Supreme Court - College debt forgiveness struck down

[Tapeworm]

Art history is fine. I'm an amateur enthusiast. Not everything has to be about making money. Accordingly, neither should edifying pursuits be placed behind a paywalled institution staffed by a bunch of cosmopolitans who can't even change a tire, but I digress.

Internet is awesome. So is the library.

Just don't tell me to carry someone else's debt. Bed. Lay in it.

[Kwon]

[Vince G, CSN MFT]

I bet they had enough to pay their 100.00 a month cellphone bill...

If I saw a lib with a 100 dollar bill, I would be surprised.   Most of them had bills around 300 with the most expensive plan, phone, watch, tablet, streaming services that they signed up for a month free but forgot to cancel it, etc.   But it doesn't really change anything and you can't group everyone together for a specific item

[Ron]

The decision was correct.   For all that owe college bills, a better repayment plan should be made, with less interest and a reasonable way.  Unfortunately, no one has done that, except jack up interest rates, late payments, and fees.  You want people to pay off their college loans.  Make a reasonable plan that actually can work with people based on income per month ration, no interest rate, and if something happens, work it out.   

While no one wants to pay someone else's college loan, I have seen a loan go from $20,000 to $50,000 in huge interest rates, fees, with no welcome relief from the loanpayer themselves.  Use that method, maybe some things will change.

But as long as people think they can get off not paying, then why even try to pay.

When you have people lilke this rep who boasts she cant pay while taking multiple trips, wearing expensive gowns, and eating out a nice restaurant without any effort of paying down her college loan, why should others...  "Alexandria Ocasio-Cortez owe $15,001 to $50,000 each. “I'm proud of having had the experiences that many of my neighbors have had and that I haven't floated in this bubble,” Ocasio-Cortez said at a recent virtual town hall." 

[Andy Griffin]

The government doesn't pay its debt.

91% of PPP loans -- some of them in the millions of dollars and obviously fraudulent -- have recently been forgiven. 

There have never been more gibs and government benefits being passed around. 

...But god forbid some young white kids get relief from predatory and undischargable college loans.  Then all you boomers are "durrr pay denbts."

Separate issue, cock gobbler.  Pay your fucking bills or put on a dress.

[oldtimer1]

Our tax money pays for useless diploma mills. Banks are in on the action. Kids should be learning useful trades to be electricians, plumbers, welders etc. If they want to spend 40k / year on an education then it should be to go into engineering, pharmacy, business, etc. Not 40k / year to learn gender identity and art history and then whine when they can't pay back their loans.

You are making way too much sense. I told my kids if you go to college your job better be printed on the diploma. They listened and are doing well. They paid back any loan they took too on their own.  Should they get a refund if a slacker gets loan relief?

[SOMEPARTS]

You are making way too much sense. I told my kids if you go to college your job better be printed on the diploma. They listened and are doing well. They paid back any loan they took too on their own.  Should they get a refund if a slacker gets loan relief?

The whole "liberal arts" degree thing was going on in the early 90s. We were being told that we were too smart to work regular jobs.

[Thin Lizzy]

Why is that good news?  College lending is predatory and the colleges and lenders themselves are corrupt fagggots.

Agree. The whole program should be ended.

In all sectors that are dramatically overpriced you can find a large government hand.

[Dave D]

Have you been paying attention?  https://www.npr.org/2023/01/09/1145040599/ppp-loan-forgiveness

Most PPP loans (92% of them!) have been granted full or partial forgiveness.

And if you want to debtmaxx and then make your credit card loans go away, there's a pretty easy legal mechanism for that -- but it doesn't exist for predatory college debt.

They forgave loans that keep people employed during lockdowns?

[Dave D]

If you lose your job, you DON'T HAVE MONEY SITTING IN THE ACCOUNT!!.  Not everyone got their job back and many had to get a job that paid less.   I lost my job at Verizon because of COV-19 when the company decided to keep everything at-home (so they can fire all of customer service under the table which they did on June 23rd).

