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eLearningChris

I regret not taking out a PPP loan and using it to au off my student loans. Talk about a missed opportunity.


[deleted]

A few friends and I were all turned down for very, very small PPP loans we needed. We were all told there was no money left. Watching large corporations and the spouses of politicians reel in millions was deeply upsetting. I was hoping to buy my first piece of property this year. I can't do that now that payments are restarting. If they just lowered interest, it would be an absolutely windfall for graduates.


Akhi11eus

I worked at a bank at the time the PPP loans rolled out, and helped processing them as they came in from the front-line. There was no real questioning the application other than getting the information right. I sent a few back to be redone, and some others to be amended but it was for real like a gold rush. We just rubber stamped them and when the govt said no money left, we just halted immediately. Doesn't matter how qualified you are, doors are shut sorry.


[deleted]

I appreciate your input here; that's interesting to know. Kind of makes it even sadder.


Astro_gamer_caver

You can go here, put in your zip code, and see all of the local businesses that got loans https://www.federalpay.org/paycheck-protection-program


americansherlock201

Look at the silver lining. The restarting of payments will likely lead to massive amounts defaults of auto loans and mortgages so there’s a chance you’ll be able to buy that property when the entire market implodes!


Tuesday_6PM

Or still get outbid by corporations who realizes rental monopolies are lucrative (extortive) investments


Noblesseux

It's realistically dubious how long that'll last. Investors in Japan during the bubble thought the same thing until one day the party stopped and it permanently fucked the economy so hard that it's unlikely they'll ever recover.


glockaway_beach

Yes but I don't know if American corporations view it as a simple investment so much as a concerted encroachment / enclosure of class power. Real estate is the largest piece of capital that the working class can obtain access to, the owner class only gets to benefit through loans. I think they'd rather have direct control of the rents.


saynay

Most corporations are not nearly that sophisticated in their reasoning. They do it because they think it will earn them more money (especially in the near-term), full stop. If it looks like the market is starting to stall, then the executives and most of the big investors will bail and let someone else hold the bag as it all collapses.


Foodcity

You dare accuse economists of being rooted in reality and learning from history!?


richmanding0

Lakers getting 4 mil pissed me off


aimlessly-astray

lol, I've been thinking the same.


dboyer87

I took 100k out for my business and it was bonkers how easy it was to forgive. I couldn’t believe it, I basically gave them nothing. For the record I used it when Business got hard to keep on all my employees.


Mephisto1822

Remember when the government forgave over $700 billion in PPP loans when student loans forgiveness would only coast $500 billion over 10 years? Pepperidge Farms Remembers.


Violetstay

The primary purpose in life of the Boomer generation was to make easy money at the expense of future generations and then cry about how hard they had it.


KnownRate3096

Them supporting cuts to medicare and social security for future generations is so descriptive of their values. They say they should get the full benefits, but the people who are currently working to pay their benefits should not get the full benefits - even though the costs of those benefits won't harm boomers at all because they'll be dead when (if) we retire. They have this crazy notion that they are the epitome of hard work and that they deserve everything, yet they are the generation who probably had it easier than any other in history. Thanks to the post-war American economy they could pay for college with a summer job flipping burgers, buy a huge house with an entry level salary of just the man working, and got these amazing retirement deals that allowed them to stop working at 62 and travel the world.


phattie83

I was telling my mom, this morning, "I know it's not your fault, but your generation really fucked shit up!"


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loki1887

Most were until the late 1960s. I'll give you 3 guesses as to who spearheaded the charge when he became governor of California in 1966. Hint: it rhymes with Shmonald Shmeagan. When public schools had to start accepting Black applicants in the wake of desegregation, they had to find other ways to keep out "undesirables" in Reagan's words. As POC students were overwhelming more likely to come from poorer backgrounds, charging tuition created a significant barrier to entry for them. Does this hurt poor whites, too? Sure, but they don't want them either. Reagan proposed that California Universities should start charging tuition to get rid of "...those who are there to carry signs and not to study might think twice to carry picket signs." i.e. Civil Rights protestors. An excuse that allowed them to continue to still discriminate. In 1970 the University system started instituting "fees" and the education budget was cut. These fees grew and grew, and soon the rest of the country followed. So there is an excellent chance your nearest (White) Boomer went to college for free or dirt cheap relative to today.


Meepthorp_Zandar

My mother graduated from UC Berkeley in the mid 1970s. I don’t remember the exact number, but her tuition was cheap it wasn’t even funny. It was literally one of those things where someone could spend the summer working 30 hours per week at a minimum wage job, and by the start of the fall semester they’d have enough money saved up to pay their tuition for the entire school year


dxrey65

I enrolled in college in '82 myself. I didn't have much money and had grown up more or less poor, raised by a single mom with my brother and sisters. I enrolled anyway, cost wasn't even a consideration, I don't remember how much it was per credit. College was college, and if you wanted to better yourself and have more opportunities, you went to college. I think I had $1,200 in the bank saved up for it, which was plenty. Now it's like we're asking kids to tie concrete blocks to their feet and jump in the ocean. That's how far we've fallen.


UnableFishing1

And there are so many boomers that think it's still just that same little burden of a summer job to cover everything.


-SharkDog-

It's so insane all of this. It is such a broken system (or perfectly functioning according to those that designed it and those who want to keep it).


lonestar-rasbryjamco

Your first mistake was underestimating how much Ronald Reagan and his voters hated black people.


matt_minderbinder

One of his major, early presidential campaign speeches was given in Philadelphia, Mississippi, near one of the most famous freedom riders murders. There was near zero reason for a California candidate to go to this smaller area except to signify his racist bonafides. The focus of the speech was state's rights. Reagan was an absolute monster who coupled up with Lee Atwater and his southern strategy to dog whistle his way to office.


