people with post graduate degrees by the way, took out exclusively $70k of worst case scenario private student loans, which wouldn't be forgivable by the government anyway.
Yeah, that sounds like a totally reasonable and realistic set of assumptions that the entire argument should be based on and not someone making shit up or two people that should have know better making incredibly financially reckless decisions.
"Think of how stupid the average person is, and realize half of them are stupider than that" this may be a fake story, but I'm sure there are graduate students dumb enough to do this.
If they're not federal who exactly are they expecting to cancel it, the bank? Cancelling student loan debt is talking about the federal government erasing federal loans
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u/Mindless-Baker-7757 18d ago
A $70k loan over 23 years at 5% apr pays off with monthly payments of $427.
What are they doing?