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 ...
“The pervasive mentality in scoiety thses days that ALL kids should go to college is not only unsustainable, it is foolish.”
They want them in indoctrination centers as long as possible and in as much debt as possible. One reason why they always talk down trade and technical schools. No indoctrination.
But the Government did bail out the banks to the tune of trillions after the great recession, rewarded them for poor decisions.
They also helped bail out homeowners who were underwater. I knew a rich kid at work who was recently married and way overpaid for a condo. He got plenty of help from the Government.
That seems to be pretty much what I’m going to do. I do have a 401(k), but it doesn’t have enough to sustain me in retirement, and it seems to be turning into a 201(k) lately.
Biden and his goons knew it was unconstitutional when they came up with the idea. The purpose of the scam was to get young people out to vote.
Anyone here think it would have been legal for Trump to announce he was going to give everyone over 60 years of age a Christmas bonus of $20,000? Same crapola.
I’m going to try to go full-time up to 72, which is the new cut-off where you have to start taking distributions from a retirement plan. At that point, if I must start taking distributions, I might as well retire and start collecting my maxed-out SS (what remains of it) as well, with the part-time job, of course.
“Thank God I owe nothing except my monthly utility bills and food.”
Wow, your’e lucky. We have $400 that we have to put aside each month just to pay real estate taxes. I feel like we are lucky lol, that’s probably on the low side for most people.
Agreed. After the Marine Corps gave me $8,100 (in VEAP money) back in 1985, I decided on a 10-month technical school in Electronics and Computer Repair vs the 4-year college path.
The result was that a few years later, I was making well more than the typical college graduate with a four year degree. All with zero debt.
I also consider myself better educated than the typical college graduate as I remain an avid reader over a period of decades. My home is full of history books, the classics and other great literature.
College is probably necessary if you want to be a doctor, lawyer or engineer. Otherwise, plunge yourself into your chosen field by getting on the job experience and you will have plenty of time to educate yourself on your own terms without the brainwashing.
Sounds like you and I are on a similar course. I just turned 60 and still feel like I’m in my 30s health-wise. Even though my 401k is still sitting pretty after the recent downturns in the market, I have no desire to give up my full time job anytime soon and so will keep working for the foreseeable future. I intend to max out my SS as I feel I have a decent shot to make it to 100 or older. That puts me well beyond the break-even point of taking it earlier.
We even spaced our children out 5 years apart so that we wouldn’t have two in college at the same time.
So we toughed it out and paid as we went, no college loans, ever.
For a couple of years, both our oldest and I were in college at the same time.
Of course, this was back in the ‘80s when tuition at a state school for a full class load was only about $250 a semester.
I split my property tax and pay 1/2 in June and 1/2 in December. I’m an obsessive saver and stick everything into savings.
F every one of the liberal handout scum.... But in reality 99% of this is BS propaganda.
Don’t care, they intered into a legal contract and must abide by its terms. Figure out how to pay your debt.
As a lender, why would I loan tuition money to someone enrolled in “gender studies”, “negro studies”, or any other “studies” program?
they lend because there are protections for lenders (such as debtors can’t clear their debt through bankruptcy).
What they should do is return student loan debt to the status of a normal unsecured debt (like credit card debt) for any future loans. But the government should be prohibited from being a lender, all lenders should be in the private sector, and those private sector lenders will have to absorb the loss of any defaults. If we can create a market where only credit worthy borrowers will receive loans, than lenders are unlikely to give loans for nonsense-type fields of study.
How many idiots bought new cars and paid for world tour vacations in anticipation of student loan forgiveness?
By my reading of Reddit - the next incarnation of leftist Twitter - it’s more than a few. It’s many times many, many more.
You want your neighbors, your grocery store workers, truck drivers, retail store workers, etc to pay your college debt?
Those folks most likely never attended college. I was a federal employee so I know how much more I got paid in wages and benefits. But you just partied and did not bother paying off your college loans.
Go jump in a frozen lake from the fishing hole.
And why are people close to retirement age getting student loans anyway?
You did the right thing. We limited kids to just 2 so we could afford to put both through college.
So now you are expected to pay college loans of those who now earn bigger incomes than non-college workers. Very infuriating.
How about the same consequence? If you aren’t paying your loans back, you don’t get to use your degree
And he got them. He will do it again in two years in a slightly different form and the same people will fall for the same scam.
But Sam, without the college you won't be brainwashed. And you'll have a dirty mind!
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