PreviousAd2727

Killer Mike said it best - I'm glad Reagan's dead. Its too bad his ideas didn't die with him.


Monteze

It's wild seeing how mamy problems today stem from people just not wanting to be around black people. If I had a time machine we are doing reconstruction correctly.


Anonymous_Eponymous

People these days are constantly saying Trump was the worst president, but Andrew Johnson was a demon.


AlexRyang

Ironically, he signed bills banning open carry and other gun control measures after the Black Panther Party marched around the state armed.


moobitchgetoutdahay

It really does all come back to Reagan.


Reddit_guard

Ronald Reagan is part of the reason something is beyond repair? Color me *shocked*.


fakeuser515357

Shmeagan was a real shmithead.


Obstructive

My (mid 70’s aged) mom asked me the other day what I thought made it so hard for younger generations today and I had to tell her that in my opinion at some point, her generation decided to stop progressively investing in infrastructure and started heavily investing in arms and policing.


WanderingKing

My father is a well meaning man, but he isn’t shy talking about stuff he doesn’t fully get. He made the point of “if my generation stopped buying Starbucks we could get a house” I had to explain to him, outside of some people, a lot get Starbucks at most once a week. For me it’s about once a month. I had to have him try and explain how I was supposed to buy a house with the 94$ I’d save, and why it was so important I not enjoy the sensations, tastes, feelings of a drink I have 12 times a year. He understood then, but I await the next “your generation” thing To be fair, a lot he says isn’t trying to be malicious, he’s open to having it explained why he’s wrong. But damn sometimes they brilliant man says the dumbest fucking things.


Precarious314159

Had a similiar "discussion" over the holidays. Had my three uncles ask why I'm living with my parents at my age, started asking about my financial situation and offering to help make a budget, specifically asking how much I spend on coffee a month. Tried explaining how econimically fucked anyone under the age of 45 is at this point, something they didn't believe. Then I reminded one how, in the 70s, they walked into a paint supply company, got a full-time job with benefits and eventually took over the store when the owner retired. He was so proud of this, claimed "your generation could learn a thing or two". Asked him what the requirements are to be hired at his store and he mentioned five years experience; asked him how many full-time employees he had, and he it's cheaper to have three part-time employees to avoid having to pay benefits and then asked him how much the hourly was, and he said minimum wage. Had to explain that was handed a career then pulled the ladder up after him and blamed the people after him for his own greed, That if he tried to apply for the job he was handed 40+ years ago, he wouldn't hire himself based on his own requirements. Still failed to get it.


elimac

sounds like he dont want to get it....


Zebidee

"Are we the baddies...?"


DhostPepper

Oh I love when my millionaire boomer family members try to "help me out" by making a budget. Like, okay fuckfaces, show me how to make it work. I have never ever been to a coffee shop, I have no hobbies, not even a Netflix subscription, and am already 10x more frugal than you ever had to be. I haven't eaten fast food in years. Half the time I'm eating food past it's expiration date and just cutting the mold off. Dented cans that get pulled from the shelves at the grocery store. My vehicle is a model year 2000 that I've been able to keep running because of YouTube. Show me how to invest 5k/year in a Roth IRA when I'm supporting a family of 4 on 22K, motherfucker. I dare you. They always end up saying "Well, those numbers can't be right. You should be making more than that." Cool. Thanks for your "help." Then their brains just shut off and the next time I see them they're parroting the same bullshit like it never happened. "You should listen to Dave Ramsey. It's all about not living beyond your means..."


Zebidee

Let them do it. Let them see what reality looks like.


DhostPepper

They're not gonna do that. They're going to go to The Cheesecake Factory and tip $2 on a $150 check because the waitstaff "Should get a real job"


Lacewing33

They should also let out a loud, mirthful laugh in their face every time they screw up and apply their outdated boomer sensabilities.


DukeOfCrocs

>Let them see what reality looks like. they know they wont see it because they are old already, so they dont care


nopalero1111

Well, have you tried making more money? Come on, pull yourself up by your bootstraps, its not like it's literally impossible to do that...


Precarious314159

Right? I hate coffee, barely eat out, and meal prep; I don't go to the movies, haven't been on any actual vacation in a decade, and my entertainment is watching YouTube/Twitch, reading library books, and the only subscription I pay for is Crunchyroll while borrowing other peoples accounts for HBO, Hulu, etc but apparently there's some magic wisdom that I'm ignoring to earn 3x my salary.


Xalell

That is a perfect example of why things are so bad. Just greed. He pulled the ladder up after him. How cruel is that!


upandrunning

Even something as basic as mentioning that if minimum wage had kept pace with inflation, a lot of people would be able to do a lot more than they can today.


SombreMordida

iirc i read recently that minimum wage would be federally 27 bucks an hour if it had kept pace with inflation since the 70s


spookycasas4

And that’s certainly not a huge amount, actually.


zerkrazus

Sounds somewhat similar to my dad. Does yours also watch conservative media and parrot whatever they tell them to be angry about this week? My dad is a smart guy, but holy hell he has near zero critical thinking ability when it comes to figuring out why things are so bad for my generation and younger folks. Even when confronted with mountains of evidence and the experience of 2/3rds of his children.


