Student loan payments are starting up again soon

wyo

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To be fair, Biden promised $10k of student loan forgiveness. This is something he could do unilaterally via executive order. Like everything else he promised, which wasn't even much to begin with, he has failed to deliver.
 

Viewpoint

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I looked at what he said as "Anything that'll get me into office" and then he flip flopped his way out of keeping any real promises. lol
 
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Xavier

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This is good news, right?
I think so, some salty greedy bastards are angry because they didn't go to college or already paid off their loans.
Haters gonna hate.
 

lithy

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This is good news, right?

It's whatever news.

The government will be making lenders whole. So they don't give a shit.

People who paid their loans back in the near past might rightly be pissed. Because this is just another handout.

Student loans are still not dischargeable in bankruptcy so this doesn't help future borrowers that end up in this hole as college costs continue to skyrocket due to government subsidy of lenders and institutions.

It is a feelgood (people I wish were my friends) measure it is not a substantive policy change that will have any meaningful impact on student loan take rates or balances moving forward. If anything they will increase, because, hey, what the hell, if I can't pay it, Daddy Gubmint can swoop in and help me out.
 

100proof

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It's not JUST a handout. It's also a mild policy change. While I would certainly prefer that more substantial policy be written to bring the university and predatory lending machines to heel, I'd rather that "daddy gubmint" give away free money to poor and middle-class people trying to better themselves and improve a sagging economy than another useless giveaway to military contractors, corpos and the mega-rich.

Edit: Yeah, I don't give a fuck if people are pissy because they already paid off their debt. I'm one of those people. If you're that fucking selfish that you'd rather other people be forced to suffer what you had to endure than get the relief that you desperately would've wanted, you can eat a bag of dicks.
 
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norton9478

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Boomers be like:

Why you got so many loans? why didn't you just go to a fully funded state school like I did? My tuition was $100 a credit. Not the job of the goverment to pay for your education.
 

100proof

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Change in income-driven repayment plans.

Removing interest when under certain income thresholds to prevent the balances from piling up when you're at your poorest.

Increasing the "non-discretionary income" limits.

It's all little stuff but it's designed to actually address one of the major problems that caused this in the first place: helping prevent people who just graduated who are either unemployed or underemployed from getting crushed with fees and interest early on in their repayment plans.

Is it "the solution"? Of course not. There are a number of fundamental problems (public universities being for-profit institutions that grotesquely overcharge people and burn through their money on bullshit, decent-paying white collar jobs being largely unobtainable without a largely worthless piece of paper, predatory lending institutions taking advantage of 17-18 year olds, student loans being exempt from bankruptcy, etc.) that need to be addressed. And yeah, this is indirectly a large handout to greedy banks. But a band-aid is better than doing nothing or the usual conservative "lol fuck the poors" policy.
 

lithy

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Will look into the IBR stuff, hadn't seen it in any of the sum ups I saw. Seems incredibly minor though.

You and I obviously fundamentally disagree on plenty. I think most of the blame for your complaints can be laid at the feet of government rather than companies or universities who are only responding to perverse incentives sponsored by Washington

Companies want a degree because well, pretty much everyone has one. If you need to sort candidates, why not start there.

Universities shovel money into bullshit mostly because we keep shoveling money into them asking for more bullshit.

Lenders get told that literally no one can default on a certain type of loan and we are amazed that they hand out tens of thousands to anyone with a pulse?

It isn't 'fuck the poor', it's allow people to fail because you'll never save them all and hopefully their example will show the way for others. Because after all, the government has no such thing as

free money

They only have the ability to take somewhat legitimately through taxes or to steal through inflated monetary supply. So not only do I not get $10k, all the money I have today is now worth less because of the $30B or so per year that will be shovelled into the economy. So what do you know, turns out I'm not done paying student loans, they just aren't mine or my children's.

And I'll note last that Chuck Schumer happily said this was done "with the flick of a pen". Imagine a legislator so content that one of the main powers delegated to him under the Constitution was usurped for the executive.
 

100proof

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It isn't 'fuck the poor', it's allow people to fail because you'll never save them all and hopefully their example will show the way for others. Because after all, the government has no such thing as

I mean "allowing people to fail" is just "fuck the poor" with extra steps.

