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 ...
How about the critical expenses they had been putting off — such as medical needs, saving for a home, retirement of the electricians, plumbers carpenters and other working class people, who will have to subsidize the college educations of people who chose to borrow for uneconimical majors?
If we pay it then we’ll get sob stories about how these people can’t retire because they government hasn’t paid off their mortgage and credit card debts too. It’s about getting “free stuff” by making us pay for it.
More low mileage repos for the rest of us.
read the stories...what a pant-load...none took responsibility for their decisions.
No deeper info was sgiven...do they have car payments ? how about mortgages ?
bah..
These people haven’t purchased a home yet? I am a poor man, but in my day I was pulling in 80K with my spouse. We bought and sold four houses. One of them we sold for 247K after purchasing for 149K 18 months earlier. Through hard work on weekends and the market moving. We ended up with money to buy a new car, pay of ALL debts, and put some away.
GET OFF YOUR ASSES AND WORK HARD, work weekends with lights on in the rooms until the house you can buy cheap shines. I did it 4 times. I am just a house painter, wife was a parts counter person at a car dealership.
Once again WORK. Complain after you got it pretty much going on, and you find out you have terminal ______. Or keep on keeping on.
Suppose one of these debtor students owned a car and joe biden gave that car to an illegal immigrant in exchange for a fraudulent election vote. Does the debtor student agree the illegal was entitled to the car?
same here- What having student loans in 1980-82 meant: 9-10% interest rates, tighter bankruptcy laws which did not take default on student loans lightly, and a pay structure which used a minimum wage of 2.65$/hr. as baseline for wages.
At that time enlisting in USAF did not help much because loans were accrued previous to enlistment..
So to all of those trying weasel out of their obligations BOO FRICKING HOO
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