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https://www.npr.org/2023/07/01/1185327143/student-loan-forgiveness-supreme-court-reactions
https://www.npr.org/2023/07/01/1185327143/student-loan-forgiveness-supreme-court-reactions
On my way to tell all the loanees about the decorum rules and technicalities that allowed PPP debt relief but not this. That'll make them feel better and make up for the fact that at the end of the day, the government came together to bail out businesses (again) but drew the line at the average college graduate.
Also, going to conveniently ignore that the court's ruling is not a matter of fact or natural law but a matter of "interpretation" by six conservative justices, but pretend like it's a natural, apolitical decision anyway.
When your nieces, nephews, cousins, sons, or daughters complain about how this could have helped them and how they'll now continue to be delayed to buy a house, start a family, or have some other major life moment and economic driver (gross), don't forget to chastise them for forgetting their proper place as serfs in this economy and failing to practice proper asceticism. Only capital and the business class is permitted to live non-miserably and be bailed out for it
-conservatives/right libertarians/centrist liberals
Make student loan rates fair, and the cost of education fair, and I bet people would be willing and able to pay off their loans like so many of us did back in the day. I feel bad for people that have been taken advantage by this system.
Absolutely. The problem started when they made student loans unable to be discharged through bankruptcy. This allowed colleges to charge whatever they wanted, because loans would rise to match, and the borrowers were locked in with no way to walk away. And look where we are now.
You used to be able to pay for college with a summer job cutting lawns - not anymore!
The only way to win in this environment is to be frugal AF - don’t jump straight into a four-year university, get your two-year out of the way at a community college, then transfer over for your major. Live at home until you graduate. Get your degree in business, which is applicable anywhere. Don’t take any loans, but do well in high school and apply for grants instead.
The wrong answer is to take out hundreds of thousands in loans with no intention of repayment, vote-blue-no-matter-who because they’ve promised you the moon and the stars, and dismiss anybody telling you “uh, that’s not the best idea” as an alt-right nazi bigot.
What's going to happen now is that fewer people will bother with college, the populace will dumb down, and the institutions will slowly die. As the far-right intends. Dumb, churchgoing simpletons who believe the vile rhetoric and will lay their lives down for it. The American Dream.
Govt.should put a cap on tuition rates for any institution that wants to receive students on federal loans.
Rather than interfering further with a private market, they could simply cap the amount of federal loans a student can receive.
That doesn't help solve the problem of cost though. If a university degree is going to cost $50k/year and say the govt. caps the amount of federal loans at $15k/year, that just either forces the student to get private loans or not go to college.
I think part of the mindset that has to change is this idea that college is worth it no matter the cost.
Yes and no - if the university can no longer fill its ranks because their costs are too high, they will have to reduce costs. The reason it’s so expensive right now is because they have a captive audience that can’t walk away.
Edit:
I think part of the mindset that has to change is this idea that college is worth it no matter the cost.
Say it louder for the people in the back!
Homo Economicus represent! The rest of us are trying to live fulfilling lives as human beings and what education we choose is not just an economic decision.
Let me shout back from the last row. Going to university is not merely a financial decision. It is a question of who you are as a human being. I did not get the education that I did because I ran a 50 year financial model (which I couldn't have done without the education anyway) but because that's who I am.
Thankfully I don't live in the US so the greed and avarice of your institutions didn't excise their pound of flesh. Each.
Biden should have gotten congressional approval. It is why the PPP loans were a thing and these aren’t right now. He got people’s hopes up rather than actually getting it done.
He doesn't need congressional approval. The President can use the Higher Education Act authorization and direct his Secretary of Education to modify or waive any and all loans.
Waiting to see if he follows through on this. No idea why the White House tried to use the Heroes Act to justify the cancellation, but it's clear that if Biden chooses not to enact cancellation with the Higher Ed Act that it was always meant as a carrot on a stick for young voters.
Using the heroes act I think gave them cover to argue that this was relief related to the pandemic, like PPP loans, which has honestly been an effective strategy to win over moderates on the issue - myself included. It seduced us into thinking that this was justified because PPP loans were not, and that two wrongs made a right. In reality, the repayment freeze was the relief we needed - anything beyond that would be economic stimulus, at which point you have to ask who's being left out. The further this gets from the pandemic, the more difficult it becomes to justify.
He did do what he could but ultimately Republicans care about bailing out themselves, their friends and private businesses and don’t give a shit about regular citizens.
Or maybe we just don’t agree that taxpayers should bail out the poor financial decisions.
Like Republicans would let him (and you need them to survive a fillibuster, because the US political system is weird). They clearly care a lot about not letting Biden have big wins and they don't give a shit about students. Biden took the option that actually stood a chance instead of the one that is unlikely to go anywhere.
He doesn't need congressional approval. The President can use the Higher Education Act authorization and direct his Secretary of Education to modify or waive any and all loans.
Waiting to see if he follows through on this. No idea why the White House tried to use the Heroes Act to justify the cancellation, but it's clear that if Biden chooses not to enact cancellation with the Higher Ed Act that it was always meant as a carrot on a stick for young voters.
alternate headline: "Democratic party loses presidential election with 17 months remaining, as young voters struggle to remain optimistic."
Imagine thinking that the only way your party could win is if the other side doesn’t vote. Perfect encapsulation of what the fascist Republican Party has become.
