New Biden plan to turn student loans into welfare | Eastern North Carolina Now

Under the Biden administration's proposed Revised Pay As You Earn (REPAYE) plan, individual borrowers who make less than roughly $30,600 won't have to make any payments at all.The same goes for any borrower in a family of four who makes less than about $62,400. 

"Lo, the administration is making college free for grads who go to work as a barista or bartender, as Alexandria Ocasio-Cortez did after graduating from Boston University," writes the Wall Street Journal editorial board. 

But wait -- it gets better for borrowers and worse for the rest of us who are pulling this overloaded wagon. Today, the federal regime cancels remaining debt after 20 or 25 years of payments. Biden's handlers want to zap the remaining balance after just 10 yearsfor those who borrowed out $12,000 or less. Every $1,000 after that tacks on another year.   

Most ridiculous of all, in that accelerated countdown to debt evaporation, borrowers get credit for years when they aren't making any payments at all. Borrowers can even say goodbye to the accrual of interest when they're not making payments.   

https://www.zerohedge.com/political/biden-rolls-out-new-scheme-turn-student-loans-welfare

Just another scam to steal from hard working Americans that did not co-sign on any of these loans.  


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