Elizabeth Warren has proposed a sweeping new program for free college and student loan debt cancellation. Warren proposed canceling up to $50,000 worth of student loan debt for households making less than $100,000, which she estimates would wipe out educational debt entirely for more than 75% of Americans. Canceled debt would be tax-free, and the plan would be accessible for both publicly- and privately held student loan debt.
The plan also would be for the federal government to pick up part of the tab for those carrying student loan debt making over $100,000 in household income, but at a lesser rate — the plan would phase out $1 for every $3 above $100,000 in household income. There would be no debt cancellation for households with more than $250,000 in income.
Get Secure Financial Aid established a guaranteed student loan program that extends loans that are federal or state funded loans for students looking to finance their college education. They are distinct from personal, private or alternative loans in that they are backed by government funds. This act effectively established a government bank for student loans.
If you do not have a good credit score and are looking for loans, the best option would be to apply for federal student loans. These loans are "need-based" and require no credit check. Your income level does not affect your eligibility for a federal education loan. The loan will not be denied.
The federal student loan program is what collectivists (Marxists, communists, socialists, progressives, Democrats – all virtually the same) have advocated since the days of Karl Marx. In the Communist Manifesto Marx called for the government to have a monopoly on all lending. This is the exact statement:
Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.
This is a great way to share wealth as Elizabeth Warren is advocating. Not only is she advocating for sharing the wealth, but she is advocating what all collectivists advocate which is irresponsibility. The collectivists said to students come one come all and get whatever money you want. That is irresponsible on the part of the collectivists. Now the collectivists are claiming, as you would expect, that these students are victims and the debt the collectivists extended irresponsibly, the same debt the students irresponsibly accepted, should be forgiven.
This is the foolishness of the left. This is why socialism, yes Bernie even Democratic Socialism, always fails. So called “sharing the wealth” always brings about a failed society with a collapsed financial system. Practicing and advocating irresponsibility is a road to devastation, it is “The Road To Tyranny.”
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