The liberals would love nothing more than to cancel billions of dollars in student loan debt. Yet, that’s taking money away from the federal government – and teaching people that they don’t need to make good on their financial commitments.
The student loan programs have been paused several times. It seemed that the repayment would begin at the end of January. Now, Congress has decided to give people a bit more time. The pause will remain in place now until at least May.
Will it be extended again? Who knows? The Biden administration had claimed that the pause ending in January would be the last one. It’s just proof that we can’t believe anything that the administration has to say.
Biden is calling this pause “pandemic relief” – and it is intended to help approximately 41 million people who are federal student loan borrowers.
The CARES Act was created by Congress to pause the loan payments and interest accruals. Of course, for those who can still pay, it is a way to knock down the principle without having to worry about more interest hitting.
Since the CARES Act, Biden has decided to extend it several times without worrying about what Congress has to say. It’s been typical of his entire presidency. It’s easier to do everything by executive order than to get Congress involved. But that’s really not helping things like the national debt.
President Biden is only delaying the inevitable. When he hit pause once more, he made the comment that “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.”
When are we going to get back to normal, though? Why are people still dealing with the impacts of the pandemic? Unemployment benefits continued longer than normal. Offering any continued financial assistance makes people feel as though they can sit back and mooch off the government. Meanwhile, countless businesses are struggling to hire the people they need to keep their doors open.
While anyone with student loans certainly appreciates the reprieve, the Biden administration is only allowing laziness to sit in. People can feel as though they don’t NEED to get a job now that they don’t have to start paying student loans back until May 1. And let’s not forget about the cities that continue to push mask mandates. Those who don’t want to work and who don’t want to wear a mask at work feel justified by continuing to sit at home.
Biden’s making a big mistake. Student loan payments can prevent the administration from raising taxes on those who already paid their loans off (or who never got loans in the first place). And, if he would ditch mask and vaccine mandates once and for all, we could go back to life before COVID. There would be no more excuses left for people to fall back on. They could go to work, earn a living, and pay off their federal student loans.
The U.S. Department of Education estimates that the pause is saving borrowers $5 billion a month. While that’s a savings for everyone who has borrowed money to pay for school, it’s also $5 billion a month that the federal government isn’t getting to pay for things that are needed – like military training, the border wall, and countless other things that the government has decided to remove funding from.
And as the student loans continue to be paused, it gives the liberals more time to figure out how to cancel student loans entirely. After all, with an entire year of not getting paid back, cancelling would be the next step – and that could be a trillion-dollar mistake that would send the government into further debt.