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Student loan repayment pause about to un-pause

Snoop dogg said:
The gov shouldn't be in the business of loaning anyone money for education. It should be the private institution/university. And the collateral would be that students grades/gpa through college. There's the incentive to keep your financial aid. The institution can set their rates how the see fit.

Why should .gov have any roll in education and the interest rates of financial aid?

What a used car dealer determines to loan through their books based on credit score or collateral for an 18yr old is their prerogative, it's not a federally subsidized loan. It's their loan at whatever rate they decide. If someone wants that car bad enough at 18% through the dealer it can happen, but it won't happen at a credit union or a bank. The bank or credit union will say you don't qualify for our used auto loans.
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Agree...
 
Ditchrunner said:
The collateral is the .gov promise that the borrower will pay it back (until this idea of forgiveness came about - now we all get to pay it back). Until recently the US had the best credit rating possible, so the interest rate should reflect that.

If it was truly a personal loan with no collateral, an even higher rate would be justified.
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gov't paying themselves back?

with borrowed money....

it's another Ponzi scheme.
 
Pook said:
Everyone who paid off their loan or didn't take one should be getting a check for the same amount forgiven. Oh but that will kick off that whole inflation thing harder since it’s all printed out of thin air money anyways.
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That’s my issue. I sacrificed to pay cash and what’s the reward? Paying for those who are irresponsible. I was in class with people taking up the debt partying and living lavishly new phones and all that. I have zero sympathy. Pay what you owe.
 
Kyle said:
That’s my issue. I sacrificed to pay cash and what’s the reward? Paying for those who are irresponsible. I was in class with people taking up the debt partying and living lavishly new phones and all that. I have zero sympathy. Pay what you owe.
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I 100% agree, they should be paying it back. The easy loans, raised prices for everyone, and the schools made $$$.
 
MuntCuffin said:
Giving them the benefit of the doubt....

I think the initial idea was that college should not be just limited to kids of rich parents, which functions as a barrier of class mobility.

I agree to an extent. However we have become so obsessed with credentialing that an undergrad diploma is the new high school diploma. They are worthless. We place so little stock in in peoples natural gifts and abilities and attempt to force them into molds. Molds of an outdated and antiquated education system made to train factory workers. What happens when their are no more factories?

And they assumed the prices charged by colleges were justified (they arent).

Best advice to a young kid...find something you are passionate about. Learn as much as you can, as fast as you can, and apprentice under someone thats doing what you want to do.
Then pave your own way.


Or go to college and become a miserable cog in the machine.
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I have very same outlook as you do. But it does open up a whole nother tangent on education, career, purpose etc. We are living in a very confused nation, sadly I believe the majority don't even know or think we are confused. And that is a problem on its own. The lack of awareness.

I work in a trade and honestly it's kinda sad the young men and women coming through, passion is not apart of their repertoire. Small percentage value what they do each day.

I also worked for a couple global corporations and it really seemed more about who's head you can step on to move up and not about your results. I've met some really rich unhappy single 30yr olds during that time frame.

Went back to the trades and experience a different scenario, the young people don't see their value in what they do or think bc they're in a trade they're going to be poor. They can't see 4 yrs of apprentice school out bc all they think about is how much they should be paid right then and there and not how much they can potentially make in 4 yrs. It's a gimme gimme world
 
Snoop dogg said:
I also worked for a couple global corporations and it really seemed more about who's head you can step on to move up and not about your results. I've met some really rich unhappy single 30yr olds during that time frame.
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Working for a tier 1 consulting firm.... No kidding about single wealthy unhappy 30yr Olds. We all wanted up up up. And we fought each other and the world for it. Making it is all about growing your managed revenue and building your personal brand, not the good you do in the world. A standard goal was how to become the 1%. If you made that, then how to make partner & 1MM TC/yr. Then up and up.

I played the game for my first decade in the career both before joining this firm and after joining. It was cutthroat through COVID with layoffs etc.

I grew up, met the SO, enjoyed activities other than winning at work, and realised I just don't fucking care if I make partner/C suite. Life is much better just not giving a shit. No more 2am nights.

TlDR: competitive corporate promotion culture is toxic:homer:

Edit: oh yeah, there's a bunch of fucktards here making 200k+, who took out 200k in student loans for their Harvard MBA who are paying the minimums every month. They will never make it to forgiveness as they will end up paying it of over 15 yrs at a cost of 2-3x the initial loan. Retards the lot of them.
They were excited about their student loan forgiveness. All 10k of it. They fell right into the camp previously described who already had plans for how to use their new $$. Never once thinking that they are the tax base paying for everything in the country. Not rich/wealthy & to be protected, nor the poor to be pandered to, just the middle ripe to get fucked.
 