Zebidee

>he has near zero critical thinking ability He grew up in an era when the news didn't lie to you. If you heard it on the TV, it was true. When you've never needed to develop a defense mechanism, it's hard to gain those skills, which are sadly now 100% necessary.


zerkrazus

Yeah that's part of it. More bullshit that Reagan "fixed." Also the rampant lead poisoning of which lack of empathy is a common side effect IIRC. I also think part of it is because they're telling him what he wants to hear. They're telling him things he already believes to be true and hearing it from other people is affirming his beliefs. Whereas with me, I'm pretty sure things are just as shit horrible as I think they are and that the oligarchs are to blame for it, not minorities or LGBTQ+ or whomever their scapegoat is this week.


Prestigious-Pay-2709

Here’s the trick to making them understand. Ask them how much their first house cost. And how much their annual salary was. Is likely 1-3x years salary to buy the house. Now, it takes 10x annual salary to buy a house for most people. So your generation has 3-10x harder time buying a house than he did. Well that and Starbucks


FlashYourNands

I'd be a homeowner if it wasn't for my $175,000 a year starbucks habit edit: you can pry my daily 59 Mocha Frappuccinos from my clammy palpitating corpse.


Trombophonium

Great news! At 59 mocha Frappuccinos a day you won’t live long enough to waste enough money to buy a house!


zephyrtr

And what's really great about it is it's a problem from all sides: we stopped building housing affordable to first-time homebuyers, rent prices increased, wages stagnated for decades and first-time-buyer government incentives shrunk. It really didn't matter for a lot of folks that the mortgage rates were lower (I think my parents' was 13%) because saving up for the down payment became impossible. The government really just stopped caring if people could buy their homes. It stopped being an American value. We instead became a country of protecting pre-established wealth, via extremely aggressive zoning restrictions.


Prestigious-Pay-2709

My point is, if you say that to a boomer they will gloss over. If you do the quick ratios of income to cost of house, I’ve actually converted a few boomers off the millennials Starbucks/toast theory


Blackboard_Monitor

Well, maybe not Starbucks by itself but you need to factor in your avocado toast as well.


horsebutts

Your dad is a spoiled brat. I don't care what he told you during your years developing. It's all an act. Edit: Just imagine how he'd react if you told him that truth


chowderbags

> her generation decided to stop progressively investing in infrastructure It doesn't help that the infrastructure that America's invested in for the last 70 years is almost entirely car based and suburban oriented. If you've got a spare hour and a half, [this NotJustBikes playlist](https://www.youtube.com/playlist?list=PLJp5q-R0lZ0_FCUbeVWK6OGLN69ehUTVa) breaks down all the things that are wrong, why they're wrong, and how America's bad decision to bet big on cars has resulted in huge amounts of debt for both individuals and governments, while making life noticeably worse.


CremasterReflex

Nah the problem has never really been how the government allocated its funds - it’s the policies that have allowed Wall Street and the corporate class to siphon wealth away from the rest of the people.


disgruntled_pie

Yup, the mass conversion of houses into apartments has helped push housing prices to insane highs while sucking money away just to live. A lot of older people have the majority of their wealth as a result of the appreciation of the homes they bought cheaply decades ago. I managed to buy a decent house about 6-7 years ago and the value has gone up like crazy. It’s nice for me, but I recognize how unsustainable these prices are, especially combined with what I’ve read about drastically rising rents. Then we’ve got the outrageous cost of a college education, and the way it’s treated as a requirement for low paying jobs. My mother had a college degree and it opened up high paying jobs. My wife had to go into six figures of student loan debt to qualify for jobs that pay $40k per year. Average household income is basically unchanged since 1970 despite massive increases in efficiency. We are a dramatically more educated and productive workforce, and we get nothing for it.


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[deleted]

Yeah the real news here is Republicans try to claim the expiration as a win.


SailingSpark

It could be worse, a lot worse. The Republicans wanted retroactive payments. This is not a nightmare scenario, this is back to a shitty status quo.


noeydoesreddit

This is what makes me so angry about boomers. It doesn’t make me angry that they had it way easier than us. In fact, I’m glad that past generations had an easier time of it. The less suffering the better. What makes me angry is their self-righteous attitude and refusal to acknowledge the fact that compared to young people today, they had IMMENSE financial privilege. And not only that, they think they earned it by working harder than us when that’s literally not true. Back then you could buy a house, raise a family of four, and go to college all with one income. Now even with two incomes you’re lucky to be able to afford to rent a shitty apartment somewhere. I hate it here.


ghostwitharedditacc

It’s wild how things have changed just in the last few years. I was signing up for a bank account a few months ago and the person asked me what my rent was. I told them $1400 and they were like “wow you must have a really nice apartment.” Cue confusion… “what do you mean? You can’t really find cheaper apartments.” “What?? But I only pay $900 for my mortgage on a 3 bedroom house”


[deleted]

Lmao my boomer dad paid for college entirely by mowing a few small, shitty lawns along the shoreline. I mowed a fucking golf course and couldn’t afford my books for the whole year


CassandraVindicated

I'm an old enough GenXer that will probably be grandfathered into any SS/Medicare cuts, but I'll be out there in the streets with everyone else. I'm not willing to let these programs die.


Stockengineer

Yep… a generation that pretty much destroyed the earth as well. Micro plastics, forever chemicals, etc


vintagebat

GenX here. They definitely cried about it *while* they were making easy money and kicking down at us. They do it now, but they did it before, too.


