patrick.net

Ban student loans!

https://finance.yahoo.com/news/supreme-court-strikes-down-bidens-plan-to-forgive-student-loan-debt-154017599.html

Supreme Court strikes down Biden's plan to forgive student loan debt

Those who were granted a pause will have to resume making interest payments on Sept. 1 and regular payments due starting in October.

zzyzzx says

https://finance.yahoo.com/news/supreme-court-strikes-down-bidens-plan-to-forgive-student-loan-debt-154017599.html

Supreme Court strikes down Biden's plan to forgive student loan debt

Those who were granted a pause will have to resume making interest payments on Sept. 1 and regular payments due starting in October.

Noooooooooooo!

https://babylonbee.com/news/democrats-devastated-as-supreme-court-bans-robbing-the-poor

WASHINGTON, D.C. — Leftists are devastated this morning after the Supreme Court passed down a new ruling that will ban robbing those who didn't attend college to pay for the expensive and useless degrees of those who did.

"If the useless poor can't pay for my $300,000 Diversity and Belonging Doctorate degree, what good are they?" said Dr. Mikayla Barnes, a local Starbucks shift manager. "What am I supposed to do now? Work more? I'm ruined!"

Sources say this tragic ruling will adversely affect the lives of thousands of feminists who will no longer be able to afford blue hair dye, and may now have to find a rich man to marry them. "How could the poors be so coldhearted to our suffering?" said Barnes. "Curse you, Clarence Thomas!"

At publishing time, Democrats had been rocked by further tragedy as SCOTUS ruled you can't force Christians to do gay stuff.

Makes no difference; especially if you are a liberal. Most wont pay back the loans with or without a decrease in the amount.

Its not like the old days when if you had no money you stayed home on weekends or went out and just sipped tea while your friends were pounding the drinks down.

Today; fun fun fun is top priority and people will go out it it means stiffing the debt.

Any debt that will not cause a foreclosure or impound will not come before fun. Many even stiff the rent and car these days so they can go out with friends. If it goes on a credit card it wont be paid back.

Haven't you noticed all the full parking lots around big box stores and restaurants and night clubs.

Zak says

Allow the student loan forgiveness proposed, with this requirement - the university the debt was incurred to first has the opportunity to cover the cost of the forgiveness.
If the university does not cover 85% of all requested loan forgivenesses, they are barred from having students at their institution receive ANY further federal loan assistance, until such time as the 85% is remitted.

You're proposing a solution to the wrong problem.

The reason student loans are controlled by the Federal government is to enslave the population purposely. Student loans are considered an ASSET by the Federal government, they will NEVER be forgiven.

This explains it:

https://www.youtube.com/watch?v=ho-6y7xHQr4

You have to realize that the government purposely creates problems, it never solves the problem it creates. This grants them additional control.

The real issue is the bloating percentage of admin staff! If admins are cut 90% so does the cost then no one needs loan.
Most admins are woke, cutting them will help colleges to get back to focus on studies not indoctrination. Its a win-win situation.

https://www.aei.org/carpe-diem/chart-of-the-day-administrative-bloat-in-us-public-schools/
America’s public schools are bloated with bureaucracy and skinny on results. Nationwide since 1950, the number of public school administrative and non-teaching positions has soared 702 percent while the student population increased just 96 percent. Over that same period, teachers’ numbers also increased — 252 percent — but still far short of administrators and non-teaching personnel (see chart above).

richwicks says

The reason student loans are controlled by the Federal government is to enslave the population purposely. Student loans are considered an ASSET by the Federal government, they will NEVER be forgiven.

I hear you but surely the conservatives realize this but why don't they oppose student loans?

Banks? No, that is taxpayers. Also, not to a 22-year-old, to an 18-year-old.

gabbar says

I hear you but surely the conservatives realize this but why don't they oppose student loans?

They did oppose student loans, but now they are here.

Student loans aren't necessarily a bad thing. At one time, you could get one, go through college, and if you had to declare bankruptcy, but under Clinton it was changed so you could never discharge your debt, and it was taken up by the Federal government.

It's a done deal, now the conservative narrative is "pay it back!", although they know it's a predatory loan.

It will all be handled by the complete bankruptcy of the United States.

.

Biden admin forgives $5 billion in student loans today. So far Biden admin has written off $132 billion of student loans. That equates to 2.64 million borrowers each with $50,000 student debt.

There is about $1.8 trillion in student debt outstanding.

*************

https://www.usatoday.com/story/news/education/2023/12/06/biden-forgives-5b-in-student-loans/71828824007/

"Biden made a campaign promise to forgive student loan debt on a wide scale. With that plan upended, the administration has made a point to showcase smaller tranches of forgiveness, which now total $132 billion for several million borrowers."

.

ad says

"Biden made a campaign promise to forgive student loan debt on a wide scale. With that plan upended, the administration has made a point to showcase smaller tranches of forgiveness, which now total $132 billion for several million borrowers."

I forget which channel, but it's going to be considered income. Some people are going to be in for a rude awakening come tax time 2024. Expecting a return and they end up owing. They'll be dumb and blame Biden because they didn't get a tax return. It's almost like he's willingly try to lose the young vote.

A lot of people that did strategic defaults during the housing bust that we represented got burned. We warned them. Short selling a home with a $500k mortgage for $250k is $250k of taxable income unless you can show you're insolvent. THIS is the reason why I get sick of people bitching about 401k's. Sure the fees might suck. Sure taxes might be higher in the future. You can dump debt and have $1M in a 401k and nobody can touch it AND you can be insolvent. Basically you don't have to pay debt if you don't want to.

Fill debt sheltered accounts before anything else like dicking around with stocks. If you're in a bind don't pay the debt and live your life knowing you still have money they cannot garnish/take. Debt is tax free and you don't have to pay it. Soak that in... And before anyone says something, hate the game, not the player. Use the tools you were given.

Blue says

The real issue is the bloating percentage of admin staff! If admins are cut 90% so does the cost then no one needs loan.

The loan payback provision would solve this. If you charge too much because too much admin vs value of teaching students are getting to earn with, then you will creep over the 85% number. Then you will lose funding and be forced to make cuts to the bloated admin!