Executive Order to forgive $50,000 in student debt

[pknopp]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

The banks made bad loans they should be the only ones on the hook for the money

Well, covering the bank's losses is the whole point here, eh?

Already covered. It's not the banks money.

The banks wrote the loans, with their money. They collect the interest payments.

The "banks" money is the trillions the Fed has created out of nothing. Yeah, they collect the interest. Quite a sweet deal.

The banks get it for next to nothing but gets back many times over the going rates.

Point being - if we cancel student loans, who's covering the losses? The people who profited from the loan gravy train? Or hapless taxpayers?

Taxpayers are on the hook for everything. Taxpayers have funded Bezo's and Musk's billions. I support spreading it around. If we are going to do one, I'm going to support doing the other also.

Good for you. I'm supporting none of it.

That's fine but It's not going to stop and I will get some for the rest.

Then welcome to "part of the problem".

You are pissing into the wind. I've argued many times that I would support ending programs all around. When do you suppose that will happen?

 

[dblack]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

 

[pknopp]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

There is no pick.

 

[dblack]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

There is no pick.

Are you going all metaphysical on me? (there is no spoon) Just to weasel out of a political debate?

 

[pknopp]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

There is no pick.

Are going all metaphysical on me? (there is no spoon) Just to weasel out of a political debate?

Simply stating facts..........if Bush, Obama, Trump and Biden all have been on board, what exactly do you suggest?

 

[Agit8r]

After Biden voted to make loans to attend predatory educators like ITT Tech unforgivable back in 2005, it is the least he can do within the realm of reasonableness.

 

[dblack]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

There is no pick.

Are going all metaphysical on me? (there is no spoon) Just to weasel out of a political debate?

Simply stating facts..........

Facts? "There is no pick" isn't a fact. It's a silly quip.

if Bush, Obama, Trump and Biden all have been on board, what exactly do you suggest?

I don't know what previous presidents have to do with the discussion, but I'd suggest we let bankruptcy courts decide who wins. If it's up to Congress or the feds, I know who will win - the folks with the best lobbyists (ie the banks and schools who've been profiting from the student loan gravy train).

 

[pknopp]

Also (and I'm sure someone brought this up - but I'm not reading 435 posts this morning), do people who worked through college and paid their own tuition get the bene? Or just those who went in over their head in debt? What about those who have already paid back their student debt, or refinanced it? Are they just taking one for the team?

Did the thousands of businesses that went bankrupt all get bailed out?

I'm sure all kinds of corrupt bailouts have happened. Again, part of the problem, or part of the solution? Take your pick.

There is no pick.

Are going all metaphysical on me? (there is no spoon) Just to weasel out of a political debate?

Simply stating facts..........

Facts? "There is no pick" isn't a fact. It's a silly quip.

if Bush, Obama, Trump and Biden all have been on board, what exactly do you suggest?

I don't know what previous presidents have to do with the discussion, but I'd suggest we let bankruptcy courts decide who wins. If it's up to Congress or the feds, I know who will win - the folks with the best lobbyists (ie the banks and schools who've been profiting from the student loan gravy train).

Empty rhetoric because you do understand my reason for bringing up the presidents.

 

[Papageorgio]

Most taxpayers will be a lot happier helping kids get out of debt than they are about the half billion dollars taxpayers are spending to defend the nation and insurrectionists stirred up by Donald Trump. What a fucking waste of money that has been.

No, most taxpayers will not. We are 28 billion in debt right now, and Dementia Joe wants to add another 2 trillion to buy votes, bailout liberal cities and states, and payoff his union friends from the teachers union. My niece and nephew just paid off their college loans, so how are they supposed to feel if something like that would ever pass? All that work for nothing?

You mean "trillion" I hope?

I wished it was 28 billion, that would be much easier to get out of debt.

 

[Admiral Rockwell Tory]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

The banks made bad loans they should be the only ones on the hook for the money

Well, covering the bank's losses is the whole point here, eh?

Already covered. It's not the banks money.

The banks wrote the loans, with their money. They collect the interest payments.

For about the 4th time in this thread, student loans do NOT come from banks. They come from the federal government. Banks have NOTHING to do with this topic. NONE!

 

[Admiral Rockwell Tory]

This a bailout for those who have been profiting from the GSL gravy train all these years - the banks and the schools who push these loans on kids in the first place.

Student loans do NOT come from banks. Educate yourself.

 

[pknopp]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

The banks made bad loans they should be the only ones on the hook for the money

Well, covering the bank's losses is the whole point here, eh?

Already covered. It's not the banks money.

The banks wrote the loans, with their money. They collect the interest payments.

For about the 4th time in this thread, student loans do NOT come from banks. They come from the federal government. Banks have NOTHING to do with this topic. NONE!

As I recall they do manage the loans and keep the interest.

 

[Cecilie1200]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

he banks made bad loans they should be the only ones on the hook for the money

They're not talking about bank loans. They're talking specifically about federal student loans.

 

[Desperado]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

The banks made bad loans they should be the only ones on the hook for the money

Well, covering the bank's losses is the whole point here, eh?

Already covered. It's not the banks money.

The banks wrote the loans, with their money. They collect the interest payments.

For about the 4th time in this thread, student loans do NOT come from banks. They come from the federal government. Banks have NOTHING to do with this topic. NONE!