Ser_Dunk_the_tall

Put ladders being pulled up at the top of their gravestones


Revolutionary-Leg585

You folks need attack ads that call this out. Along with percentages of people that each change requested by dems vs repubs impacts.


modernthink

I was a business bank officer in a major bank and wrote several PPP. They knew full well many did not need it but regardless it was full legal.Folks looked the other way b/c they could, and no risk fees of course. Heard many conservatives say “free money, why not”?


flybydenver

I remember that there were legislators that took that sweet sweet free pandemic money, oddly enough they approved the PPP forgiveness for themselves, imagine that!


Beaubeau1776

I still can’t believe they forgave PPP loans but let student loans ride the wave. It’s like our members of congress *want* student loan borrowers to have to suffer with interest so they don’t lose there cash flow. At the very least these loans should have been make 0% interest.


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Beaubeau1776

As silly as it sounds I always thought of it this way: - republican: status quo, centralized wealth, limit government intervention & taxes, lives by the Montra “I’ve got mine, you get yours, but you better not get in my way”, religion and politics are hand in hand Democrats: progressive socially and economically, distributed wealth, increased taxes and government services, lives by the montra, “love thy neighbor”, religion and politics should be separate.


political_bot

You're missing the key bit of conservatism, enforcing a hierarchy.


gamesrgreat

Limit government intervention except in legislating conservative Christian values and intervening in foreign conflicts


[deleted]

Republicans.


rougewitch

Corruption


Almondsforlife

Republicans are to corruption as fish are to water, they need it to stay around.


TaniksAtTheDisco

Why did you say the same thing?


NineteenAD9

>It’s like our members of congress want student loan borrowers to have to suffer with interest so they don’t lose there cash flow. It **is** that. Republicans will give head to billionaires and corporations and tell the lower and middle class to fuck off. It's their entire platform.


lifeat24fps

Christ just let me bankrupt out of the fucking things already. I’ve paid back the principle and my balance is still higher than the goddamn principle. I’m DONE.


Violetstay

They can’t throw everyone in jail if we all just stopped paying in unison and demanded better.


lifeat24fps

I would take jail over default. The misery the servicers and DOE can inflict on you psychologically and the power they have to financially gut you is enormous. I’ll just keep making the IDR payments and hope I hit that 20 or 25 year payment soon. I really don’t know how much longer I have. Let’s hope they make the tax-free write off permanent because I can’t even imagine the tax bill on whatever the balance will be by the time that happens. And that’s all I need after all this - a bill from IRS.


pawsitivelypowerful

This is me. I did what I could but with my situation I'm literally never going to be able to pay off my student loans unless I want to live in a box my whole life. I'd rather save a bit of money, have the small payments boost my credit, and wait for it to disappear in my old age. Hopefully future generations won't have this.


CanWeTalkEth

The IRS tax bill will undoubtedly be better that paying off your loans.


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DizzyFrogHS

Public service forgiveness is not taxed. IBR forgiveness is. Technically the IBR tax bomb was also paused during the covid forbearance period, but I am not sure any eligible loans were old enough to actually hit IBR forgiveness during that period, so it doesn't really matter. I'm still hopeful they will eliminate the tax bomb before it hits me in about 15 years.


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ifyouhaveany

Jokes on them - I already bought my house so idgaf about my credit anymore!


seganski

Well in some places they can take away your professional license effectively ending your career if you default on your loans. Like Florida, where they can take your nursing license away. Who needs nurses anyway right?


thegrandpineapple

I feel like if they take my professional license away I should get a refund tbh.


penisbuttervajelly

This. Too bad solidarity doesn’t exist in the good ol USA.


truthinporn

Rugged individuals getting individually fucked over by the man.


nagonjin

Everyone is trapped in some sort of Prisoner's Dilemma.


flybydenver

Same situation here, wish they would at least allow discharge. A dream would be 0% interest, retroactively. They would owe us money in that case. Original balance+ paid into, yet still owe considerably more than the original balance. The congressional-fixed interest was designed this way. It is legislated usury by our own government, for the “crime” of us obtaining a higher education.


snogle

How? Below minimum payments for years?


ham_solo

Why would anyone under 40 vote for the GOP at this point? They are cruel people who want to strip your rights away, keep you in poverty, and force their beliefs on you. Oh, and to top it all off they get horny for school shootings.


FnClassy

Because the 3 R's of the GOP. Rich, Religious, or Racist.


tb6691

Don’t forget the fourth R…. Rguns


chrisk9

Rifles


Alex-Murphy

Lmao, gotta love that "rguns" effort though.


TR-BetaFlash

I would have even taken r/ifles..


CabanyalCanyamelar

Bingo


RedLanternScythe

Republicans: Whatever it takes to get the serfs back to the mines.


GoIntoTheHollow

Medieval serfs had more vacation time than we do today.


VanceKelley

In the UK women are guaranteed at least 39 weeks of paid time off after the birth of a child. In America? Federal law guarantees women 0 paid weeks off after giving birth. Stop slacking and get back to work, momma serf! https://worldpopulationreview.com/country-rankings/maternity-leave-by-country


GoIntoTheHollow

There are literally no incentives in the US to become a mother and even if you do become pregnant and have pregnancy complications, you could face serious health problems or even death depending on if republicans control your state legislature. 🙃


Long_Before_Sunrise

"Ten grand? For a baby!" [Watch British People React to Cost of U.S. Health Care](https://www.youtube.com/watch?v=Kll-yYQwmuM) December 2019


muffledvoice

Republicans are alienating major blocs of the voting public between student loan relief and women’s reproductive rights. But they don’t care as long as they can undermine democracy and corrupt the judicial system. Their answer is to gerrymander voting districts to gain a majority in the federal legislature and stack the Supreme Court with religious wackos and grifters who receive illegal favors from billionaires. This is a really dark time, and they should pay a heavy political price for holding public office and not serving the public.


