pjmedia.com
The Congressional Budget Office (CBO) "examined a sample of federal student loans that entered repayment between July 2009 and June 2013 to measure the extent borrowers were making progress on repaying their debt," reports the Wall Street Journal.
They found that during the first six years, more than half of student loan borrowers who were supposed to begin making payments were only making payments 45% of the time. The borrowers weren't making any payments for most of the time because they were either in default, forbearance or deferment.
Incredibly, “borrowers made payments greater than $10 in only 38 percent of the months.” Borrowers were making payments inconsistently and only in token amounts.
Democrats say that the student loan debt crisis is the result of greedy, "for-profit" colleges that lure students in with unpayable loans. In fact, after six years, "the typical borrower who attended a nonprofit or four-year public college had paid down only 1% or 2% of his starting balance."
At every turn, the Democrats and Joe Biden have been lying about student loan debt. The loan forgiveness would mostly
benefit upper-income people, especially doctors and lawyers who took out huge loans to attend graduate school. Since few borrowers are bothering to pay much of it back, the reason they're not buying houses or starting families has little or nothing to do with their "debt burden."
