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“I Can’t Even Retire If I Wanted To”: People With Student Loan Debt Get Real About Biden’s Plan Being On Hold
Buzzfeed ^ | 11/25/2022 | Vanessa Wong

Posted on 11/25/2022 12:32:56 PM PST by simpson96

President Joe Biden’s one-time federal student loan debt relief program, which would forgive up to $20,000 in loans for federal borrowers, remains on hold after a federal district judge in Texas declared the program unconstitutional earlier this month. The 8th Circuit Court of Appeals in St. Louis issued a nationwide injunction barring the program days later. The whiplash leaves more than 26 million people who applied for relief —16 million of whom were already approved — caught in limbo about the future of their federal student loans. Those who were approved received notice from the Department of Education that their debt will be discharged “if and when we prevail in court." But no new applications are being accepted. Meanwhile, Biden announced on Tuesday that the emergency pause on student loan payments put in place during the pandemic would be extended to "no later than June 30, 2023" so borrowers would not resume payments while waiting for a decision from the Supreme Court on the matter.

I spoke to borrowers around the country, ages 24 to 61, about their financial plans now. Some people who had expected Biden’s program to forgive the remaining balance of their loan were frustrated that critical expenses they had been putting off — such as medical needs, saving for a home, retirement — will continue to be delayed. Some are looking for ways to not pay. Others are resigned to resuming payments until their debt is forgiven under another income-driven plan that cancels the remaining balance on a loan if it isn’t fully repaid at the end of the repayment period, such as Public Service Loan Forgiveness.

(Excerpt) Read more at buzzfeednews.com ...


TOPICS: Chit/Chat
KEYWORDS: stupiditytax
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To: simpson96

And while we’re at it, the very idea that $10K or $20K is the difference between being able to retire or not is another piece of fine ignorance.


21 posted on 11/25/2022 1:02:24 PM PST by Attention Surplus Disorder (Apoplectic is where we want them)
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To: simpson96

These “educated” imbeciles are in exactly the same boat they were before the Biden giveaway/vote grab was shot down.

The same calculations before they signed for their loan would exact the same results they are just now waking up to.

And at almost 62, I’m starting my 3rd career path....never too old, but apparently many are mentally too young. Perpetually.


22 posted on 11/25/2022 1:04:11 PM PST by txeagle
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To: usconservative

Same here, non welsher. When they do eventually let these dead beats off the hook I’d like to what rate of interest they intent paying us on tte refunded balances we paid off decades ago?


23 posted on 11/25/2022 1:04:56 PM PST by hardspunned (Former DC GOP globalist stooge)
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To: simpson96

My daughter didn’t ask her neighbors of any other taxpayer to pay for her student loan. She paid back every penny of it.

Why should anybody be FORCED to pay for other people’s loans?

People with credit card debt should be allowed to ask the federal government to pay off their debts. It amounts to the same thing as student loans. Many of those people with credit card debt did not go to college and don’t have better jobs or careers than those students who used student loans to get better paying jobs or careers.

If student loans are paid by the taxpayers, why would any future students with student loans not also expect the same thing?


24 posted on 11/25/2022 1:05:28 PM PST by adorno
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To: simpson96

your debt is NOT my responsibility.

signed everyone else.


25 posted on 11/25/2022 1:15:52 PM PST by cableguymn
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To: Zuriel

why do you think they can’t pay their bills??

they are educated. Not smart.


26 posted on 11/25/2022 1:18:30 PM PST by cableguymn
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To: simpson96

Then perhaps you slackers and deadbeats need to think about how you can adjust your life-style to repay those loans that you took out instead of being a further drain on the futures of our grandchildren. My wife and I aren’t rich by any means, but we don’t look to anybody but ourselves to put our kids through college and provide for our own futures. I have no patience for parasites.


27 posted on 11/25/2022 1:20:44 PM PST by Howie66 (Let's Go Brandon!!)
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To: simpson96
I have heard dozens of stories about people taking their student loan money and going on vacations to Aruba, buying bling, essentially squandering it away.

