Posted on 03/01/2023 4:51:01 AM PST by Oldeconomybuyer
WASHINGTON (AP) — Niara Thompson couldn’t shake her frustration as the Supreme Court debated President Joe Biden’s student debt cancellation. As she listened from the audience Tuesday, it all felt academic. There was a long discussion on the nuances of certain words. Justices asked lawyers to explore hypothetical scenarios.
For Thompson, none of it is hypothetical. A student at the University of Georgia, she grew up watching her parents struggle with student loans and will graduate with about $50,000 of her own student debt.
Thompson and her father are each eligible for $10,000 in relief, she said. It would move her a step closer to financial stability, Thompson said, and it would eliminate the rest of her dad’s loans.
Ella Azoulay, a 26-year-old who lives in Washington, visited the rally to join the push for debt relief, which she calls a “family issue.” A 2018 graduate of New York University, Azoulay has $40,000 in student debt, while her dad has more than $400,000 taken out on behalf of her and her two siblings.
“I can’t really think about my future without thinking about this huge debt,” she said. “My dad has no plans to retire. He’s in his 60s and he has said for my whole life that he will never be able to retire. And that’s really upsetting to hear.”
Kayla Smith, 22, joined Thompson at the overnight campout for a seat inside the court. A recent graduate of the University of Georgia, she also felt the discussion missed the bigger picture.
Smith’s mother borrowed more than $20,000 in federal Parent Plus loans to help her pay for college. Smith sees it as the result of a broken system that forces people into debt for a shot at social mobility.
(Excerpt) Read more at apnews.com ...
Journalism rule - when they lead with an anecdote, expect a load of BS to follow.
Stupidity runs in that family.
As I understand it, the absurd increase in attending college can be traced directly back to the takeover of the student loan program by the Federal Government. Furthermore, I believe there were no limitations on exactly how the money was to be spent, and evidently not much consideration given to the likelihood the money could be repaid. This is just another prime example of why government should be limited to doing as little harm as possible.
Adulting is hard, Kayla. No one is forced into this debt. It’s a freedom to choose whether to take the loans, where to go to school, whether to work or to pay for your education, etc.
How sick is she that she believes her “shot at social mobility” should be at the expense of those without her opportunities or likely income level? If she believes those of us who paid off our loans (or never had them) are responsible for absorbing her debt then she believes we are her slaves and she has claim to the fruits of our labor. She wants instant gratification like other snowflakes we’ve heard on this issue who took trips instead of making loan payments. They feel entitled when they’ve done nothing to earn their keep. Take the student loan debt, pay the student loan debt. The father who took out $400,000? That’s on him. If the kids education is worth that, they can help him repay it from their high paying jobs instead of traveling the world and filling their lives with Telsas and Louis Vuitton.
“dad has more than $400,000 taken out on behalf of her and her two siblings”
Even $20,000 won’t get dad out of his mess.
Biden wants Uncle Sam to make voter bribery payoffs. That is the real issue. The promise (and fulfillment) of voter bribery payoffs corrupt the elections the state plaintiffs run.
Obviously she didn’t learn from her parents and try to avoid their struggle with student loans. She would rather whine than be an adult about the choices she made. These entitled little babies think the world owes them a living. These proposed cancellations go up to six figure incomes. In no way is that reasonable.
The trades still exist and they’re desperate for competent workers. Go to trade school for a much lower cost or get paid to learn on the job.
“does the government have the right to void contracts?”
State law governments in the US generally can’t, but the federal government can void contracts as in the Soldiers’ and Sailors’ Civil Relief Act of 1940.
Racial residential covenants have been voided.
A lender (such as Uncle Sam) can unilaterally allow a debtor off the hook (if done in a lawful manner).
This also cannot be a one time thing. Like amnesty, it’s the crack that will open the floodgates.
“The trades still exist and they’re desperate for competent workers.”
I believe in my area of Florida most of the homeless people used to work in the building trades.
But were they any good at it?
“The President is announcing that the Department of Education will:
“Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.”
“Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt.”
The contracts are between the students and the banks.
The contracts to which you refer are not contracts but rather statute law.
Dear Niara, Ella, and Kayla: You need to PAY YOUR F**KING BILLS! Quit whining. Thank God you were able to go to college.
Most of us “paid our way” through college. I did by working in the dish room of the cafeteria. (I didn’t suffer. I had a blast. But it was hard work.)
“A typical nurse (making $77,000 a year) who is married with two kids would pay only $61 a month on their undergraduate loans, compared to the $295 they pay now under the most recent income-driven repayment plan, for annual savings of more than $2,800.”
>>Azoulay has $40,000 in student debt
$40K isn’t excessive debt. Engineers are fairly well paid even straight out of college. She DID get an Engineering degree, right?
Charlie Kirk gave a litany of how many MILLIONS of dollars the top universities have squirreled away in endowments. Harvard, e.g., has $53M. Most of them are in the $30M-$40M range.
Let THEM loan money to the kids. Let THEM be responsible for collecting the debts.
Tough 💩. Go to community college for two years. You just saved $25k of debt. After attending community college to a more affordable college. Call that another $12.5k of debt saved. Get a fricking job and live like a poor student. Call that another $12.5k of debt saved. If that doesn’t work, go to college part time, take a few more years to graduate and work full time. You just might learn more from that than the leftist indoctrination you are receiving.
Don’t ask me to pay for your college. I paid for mine. Don’t ask my children to pay for it. They paid for theirs. Don’t ask my grandson to pay for it. He’s five years old and isn’t old enough to go to college. Displacing your debt with national debt makes everything in his life worse. Don’t ask the 70% of Americans that never went or never will go to college to pay for it. All of these people didn’t force you into debt. It was your poor decision. Perhaps you are too eff’n stupid to go to college. (Actually, most people are and have no business going to college.)
Wow... that is practically criminal. How in the world would ANY lender give him that much money? Oh yea... it's the gubmint.
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