For the first time in five years, federal student loan repayments resumed on May 5 — and the media is calling it “tragic” for borrowers.
“American taxpayers will no longer be forced to serve as collateral for irresponsible student loan policies,” U.S. Secretary of Education Linda McMahon said. “The Biden administration misled borrowers: The executive branch does not have the constitutional authority to wipe debt away, nor do the loan balances simply disappear.”
McMahon also noted that “hundreds of billions have already been transferred to taxpayers” and “for the sake of their own financial health and our nation’s economic outlook,” borrowers will now be forced to return to paying their student loans.
“We all know that this justification for a student loan pause is a drawn out relic that should not be around anymore. The problem is, when you’re trying to win a presidential election, it’s really difficult to say to people, ‘Hey, we’re going to start turning on your payments again.’ Joe Biden didn’t want to say that, so he didn’t say it,” Stu Burguiere of “Stu Does America” says.
“Now, the media treatment of this, of course, has been exactly what you’d expect. It has been the typical situation where they try to scare everyone and say that Donald Trump is mean,” he continues.
On ABC News’ the “Start Here Podcast,” Brad Mielke made the case against student loan borrowers repaying their loans.
“It’s important to note that student loan borrowers who couldn’t pay their debts typically don’t pay them not because they don’t want to, but it’s because they simply can’t. So this has been a hardship on them over the last five years, and now for the first, they’re going to have to repay the government in which the Department of Education says they willingly took these loans,” Mielke said on the podcast.
“I love the spin here,” Stu says. “They entered into loans that they agreed to go into, number one. Number two, they received the money and utilized that to get a college education.”
“It’s not a hardship when everyone’s telling you you don’t have to pay,” he adds.
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