The vast majority of the loans are owned by the govt., not private institutions.
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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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Sure, there are two separate points that I conflated in my tweet. -Interest forgiveness as opposed to complete forgiveness given the incredible cost of total forgiveness. -System has generated an immense amount of predatory behavior.
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I'm fine with cracking down on predatory behavior but it in no way is responsible for the student loan crisis, thus is a red herring in the discussion of loan forgiveness. Now, we are done.
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