When higher education becomes prohibitively expensive and the only jobs available to those without higher education are blue-collar, it isn't the children of rich people that are either stuck in a caste system or destined to be financially crippled for 20 years to be able to reach their potential. When getting an abortion requires traveling across state lines, it isn't Republican congressmens' mistresses that are forced to give birth and stuck with a crushing economic burden for the next 18 years. When insurance and medical costs are comically higher than any other civilized country on Earth because of bought and paid for deregulation, it isn't rich folks dying at a young age because they don't want to be bankrupted by an emergency room visit.

If you allow someone from even an upper-middle class background to fail, they just move back in with their parents and get to try again and again. If you come from a poor background and you allow them to fail with no safety net and no investments in to their future (aka conservative policy), you get desperation and all of the things that come along with it: crime, drugs and misery. A neverending cycle that perpetuates poverty and human degradation. Or, you know, maybe they're just not bootstrapping hard enough.

Conservative policy (when it isn't "whatever insanely stupid shit Trump said this morning") is 99% "fuck you, got mine" with a splash of Christian dominionism.


They only have the ability to take somewhat legitimately through taxes or to steal through inflated monetary supply. So not only do I not get $10k, all the money I have today is now worth less because of the $30B or so per year that will be shovelled into the economy. So what do you know, turns out I'm not done paying student loans, they just aren't mine or my children's.

Ignoring that the deficit is being cut more this year than it has in the last twenty and Moody's has already come out and said this will have practically no effect on inflation or GDP (0.02%), it's called an investment. Once again, I'd rather your tax dollars and mine be "wasted" on more Americans being better educated and given a better chance at succeeding (even if not everyone takes advantage of it) to avoid being a long-term burden on society than continuing to piss it down the leg of military subcontractors.

I give zero fucks what any conservative has to say about wasteful government spending until the Pentagon gets a single audit.


And I'll note last that Chuck Schumer happily said this was done "with the flick of a pen". Imagine a legislator so content that one of the main powers delegated to him under the Constitution was usurped for the executive.

You and I both know that the reason Chuck Schumer can't do jackshit is because you have to have a filibuster-proof majority to be able to take a piss in the US Senate. Sure, it prevents razor-thin majorities from being able to pass whatever nutter shit they come up with that week but it also allows obstructionists only concerned with winning elections to completely ignore the will of the people and bring the legislative body to a grinding halt to the point where the only way ANYTHING meaningful changes is through the other two branches of government or with all that wasteful government spending you hate so much in order to grease the palms of enough people to get something passed. Unless, of course, it's time to renew the Pentagon's budget.
 

smokey

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No i do not. Literally zero. Also i will have the option to retire at age 50 if i want to. Only mistake i have ever made financially was borrowing 32k for a trade school when i was 22 years old, and even after not finding work in that field, i still paid the debt back in its entirety in one year. Since then i have never made a financial decision that i did not have ever dollar of it in savings to pay off the credit card or loan or whatever immediately.

Most people dont seem feasible to me, yet they exist!
I salute you ,sir!
 

Alphabet

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Student loans is a $1.7 Trillion assets for the Government. None of these administration will cancel this.
 

lithy

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I mean "allowing people to fail" is just "fuck the poor" with extra steps.

When higher education becomes prohibitively expensive and the only jobs available to those without higher education are blue-collar, it isn't the children of rich people that are either stuck in a caste system or destined to be financially crippled for 20 years to be able to reach their potential. When getting an abortion requires traveling across state lines, it isn't Republican congressmens' mistresses that are forced to give birth and stuck with a crushing economic burden for the next 18 years. When insurance and medical costs are comically higher than any other civilized country on Earth because of bought and paid for deregulation, it isn't rich folks dying at a young age because they don't want to be bankrupted by an emergency room visit.

If you allow someone from even an upper-middle class background to fail, they just move back in with their parents and get to try again and again. If you come from a poor background and you allow them to fail with no safety net and no investments in to their future (aka conservative policy), you get desperation and all of the things that come along with it: crime, drugs and misery. A neverending cycle that perpetuates poverty and human degradation. Or, you know, maybe they're just not bootstrapping hard enough.

