Biden forgives some students debts/Carlos Pueblo

 Biden forgives some students debts/Carlos Pueblo

Finally, President Biden fulfills his campaign promise to forgive some students loan debts, ten thousand to twenty thousand dollars for individual annual income up to $125,000 and family income up to $250,000. It takes a week for me to switch my opinion from disgusting to my tolerance. I am going to tell you the reason.

I believe that the Federal Government is taking the risk to the student loans forgiveness. It might be an investment going wrong like any of the stock investment. The government bet on young people for higher education in order to prepare them to make good income after such education and it didn't go well as planned. Of course, $125,000 individual income income is till generate a lot of the federal income tax and I am aware of. $250,000 family income tax can be more than $100,000 federal income tax. If you don't pay it first, you go to jail for it. Student loans default is much easier. At the same time, I have noticed the PPP loans default is identical to the student loans default to serve the national needs. There is a priority difference to slice the national revenue pie. The Republican tax cut for the rich and the Progressive welfare preference are very identical. We need to know what we are prefer to in the national order.

I have been through three members in our family with three degrees and one associated degree and come out with no college loans debts. First, I saved money once they were born and Amy only went to the community colleges. I borrowed money from credit cards 0% balance transfer with a cash back up from the return capital of rental houses. I even made some fringe profit on the excess loans to short terms bank certificates. I have explained in details on my blog. It is because that I try to avoid the higher interest rate for students loans, 7% at that time in the 2000's. It took a college science degree to figure it out.

All of my family members, Amy, Michelle, and Arthur are doing very well after their college education and paying very high federal income tax as results. Of course, the Federal Government ignore my good effort of such investments and I am alright with it. I appreciate very much that the U.S. provides me as an immigrant and provided me some financial help of my graduate study. Now I am paying back annually.