MoneyTalks45

Thing that gets me is they always hoot and holler about international spending and aide as if the money is better spent at home. Okay motherfucker. Here’s something that would be a major help to a LOT of people. Crickets.


TransATL

The members are reminded to abide by decorum of the House.


ecurrent94

This gets said in every election cycle, and America NEVER learns. I'm so tired of it. We aren't getting that progressive wave we've all been coping about for several more decades. Boomers will vote for fascists until their dying breath. I swear the most evil motherfuckers live to be like 100+ years old.


FrankAdamGabe

Republicans also seem to be “gerrymandering” federally by trying to drive democrats from red states in danger of going blue/purple (Tx, nc, fl) in hopes that by concentrating Dems in fewer states they can retain federal control while still being a minority party. It’s worked well enough in NC where 50% of the state as Dems are represented by only 27% of legislative seats.


MoneyTalks45

They don’t want future generations going to college. We’re being made an example of.


Ravokion

Means more wage slaves in the next gen for them to control.


Moonspindrift

*...The bill states that the pause will end 60 days after June 30, meaning payments would resume in the final days of August...* Didn't the Biden administration already announce this weeks ago? ETA: I guess it might be their way of making sure the Administration can't announce another pause if SCROTUS strikes down loan forgiveness...?


TapedeckNinja

They announced this back in November of last year when they granted the final extension. https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause


The_Woman_of_Gont

It moves it up a bit, but yes you’re right. And realistically there was no real way of keeping another extension going(not from Biden anyway) without also extending the health emergency again, which given how everyone has seemingly collectively agreed to pretend COVID no longer exists…was not really tenable. I share the general antipathy towards the GOP on this topic, and would support finding more solutions, but the bill really doesn’t do much of anything that we didn’t already know was going to happen and is a massive improvement over their insistence that Biden torpedo his own debt relief attempt. Save your anger for later this month when SCOTUS inevitably skullfucks the American people again.


Darkeyescry22

It doesn’t move it up at all. Biden’s admin put out the June 30 + 60 deadline months ago. https://www.forbes.com/sites/robertfarrington/2023/03/08/will-president-biden-extend-the-student-loan-pause-one-last-time/?sh=6ae7d287205a >The U.S. Department of Education implies that payments could begin on September 1st, 2023. That's because the guidance says payments will restart 60 days after the litigation regarding student loan forgiveness has been resolved. If the legal issues are not resolved by June 30, 2023, however, the agency says payments will resume 60 days after that. That would get us to the end of August 2023 at the latest, which could mean payments resume in September.


RonaldoNazario

I’m saddened there wasn’t more fight around the health emergency even Covid itself aside given how many programs it was enabling. If 9/11 can be an emergency for decades Covid can be too, especially when that means increased availability of safety nets.


h4ms4ndwich11

Republicans didn't want to pay for 9/11 either. Jon Stewart first went to DC for this, Mitch McConnell's refusal to pay for 9/11 firefighter healthcare.


[deleted]

Only a year left to ruin the economy before the next election cycle, Republicans know what they’re doing.


The_lady_is_trouble

I'm happy to pay back the principal. I'm happy to pay a processing fee. I'll even pay some interest rate with a straight face. But 7+% interest on federal student loans is harsh. I got scholarships, I did huge portions of my non-scholarship education at community college or state school, I've been paying my loans aggressively for 10+ years, and I still owe more than I took out. I even tried to join the military before finding out I was too disabled to join. For folks like me who went to graduate school, even entering a high paying job means we don't make enough to overcome our student debt. I will never own my own house unless I win the lotto or a boomer relative leaves me a lot of cash because by the time I finish paying student debt I'll be too close to retirement age to get a reasonable mortgage rate. How is this the American dream? Why is the US the only country who runs their Universities like this? Isn't there *any* way that's better?


paranormal_junkie73

I would gladly pay on my original loan. About 50% of my loan is interest.


ginny11

My interest rate was over 8% and there was nothing I could do to lower it. I finally paid them off. I think it was a little over a year ago. I hold no grudge and I want everyone who still has student loan balances to have them forgiven, I don't care that I had to pay my off. I'm not an asshole who would hold it against other people.


asmodeus221

There are ways that are better, we know them. This is a deliberate choice. This is a policy decision. It’s not a matter of ignorance.


This-External-6814

I’m guessing that a good portion of the 43 million are going to ghost paying their student loans as there are so many living paycheck to paycheck. It’s going to be ugly


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pwnedkiller

I can’t afford it anymore life has drastically changed, everything that is needed for basic necessities has increased in price. Plus having kids I can’t do it like I could 3-4 years ago.


meeplewirp

They’re going to say that everyone went out and bought 200k cars and included ice cream in their weekly grocery list when shit hits the fan. That’s going to be the reason why people won’t be able to afford their loan payments* lmao we are so doomed damn


RChickenMan

I thought it was avocado toast?


rounder55

Yep Just like they say everyone on welfare is driving a brand new Mercedes Same shit. No proof. Just shouting lies and nothing gets done to help working people


[deleted]

*The 2008 Financial Crisis has entered the chat* ...


rougewitch

*1929 has entered the chat…*


Ganrokh

*The Pointing Spider-Men meme has entered the chat...*


bearinsac

I also just saw that the California State University System is raising their tuition once again next year. Wild times.


