The student loan forbearance brought into effect by the previous and the current serving President has been dubbed as the Great Pandemic Student Loan Scam. Note that Biden or Trump isn’t the reason behind this massive loss of taxpayers’ money.
The pandemic situation caught everyone off-guard and a series of things led to this type of initiative which was in hindsight pure waste of funds. We are not saying that the exemption of debt to a certain extent was a bad thing.
However, the situation wasn’t assessed properly and the execution was full of loopholes, to say the least. To know about different aspects relevant to this incident, continue reading.
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The pandemic without a shadow of a doubt hit everyone hard. While a handful were making huge money, the majority of the human population was struggling to survive. The pressure was something that affected everyone both financially and mentally.
During this phase of time, students got a break from the repayment of loans because it wasn’t anyone’s top priority. Sadly, other programs intended to assist people weren’t exactly well planned and it led to losses that were above billions of dollars.
Slowly, this issue is turning into a political debate, but if you observe closely it becomes easier than ever to connect the dots. It isn’t any one person’s fault that caused the entire damage. Nonetheless, the extent of the losses was a considerable one and it will have a ripple effect eventually.
Great Pandemic Student Loan Scam Explained
As we mentioned before the student loan forbearance is being dubbed as the Great Pandemic Student Loan Scam. While the investigation is going on, there is tons of speculation around it. The student loan payment pause will end on May 1st and no one appears to know the ways of dealing with the situation.
The forbearance is said to have cost taxpayers over 5 billion dollars a month. Conditions of the economy have changed drastically and most of the people that were getting the unemployment benefits are borderline taking advantage of the system instead of going back to work.
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The entire system is in desperate need of a thorough check or else things will prove to be costly for almost everyone involved. The blame game that is gaining traction now is most likely a temporary thing. At the end of the day, the people in power have to take the initiative and come up with a fix.
Political Drama
In modern America, almost everything involves politics at some level. The classic blame game and the rivalry between Republicans and Democrats appear to be never-ending. The great Pandemic Student Loan Scam also took a political turn and few notable personalities expressed their concerns and pointed the finger at the Biden administration.
The irony is that both parties have the same degree of involvement in the forbiddance structure. As you can tell by now pointing fingers won’t do any good instead Biden should take action to make things right once and for all.
Great Pandemic Student Loan Scam Bottom Line
Incidents like the Great Pandemic Student Loan Scam show us the number of flaws present in modern America. The sad part is – every time something out of the blue happens only the public has to pay for it even if they can see the flaws present in the infrastructure.
Unfortunately, there is no cure for mass chaos-infused confusion and we just have to learn to live with it and hope for the best.
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