SCOTUS Decision— Student Loan cases (companies, high school, compared, versus)
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Republicans still don't get it. Still living in their little bubble. LOL. They get out of the shower to Pee I bet. When you take something like this away from current and future voters, what do you think that does? Think about this critically for a minute. Especially swing voters and the fact the right is always quick to jump at Defense spending, Tax cuts or the wealthy that need no financial assistance, business loans etc. . The blue wave is going to be completely insane for 2024,2026,2028. You just told 10s of millions of current and future voters to go F off and "pick themselves up by the bootstraps like its the 1950s"
So, SCOTUS should ignore the law and let this go through?
Bingo! Its not like they woke up after 4 or whatever years and are shocked with what they owed. From the first month of them borrowing they are well informed of the balance.
These student Loan borrowers missed a golden opportunity - all interest payments were paused for over 2 years. 2020 by the Trump Administration and 2021, 2022, 2023 by the Biden Administration. For all Loans - Home, Car, Education - the greatest part of the payment is applied to the Interest, small part to the amount borrowed. Anyone who kept up payments could have made those payments to the Loan, reducing the entire loan amount.
Quote:
Originally Posted by Du Ma
Why do the so called “college educated” people believe that the President can erase college loan with the snap of his fingers without going through Congress?
And then they get mad when it got struck down by the court?
CNN, MSNBC, NBC, ABC, CBS, NPR, NYTIMES & Washington Post …. All told them Biden could do this.
Quote:
Originally Posted by tinytrump
The loan it self morphed into a weird monster. I tried once to understand the concept of interest compounding and why years later only about 20% of students have 100 percent of their loans paid off. Many are set up on a 20 yr repayment plan and you end up paying interest and never get to the principal. Like a credit card. Too many hands on the same paper too. They are sold and there’s fees.
One thing I don’t agree with, is that you cannot easily add it to your bankruptcy. It’s not the best option, but unexpected things do happen. If you going to have relief in your finances, they should not be excluded.
When the Federal Government took over ALL Student Loans in 2010 - including Stanford, Perkins, Federal Family Education Loan Program(FFLP ) — They included No Bankruptcy. Prior to that take over, Banks issued Student Loans & the Feds guaranteed the Loans. Private Loans were allowed, with collateral.
Quote:
Originally Posted by DRob4JC
People should have been paying these back while no interest was being accrued.
Absolutely, but few understood or even cared about the huge Debt they were signing up for.
They could go back to Uncle Fed Sugar ever year for the car, the spring break trips and more College, especially since there were no jobs for Gender Classes.
Some of these Loans are decades old — AOC has student loans she has never paid back.
Quote:
Originally Posted by SanJuanStar
There is a reason for it. Banks fear young students would borrow substantial sums to pay college and then discharge their students loans in bankruptcy after graduation. They have nothing to lose and move back with their parents and the country takes a huge hit.
Again — No Bankruptcy was written into the Student Loan Program that funded ObamaCare in 2010.
No Bank Student Loans.
The Rubber has met the Road. Sounds like many in this thread have those Loans, so timing is important here.
Get started right away of figuring out what you owe, what your payment will be and anything else that might help you manage. Don’t delay! The Federal system gets easily overwhelmed and is fairly incompetent.
Still don't get it. Well you will for the next 4-12 years (if not forever) when Republicans won't see one shred of power and dems stack the courts for eternity
Not worried about the election.
People need to do the right thing and pay back what they agreed to pay back.
Very disappointed that Biden is criticizing the decision of the SC.
Just be glad he criticized the Supreme Court instead of criticizing the Taliban's ruling on the student loan issue.
Remember, Hiden is the guy said a few days ago Russia was losing in Iraq.
Quote:
Originally Posted by tinytrump
The loan it self morphed into a weird monster. I tried once to understand the concept of interest compounding and why years later only about 20% of students have 100 percent of their loans paid off.
They're not paid off because they went into collections, not because of the interest.
They'll buy a car for $45,000 but won't pay their $30,000 student loans. Their priorities are whacked.
Quote:
Originally Posted by Rakin
Student loans are so predatory and unfair and impossible to pay off that we’re going to keep issuing them and make no changes to them whatsoever.
There’s your tell about what’s really going on here.
Let's see what's really going on here:
Christen used her student loan to buy herself a car. And to buy a car for her lover (instead of buying one for her husband):
Christen currently has well over $225,000 in student loans. (Id. at 51); (Ex. 3-1 to 3-3). Christen estimated that $128,453 in student loans were directly attributable to living expenses
Christen used student loan money to purchase at least two vehicles—one of which was titled in her boyfriend's name. (Tr. at 64, 206) Christen's bank statements also evidenced financial irresponsibility. Christen spent much of her student loan money purchasing coffee from high-end coffee shops like Starbucks, Caribou, and Cup O'Joe; products and clothes from retailers; I-tunes; tanning sessions/products and massages; arts and crafts; OSU athletic tickets; and other food and entertainment. (2006 Chase Bank & Credit Card Statements, P's Ex. 7). Christen also made several ATM withdrawals for several hundred dollars at a time; it is unclear where this money was spent. (Id.). After reviewing all of the financial records, it is clear that Christen was spending more than the typical student on miscellaneous items and services, often incurring late fees for failing to keep up with her credit card bills. All of these expenses were in addition to the high living expenses that Christen incurred by choosing to live in Dublin, Ohio, an affluent suburb of Columbus.
[emphasis in original court decision]
Quote:
Originally Posted by tinytrump
Nothing to lose ? 10 yrs of bad credit does not help your job opportunities, why you attend college to start with.
Employers do not do credit checks.
Employers do on occasion use 3rd Parties who actually are subscribers but the only information vided is Tier 2 service, which is the expanded header-file info.
That consists of name, DOB, social security number, addresses for last 7 years, phone numbers for last 7 years, employers for last 7 years, and self-reported income for last 7 years.
In other words, employers do credit checks to see if people lied on their resumes/applications.
You are 10000000% correct and this needs to be pointed out.
I know this fool who owes 357k for a PhD and conveniently he's for Bernie Sanders....does nothing but moan about his debt.
I know college is expensive but 350k?
Not only this, but kids take out student loans to pay for worthless degrees, can’t get an in-field job, and end up slinging burgers at McDonalds (not that there’s anything wrong with working at McDonalds).
and you want me to pay for your loan? the average student loan payment a month is $280 for Bachelor's degree. If you have bad credit for 10 years then you are doing a lot of things wrong and your priorities are jacked up.
Not me, but 80% of students. Student expected great paying jobs, ha. My nephew went to Carnegie Mellon univ. My sis paid for it dearly, and in the end he is in sales for a huge tech co. I don’t think the college expense was worth it. He didn’t get into programming. Many educated people are not working in their fields or making the money they thought.. That was the big lie.
But whatever.
Two sound decisions. Folks will have to pay back what they voluntarily agreed to borrow. Imagine the "horror"
I know. Wall Street and corporate America are so good about paying off their loans and never get them forgiven and pay the same interest rates that students have had, and Wall Street isn’t allowed to file bankruptcy. Why should students get off so easy.
Oh wait…
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I've seen much of this student loan money go for new cars, vacations, parties, etc.. Why should taxpayers be on the hook for this?
the average student loan payment a month is $280 for Bachelor's degree. If you have bad credit for 10 years then you are doing a lot of things wrong and your priorities are jacked up.
