8,000,000 Apply for Student Loan Forgiveness
- Thread starter mrhotdice
- Start date
Sorry deadbeats.
Don't think anyone is surprised at this outcome.
I have loans but make 6 figures so no issues paying them back. I would have taken the forgiveness if approved but not a big deal that it didn't.
I have loans but make 6 figures so no issues paying them back. I would have taken the forgiveness if approved but not a big deal that it didn't.
I expected this sort of response from you. I don't need the forgiveness so it doesn't impact me. Many people do though. You can be happy about the decision without insulting those who would have benefited from the forgiveness. This response really showcases just what type of person you truly are.
The decision to say that Missouri has standing is laughable. The only reason the case was even accepted was because courts said that the student loan forgiveness plan would harm MOHELA and thus, harm Missouri. MOHELA, however, was not the plaintiff and wanted no part of the lawsuit. Research showed that MOHELA would've GAINED revenue if student debt was cancelled. It's all a crock of **** to keep the middle and lower class poor.
I’ve stayed before, IDGAF they didn’t get it. Mine was paid as I went but I don’t get 10K because my family was more responsible and worked harder?
I know a BUNCH of people that got student loans and spent it on new cars, motorcycles, spring break, booze, blow, weed etc and then failed out.
Touch em, they don’t deserve forgiveness.
I know a BUNCH of people that got student loans and spent it on new cars, motorcycles, spring break, booze, blow, weed etc and then failed out.
Touch em, they don’t deserve forgiveness.
Definitely agree with the court this was a flawed and unpopular policy across party lines.
However I do think Congress should now take up reforms in the student loan situation which has been abusive.
I would like to see collages and universities make a full disclosure to students on the potential lifetime earning expectations from the degree they want to pursue. Students applying for loans should not get blanket approval like they are now. Instead they should be risk evaluated just like a home mortgage or a car loan. Higher risk applicants have higher approval thresholds and pay higher rates, lower risk applicants get easier approval and lower rates.
I like the Australian system whereby you receive your tuition and some expenses free up front and then pay a small lifetime tax which varies but is like 3% on the average.
However I do think Congress should now take up reforms in the student loan situation which has been abusive.
I would like to see collages and universities make a full disclosure to students on the potential lifetime earning expectations from the degree they want to pursue. Students applying for loans should not get blanket approval like they are now. Instead they should be risk evaluated just like a home mortgage or a car loan. Higher risk applicants have higher approval thresholds and pay higher rates, lower risk applicants get easier approval and lower rates.
I like the Australian system whereby you receive your tuition and some expenses free up front and then pay a small lifetime tax which varies but is like 3% on the average.
?
What kind of persons thinks that someone else should pay for their decisions?
You have it terribly backwards.
Excellent post. However, the feds and colleges are in a symbiotic relationship. The current structure serves both very nicely.
There should absolutely be reform though and as the other said colleges or loan programs should HAVE to show them how the compounding interest will affect them for decades to come…
Mine will be forgiven in a couple years anyway because of working in the public sector but really need to reform federal student loans. When it's all said and done I will have paid the government around $25000 on a $21000 loan and will still have around $15000 forgiven.
Well unfortunately for you MOHELA is an instrumentality of the state, and decades of legal precedent, and the factual record, as analyzed by some of the best legal minds in the country, say you are wrong.
An instrument of the state that hadn't paid any money to the state in 15 years and showed no indication of doing so for the foreseeable future. And again, MOHELA would've gained revenue, what idiot said, "This instrument of the state is set to gain revenue, let's sue so that doesn't happen."
Biden sold swamp land to student borrowers to get then to vote for dems in the last election. Biden, Schumer and Pelosi are all on video years ago saying that the President didn't have the authority to broadly forgive student debt. Today's decision is a win for the separation of powers of our three branches of government. If Biden wants to forgive debt, he needs clear approval from Congress.
You mean how the HEROES Act (Signed by Congress) gave the Secretary of Education the power to waive or modify student loan debt during periods of national emergency (Covid)? Seems pretty clear to me
You are telling me you have more knowledge of the facts and law than the majority of the Supreme Court of the United States of America who heard all arguments, read all the briefs and came to the conclusions that:
“The Secretary’s plan will cut MOHELA’s revenues, impairing its efforts to aid Missouri college students.”
