On Thursday’s broadcast of “CNN This Morning,” Biden campaign co-chairman Rep. James Clyburn (D-S.C.) said President Joe Biden’s student loan program “isn’t giving away anyone’s money.” said. I have already repaid the loan.
“I think we need to explain to people what’s going to happen,” Clyburn said. “It’s one thing to eliminate the loans, the debt that’s already accumulated. What they did yesterday, about 1.5 billion, This is on top of the 137 billion already forgiven. An additional 75,000 people will be eligible for this pardon every two months for the next four years.”
He continued, “And I want to say to our listeners, this is not giving away anyone’s money. A gentleman wrote a letter to the president and sent me a copy of it. His first loan was for $60,000 about 25 years ago. And with compound interest and everything else and the coronavirus, he ended up paying off $200,000 and still has $119,000. So what the president did was to forgive the remaining 119,000 people. But he had already paid $200,000 on a $60,000 loan. It’s happened all over this country. And when he became president, he forgave the loans that people took out to go to fly-by-night institutions like Trump University, and they extorted money and when they gave They also didn’t give them the education and training they were talking about, and they still had to pay back the loans. He’s trying to reconcile what happened and get people back on an equal footing. I mean, he’s not taking money from anyone. That’s why the people on these shows are saying, “My They gave their money back, so they should give theirs back too.” In some cases, they have already paid back more than 10 times more. ”
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