Conservative policy (when it isn't "whatever insanely stupid shit Trump said this morning") is 99% "fuck you, got mine" with a splash of Christian dominionism.

Yes, life is unfair, not everyone has the same opportunities. Being poor means living on the edge of financial ruin. Using force on others is not a just solution. It does not produce meaningful results and the rates of poverty stay the same regardless of how many trillions of dollars we shovel at poor people. If the government could invest in people and move them out of poverty with a check, why hasn't it done so?

The market has pulled more people out of poverty than the government ever will. And you still see the causes of high prices exactly backwards. Insurance and medical costs are high because of not in spite of government intervention. Companies do not charge high prices simply to do so, this makes no sense. Leftist moaning about price gouging this year as if companies just got greedy. If any company could make a profit at a lower price someone would step in tomorrow to take the business. But regulation and strict control on market entry done through government (sometimes with the support of major players in the field yes) cripple competition.


Ignoring that the deficit is being cut more this year than it has in the last twenty and Moody's has already come out and said this will have practically no effect on inflation or GDP (0.02%), it's called an investment. Once again, I'd rather your tax dollars and mine be "wasted" on more Americans being better educated and given a better chance at succeeding (even if not everyone takes advantage of it) to avoid being a long-term burden on society than continuing to piss it down the leg of military subcontractors.

I give zero fucks what any conservative has to say about wasteful government spending until the Pentagon gets a single audit.

Ah the great deficit cut clown show hand waving. The great cut to the deficit where we are still projected to run something like $1.5T in the red. The great cut to the deficit where the US government will post it's a top five (probably top 3) worst deficit. The great cut to the deficit that was only possible because of the absolutely ridiculous 2021 deficit that put us in the inflation position we are in now.

And tough to trust Moody's soothsaying as far as I can throw them.


You're not telling me anything I don't agree with on military spending, but it feels like you think your spending is moral and justified. The government does not invest any money. It spends your money. If you wanted the thing, why wouldn't you have already paid for it? How much of your annual salary before this year did you give to people to help pay for their student loans? I'll just say the right feels just as morally superior about the military spending. Both are wrong and put us in a tailspin where both sides accelerate their taking to get theirs. Personally, I think it's way to late to solve. It will only end it financial ruin, austerity, probably some horrible thing I won't speculate on, but what I am sure of is that most people won't thing that it was their straw that broke the camel's back, it was definitely the other guy's.

You and I both know that the reason Chuck Schumer can't do jackshit is because you have to have a filibuster-proof majority to be able to take a piss in the US Senate. Sure, it prevents razor-thin majorities from being able to pass whatever nutter shit they come up with that week but it also allows obstructionists only concerned with winning elections to completely ignore the will of the people and bring the legislative body to a grinding halt to the point where the only way ANYTHING meaningful changes is through the other two branches of government or with all that wasteful government spending you hate so much in order to grease the palms of enough people to get something passed. Unless, of course, it's time to renew the Pentagon's budget.

Almost like it was designed to be difficult to do things on a whim...

Odd.
 

Xavier

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Posts
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Many of these loans weren't going to get paid on or paid off anyways.
There's a reason why they've been put into deferment for the last few years now.

In the big picture there has been a war on education going on over the last 20 years and it has caused a collapse and financial tsunami over the last five+.
The government and powers that be have been effective at managing it and spreading the catastrophe around so that it doesn't adversely affect a particular quarter or year. Basically they've swept everything under the rug and then from time to time lifted it and thrown out some of the dust bunnies.

Some of the signs you may have seen over the last few years:
Public school shutting down, being de-funded or underfunded.
Expansion of charter and private schools. These schools becoming insolvent and shutting down.
The devaluation of educators and expansion of their roles.

My personal belief is there it's all part of a push to just have two classes of society.
The owners and the workers.
Why have a middle class? Just cut out the middleman.
You only need to educate workers so they can do the task put in front of them at work and do basic functions and fit into their society.
Anything beyond that teaches them about history and they obtain thinking skills that show them how they are losing rights and are not truly making any substantive progress. Why do they need to know or think about such things? All they need to do is make more laborers and produce goods and services for 40-50 years.

The true enemies are the people who defend and propagate this system.
Sadly its usually to their own detriment.
 
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