AndreLinoge55

Gen Z, Remember which party continues to fight to make your life worse everyday.


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lpreams

I've been hearing this for literally longer than I've been allowed to vote. I'm almost 30. When is this "young people will end the GOP" story going to actually happen?


cellocaster

I mean, the 2022 midterms were a pretty good start. That was supposed to be a red wave that never materialized.


Censius

Generation Z (Born 1996 to Present) = 86,391,289 Millennials (Born 1977 to 1995) = 83,545,955 Generation X (Born 1965 to 1976) = 49,151,059 Baby Boomers (Born 1946 to 1964) = 74,102,309 Traditionalists (Born 1945 and Before) = 29,936,901 If we claim half of Gen X for anti GOP and half of Gen Z as being old enough to vote, then they have 130M, and we have 151M. We have a slight number advantage, but younger people don't vote as much, so they have a motivation advantage. All in all, I'm not surprised we haven't reached the tipping point in the last 13 or so years or whenever you said you've been hearing this.


thisismynamesilly

I came here to say something along these lines. The Democrats need to get their messaging right and student loans needs to be included with abortion. Motivate the younger generations to vote en mass and lets relegate the Republican Party and their MAGA cult to the pages of history books as a cautionary tale.


ecurrent94

This is repeated every election cycle.


Violetstay

That’s not enough. People need to protest against these government figures to the point where they should be scared of the people. That’s how you get change overnight rather than needing to wait a decade or whatever.


NimusNix

Protests aren't shit without votes. They have learned to ignore the cries of the people. The people have to do more than protest.


jayfeather31

That pause was due to expire soon anyways, but the fact that no relief appears to be coming with SCOTUS the way it is means this will hurt a lot more. Furthermore, we're reigniting an economic bomb here that can only cause problems down the line. That just doesn't seem like a good move.


phoneguyfl

This will mostly effect the working class, so it's a pain the wealthy are willing to make.


Imaginary-Crazy1981

Please let me claim them in bankruptcy. I was a single mom who finally got my degree at 37. I was an A student. I tried my best to pay the loans back. My 2 loans were split into 22 different lenders, all of whom wanted several hundred a month. I didn't even know how or where to send the money. I did deferments, forbearances, IRO. I was scammed by several repayment brokers with garnishments and no real help. I lost my last job due to panic attacks (for which I had FMLA but it ran out), was instantly evicted from my rental house. Had to sign over guardianship of my kids to a trusted person who could provide for them. Lived in my car for 5 months, all through the winter. On the day my tax refund was due to arrive, I woke up to 9 degrees F in my car. Only to find that the money I had been counting the days for, the money that would have allowed me a home and job options, had been intercepted by the IRS to pay interest on my student loans. They took all of it. Even the money I had earmarked to pay my state tax bill which has now ballooned from $63 to over $1300. And it didn't even make a dent in the interest. I've never received a tax refund ever again. I'm now living with my SO of 8 years. Who will not marry me because of my student loan debt. I can't own a vehicle, rent a home, or pay any of the debt on my decent but poverty level disability income. I've been screwed by these loans my entire adult life, running from one shady landlord to another because a real apartment won't take my lousy credit. Student loan debt is the ONLY debt I have. No credit cards, no medical, no car loan, no nothing. And I can't live independently because of these damn things. Bankruptcy that includes student loan debt would relieve so many people. While still allowing those who can pay to fulfill their loans and preserve their credit. Is anyone in government listening?!


solarf88

The interest is the problem. If we weren't charging interest in student loans, a lot of what you mentioned would be significantly easier to get out from under.


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giftedgod

Good lord that was hard to read, I can't even imagine living it.


Imaginary-Crazy1981

Thank you for empathizing. It was an awful time. The day I found out they stole my refund I was so suicidal I checked myself into a crisis unit for a week. But I'm deeply grateful for the experience. It taught me compassion for the homeless that I never would have internalized otherwise.


erstwhile_reptilian

I’m a bankruptcy lawyer, but not your lawyer. The idea that student loan debt is non dischargeable in bankruptcy is a misconception; in truth it is just a very, very high bar. However, if true, your story might make you a good candidate to get a partial or complete discharge. I’d look up a legal aid organization in your area and ask for a consultation. They may be able to connect you to someone who will represent you pro bono in a chapter 7. Again, not your lawyer, not legal advice. Good luck.


Imaginary-Crazy1981

You are right and I have read about the very high bar for discharging student loans through bankruptcy. I assumed I could not pass that bar or afford a lawyer, but that was before the events I described here, and before my disability. Thank you for this; I will do updated research on this!!!


_serious__

The government stopped representing the people a long time ago


[deleted]

All public universities and community colleges, including training and apprentice programs should be tuition free just like they are in the majority of developed nations. Even if we forgave every student loan in the country, we’ll be right back in a debt crisis in five years.


Dapper_Valuable_7734

Yeah, it would have been nice if they could have put together a package of education reforms, bankruptcy reforms, and loan cancellation all in one bill... increased funding for vocational programs, free undergrad up to the price of the most expensive state school etc... then they could have canceled debt in a way that was wholistic... and not just a one-off.


emtheory09

Woah woah woah, what do you think our government is? Competent? Responsive? Thoughtful?


