Interesting thought experiment. If not accompanied by a crackdown on lending it would probably lead to *more* borrowing. It would increase federal debt, but act as a big stimulus, and free young people up to switch careers and take more risks.https://twitter.com/mingus_coleman/status/1053383719388635136 …
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Yeah, man, you know that's not what I'm doing, but ok.
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It seems clear that at first you mistakenly thought private companies owned the loans, and when I informed you otherwise, you looked it up, realized the error, declined to admit it, and shifted the discussion to the irrelevant red herring of third-party processors. ;-)
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Yeah, I really enjoy your posts. That's not what happened. You assumed that I was speaking about institutions holding the loans, not doing the processing.
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"What do you think about just converting the loans to interest free? That's the part that I find most objectionable as private institutions are making generous profit for not really doing anything." <-- But doing this wouldn't cut out the need for processing
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So, it looks to me as if you thought the interest on loan debt goes to private companies, which isn't right.
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Fair enough, that was poorly written. Trying to cram into 280. -Interest is a huge burden. Forgiving it is less expensive than forgiving the entire loan and would help many many people -I find charging interest on these loans incredibly objectionable given the predatory -
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- Private industry built off this system.
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I'm fine with forgiving interest but it has nothing to do with third-party payment processors. That interest goes to the government.
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