Obama consolidating loans

22-Mar-2020 10:03

The answer lies in the convoluted story of the federal government’s efforts to help people who are struggling to repay their student loans, even as it continues to make nearly all of the loans in the first place.The end of that story suggests that Democrats competing to help teachers and other public servants with loans may be about to spend hundreds of billions of dollars to fix a problem that is already on the way to being solved.Which is why, when the forgiveness program was created, only 24 percent of federal student loans were Direct Loans. Congress didn’t just limit forgiveness to a certain kind of loan.It also decided that loans had to be repaid in a certain way.Yet the forgiveness program has also been criticized by analysts and politicians on the right as a drain on the public treasury.The conservative American Enterprise Institute called the forgiveness program “the latest runaway entitlement program.” Citing costs, the Trump administration has twice proposed eliminating the program altogether. How can a program that Democrats hate because it rejects nearly everyone also be a program that Republicans hate because it’s too generous?Nor would payments made under graduated or extended plans, because they were available to anyone regardless of income, and Congress didn’t want doctors or lawyers artificially knocking down their payments and then having most of their loans canceled.

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Those payments can be hard for people who struggle financially, particularly if they graduate during an economic downturn.Otherwise they wouldn’t have a balance left to forgive 10 years later.

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