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www.dailymail.co.uk

Biden tells 813,000 more Americans he's WIPED their student loan debt

The former students will soon receive an email from Biden notifying them that their debt has been forgiven - despite the fact that his plan to cancel $400B in debt was rejected by the Supreme Court.
www.dailymail.co.uk www.dailymail.co.uk

Biden tells 813,000 more Americans he has WIPED their student loan debt: President has now forgiven $127 billion for 3.5 million borrowers - even though the Supreme Court sank his first bid
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Joe Biden told 813,000 more Americans that he has wiped their student loan debt on Tuesday, meaning the president has forgiven a total of $127 billion for 3.5 million borrowers.

The former students will soon receive an email from Biden notifying them that their debt has been forgiven - despite the fact that his plan to cancel $400 billion in debt was rejected by the Supreme Court in June.

The email - making clear that the help has come from Biden - read: 'Congratulations — your student loan has been forgiven because of actions my administration took to make sure you receive the relief you earned and deserve.'


Biden's headstrong push for the relief program coincides with the looming 2024 election and desire to get young voters on board.

A White House spokesperson said Tuesday: 'The president is committed to fighting for hardworking American families, making sure we get them a little more breathing room, and allowing them to support themselves and their families.'

At the beginning of October, Biden canceled another $9 billion in student loan debt, giving relief to 125,000 borrowers.

The move came as borrowers prepare for payments to restart after a three-year pause that began during the COVID-19 pandemic.

'Americans who are saddled with unsustainable debt in exchange for a college degree has become the norm,' Biden said in remarks at the White House.

He argued canceling student loan debt is good for the economy as borrowers will spend their payment money on other items.

'This kind of relief is life-changing for individuals and their families. But it's good for our economy as a whole as well. By freeing millions of Americans from the crushing burden of student debt it means they can go and get their lives in order. They can think about buying a house. They can start a business. They can be starting a family. This matters. This matters to their daily lives,' the president said.

In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.

'My administration will continue to use every tool at our disposal to help ease the burden of student debt so more Americans can be free to achieve their dreams. It's good for our economy. It's good for our country. And it's going to change their lives,' he said.

Federal student loan payments resumed on October 1.

In June, the Supreme Court canceled Biden's student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers, the administration has continued to find other ways to provide debt relief.

In the aftermath Biden said he would pursue new measures to provide student loan relief.

He's been relying on a patchwork of different programs to chip away at debt, such as public service loan forgiveness and the SAVE Plan, which lowers payments by tying them to borrowers' income.

Meanwhile earlier this month, the Biden administration got a big slap on the wrist by one of its own agencies for failing to put strong anti-fraud safeguards in its original plan to hand out $430 billion in student loan relief.

In a blistering report, the Government Accountability Office (GAO) exposed shortcomings in Biden's student loan forgiveness plan - which has since been squashed by the Supreme Court - saying it opened the door to fraud.

'We found that Education quickly approved borrowers for debt relief without applying key practices to prevent fraud. For example, it didn't verify certain borrowers' self-reported income before approving them for relief.'

In addition, it said that the department approved over 12 million borrower applicants 'without evaluating the accuracy and outcomes of its application process.'

And 2 million students were set to be automatically approved based on their self-reported income without the Education Department deploying 'any tools to verify these borrowers' incomes or ensure they were eligible for relief.'

Members of Congress were quick to jump on the report and criticize Biden and Education Secretary Miguel Cardona.
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Again, I owe them and will pay them. And I know many here have already paid theirs. But it is not fun trying to pay this crap while I watch my taxes creep higher to pay for mine and other’s student loan debt…

It costs me $100 a day roughly in accrued interest alone. Than to pay on the interest gained. And finally get to the principle. It’s tough.
 
OutlawRider said:
Again, I owe them and will pay them. And I know many here have already paid theirs. But it is not fun trying to pay this crap while I watch my taxes creep higher to pay for mine and other’s student loan debt…

It costs me $100 a day roughly in accrued interest alone. Than to pay on the interest gained. And finally get to the principle. It’s tough.
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Getting it forgiven is the only chance the average tax payer might get some of their money back. They are going to forgive it regardless of what your moral stance is. Might as well take it. It's not like the money is real anyway.
 
OutlawRider said:
Again, I owe them and will pay them. And I know many here have already paid theirs. But it is not fun trying to pay this crap while I watch my taxes creep higher to pay for mine and other’s student loan debt…

It costs me $100 a day roughly in accrued interest alone. Than to pay on the interest gained. And finally get to the principle. It’s tough.
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$100 a day in interest, you sure that's right? If that's correct you either have close to a million in student loans, or you financed it through the mob at 25% interest weekly.
 
Delete original comment to say this news also belongs in the fail thread and the clown world thread :shaking:
 
I have not read up on it, Is this something he really did?

Or is it people using programs already available to them and he is taking credit for it? Like public service work.
 
