Biden Admin Considers Extending Student Loan Payment Moratorium — Again
President Biden is reportedly considering extending the hold on federal student loan repayments, for the sixth time it has been delayed.
Federal student loans have been on hold for two years, here is a brief timeline:
- March of 2020, Congress passes the CARES Act which President Trump then signed into law. This placed all federal student loans on what was intended to be a temporary moratorium, until September of 2020.
- Following the CARES Act, President Trump signed Executive Actions that would extend the due date for payments through the end of the year.
- On President Biden’s first day in office, 2021, he again postponed the date payments were set to resume.
- The Biden Administration has since extended the hold on payments six times, and the current date loan collectors are set to recommence August 31st, is expected to shift one again.
It seems that the loan-forgiveness, leftist crowd has finally found a way to cancel student debt, they just continuously block loan providers from collecting the payments due to them.
NBC reports, “The Education Department has been telling loan servicers not to reach out to borrowers as recently as ‘the last couple weeks,’ said Scott Buchanan, the executive director of the Student Loan Servicing Alliance, which represents all of the companies that service the federal loans subject to the administration’s moratorium.”
Do you ever wonder why the left is all too eager to “cancel student loan debt” instead of say, mortgage payments on single-family homes, business loans, or vehicle purchases? Could it all be tied into the eerie Klaus Schwab phrase, “you’ll own nothing and you’ll be happy” or is it all just coincidence?
Colleges have become a breeding ground for bad liberal ideas like gender theory, CRT, and the popularization of pronouns. It essentially is a four-year crash course on how to be slaves to the ever-shifting tides of the social justice movement, and to continually perpetuate leftist ideals.
When a specific lifestyle or program is financially incentivized by the government, typically more people gravitate towards that program. Why subsidize land ownership, what good would that do for the “liberal world order” the Biden Administration so clearly has planned for us all? The whole objective is to create a generation of numb and mindless followers, people who don’t question the popular narrative, not independent individuals who value property ownership.
It seems only logical then that the left would advocate for free college education rather than free business loans; however, understanding the left’s actions and approving of them are two very separate issues. Not allowing loan providers to collect on the money they loaned out with appropriate interest will hurt the economy in a number of ways. Even if there were no financial or economic consequences to student debt “forgiveness” the borrower still has a legal and moral obligation to repay a loan given to them from the lender.
As of now, the moratorium only applies to federal student loans, so at the very least, private lenders will still be repaid their share. In a country where an individual can choose to attend or to not attend college, it is up to the student to repay their own debts.
Personal accountability people, bring it back.
