Maybe MY face will now get replaced in the MEME machune!
Posted on 11/19/2022 9:36:54 PM PST by SeekAndFind
Stick a fiscal fork in ’em: These student loan debtors are done.
As they contend with a second legal setback to President Biden’s estimated $430 billion student debt cancellation plan, some exasperated borrowers told The Post they won’t ever pay another penny toward their massive tabs — regardless of how it might impact their future finances.
Rather than having up to $20,000 forgiven as Biden vowed in August, the fed-up debtors remain among the more than 45 million borrowers who owe a total of $1.6 trillion in federal student loans. The average undergraduate borrower leaves college with nearly $25,000 in debt, according to a Department of Education review, and payments often start six months out of school when cash can be especially tight. As a result, roughly 16% of all borrowers are currently in default, federal data shows.
Halted at the beginning of the pandemic, monthly loan bills are set to resume in January unless the pause is extended for a ninth time. But current and former students, including one who owes a staggering $118,000, said the looming payments are simply above their pay grades, especially in post-pandemic America.
Some 26 million people applied for the loan relief plan that critics claim could intensify inflation and 16 million had already been approved as of last week, White House press secretary Karine Jean-Pierre told reporters.
(Excerpt) Read more at nypost.com ...
Gotta get the entitled little leech outta da HOUSE!
oH?
hE HAD THAT MUCH POWER??
i'LL BET congress HAD SOME SAY - SOME WHERE.
Maybe MY face will now get replaced in the MEME machune!
$25,000 owed on student loans? Working class people take out auto loans larger than that.
Pay off your damn school loan you deadbeat!
Nicolas is doomed.
He will never obtain any kind of credit account. No mortgage and probably no car loan.
Romans had it right...
“Row well and live.”
“Dude, University of the People?”
Sounds totally legit.
Case in point to bring back debtor prisons.
The student loan program was designed to prop up a swollen higher education industry that had grown rapidly following WWII due to two things: The GI Bill allowed a lot of people who otherwise probably wouldn’t have gone to college to do so, then the draft during the Vietnam War saw many “casual students” enter colleges for draft deferments (think “Animal House”). Colleges struggled with the post-draft world, and the government decided they were “too big to fail”.
Even the loan forgiveness (if it gets through the courts) is designed to prop them up, by encouraging students to borrow again. In terms of the borrowers, the forgiveness won’t improve all that much for them; so many have borrowed so much that the amount forgiven isn’t a big help.
When my son graduated, he had about $30,000 in loans, about half were to us. He rented a house with several college buddies and they all got great jobs in their fields. Hie entire debt was paid off in just a few days over a year.
He still lives in that house although he can afford to buy it if he wanted. Living below your means is a great way to amass savings.
Round them up, dig a huge pit and mass execution. They’ve proven themselves to be useless to society.
“ I left grad school $75k in debt. I was a public school teacher in Los Angeles, single, and I STILL managed to pay off that loan.“
Damn! A perfect lady indeed! I’m impressed!
I have a different take that many haven’t heard and most will be shocked for a loss of words.
First, there’s a primitive ethic that every human can feel regardless of their age or education level. That primitive is simply that when one borrows something, one returns it.
Thus, if I lend someone $10,000, I expect to be paid back, and society will back me on it.
Up to this point, everyone reading should be in agreement with me. It’s so simple, it’s boring.
But add the following twist, which is what happens:
The $10,000 I lent out? It’s actually $15,000 that I created from nothing because I’m a big bank central banker. I created $15,000 from nothing, paid myself $5000 and “loaned” the borrower $10,000.
I’m sitting back with my $5000 while encouraging all of you to hiss and snarl at the deadbeat borrower.
I’m smiling because I’m a fat cat and there’s not a damn thing any of you can do about it.
Well, there’s an idea to go back to dollars backed by gold, but that’s just Trump crazy talk, I’ll have my media consortium drill into you nonstop how crazy such Trump talk is, gold-backed dollar? Nope, ain’t gonna happen. Not while fat cats like me can kick back and make boatloads of cash from nothing.
Now about those deadbeats, let’s get ‘em!
Explains why the goverment took over student loans. These little bastards are now owned and will have to kiss the ring to survive.
Sorry kiddies. That old slug Uncle Joe owns you. Hah hah he knew that loan forgiveness was un Constitutional when he proposed it. He does have a slew of lawyers kiddies.
Yes he does. You nailed it.
People like him pay people like me rent until he doesn’t pay and gets evicted.
We’ve failed this latest generation.
No Republicans voted for Obamacare and John McCain scuttled it’s repeal.
Discussions of this and other debt-related matters (credit cards, HELOCs, consumer loans, etc) always fail to grasp the essence: The money is gone and it's not getting paid back.
I don't know how much of our "GDP" is tied in to future value of loan repayments (as opposed to extraction and production), but it doesn't matter - the idea that 2% of the population can control 98% of the population through debt slavery is ahistorical, and, not for nothing, unChristian.
The debt is going to be liquidated, it's only a question of who gets hurt and if extralegal measures will be involved.
They are going to learn a new word; garnishment
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