Senate rejects Biden’s student loan forgiveness program

[dgordo]

Really? Do you have actual proof?

Maybe you’re not familiar with the term but it’s been a thing for a long time.

For the 'funemployed,' unemployment is welcome

These jobless folks, usually singles in their 20s and 30s, find that life without work agrees with them. Instead of punching the clock, they're hitting the beach.

www.latimes.com

 

[globalhawk]

Maybe you’re not familiar with the term but it’s been a thing for a long time.

Opinion articles.

 

[binsfeldcyhawk2]

That was the purpose. Do you have contacts that received one of these loans? It was a joke.

Agree. Lots of fraud.

Point is it isn’t a good comparison to student loans.

 

[pjhawk]

Agree. Lots of fraud.

Point is it isn’t a good comparison to student loans.

It's a superb comparison. The big reason I support the student loan cancellation thingie is that I always support the rare government action that benefits regular people rather than the usual big Ag, banks etc rich people bailouts.

 

[pjhawk]

I’m against it because debt forgiveness does nothing to fix the problem. Simple as that.

I don't understand at all this line of thinking. So just because the current debt forgiveness plan doesn't "fix the problem" per higher education cost/inflation we should do nothing at all? Is that the line of thought here?

Government takes ad hoc ameliorative action in a zillion different areas, but it's only when regular people rather than big business or millionaire/billionaires get some help that certain people seem to howl.

Bailouts of rich depositors in banks like SVB makes barely a ripple of controversy, but giving a middle class schlub $10 or $20k of debt relief on their student loans is intolerable, pisses people off!

 

[hawkedoff]

I don't understand at all this line of thinking. So just because the current debt forgiveness plan doesn't "fix the problem" per higher education cost/inflation we should do nothing at all? Is that the line of thought here?

Government takes ad hoc ameliorative action in a zillion different areas, but it's only when regular people rather than big business or millionaire/billionaires get some help that certain people seem to howl.

Bailouts of rich depositors in banks like SVB makes barely a ripple of controversy, but giving a middle class schlub $10 or $20k of debt relief on their student loans is intolerable, pisses people off!

Not to mention in the case of student loans the financial instrument is predatory, cannot ever be discharged in bankruptcy, and doesn't follow the risk curve on charged interest and penalties. When lenders have been caught acting illegally nothing is done.

All of these other areas where th government leans in to bail them out are to assist organizations that have professionals with degrees in finance and accounting and years if experience

**** that kid that signed a predatory note with the government of all places and discovers just hoe shameful they are in financially crippling people. Student loans are a modern form of indentured servitude.

People saying it needs to be fixed first? Agree. Everything gets solved by removing predatory interest rated and fees, capping the total amount a lender can earn on any loan for students, and restoring bankruptcy protections to the borrower just like any other debt. Problem solved

 

[hawkjt]

The government bailed out banks that made bad loans. Period.

I am not disagreeing that banks caused their own problems.
I am pointing out that the taxpayers ultimately profited from the tarp program and that banks did suffer enormous losses.

In the student loan situation their is no assets to seize.

I wish they could do some type of restructuring of debt to ease the burden on low income recipients but still not write them off.
If this is off the table then the deficit for this past fiscal year would drop by 400 billion which would drop it to 975 billion from 2.7 tr in 2021 and 3.1 tr in 2020 and 1 tr in 2019.
At least a better trend on debt.

 

[onlyTheObvious]

Nobody created themselves financial hell by going to junior college for two years and a state school where they reside for two more.

That cost pattern is all that should be financed. Want to go to four years of private school? Fine, but for the first two years your loan amount will only assume your costs are junior college costs and assume state school after. Private lenders can pick up the slack if they want but those loans should be forgivable via bankruptcy. The loan application should not even ask what tuition is, don’t care. It’s assumed juco/state school

Everybody can’t go to private college for 4 years, go to Europe for an internship and borrow every penny then cry when they are broke.

 

[hawkjt]

My niece took all the loan money available for school and told my sister she was tripping to Europe on extra cash. My sis did not like it but my niece is current on loans and has lived in Spain for 5 years now.
She went to Iowa so I love her iregardless!

 

[Flie]

How else do you convince these kids to join your cult and enter into their indoctrination camps

Tell them to watch Fox News to get "the truth". That usually seems to do it.

 

[BubsFinn]

I don’t understand this position unless you’re against all subsidies.

Why should I as a taxpayer, want to fund Exon and other conglomerates through corporate welfare? Same goes for farm welfare.

When a market goes south, the government doesn’t come rushing to cut checks in my industries….so why ag?

I’d much rather bail out students than farmers or corporate America….

