Let the judge pay for it out of his own pocket.
No reason or accountability.
This decision is probably unconstitutional and thus illegal. The feds have no constitutional authority to get involved in things like student debt. Decisions like this are excuses for the Left to raise taxes.
So let’s forgive debt of professional students being indoctrinated by our left-wing institutions of higher learning...WHAT A GREAT IDEA! /sarc
I can hardly wait for the NEW TV Commercials ...
Will they pay me back for the mortgages I paid off ?
College costs have skyrocketed because of all the “free money” that the government gives to kids with no real expectation of having genuine careers.
I think all college loans should be made directly by the educational institution that will be granting the degree. And I think that college loans should be treated like any debt in a bankruptcy case.
My college loans in 1969, $7K, would equal $60K in 2020, just adjusted for inflation. So the kids graduating with $60K in loans today who are all whining... tighten your belt buckle. When we graduated from college we moved to CLUTE, Texas. We had an apartment for $125 a month. We had a ‘67 VW Beetle. We rented furniture! We ate weenies and fish sticks and baked potatoes. A feast was having biscuits, gravy, eggs, and sausage for dinner! Where were the liberals who hand out money, back when we were scrimping and saving to get ahead. We repaid my college loans on time, in full. And looking back, those were such happy newlywed memories!
Exactly right, get gov out of the student loan business.
My college education, Okla S. U. cost $1300 per year. Room & Board was 98 a month. Tuition was 11 per credit hour first year and had gone up to 14 per credit hour by senior year.
We scraped up 1.25 to get a small cheese pizza at Bill’s Italian in Stillwater. YUM! Miss that place!
At the Wet Olive beer was 25 cents. $1.25 per pitcher!
Coffee at student union, 4th floor, was a nickel! And they gave refills!
We didn’t go on expensive vacations, like the rich kids went skiing during spring break. I saw them boarding a bus.
Do today’s young people have ANY idea how to scrimp and save?????
When I was in graduate school, one classmate used some of his student loan money to buy a new car. Others used money for vacations, living in expensive apartments, etc.
Part of the problem is the institutions themselves for lending too much money. Another part of the problem is the interest rates they charge.
There needs to be a revamping of the whole student loan system so people aren’t getting out of school with so much debt that it takes 20 years or more to pay off.
And obviously, the cost of attending university is outrageous to begin with.
So, a state judge in New York overrules federal law to grant relief on a debt owed to the federal government.
This should be overturned by the first federal judge in the appeal process.
I don’t understand this. All someone has to do is get a credit card?card, transfer the student loan and declare bankruptcy. Why do judges have to be involved
bad.
debts shouldn’t be so high to begin with but court should not dismiss them.
What happens if the student recieves a degree and then defaults on the loan?
Does the graduat lose the degree at that point?
Yes, student loans should be included in bankruptcy, but...
1. It should be part of a full bankruptcy; no just declaring bankruptcy on the student loan, but not on everything else in your life
2. just like every other loan, you have to return what was purchased with the loan (the collateral) to the lender; in this case that would be any credits and degrees paid for by the loan
People would think twice if they had to give up their hard earned degree to get out of debt.
And, for those people that never made it through college, but racked up tons of debt, it will give the colleges an incentive to not loan money to people they don’t think can complete the degree.
I understand there’s a kneejerk reaction by a lot of conservatives to say “you take out the loans, you pay them off... Period.” I don’t think that’s a practical position anymore, even if I personally adhere to it.
College has runaway costs and little accountability for those costs, in large part because college loans are guaranteed by the government. The government guarantees and without the ability to discharge bad debt, loans are artificially kept cheap and easy to obtain. Where else can a 19-year-old get a six figure line of credit without a concrete method of collateral (or something to repossess if the debt isn’t paid)?
The other reality that we all have to deal with is that this debt is out there, and a lot of Americans are under this debt. Those people span a lot of demographics and fair or not, they will be swayed politically by someone who can “fix” this. (There are of course also plenty of people who did the right thing, payed off their debts in full or never went into debt, and would be enraged by a blanket amnesty from college debt)
There are ways to fix this problem in a free market, capitalistic system. Lord knows our President has used the legal mechanisms for discharging bad debt to his advantage over the years, as have many business owners.
It’s not socialist to address education costs, shifting risk from the government to the colleges, providing incentives to employers who help discharge debt, and even allowing former students to discharge bad education debt in bankruptcy in some fashion.
If the only responses the right has are dismissive, like “tough luck dummy, should have been a plumber,” or “I ate baloney sandwiches and slept on a steam grate to pay for college,” it does nobody any favors. It doesn’t address the existing problems, and it pushes people away from supporting the solutions you would favor and toward solutions you would not favor.
Here's a clue Sherlock, Stop sending your young folks to these monstrous indoctrination rip off centers that were formally institutes of higher learning. There's a new thing in town. It's called the World Wide Web and it contains just about anything you need to know. At least for now. The Democrats are working diligently to change that of course.
If he borrowed $116,000, never paid any principle, after 15 or so years, he’s at $218,000. That’s just north of a 4% interest rate. If he made any payments at all, the rate goes up.
The Fed invents money from thin air. Why aren’t we offering student loans at the prime lending rate? Essentially, you can borrow it from the magic pile of free money, but you will pay it back with a token interest rate.
That’s certainly better than Warren’s plan to just wipe away the debt of the people who didn’t save for College or in fact pay for any of it as they went.
I worked A LOT in college. Yes, it was much cheaper in the late 80s but back then I didn’t qualify for student loans because my dad just barely made too much money. Of course, he couldn’t pay for it either because he was in debt to his eyeballs, so either I worked or I didn’t go.
The only effective way to “cure” the always-rising costs of education and massive student loan debt (most of which can’t be repaid, anyway) is to once more allow the debt to be discharged in a Chapter 7 bankruptcy. If dischargeable, lenders will be very careful to whom they lend if they are tempted to make unwise loans. Think about the ramifications all down the line.
Good. The US Constitution and the Bible allow for bankruptcies to prevent monopolistic practices as we have seen in college education.
If student debt is discharged through bankruptcy, then the person should lose all credits earned, any certificates and diplomas. If they don’t pay for it, they don’t get it. If they hold a title or position dependent on the academic credits, they must surrender that title or position.