I just want to point out something that I've not heard anyone other than me (not even Tucker) point out just yet:
The money is not actually being given to the indebted students. Yes, their debt is being paid down for them. But they don't actually ever see the money. Further, for many -- likely MOST of them -- the amount they still owe is way bigger than a mere $10K ... or even $20K. So much bigger, in fact, that many of the indebted students HAVE NOT BEEN PAYING OFF THEIR DEBT!
It has become bad debt.
So,to the extent this is true, the students are not, directly, the main beneficiaries. WHO IS ACTUALLY GETTING THE CASH? Well, follow the money! Who gets the money?
Well, it seems to me that would be JOE'S BANKSTER BUDDIES! Wow! What a coincidence! The same people who funded Biden through the years are getting repaid...what a coincidence!
http://www.investopedia.com/articles/personal-finance/081216/who-actually-owns-student-loan-debt.asp
borrowers, it can be an even bigger asset for creditors.
Key Takeaways
Student loan debt in the United States totals $1.75 trillion, with the average borrower owing $39,351.
Most student loan lenders are large institutions, such as international banks or the government.
Aside from federal loans, most student loans are held by the lender, a quasi-governmental agency like Sallie Mae, or a third-party loan servicing company.
The federal government fully guarantees almost all student loans.1
The Maze of Student Loan Processing
It is possible for your student loan to have been originated by one institution, be owned by another, guaranteed by yet another, and possibly serviced by a fourth or even fifth agency. This can make it very difficult to track down who owns your debt and how. Much also depends on the type of loan you took out, although it is safe to say the federal government was involved in some way.
Most lenders are huge institutions, such as international banks or the government. After a loan is originated, however, it represents an asset that can be bought and sold on the market. Banks are often incentivized to move loans off the books and sell them to another intermediary because doing so instantly improves their capital ratio and allows them to make even more loans....
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