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 collage, get your two-year out of the way at a community collage, 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!
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.
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.
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 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.
Or maybe we just don’t agree that taxpayers should bail out the poor
FTFY
College graduates make more than the average high-school graduate by a large margin. College graduates are hardly ‘the poor’, particularly after they get into the workforce and start making money.
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.
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.
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?
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.
Pretty sure I don’t agree with you now or probably on about anything else.
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!
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.
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. 🤷♂️