Void_of_Light said:
Getting it forgiven is the only chance the average tax payer might get some of their money back. They are going to forgive it regardless of what your moral stance is. Might as well take it. It's not like the money is real anyway.
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I mean I’m not going to turn it down so I pay double. But you don’t owe on my loans. Only I do.
 
gunracer1 said:
i have a dumbass here at work that has been paying minimums for 20 years. he just got a 28k gift. more clown world bullshit. buying dumbass votes at the expense of taxpayers.
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This doesn’t necessarily bother me. All that was forgiven was interest at that point and it was taxed as income.

I have the exact same opportunity if I pay an income driven repayment for 20 years without missing a payment, I get forgiven the rest. Then I have to pay income tax on what is forgiven (tax bomb as they call it).

I was going to do that initially, but it pencils out better if I just pay down on mine hard which I am. It just makes it so hard to watch all I am paying just trying to cover the interest and not touching any principle.
 
OutlawRider said:
It just makes it so hard to watch all I am paying just trying to cover the interest and not touching any principle.
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Dude, I sure hope that 650k investment was worth it. I would assume most people with that kind of student loan debt have a PhD and a healthy income with it.
 
OutlawRider said:
This doesn’t necessarily bother me. All that was forgiven was interest at that point and it was taxed as income.

I have the exact same opportunity if I pay an income driven repayment for 20 years without missing a payment, I get forgiven the rest. Then I have to pay income tax on what is forgiven (tax bomb as they call it).

I was going to do that initially, but it pencils out better if I just pay down on mine hard which I am. It just makes it so hard to watch all I am paying just trying to cover the interest and not touching any principle.
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its all debt you agreed to, no one forced you. so i really can't have any sympathy for you, because it was a choice you made. if i have to repay it while your making more money a year than me, i get a bit of the sore pussy.
 
TanTJJim said:
Dude, I sure hope that 650k investment was worth it. I would assume most people with that kind of student loan debt have a PhD and a healthy income with it.
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Absolutely. Worth it? I hope. I love what I do. It’s been written in here and other places. I am a Periodontist (surgery in the dental field). I make good money. I pay a butt load in taxes (single with no kids). And I pay a bunch towards my student loans. I just don’t want to pay other people’s (and would be fine if I could write off some of the interest on these student loans but I can’t)
 
gunracer1 said:
its all debt you agreed to, no one forced you. so i really can't have any sympathy for you, because it was a choice you made. if i have to repay it while your making more money a year than me, i get a bit of the sore pussy.
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Read above. I even said, no one deserves to pay my loans. If you mean the 20 year crap, well it was an option and yes, I would take it if it made sense. It doesn’t for me so I am not doing it. But I’m not going to pass something up either even if it hurts your feelings. I won’t vote for it, but I’m not going to blindly act like it doesn’t exist.
 
OutlawRider said:
Absolutely. Worth it? I hope. I love what I do. It’s been written in here and other places. I am a Periodontist (surgery in the dental field). I make good money. I pay a butt load in taxes (single with no kids). And I pay a bunch towards my student loans. I just don’t want to pay other people’s (and would be fine if I could write off some of the interest on these student loans but I can’t)
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What’s the IBB discount? :homer::flipoff2:
 
OutlawRider said:
Again, I owe them and will pay them. And I know many here have already paid theirs. But it is not fun trying to pay this crap while I watch my taxes creep higher to pay for mine and other’s student loan debt…

It costs me $100 a day roughly in accrued interest alone. Than to pay on the interest gained. And finally get to the principle. It’s tough.
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No offense. I know you’re smart and have worked hard for what you have.

Are you doing everything you can to pay off the debt? Is it ‘tough’ or is it ‘tough while also enjoying the money I make to do the fun things I want to do’ ? There is a difference. To me, the first one is a struggle and you don’t have extras. The other is equivalent to ‘TikTok nurse makes video complaining about living paycheck to paycheck saying $200 to spend after everything is paid for.’
 
RunningProblem said:
No offense. I know you’re smart and have worked hard for what you have.

Are you doing everything you can to pay off the debt? Is it ‘tough’ or is it ‘tough while also enjoying the money I make to do the fun things I want to do’ ? There is a difference. To me, the first one is a struggle and you don’t have extras. The other is equivalent to ‘TikTok nurse makes video complaining about living paycheck to paycheck saying $200 to spend after everything is paid for.’
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Definitely sounds like a nunya scenario.
 
I definitely understand the These young people were pretty much sold the same story I was 20+ years ago when I was in HS. Go to college, get a degree, and that's your springboard to the American dream. Only white collar entry level pay hasn't really changed much in 20+ years while college costs and overall costs of living have skyrocketed. They did what they were "supposed" to do and they got fucked. Yeah, I'd be pissed too.
 
"The Biden administration used existing programs, including Public Service Loan Forgiveness and income-driven repayment plans, to deliver the debt cancellation. Previously, the relief under these programs was hard to access.

Many borrowers who will get the email likely already knew about the loan cancellation and may have already received that relief. "

I just checked, no relief for me.

So he made existing relief easier to access. Not like he got new legislation passed to benefit anyone.
 
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