You're comparing apples to oranges, but yes, I am against most subsidies.
And we (being the taxpayers) cut checks to ag and to energy companies because we need food and paper and houses and electricity and gasoline.
I would much rather help a farmer get through a down year because of bad weather than some C-student theater major who shockingly can't find a six-figure job right out of college.
There are better ways to address spiraling tuition fees.

 

[bhawk24bob]

Fwiw there are repayment programs for student loans where the intention is forgiveness

 

[AreWeCross]

You can get it through a process called bankruptcy. A process that does not exist within the predatory student loan system

If they allowed student loans to go through bankruptcy, then these loans would not get made. I believe this all went down in the early 70's. Banks did not want to loan money to students with no credit history, no job, and no income unless they had assurances that student loans could not go through bankruptcy.

Try to look at this objectively.

 

[bdcolt45er]

If they allowed student loans to go through bankruptcy, then these loans would not get made. I believe this all went down in the early 70's. Banks did not want to loan money to students with no credit history, no job, and no income unless they had assurances that student loans could not go through bankruptcy.

Try to look at this objectively.

This is why you shouldn't use loans to address this problem. In order for loans to function you need both parties to assume risk.

Loans are a poor tool to address tuition costs. They basically serve as fuel for the universities to increase tuition with no incentive to control costs.

 

[BioHawk]

What else can I get loan forgiveness on? I’m taking notes so type slowly

Where have you been the last 40 years?

 

[Rudedolph]

I’m against it because debt forgiveness does nothing to fix the problem. Simple as that.

Wrong.

 

[AreWeCross]

This is why you shouldn't use loans to address this problem. In order for loans to function you need both parties to assume risk.

Loans are a poor tool to address tuition costs. They basically serve as fuel for the universities to increase tuition with no incentive to control costs.

I agree with you. A significant issue with student loan bailouts is that it does not solve the underlying problems. Colleges and universities should have their own loan programs where they run the risk of default if they make bad loans.

 

[onlyTheObvious]

Wrong.

How does forgiving somebody’s piss poor financial choices help a graduating high school senior?

If anything it will make college more expensive going forward.

Financial aid office everywhere will say with a whisper and wink “ don’t worry, most of the loan you won’t even have to pay back “.

Nobody is hurting that went juco and -instate school.

 

[timinatoria]

The LA Times article was not an opinion piece

 

[Rudedolph]

How does forgiving somebody’s piss poor financial choices help a graduating high school senior?

If anything it will make college more expensive going forward.

Financial aid office everywhere will say with a whisper and wink “ don’t worry, most of the loan you won’t even have to pay back “.

Nobody is hurting that went juco and -instate school.

We do it for banking institutions, do we not? We have, we do, and we’ll do it again. So, then, ask why?

 

[hawkedoff]

Nobody created themselves financial hell by going to junior college for two years and a state school where they reside for two more.

That cost pattern is all that should be financed. Want to go to four years of private school? Fine, but for the first two years your loan amount will only assume your costs are junior college costs and assume state school after. Private lenders can pick up the slack if they want but those loans should be forgivable via bankruptcy. The loan application should not even ask what tuition is, don’t care. It’s assumed juco/state school

Everybody can’t go to private college for 4 years, go to Europe for an internship and borrow every penny then cry when they are broke.

You quite simply are wrong. The average student loan balance for those that have loans is more than 20k at Iowa. That isn't bad but it doesn't take much due to tte predatory terms of these loans for that balance to skyrocket. Not to mention the total amount paid by the end of the term and the sneaky manner in which lian companies apply excess payments to ensure tye full capture of interest

Please educate yourself. It isn't a private school thing at all. The for profit schools that scam people though are a huge problem

 

[hawkedoff]

How does forgiving somebody’s piss poor financial choices help a graduating high school senior?

If anything it will make college more expensive going forward.

Financial aid office everywhere will say with a whisper and wink “ don’t worry, most of the loan you won’t even have to pay back “.

Nobody is hurting that went juco and -instate school.

Bullshit

 

[TC Nole OX]

Good….more power to them

 

[onlyTheObvious]

You quite simply are wrong. The average student loan balance for those that have loans is more than 20k at Iowa. That isn't bad but it doesn't take much due to tte predatory terms of these loans for that balance to skyrocket. Not to mention the total amount paid by the end of the term and the sneaky manner in which lian companies apply excess payments to ensure tye full capture of interest

Please educate yourself. It isn't a private school thing at all. The for profit schools that scam people though are a huge problem

I assume you are a big backer of school vouchers also.

You seem to have a PhD in spending other peoples money for your shitty life choices.

 

[onlyTheObvious]

We do it for banking institutions, do we not? We have, we do, and we’ll do it again. So, then, ask why?

Find a post where I was in favor of bailing out banks.

 

[Rudedolph]

Find a post where I was in favor of bailing out banks.

I didn’t ask whether you are or were in favor. I asked why they get bailed out, forgiven. Pay fücking attention.