Thats the whole point...not to mention that a number of major businesses were given PPP loans that were forgiven under COV-19.  Nobody is getting a handout and because it was struck down, the government gets a 100 billion windfall out of it

 Vince the PPP loans were about saving jobs for small companies, part of those rules included not being able to fire or layoff staff.

 Verizon didn’t suffer during Covid19 their business improved because people were dependent on their services.

Your company made a business decision to lay people off, it wasn’t due to losses from covid it was technological advancement.

[Thin Lizzy]

If the problem is that too many people can’t realistically pay off the loans, the loans never should’ve been made in the first place. Again, it’s an another failing government program.

[The Scott]

If the problem is that too many people can’t realistically pay off the loans, the loans never should’ve been made in the first place. Again, it’s an another failing government program.

Agreed.  It is the same with the problem of home loans years ago when people bought housess costing more than their worth hoping to turn the over for tens of thousands more in a few weeks.  Many lost everything for their ignorance.

[Thin Lizzy]

Agreed.  It is the same with the problem of home loans years ago when people bought housess costing more than their worth hoping to turn the over for tens of thousands more in a few weeks.  Many lost everything for their ignorance.

Also, student loan debt can’t be discharged via bankruptcy. This was put in place because they knew there would be a flood of bankruptcy otherwise.

The whole thing never should’ve happened.

[Mayday]

A helping hand at what? A state or private degree?

Community colleges are a legitimate option that you can knock out a 2year program for a fraction of the price. Why are people not promoting that?

Military service would also make a degree free or very close to it; why is that not seen as an option?

There are numerous “helping hands” available, they real question is why do we continue to promote the business side of education?

All great questions.

When I was 18 I was told I must go to university and get a degree or never get a good job. It was BS. Today kids are being told they need an MBA after the degree. I think it’s become folk lore.

Kids need to learn trades. Manual skills but nobody is pushing it.

[Vince G, CSN MFT]

Vince the PPP loans were about saving jobs for small companies, part of those rules included not being able to fire or layoff staff.

 Verizon didn’t suffer during Covid19 their business improved because people were dependent on their services.

Your company made a business decision to lay people off, it wasn’t due to losses from covid it was technological advancement.

Most of those businesses pocketed the money and still got rid of people.  The Verizon layoffs had nothing to do with COV-19.  They had been working to outsourcing everything for years.   COV-19 allowed them to do it without anyone looking...and they pocketed the PPP Loan.

Peoole have paid their loans 2 to 3 times over but Congress raised the interest every year to keep a grasp on those interest payments.  Those Federal Student Loans are a giant pyramid scheme...as big as Social Security.

  You can go say that people should pay what they owe but truth being told, they want people to pay to infinity so they do things like interest rate hikes and heavy penalties if you even miss one payment.  Like George Carlon said...the game is rigged

[Vince G, CSN MFT]

If the problem is that too many people can’t realistically pay off the loans, the loans never should’ve been made in the first place. Again, it’s an another failing government program.

Its not a failed program, its highly successful....not for those with the loans.  Government collects billions of dollars a year in interest alone on a debt of 1.8 trillion dollars.  They knew exactly what they were doing when they started giving out those loans.   The government got into the bookie business, made them bankrupt proof, and attached adjustable interest rates so they can twist the screw even further to keep people paying on thrm

[Tapeworm]

Geez Vince. It almost sounds like you think the government has been captured by corporate interests and could be less than trustworthy. You're not one of those conspiracy theorists I heard about, are ya?

All great questions.

When I was 18 I was told I must go to university and get a degree or never get a good job. It was BS. Today kids are being told they need an MBA after the degree. I think it’s become folk lore.

Kids need to learn trades. Manual skills but nobody is pushing it.

They can talk about skills shortage all they want but the minimum wage is up again, super, holiday, sick leave, long service loading, insurance that won't pay when the kid falls off a ladder so I lose my house, all to rescue some disinterested halfwit from the path his idiot parents set him on. I wasn't hiring before and still not.

[Thin Lizzy]

It’s not a failed program, it’s highly successful....not for those with the loans.Government collects billions of dollars a year in interest alone on a debt of 1.8 trillion dollars.  They knew exactly what they were doing when they started giving out those loans.   The government got into the bookie business, made them bankrupt proof, and attached adjustable interest rates so they can twist the screw even further to keep people paying on thrm

LOL

The government is supposed to work on behalf of the people not at the expense of it.