I mean Ken Paxton is a great example. https://www.newsweek.com/texas-ag-says-trump-wouldve-lost-state-if-it-hadnt-blocked-mail-ballots-applications-being-1597909
Imagine thinking that the only way your party can win is to make cheating trivial, and that common sense voting requirements (prior registration, day-of in-person only, ID required, indelible ink on finger) are racist.
Personally, I’d like voting to be at least as secure as obtaining a library card, but that’s me. 🤷♂️
160 million votes in 2020 and TWO cases of voter fraud (both Trump voters). Imagine thinking that the voting system is corrupt. Let us all know what library is more secure than an error rate of 2 in 160 million lol.
Just re-read your comment. Prior registration, day of in person only, ID required, indelible ink on finger. These things ALL require money and the ability to take off work to vote. It is a FACT that the system is stacked against minorities.
Yes, indeed. You are a fucking racist. Go to hell you feckless rat fucking provocateur. WTF dude, you should be embarrassed of yourself.
Imagine thinking that the only way your party could win is if the other side doesn’t vote. Perfect encapsulation of what the fascist Republican Party has become.
I mean Ken Paxton is a great example. https://www.newsweek.com/texas-ag-says-trump-wouldve-lost-state-if-it-hadnt-blocked-mail-ballots-applications-being-1597909
The judges did the right thing, its the law as written. Biden should've gone through the process.
The law that was passed through legislation that gave the Secretary of Education the right the modify or waive student loans (which Roberts acknowledged, but claimed that reducing is neither waiving nor modifying)? It was not the law as written and was legislating through the bench.
Hot take: how about you pay back the loans you take out? You know, like you agreed to do?
Edit: lmfao at all the little communists downvoting me for suggesting they actually pay the debts they agreed to take on. “Those are our debts, comrade!” Who would’ve thought that maybe taking out hundreds of thousands of dollars in loans at 17% interest for a gender studies degree was a bad idea? 🤣🤣🤣
Yeah bro, everyone with student loan debt has a gEnDeR sTuDiEs DeGrEe. What kind of garbage tier comment is this? This isn't looking for discussion, it's cosplaying as a Facebook uncle.
Hahaha, I admit I was trolling a little bit there 😘
But “pay your fucking bills” is not a controversial statement, and the fact that that was being downvoted is fucking hilariously stupid. Now eat your food, cut your hair, and get a goddamned job!
it's not controversial at all. millions of people who have been taught that they're victims are fundamentally incapable of taking responsibility for their own actions. legally though? yeah, they're in the poorhouse until those debts get repaid in full + interest.
This would be a reasonable take if the government hadn’t handed out billions to cronies and private businesses during the same time. But I guess the pandemic only affected private businesses. /s
if the government hadn’t handed out billions to cronies and private businesses
Totally separate issue that’s its own pile of bullshit. I think we can both agree that the government is corrupt AF.
As someone who stood to gain greatly from Biden's plan, I do begrudgingly agree. This is a bandaid on a bone fracture that would just leave us in the same place in 5+ years.
The system needs an overhaul, anything less is a waste of money.
The system needs an overhaul
Nah, just make it legal again for bankruptcy to erase student debt. Exploding tuition costs only became a thing when that law was changed. “You mean we can charge whatever we want, loan it out to unqualified borrowers and they’re on the hook for life with no way to discharge it? Awesome!”
If bankruptcy could discharge tuition debt again, you’d see a wave of defaults, then tuition costs would crash back to affordable levels that were actually reasonably able to be paid off - at least, it would be less painful than what declaring bankruptcy would do, which is exactly the point. 🤷♂️
Congress would never permit that - it'd have a domino effect on an economy that's still struggling to emerge from the problems introduced by the covid pandemic. no, the reality is that people that have loan payments coming due are going to have to pay them or watch their wages get garnished (probably the latter, they're not capable of making intelligent decisions, after all).
maybe, just maybe, this will be a moment of realization for some of them and they'll learn from their mistakes. might be a pipe dream though!
You’re right, but I don’t think congress would permit it simply because it would also tank their investments. The smarter play would be to grandfather-in existing student loans, and make all future loans susceptible to bankruptcy - but that would also have its own knock-on effects. Either way it’s a shit sandwhich that should have never existed in the first place.
You like it when people pay off loans from the government right? I think everyone who got a PPP loan forgiven should have to pay it back with interest.
I think everyone who got a PPP loan forgiven should have to pay it back with interest.
Me too! But before that, I think the economy should have never been shuttered in the first place.
upwards of 90% of everyone who neglected to choose a STEM (Science, Tech, Engineering, Math) degree is unemployable in their chosen field. there just arent that many jobs that actually need a liberal arts, education, marketing, etc degree - you have to basically be the best in a very competitive market.
yeah, it's hilarious - they think upvoting/downvoting (or brigading unpopular comments) matters.
Amen! And that’s always been the case - that’s why the traditional good advice has been that you get a business degree, with a minor in whatever the fuck actually interested you. A business degree is always applicable in every field, and like you said it’s rare that you actually get a career that follows your major. 90% of the time the college degree itself just proved that you could show up on time and follow instructions - but that’s gone out the window too in the past 20 years. Nowadays if you want a worthwhile secondary education trade school is where it’s at - you can’t outsource the trades.
I’m old enough to remember when “don’t take loans you can’t afford to repay, and pay your fucking bills” was universal common sense and not left vs right - but look at this dumpster fire of triggered communists expecting to be absolved of the consequences of their poor choices by daddy government. Personally, I think they’re just salty that they got lied to again, and everybody who told them this would happen was dismissed / blocked / deplatformed as a being an alt-right nazi bigot. Shucks!