Biden administration launches student loan review, says 40,000 borrowers will see debt canceled

[Canon Shooter]

Diploma Death

College students should be chosen, not attending by their own choice. They should be chosen just like college football players are. You don't believe in talent.

As for cancer, our lives are in jeopardy because oncologists are Mamas' Boys who don't earn a living until they are thirty years old. Those whose IQs merit an adult student income at age 16 would have cured cancer 50 years ago.

This makes no sense whatsoever...

 

[The Sage of Main Street]

This makes no sense whatsoever...

Because College Students Are Narrow-Minded Conformists, They Don't Deserve the Jobs the Economic Bullies Give Them


Our Low-IQ college graduates definitely can't understand it. A college student lives like a child, so he winds up with the mind of a child. Tuition is nothing but bribery paid to get hired for jobs today's shallow college graduates are incapable of doing well.

 

[Canon Shooter]

Because College Students Are Narrow-Minded Conformists, They Don't Deserve the Jobs the Economic Bullies Give Them


Our Low-IQ college graduates definitely can't understand it. A college student lives like a child, so he winds up with the mind of a child. Tuition is nothing but bribery paid to get hired for jobs today's shallow college graduates are incapable of doing well.

Exactly what time of day do you start smoking dope?

 

[The Sage of Main Street]

Exactly what time of day do you start smoking dope?

Revenge of the C Students

You're the dope who qualified for college admission only because the present unpaid system motivates nobody except the shallow end of the talent pool. Teenagers who are afraid to grow up is by far the most common of the Affirmative Action type admission policies.

 

[Canon Shooter]

Revenge of the C Students

You're the dope who qualified for college admission only because the present unpaid system motivates nobody except the shallow end of the talent pool. Teenagers who are afraid to grow up is by far the most common of the Affirmative Action type admission policies.

Well, dumbfuck, seeing as I was college age over 40 years ago, you can fuck off because you don't know what the fuck you're talking about.

Fuckin' idiot...

 

[Lisa558]

Someone's not thinkin' this shit through.

I was listening to Chad Benson last night, and he was talking about this.

Apparently, the average person with a college degree will earn in the neighborhood of $3.5 million during their lifetime. A person without a college degree will earn closer to $900K. Since this debt is going to be absorbed by the government, what this means is that the guy who's going to earn far less is going to end up paying for the education of the guy who earns over three times as much.

Where's the logic in that?

Yup. The secretaries and car mechanics will be paying off the loan for accountants and civil engineers. Any wonder the Dems have lost the largest voting bloc of all: the working class with high school diplomas.

 

[Lisa558]

This will also increase inflation even more, because forgiving the loan is the same thing as pumping that money right into the economy. If I no longer have to pay my $500 a month payment, that means I have an extra $500 with which to buy things. Result: demand increases and prices go up.

Biden is a complete idiot.

 

[Big Bend Texas]

Here it comes, Tater's Hail Mary.

The Department of Education announced Tuesday a new review of its student debt portfolio, which it says will correct for past mistakes that denied 3.6 million borrowers credit toward student loan forgiveness and will lead to immediate cancellation of debt for roughly 40,000 borrowers.

“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” said U.S. Secretary of Education Miguel Cardona in a statement. “Today the Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in [income-driven repayment] plans.”

Biden administration launches student loan review, says 40,000 borrowers will see debt canceled

The strange thing about loans is that you're supposed to pay them back which is carefully explained before you sign the loan documents.

This was inevitable though to get ahead of his likely primary challengers.

 

[Big Bend Texas]

This will also increase inflation even more, because forgiving the loan is the same thing as pumping that money right into the economy. If I no longer have to pay my $500 a month payment, that means I have an extra $500 with which to buy things. Result: demand increases and prices go up.

Biden is a complete idiot.

Federal debt no longer matters it seems.

 

[Lisa558]

Federal debt no longer matters it seems.

But it’s not only the debt - which in itself a a huge pproblem.

It‘s putting even more spending money into the hands of well-paid college grads. So 29-year old Brad who earns $90,000 as a software engineer and his 28-year-old wife earning earning $80,000 as a marketing manager - for a combined $170,000 HHI - now can get an ADDITIONAL $1000 a month or so ($500 payment each) to plug into the economy and drive prices up further.

Didn’t Biden take Econ 101? Or was he such a bad student (he was almost at the very bottom of his law school) that he never mastered even the basics?

 

[task0778]

Take a look at who benefits from student loan forgiveness. Look at how many of them are in poverty. Look at how many of them are white vs black or hispanic. Why are the democrats so hot and heavy on this, and why aren't the minorities asking why the dems want to help the richer white folks.

As I understand it, we the taxpayers will pay for every student loan that isn't paid by the borrower. So, our debt goes up and so does inflation cuz now the money that was supposed to pay back the loan is spent on something else.

 

[Lisa558]

View attachment 637594

Take a look at who benefits from student loan forgiveness. Look at how many of them are in poverty. Look at how many of them are white vs black or hispanic. Why are the democrats so hot and heavy on this, and why aren't the minorities asking why the dems want to help the richer white folks.

As I understand it, we the taxpayers will pay for every student loan that isn't paid by the borrower. So, our debt goes up and so does inflation cuz now the money that was supposed to pay back the loan is spent on something else.

It just stands to reason that holders of student debt would have relatively high incomes since college-educated professionals earn substantially more (on average) than those with high school degrees.