And your analysis doesn’t take into account the resources that have been misallocated as a result of this, not to mention all the money that has been sucked out of the economy needlessly to pay off these worthless degrees.

[IroNat]

Nonsense, everything is grand.

[SOMEPARTS]

Its not a failed program, its highly successful....not for those with the loans.  Government collects billions of dollars a year in interest alone on a debt of 1.8 trillion dollars.  They knew exactly what they were doing when they started giving out those loans.   The government got into the bookie business, made them bankrupt proof, and attached adjustable interest rates so they can twist the screw even further to keep people paying on thrm

Endless excuses for people who went to college that should not have in the first place.

[Vince G, CSN MFT]

LOL

The government is supposed to work on behalf of the people not at the expense of it.

And your analysis doesn’t take into account the resources that have been misallocated as a result of this, not to mention all the money that has been sucked out of the economy needlessly to pay off these worthless degrees.

When is the last time you heard the government do any real good.  You know they are about to raise the age for Social Security benefits if not just eliminate it all together soon.


Degrees in teaching, dentistry, becoming a doctor or an engineer.  Don't say that at your next dental appointment.  The VAST MAJORITY of people are working in the field where they got their degrees.  For that they took out predatory loans from the government...the one you say should be working on behalf of people.


With that being said, those loans are tanking the economy because its TAKING MONEY FROM IT.  Money has to flow into the country and people paying off these loans are not going to buy a home or other major purchases or if they buy a house and their payments increase like they are soon once it starts back up, there's going to be a number of foreclosures

Nobody wins

[Humble Narcissist]

Pay your college loan back you slacker.  PPP loans shouldn't even be called loans. They are hand outs knowing some fools will pay them back.

 Yes, if you don't make monthly payments on credit cards you can get an arrangement to pay a partial payment and the credit card company will write off the rest. Try to apply to get a get credit card after using that option. You will be able to get a card but with severe restrictions on the amount of credit they will give you. Also trying to get mortgage after that will be a challenge.

One thing I agree with is that student loans should be illegal. Letting a 18 year old kid get a sick amount of money for school then telling them they have no option for bankruptcy is predatory.  Have you seen they won't give out the loans if the parents won't cosign if they have a normal job? Look at the wording of the new student loans.  Outlaw student loans and watch in two short years college tuition dive down to affordable levels. These colleges charging 40k Plus a year would be empty without the loans. Colleges are awash in money because of student loans paying the massive salaries of people that don't deserve it and for the beautiful buildings.

This^ 

[SOMEPARTS]

The VAST MAJORITY of people are working in the field where they got their degrees. 

Conservatively about half a million people a year earn degrees with no job title...x 20 years and see why we have a problem. Also there is a difference between going to college and racking up loans and actually graduating....as low as 40% grad rate for some demos and they still have tens of thousands of loans on the books. Again multiply all this by 20 or more years and you understand how a 40 year old barista could have 80k in loans they will never pay back.

https://research.com/universities-colleges/number-of-college-graduates

[Thin Lizzy]

Conservatively about half a million people a year earn degrees with no job title...x 20 years and see why we have a problem. Also there is a difference between going to college and racking up loans and actually graduating....as low as 40% grad rate for some demos and they still have tens of thousands of loans on the books. Again multiply all this by 20 or more years and you understand how a 40 year old barista could have 80k in loans they will never pay back.

https://research.com/universities-colleges/number-of-college-graduates

The last stat I heard is that about 50% of grad get job relating to their major.

[Thin Lizzy]

All great questions.

When I was 18 I was told I must go to university and get a degree or never get a good job. It was BS. Today kids are being told they need an MBA after the degree. I think it’s become folk lore.

Kids need to learn trades. Manual skills but nobody is pushing it.

Not as much to milk. I did an industrial program: Plumbing, Electrical and Carpentry. The whole thing took a year.

A lot of the learning is on the job from the veterans.