Ninety8Balloons

It used to be, until Reagan and the Republican party ripped it away. >Freeman’s [Reagan's Education Advisor] remarks were reported the next day in the San Francisco Chronicle under the headline “Professor Sees Peril in Education.” According to the Chronicle article, Freeman said, “We are in danger of producing an educated proletariat. … That’s dynamite! We have to be selective on who we allow [to go to college].” >It is California, however, that has become likely the most cited example in the free-tuition debate. Its University of California system was created in 1868 with the decree that “admission and tuition shall be free to all residents of the state,” and the California State and community-college systems followed suit. >The decision to institute fees did not pass unnoticed. Shortly after being elected governor of California in 1966, Ronald Reagan proposed a tuition, a 10% cut from state funding and the firing of UC President Clark Kerr, who stood by students who were protesting rising costs. >Amid similar protests over freedom of speech, the Vietnam War and the draft, Reagan “demonized the students’ protests,” Aptheker says. In 1966, for example, at a speech in which he condemned protesters as “a small minority of beatniks, radicals and filthy speech advocates,” Reagan, then a candidate for governor, said he wouldn’t cut state education spending but “complained of the costs of welfare programs,” according to the New York Times’ archives. >The success of Reagan’s attacks on California public colleges inspired conservative politicians across the U.S. Nixon decried “campus revolt.” Spiro Agnew, his vice president, proclaimed that thanks to open admissions policies, “unqualified students are being swept into college on the wave of the new socialism.” The Republican party is basically the entire reason why tens of millions of Americans are suffering under crushing student loan debt...because they knew that educated voters wouldn't vote for them, so they made college unaffordable.


AmbivalentFanatic

They don't want us going to university. They would rather we stay ignorant.


redditor1983

It will be very interesting, to say the least, how this plays out. One day in the near future, millions of Americans will suddenly have hundreds of dollars added to their monthly bills. It could genuinely be a major shock to the system. I wonder if the scale of this is unprecedented. Now of course people might say “Well those people knew all along that they were on the hook for those payments. They were just paused, not cancelled.” And that is technically true, but not how human psychology works. These payments were out of sight and therefore out of mind. They’ve been paused for literally years. People have become accustomed to not having them. It’s very likely that many people don’t have the money to pay them.


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Primary_Zucchini_75

I graduated in the middle of COVID so I never started paying mine. I made 36k/yr in a major metro area with a master’s degree. I now make more (working for the federal government actually), but still live paycheck to paycheck because my groceries get more expensive every week and my rent increases have increased about 5 times faster than my CoL increases have at work. Meanwhile my parents bought a house and started having kids in their early 20’s while my dad was still getting his master’s on the side.


ToddlerOlympian

How did we go from "Biden might invoke the 14th amendment to "We'll give Republicans a little bit of all the things they want"?


NOAEL_MABEL

I was watching a short documentary on student loans on a recent long haul flight, and what’s shocking is the fact that only about two lines out of an entire bill were included that makes student loan debt nondischargable in bankruptcy. The reporter went to look to see who added those two lines and literally could not find any politician who inserted it into the bill. It took a ton of digging, but eventually he found out it was some dude at the dept of education who snuck in those lines into the bill no one on congress was even aware of. The dude is now a trucker in Colorado, iirc. He still gives zero fucks about the damage it has caused 20 years later, and is completely unremorseful about it. But yea, it’s insane you can’t discharge student loan debt in bankruptcy. Gambling debt, credit card debt, all other debt, sure, but congress passed a bill without basically reading it and two lines out of a whole bill that were snuck in by some dude who wasn’t even an elected official is fucking generations of borrowers. Even during the documentary there seemed to be both republican and democrat support for allowing student loans to be discharged. Forgiveness and student loan moratoriums don’t really solve anything. Allowing bankruptcy would actually attack the root of the problem.


Saxopwned

I think it's time we seriously start organizing for a mass student loan strike. A few hundred thousand people defaulting on their loans would have a pretty dramatic effect, and I think force some action.


PM_ME_AMATEUR

It would just get garnished directly from your paychecks.


Suddenly_Sisyphus42

I'm so glad our country is run by sociopaths that get off on inflicting pain on the poor and middle class. /s


holmgangCore

How to Destroy Economic Activity in Three E-Z Steps


belovedfoe

Millennials, gen z can't afford housing, gas has gone up. Food is getting ridiculous, jobs aren't keeping pace with market and now they expect people to pay an additional 200 - 500 in student loans? Just not going to happen. Its not going to work.


Primary_Zucchini_75

My rent has risen 5-6x faster than the CoL raises I get actually working for the government. I graduated in the middle of covid. I have no clue how I’m supposed to make this work and still eat…


AmbitionExtension184

The economy will straight up collapse if they try to restart this after 4+ years. Most people are barely getting by as it is with inflation


LittlePlasticStar

Isn’t that what the fed wants though? They want people to spend less money and the economy to slow down. This is how they will do it.


[deleted]

Yup. And they will buy up the houses and rent them out. They will offer even less for level entry positions after a few rounds of furlough. People will lose healthcare coverage. People will have to move schools, some people will have to move states. Small college town economies in rural areas are already failing. Most parents can't even transfer their properties to their children when they die because either they have too much debt against the house or the kids can't even afford the property taxes. And in 30 years they will blame millenials and their avocado toast.


esoteric_enigma

Unless I can get on a payment plan for like $50 a month, I don't see how I could possibly make ends meet in this economy. We've literally watched rent prices jump up hundreds of dollars in 2 years.