And yes, it is shameful to make the working class absorb the debt of educated professionals who knowingly agreed to repay their loans. Blatant attempt of democrats to bribe people to vote for them.

 

[Who_Me?]

Interesting to see if the GOP will contest this in court during an election year. My sense is that the law was designed to forgive debts on an individual one-off basis, but 400,000 cases kinda pushes the boundaries of that legislation quite a bit. The federal gov't never shouda got involved in student loans in the 1st place, give the democrats a miniscule hole and they'll drive a truck through it.

The question will be who gets their debts paid off, a lot of those students will be from wealthy families and that won't play well in Peoria.

If they were from wealthy families they wouldn't have had a loan. It's the poor jamoke who borrowed money for his art history degree that can't pay the thing off because there are no jobs for art history majors except at Starbucks.

 

[Woodznutz]

Or, how about making these people pay back the money they WILLINGLY borrowed?

Maybe Biden's new "Disinformation" agency could look into this. Many students were duped into these loans.

 

[Woodznutz]

If they were from wealthy families they wouldn't have had a loan. It's the poor jamoke who borrowed money for his art history degree that can't pay the thing off because there are no jobs for art history majors except at Starbucks.

That's my son. He has a degree in Art Education with a debt of nearly $50,000. He works as a concrete finisher making twice what he could with his degree. He never researched the job prospects before he took that course or he likely never would have. That's on him. I did the research out of curiosity. There were fewer than a dozen positions for that degree, and scattered all over the country. Average starting pay was $35,000 and required experience. He makes nearly twice that pouring concrete. He's carried the full debt for 10 years, paying only the interest. He has no intention of paying it off.

 

[Canon Shooter]

Maybe Biden's new "Disinformation" agency could look into this. Many students were duped into these loans.

That's a bunch of horseshit. If someone's stupid enough to get duped into taking out a loan they can't afford, they're probably too fucking stupid to go to college.

Think about this: We would be asking people who couldn't afford to go to college and didn't to pay for the education of those who couldn't afford to go to college but did.

How does that make the slightest bit of sense?

I have a friend in Maryland who's an OB/GYN, although she deals only with the most at-risk pregnancies. She pulls down about $800K a year. Her student loans, if I recall, were in the $250K range. She didn't ask anyone else to pay that back for her, she did it herself. That's how it's supposed to work.

I would've loved to have gone to college, but we couldn't afford it. So I joined the military, instead. In retrospect I haven't a single regret about that but, had I incurred student debt, the last thing I would ask is for someone else to pay that debt for me...

 

[Lisa558]

That's a bunch of horseshit. If someone's stupid enough to get duped into taking out a loan they can't afford, they're probably too fucking stupid to go to college.

Think about this: We would be asking people who couldn't afford to go to college and didn't to pay for the education of those who couldn't afford to go to college but did.

How does that make the slightest bit of sense?

I have a friend in Maryland who's an OB/GYN, although she deals only with the most at-risk pregnancies. She pulls down about $800K a year. Her student loans, if I recall, were in the $250K range. She didn't ask anyone else to pay that back for her, she did it herself. That's how it's supposed to work.

I would've loved to have gone to college, but we couldn't afford it. So I joined the military, instead. In retrospect I haven't a single regret about that but, had I incurred student debt, the last thing I would ask is for someone else to pay that debt for me...

I think Woodnutz was being sarcastic. Any student so stupid that he doesn’t realize that when you sign for a college loan you are promising to pay it back is too stupid to be in college.

That aside, your comment is correct. Assembly workers should not be paying off the loans of college-educated professionals with higher salaries.

 

[Canon Shooter]

I think Woodnutz was being sarcastic.

I don't take anything for granted anymore.

It's like when the shit hit the fan with the mortgage crisis some years back. People were trying to say that loans should be forgiven because people were fooled into taking those loans; "predatory lending practices" they called it.

That's the worst fucking excuse I've ever heard.

The inarguable truth is that no one forced anyone to do anything. People simply ignored the fact that they were ignorant about what those loans entailed...

 

[Woodznutz]

That's a bunch of horseshit. If someone's stupid enough to get duped into taking out a loan they can't afford, they're probably too fucking stupid to go to college.

Good point.

Think about this: We would be asking people who couldn't afford to go to college and didn't to pay for the education of those who couldn't afford to go to college but did.

How does that make the slightest bit of sense?

It's the higher income people that would be paying the most, those with a college education.

I have a friend in Maryland who's an OB/GYN, although she deals only with the most at-risk pregnancies. She pulls down about $800K a year. Her student loans, if I recall, were in the $250K range. She didn't ask anyone else to pay that back for her, she did it herself. That's how it's supposed to work.

Those folks aren't the problem.

I would've loved to have gone to college, but we couldn't afford it. So I joined the military, instead. In retrospect I haven't a single regret about that but, had I incurred student debt, the last thing I would ask is for someone else to pay that debt for me...

I joined the Army and had G.I. Bill educational benefits of about $9000 (back it 1965). This would have paid for tuition for all four years at my state university with money left over. However I didn't want to go to college as I already had a good paying trade. Instead I used the money for commercial pilot flying lessons (I soon tired of it and never used up all the education benefit). I think the military still offers ed benny's doesn't it? Even McDonald's has a program.

 

[Flash]