And you’re telling me, that MOHELA would not have lost revenue, but in her dissent, Justice Kagan ignored that fact and stated, “So MOHELA’s revenue decline - the injury in fact claimed to justify this suit - is not in fact Missouri’s.” And at no point felt the need to address the fact that Matteo knows there will be no revenue decline?
You need to read the cases. Every single argument you’re parroting is blown out of the water in detail.
If MOHELA, the organization that supposedly would've lost all this money, had NO DESIRE to be involved in the case that seems pretty telling to me on how they felt about how their revenue situation would've turned out if the plan went through.
Well “the organization” didn’t have a say because they’re an instrumentality of the state, and the arguments of a radical think tank who had no involvement in the case weren’t enough to counter the arguments of the party actually being harmed.
You are wrong. The highest court in the land said you are wrong. Pay your debts.
Once again, an instrument of the state that had basically no operations with the state department for years. Dragging them into the case against their will seems completely logical.
I'll pay mine but there are millions who won't and you can celebrate this ruling with a collapsed economy. Congrats
You two want to exchange e-mails or phone numbers or something?
Interesting that the reason for the forecasted collapse is all due to Covid lock downs and extended forbearance that never should have taken place. There has always been default, but the levels stayed pretty consistent.
Now the gov’t takes away people’s livelihoods and pauses repayments for FAR too long, allowing those with debt to adjust to life without debt. So when the fantasy ends, they aren’t budgeted to pay said debt and cry to the heavens.
It’s the same concept as welfare for able bodied people. They get used to it and base their life on it, so the idea of the free ride ending is the end of the world.
Yes. This should come from the legislature, not a half-baked executive order clearly designed to win votes in a mid-term election.
The first step for reform should be to get the federal government completely out of the business of student loans. Remove the federal guarantee and make the loans dischargeable in bankruptcy and VOILA! the problem will be fixed almost overnight.
All the government shutdowns happened when Trump was president and his administration was the one that paused loan payments. Since then we’ve seen worldwide inflation with no increased wages and people are barely making ends meet. Maybe look at other people as human beings instead of cheap skates begging for a handout
Wrong. The Supreme Court said that the Heroes Act did not authorize blanket loan forgiveness and that Biden needed to go to Congress for permission. Also that act required a war or national emergency to modify loans. Covid is over and there is no war.
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Yes, because throughout history the Supreme Court has always been the beacon of what is correct. We were still in the middle of Covid still being considered a national emergency when the plan was first introduced.
Wrong again. Biden Administration said that the Covid emergency is over before the plan took effect.
It didn't take effect only because of the arguments that IMO had no merit as outlined in the articles above about MOHELA...SCOTUS felt they did have merit...It wasn't a matter of when the plan when into effect...the important date was when it was issued in regards to the Heroes Act.
This plan was introduced last fall. Biden said the covid emergency was over in April
It’s sad that it takes you explaining that NO, an emergency act completely unrelated to blanket loan amnesty could not be used to ram through an executive decision like this.
These people, man. They twist and turn and distort every word and an every action to try to get their way.
Please go back and look at trumps statements on his way out, which was still at the beginning of this mess. Things like “we have to reopen” and “the cure can’t be worse than the disease” can readily be found.
Trump made a bad set of decisions based on ignorance, but it was the left who embraced it and took it too far and wayyyy beyond. That’s an indisputable fact. It was politically advantageous, and they pounced for years too long. Still are in some ways.
These people believing the lies of politicians about “debt forgiveness”, lived their lives like those payments would never come due. Nicer house, nicer car, etc. so now that those payments are set to resume, many are effed.
Irresponsible governing and irresponsible personal finances are to blame.
and yet, Republicans had to rely on a questionable excuse of standing to keep it from being enacted.
I don’t know about everyone but my Nurse friends’ pay has almost doubled since Covid and it’s not going to go back down at this point .
As a small business owner with employees it’s a laughable statement to me. Preposterous actually.