 

[hawkedoff]

If they allowed student loans to go through bankruptcy, then these loans would not get made. I believe this all went down in the early 70's. Banks did not want to loan money to students with no credit history, no job, and no income unless they had assurances that student loans could not go through bankruptcy.

Try to look at this objectively.

Banks lied to get this provision so maybe fo a little homework yourself. Loans were being made and the rate on bankruptcies declared was incredibly low. Bankruptcy by the way doesn't automatically erase debt. A judge reviews everything.

The predatory nature of these loans is in large part because banks know there isn't any way out for borrowers.

By the way explain the interest rates being charged on student loans when the risk of default and not getting your money back is zero as a lender. If you can explain that please do. By the way there is zero explanation. The risk to the lender is zero because the borrower cannot ever get away from the debt and the government backs the loans.

Educate yourself on a truly predatory abd sick industry that needs major corrections to stop being evil. I think of a student loan company can slap their name on an NFL stadium worth billions there probably needs to be some serious reflection on how that **** that could ever happen

 

[hawkedoff]

I assume you are a big backer of school vouchers also.

You seem to have a PhD in spending other peoples money for your shitty life choices.

I can't help you being stupid and a petty small moron.

 

[Formerly Rockymtnole]

Banks lied to get this provision so maybe fo a little homework yourself. Loans were being made and the rate on bankruptcies declared was incredibly low. Bankruptcy by the way doesn't automatically erase debt. A judge reviews everything.

The predatory nature of these loans is in large part because banks know there isn't any way out for borrowers.

By the way explain the interest rates being charged on student loans when the risk of default and not getting your money back is zero as a lender. If you can explain that please do. By the way there is zero explanation. The risk to the lender is zero because the borrower cannot ever get away from the debt and the government backs the loans.

Educate yourself on a truly predatory abd sick industry that needs major corrections to stop being evil. I think of a student loan company can slap their name on an NFL stadium worth billions there probably needs to be some serious reflection on how that **** that could ever happen

So what about this changes if loan forgiveness goes through tomorrow?

 

[luvmyhawks]

Good….more power to them

View embedded media

Will be pretty eye opening for them when they try to buy a car or a house. Seems like a smart decision. Probably the reason we are in this mess. These aren’t the sharpest tools in the shed.

 

[TC Nole OX]

Will be pretty eye opening for them when they try to buy a car or a house. Seems like a smart decision. Probably the reason we are in this mess. These aren’t the sharpest tools in the shed.

Yawn

 

[luvmyhawks]

Yawn

Whoa. That was really clever.

 

[abby97]

I don’t understand this position unless you’re against all subsidies.

Why should I as a taxpayer, want to fund Exon and other conglomerates through corporate welfare? Same goes for farm welfare.

When a market goes south, the government doesn’t come rushing to cut checks in my industries….so why ag?

I’d much rather bail out students than farmers or corporate America….

I'll say this again, I can't speak for all farm subsidies, but if farmers can't turn a profit they stop farming. If enough farmers stop farming the price of food goes up and everyone needs affordable food, especially the poor.

 

[hawkedoff]

So what about this changes if loan forgiveness goes through tomorrow?

People crippled with predatory debt get relief from a corrupt system.

Other changes have already started to happen on the lending side. More needs to happen to protect borrowers

 

[AreWeCross]

Banks lied to get this provision so maybe fo a little homework yourself. Loans were being made and the rate on bankruptcies declared was incredibly low. Bankruptcy by the way doesn't automatically erase debt. A judge reviews everything.

The predatory nature of these loans is in large part because banks know there isn't any way out for borrowers.

By the way explain the interest rates being charged on student loans when the risk of default and not getting your money back is zero as a lender. If you can explain that please do. By the way there is zero explanation. The risk to the lender is zero because the borrower cannot ever get away from the debt and the government backs the loans.

Educate yourself on a truly predatory abd sick industry that needs major corrections to stop being evil. I think of a student loan company can slap their name on an NFL stadium worth billions there probably needs to be some serious reflection on how that **** that could ever happen

Your emotions blind you. There is no possibility of a constructive dialogue.

 

[AreWeCross]

Yet we will forgive eff ups by billionaire corporations. Good shit.

You are right. All bailouts are bad.

 

[hawkedoff]

Your emotions blind you. There is no possibility of a constructive dialogue.

What a delightful way to be an asshole.

There should be emotion you prick. Ghe only constructive things that can happen is the government stop being predatory on vulnerable people. And you can **** off if you defend any part of it

 

[AreWeCross]

What a delightful way to be an asshole.

There should be emotion you prick. Ghe only constructive things that can happen is the government stop being predatory on vulnerable people. And you can **** off if you defend any part of it

I love your passion. I hope you can learn to channel it to form a more well informed view point.