Get over yourself, Student loans used to come from banks.
However back in 2010

President Obama will sign a bill today that ends a 45-year-old program under which banks and other private-sector lenders such as Sallie Mae receive a federal subsidy for making government-guaranteed college loans.
Instead, the U.S. Department of Education - which already makes roughly a third of these loans through its direct-lending program - will make 100 percent of them starting July 1.

Feds take over student loan program from banks

With a single lender providing all guaranteed loans, some fear that customer service could...

www.sfgate.com

 

[pknopp]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

The banks made bad loans they should be the only ones on the hook for the money

Well, covering the bank's losses is the whole point here, eh?

Already covered. It's not the banks money.

The banks wrote the loans, with their money. They collect the interest payments.

For about the 4th time in this thread, student loans do NOT come from banks. They come from the federal government. Banks have NOTHING to do with this topic. NONE!

Get over yourself, Student loans used to come from banks.
However back in 2010

President Obama will sign a bill today that ends a 45-year-old program under which banks and other private-sector lenders such as Sallie Mae receive a federal subsidy for making government-guaranteed college loans.
Instead, the U.S. Department of Education - which already makes roughly a third of these loans through its direct-lending program - will make 100 percent of them starting July 1.

Feds take over student loan program from banks

With a single lender providing all guaranteed loans, some fear that customer service could...

www.sfgate.com

Get over yourself? People were stating things that were wrong. He was pointing that out. It doesn't matter when it happened, just that it has happened.

Get over himself for correcting wrong statements?

 

[Cecilie1200]

Democrats Plan $50,000 Of Student Loan Cancellation By Executive Order

Will your student loans get cancelled? It depends who you ask.

www.forbes.com

Congratulations US Taxpayer, looks like you will get to pick up the $50,000 tab of irresponsible college students and families who took on more debt than they could handle because they felt entitled to go to private elite colleges 3 time zones away and concentrate their studies in useless majors that have no demand in the job market. These students and families who feel entitled to this have the audacity to say they have been “enslaved” or victimized by student debt.

Moving forward, there needs to be more controls in place to qualify students and their families towards state and local institutions and concentrations of study that yield good paying jobs.

Check your race cards and class warfare bullshit at the door.

I have zero problem with canceling student debt. Assuming of course its' on the colleges to take the hit, not the government paying off the loan. It is after all partly the colleges fault for offering something it knows damn well is useless.

Well... If they don't know, then they are pretty shitty colleges... And as such should take the hit anyway.

The colleges won't take the hit, because they aren't the ones who loaned the money. The federal government did - in this case - and the Democrats are basically just talking about writing it off the books and never bothering to collect OUR money back.

 

[Cecilie1200]

More like:

Were you responsible and paid off your student loan debt? You did?

YOU STUPID MOTHER FUCKER!!!! HAHAHA!!!

And these students entered into a contract. I'm pretty sure no EO can override that contact and I see a federal judge somewhere stopping this as soon as its enacted.

Well, since the contracts in question were with the federal government itself, one assumes no judge is going to stop the creditor from writing off the debt without repayment.

 

[Cecilie1200]

More like:

Were you responsible and paid off your student loan debt? You did?

YOU STUPID MOTHER FUCKER!!!! HAHAHA!!!

yes, thirty five years ago.

Good, what about the 20 and 30 somethings that just finished paying off their loans in December working two jobs, eating Raman noodles and tv dinners to get by so they can be responsible adults and pay back money they owe? What do you tell those people?

Demoquacks: "Too bad so sad, we need votes!"

Basically. "You're old, and either already vote for us or are never going to. We need to bribe these shiny new incoming potential voters!"

 

[Cecilie1200]

If banks and businesses didn't have to pay the money back, I don't see why all should not be held to the same standard.

he banks made bad loans they should be the only ones on the hook for the money

Banks have nothing to do with it. The loans are from the US government.

Stafford Loans are federal loans made by the government, meaning you're borrowing directly from the U.S. Department of Education. That's who you'll repay when it's time, too. Today, 92% of all student loans are made by the federal government.

www.salliemae.com

Then the loan qualifications need to be extremely upgraded.
The people are getting loans that are enough to buy a house with no collateral and no job? That is no way to run a business. They need to hold the loan officers responsible. Again more federal employees fucking up big time and not being held responsible for their actions

I think it would be completely fair and sensible for people applying for student loans to be asked for a business/financial plan by which they intend to pay the loan back, the same way one does for any other loan. Hey, they're going to college to learn, so the first lesson they need to learn is how to research and present a plan for their frigging future.

 

[Cecilie1200]

Democrats Plan $50,000 Of Student Loan Cancellation By Executive Order

Will your student loans get cancelled? It depends who you ask.

www.forbes.com

Congratulations US Taxpayer, looks like you will get to pick up the $50,000 tab of irresponsible college students and families who took on more debt than they could handle because they felt entitled to go to private elite colleges 3 time zones away and concentrate their studies in useless majors that have no demand in the job market. These students and families who feel entitled to this have the audacity to say they have been “enslaved” or victimized by student debt.

Moving forward, there needs to be more controls in place to qualify students and their families towards state and local institutions and concentrations of study that yield good paying jobs.

Check your race cards and class warfare bullshit at the door.

I think this is much ado about nothing. Contracts cannot be undone by EO. Courts can do it if the contract is shown to be invalid or illegal, but they are going to have to find another way. Lenders will not stand for it.

Did you bother to read the linked article? They're not talking about wiping out loans held by other institutions (yet); they're talking about wiping out loans held by the federal government.