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 ...
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.
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.
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?
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?
your debt is NOT my responsibility.
signed everyone else.
why do you think they can’t pay their bills??
they are educated. Not smart.
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.
As a lender, why would I loan tuition money to someone enrolled in "gender studies", "negro studies", or any other "studies" program?
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.
That's debatable. Someone with an Arts degree in Minority Grievance Studies is not really educated. Indoctrinated, perhaps, but not educated.
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.
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.
There are lot of college courses that are bigger scams than bitcoin. LOL
Only way socialism works everyone loses no sale.
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...
uuuummm... maybe you should have gotten a job in the private sector then...
Cry me a river.
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.
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.
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