If Biden cancels student loans should we all take out $10,000 student loans?

this could be free money 👀

edit: im sayin instead of me payin for college out of pocket i can get a federal loan.... which would be forgiven... I dont know what yall dont get

Yes

That’s not how student loans work lol

wym?

First off you need to be going to college, secondly vast majority of the loan goes directly to your college (it never enters your bank account) to pay for tuition and housing.

okay well i could still take it out and use that to pay and keep my money

Im getting the GI bill either way.

But you not going to college lol. Most of the loans is not direct cash lol. Only thing that's extra cash are grants

im in college 💀💀

im sayin i could use the 10k that he forgives to pay and keep my 10k

Is op being dumb on purpose

you dont think it would be smart to do that?

if biden is forgiving 10k in student loans then you should take out 10k in student loans

ohhh s***

Student loans and personal loans are very, very different. Flexibility on repaying a student loan is far greater (I've had to continue repaying my personal loans in 2020 but student loans were put on pause) and the APR on personal loans can be much higher than the 5% that's typical of a federal student loan. That depends though.

Also, there are more programs available for wiping out student loans. As a teacher, I have all kinds of programs available to me that slice off percentages of student debt over time, whereas those don't exist for personal loan debt.

Basically by taking out a 10k loan you're replacing one kind of debt with a worse kind of debt. You could take out a 10k bank loan to pay off 10k in credit card debt (though I'm not sure how you would get approved), but never take out a 10k personal loan to pay off 10k in student loans.

you dont get what im sayin.

im sayin if he is going to forgive 10k in student loans then take out a 10k student loan. because it will be like you just got 10k from govt.

Oh well it just says loans in the title lol

And you still have to pay it at some point

I would assume that would also cause banks to look into your credit which hurts your credit score in the short term? Idk though, I had no credit when I got my student loans.

You'd still have to pay the 10k back

if biden is forgiving the loan no u dont have to pay it back 💀💀

I think the idea is that he'd be cancelling existing loans...

If you took out a new loan, you'd have to pay it back

🤦‍♂️ im sayin before he cancels them. thought that was implied

op asking if everyone wants to have a 10k debt

i meant student loan

me : takes out 10k sttudent loan
biden: forgives my 10k student loan
me: yay i just got 10k

you would basically be getting 10k free... i dont know how yall dont get this 😭😭

Wait