As a lender, why would I loan tuition money to someone enrolled in "gender studies", "negro studies", or any other "studies" program?

28 posted on 11/25/2022 1:23:49 PM PST by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: for-q-clinton

I’m probably in that class of people, but for different reasons. So what? I hit 72, I’ll just work part-time for some money. There was a time in this country when most people worked until they died, anyhow. As I understand it, retirement for the masses is still a relatively new concept, something adopted over the past century.


29 posted on 11/25/2022 1:25:37 PM PST by Tolerance Sucks Rocks (FBI out of Florida!)
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To: cableguymn
they are educated.

That's debatable. Someone with an Arts degree in Minority Grievance Studies is not really educated. Indoctrinated, perhaps, but not educated.

30 posted on 11/25/2022 1:26:45 PM PST by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: simpson96

These people in this sorry excuse of a news story truly epitomize the term “unless eater” I’m sorry to say.

Maybe the WEF is on to something.


31 posted on 11/25/2022 1:28:00 PM PST by CapnJack ( )
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To: Governor Dinwiddie
why would I loan tuition money to someone enrolled in "gender studies" etc.

Exactly. In a free market, you wouldn't do such a thing. As a private lender in a free market, you would know that it would be a bad loan, unlikely to be repayed.

32 posted on 11/25/2022 1:28:26 PM PST by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: simpson96

There are lot of college courses that are bigger scams than bitcoin. LOL


33 posted on 11/25/2022 1:28:47 PM PST by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: simpson96

Only way socialism works everyone loses no sale.


34 posted on 11/25/2022 1:32:18 PM PST by Vaduz (LAWYERS )
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To: simpson96

It should NOT be up to the government to determine who and who does not get bailed out of their personnel debt. It SHOULD be unconstitutional for the government to even consider handing out money to ANY certain class or part of the people in this Country.

But, the REAL truth is that the Dems did not really care about paying off their loans for them in the first place, it was just a “promise” they made to USE these people for votes in the last election. Just exactly like they are trotting out slave reperations again now...not because they WANT to pay out money, but because they KNOW the republicans will stop it and they can then say “see, you should all vote for us”. Had the Dems REALLY wanted to pay off peoples school loans, they had total control of the government for the last 2 years and did...NOTHING to make it happen...


35 posted on 11/25/2022 1:33:13 PM PST by Democrat = party of treason
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To: simpson96

uuuummm... maybe you should have gotten a job in the private sector then...


36 posted on 11/25/2022 1:33:32 PM PST by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: simpson96
Could be this guy. $100k for a meteorology degree and a bad attitude.

https://m.youtube.com/watch?v=nAiE9fJbVd4

37 posted on 11/25/2022 1:33:33 PM PST by IYAS9YAS (There are two kinds of people: Those who can extrapolate from incomplete data.)
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To: simpson96

Cry me a river.


38 posted on 11/25/2022 1:34:23 PM PST by Jim Robinson (Resistance to tyranny is obedience to God.)
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To: Attention Surplus Disorder

The $20,000 loan forgiveness number relates to students who had a Pell Grant. A Pell grant is just that … a GRANT. It does not need to be paid back. So these people got an extra $10,000 when they were in school and will now get an extra 10,000 that they are out. I am confused.


39 posted on 11/25/2022 1:34:33 PM PST by Freee-dame
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To: Tolerance Sucks Rocks
If one can work full-time up to age 70, they max out their social security benefits. Which is almost double from taking them at 62 and about 30% higher than taking them at FRA (67).

That would allow most people with no retirement savings at all to still have a comfortable life after 70 provided they work part time after that.

Not that I advocate not saving for retirement. But for those that for one reason or other were not able to save, they still have an opportunity to have a decent lifestyle after 70. Provided they are disciplined enough to wait until 70 before claiming their SSA benefits and are healthy enough to work a part time job after that.

40 posted on 11/25/2022 1:35:11 PM PST by SamAdams76 (4,650,626 | Truth Social | 87,755,089 | Twitter | Trump Followers)
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