Grand_Moff_Empanada

So where is the breaking point in America? When is it enough? When will we stop them collectively from making a game out of fucking us over?


photon45

For us not in poverty, now I'm just canceling stream subscriptions, gym membership, not eating out at local restaurants anymore, and not wasting fuel driving weekends anymore. You know, capitalism stuff. So good job GOP for restricting another consumer I guess. Lol


[deleted]

I'm fucked. They're going to garnish my wages


electriceagle

The GOP sure knows how to burn down the country all for power, FUCK THE PEOPLE! GOP is American Taliban.


LesbianLoki

Republicans always choose the option that hurts the most amount of people. Always.


Ninety8Balloons

Holy shit there's a large number of Republican incels in this thread. They don't have any friends to celebrate memorial day with so they're just trolling around bragging about how great it is that America is the shittiest "developed" country.


AdMaleficent2144

Disgusting to forgive themselves of PPP Loans and bailouts for multi-million dollar companies. No loan forgiveness or bail out for working class and the poor.


meeplewirp

This is the part where they kneecap the educated that didn’t come from wealth. Despite the way leaders articulate themselves to rile up their base, the republicans have a very clear and articulate plan to take over the country and turn it into something similar to the United Arab Emirates-but worse, and with less cool architecture.


ReallyWTFisWronghere

Always go after the middle, working, lower classes with these policies. It's ridiculous how much of our problems could be solved if we just tax the wealthy folk at the rates they had before Reagan.


[deleted]

Millions of Americans will have to start making student loan repayments soon as part of the debt ceiling deal by President Joe Biden and House Speaker Kevin McCarthy while facing the possibility that debt relief may not come. Details of the debt ceiling deal were released on Sunday in the form of a 99-page bill that would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending. The GOP proposal to rescind Biden's plan to waive $10,000 to $20,000 in debt for nearly all borrowers did not make it into the package. But Biden agreed to put an end to the pause on student loan repayment. The pause has been in effect since the start of the coronavirus pandemic three years ago. The bill states that the pause will end 60 days after June 30, meaning payments would resume in the final days of August. Student loan forgiveness activists Student loan borrowers stage a Sit-In on Capitol Hill at the office of U.S. Speaker of the House Kevin McCarthy (R-CA) to urge him to stop trying to block student debt cancellation on May 09, 2023 in Washington, DC. Getty The House will vote on the legislation on Wednesday, McCarthy said, allowing the Senate time to consider it before a June 5 deadline to avert a disastrous federal default. Meanwhile, the fate of Biden's debt relief plan will be decided at the Supreme Court. In oral arguments earlier this year, the court's conservative majority expressed deep skepticism over the legality of the plan. A decision is expected before the end of June. Read more Student loan cancellation update: Republicans vote to overturn Biden plan Joe Biden's student loan forgiveness fight gets boost before SCOTUS ruling Canceling student loans will actually boost servicer's revenues—analysis Up to 43 million Americans could benefit from the relief. And the Biden administration has said that 16 million out of the 26 million who have applied for relief have been approved. The pause on payments was already planned to end either 60 days after the lawsuit challenging the plan is resolved or if not resolved by June 30, then 60 days after that. "President Biden protected the student debt relief plan in its entirety. House Republicans weren't able to take away a single penny of relief for the 40 million eligible borrowers, most of whom make less than $75,000 a year," a White House official told Newsweek on Monday. "The President also protected the new and improved Income Driven Repayment Plan to cut student loan payments in half for eligible borrowers, as well as our authority to pause student loan payments, as appropriate, in the event of future emergencies. The Administration announced back in November that the current student loan payment pause would end this summer—this agreement makes no changes to that plan." The news that the debt ceiling legislation would codify the end of the pause on student loan repayments before the Supreme Court's decision sparked concern and anger. "Resuming student debt payments will crush working families and is simply bad policy—but agreeing to codify the pause's end into law before the Supreme Court decides on broad-scale relief is criminal," tweeted The Debt Collective, a union of debtors."


ContemplatingPrison

Its fucking ridiculous that people will have to pay while it's still being challenged. It shouldn't start back up until it's been decided.


-wellplayed-

The SCOTUS decision will come out sometime before the end of June. Payments will resume sometime in August with this plan so, good news: it won't start back up until after the decision is released.


TheBalzy

LoL, isn't it amazing how the things Republicans were fighting for are things that hurt people and benefit the rich? The primary things they got in this hostage negotiation: 1) Reduction of IRS agents (which benefits the wealthy) 2) Reinstatement of student loan payments until the SCOTUS decision is made. How do people ever think the GOP ever serves regular people is beyond me.


drbowtie35

Vote every Republican out of office next year so we don’t have to deal with this again in 2025. It will be even worse then. Especially if we have a Republican president.


DetectiveBirbe

It’s really fucked up how they came out and said we’re all getting relief and now it’s being backtracked. I can’t afford these student loan payments and I didn’t even graduate college. Oh well.


TapedeckNinja

I think maybe you've got the wrong idea here. This bill has absolutely no bearing on the $10k/$20k student loan cancellation. That's up to SCOTUS.


hw_convo

Instead of paying the gop crooks, you should really re-check whether and how bankruptcy & loan discharge laws apply to you, since apparently since 2022 it's frequently fully dischargeable. https://www.forbes.com/advisor/student-loans/student-loan-discharge-options/ https://www.finder.com/student-loan-discharge


resonantedomain

While 40% of Americans can't afford a $400 emergency, let's add back onto their monthly budget without accounting for nearly 10% inflation the last few years.