This Thing Is Awful!

Brought to you by the EveryDollar app. Start budgeting for free today. I didn't think it was possible with the epic student loan debacle for it to get any dumber out there. But it has. It's not good, Dave. Student loan repayment. Four million people have enrolled in Biden's save plan ahead of the payment restart. According to CNN.com. Yes. Now we know a lot of these people were probably automatically enrolled. It says the majority of them. So basically CNN's headline is a lie. Yeah. Four million people enroll in Biden's save plan ahead of payment restart. No they didn't. The vast majority of them were automatically defaulting default enrolled. They didn't voluntarily enroll. They didn't actively enroll. So they didn't enroll. That's right. You pushed them in like cattle. You pushed them in. That's not enrolling. So the majority of them came out of the other program that failed called repay. And now we're in to save because we have to have acronyms in Washington for our stupidity. Right. It makes it sound better than what it is because what it is is a trap. This thing is awful. It says launched earlier this summer. The save plan save. They call it saving on a valuable education. That's laughable. It's available available to most people with federal student loans. And this is what they're saying. It can provide an air quote significant relief to borrowers struggling to pay off their student debt. I would not be struggling to pay off would be struggling to pay. Yeah. It does. It does do that. Yeah. OK. So basically if you sign up or accidentally were enrolled even though you didn't enroll in the new save plan and you're one of those four million lost souls. Here's what you're signed up for. You have a formula based on the poverty level that dictates the dollar amount per month that you are to pay if it does not cover the interest being charged on your student loan. The interest does not accrue however 100 percent. So in other words if the interest on your student loans fifty dollars a month and the formula says you only have to pay thirty dollars a month you don't have any extra interest added on. You have the twenty dollars. Yes. But what they fail to mention is 100 percent of the thirty dollars goes to interest. Consequently what is happening to your student loan balance. Here's what I want. Not moving. It's sitting there doofus sitting there like a frog on a log. My God how dumb are you people in Washington. Let's sign up people forgive a portion of their interest allow them to pay a tiny little payment with the promise of debt forgiveness which you always lie about up there. I mean perpetually lie about up there. When are you people going to wake up. Oh my God it's dumb. This is ridiculous. It's ridiculous. And here's my thing. I'm like OK the interest they say it's not going to accumulate or that it will be forgiven at the end of your term which by the way the term starts if you let's say you have twelve thousand dollars just twelve thousand dollars Dave. OK. In student loans. The forgiveness starts at 10 years of payments. So they want you to keep a twelve thousand dollar debt. Now it's 20 years of payments. They're proposing to bring it back to 10. The proposal has not gone through right now. Let me see here. Biden proposed canceling up to twenty thousand dollars. Unlike one time canceler. Yeah. They're unlike one time cancellation proposals to say plan can benefit both current and future borrowers which the new people that are getting in student loan debt can sign up for this ridiculous moronic thing. So the Biden administration first said it was developing a new repayment plan last August save is expected to cost over. No that's not the one limit. This isn't. This is not the article. This is different. So what it is is if you have you get in at twelve thousand twelve thousand dollars equals 10 years of payments and for every additional thousand day that you owe. So 13. Oh you're paying for 11 years. Yeah. Fourteen thousand you're paying for 12 years. Fourteen thousand dollars. But the max is after 20 years they promised to forgive whatever's left. Exactly. So after you've done nothing for 20 years it's going to be forgiven. But let me help you with the people that got promised that 10 years ago that they were going to have their loans forgiven for doing for working for nonprofits and in underserved areas. OK. You remember those people. Yeah. P.S.F. Nine hundred thousand people have applied for that. You know how many got it. One point six percent. So after 20 years of doing basically nothing hoping you're going to get forgiveness. One point six percent of you. So bad. This is this is basically the DMV of the financial world. This is the dumbest but thing the most inefficient socialistic garbage I've ever seen in my life. Kick the can down the road. Put your hands over your ears and go la la la la la la. This is not happening. Dumb but idea. Now have I been unclear. I hope I hadn't been unclear. So how are you going to get a student loan. This is what you need to do guys. Twelve thousand dollars in debt. Deliver pizza. So easy. Like and I make two thousand dollars a month delivering pizzas every night and you're done in six months. Yeah. And you have the rest of your life to not be screwing around with people like the Biden administration. Oh my gosh. Yeah. It's unbelievable. This is ridiculous. Even CNN is so stupid. And you know half the media will pick the same. This press release by the way this headline came from the White House. Yeah it did. And they republished it because it's a lot. Student loan repayment. Four million people enrolled in Biden's save plan and nobody enrolled. You automatically defaulted into it. I mean the number of people that physically signed up for this idiocy on purpose is very small. But they're making it. Well four million people did it. You should too. Yeah. No you shouldn't. Good Lord people. When are you going to get a clue that the White House and the people in Washington D.C. are not here to bless you. These people are. You know what this does it keeps you in debt your whole freaking life. You're thirty five years old. You're fifty five with grandkids and you're still screwing around with your college. You ought to have unbelievably naive at best stupid at worst to believe the lies they peddle out of the Republicans or the Democrats regarding student loans. Because let me just tell you student loans are awful. They're horrible. Then why do you morons keep making them. Now there is a question Dave. There's a there's a dadgum intellectually dishonest bunch of people. Yeah. You know we're going to do everything we can to forgive your student loans and make it easy because they're such a burden on you while we continue to make them to the next generation. You can't solve a problem. You're a freshman in college right now we're going to put you a hundred grand in debt let you get a degree in left handed puppetry and then put you on thirty dollars a month for the next twenty five years and then lie to you about whether we're going to forgive it at the end of that. Please people don't be so stupid. This is ridiculous. It's completely out of control. I mean I read this. I got I you know I don't know why I got pissed off because I should expect this kind of stupidity out of Washington. Yeah. And I should expect this kind of stupidity out of the press where they put a headline that is completely false. Yeah. Across the top top. I mean this is oh geez.