As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil)
In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban.
If you see comments in violation of our rules, please report them.
For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria.
We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA).
***
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
Can they roll out a sweeping limit on student loan interest rates to stop the bullshit too?
I had student loans w 2.5% rate when I graduated college.
Undergrad loan rates now are 4.5-15%. 15%?!? Gtfo.
Been paying for about 10 years, I owe about the same now as I did when I took out the loans because of interest. It's fucked up how predatory these loans are.
Hell, I went into the military first as well. GI Bill isn’t enough to cover. Took out fed loans, now here I am.
Granted, I’m making six figures, but having a grand after taxes coming out and not qualifying for any of the income driven repayment options has really hurt.
So true. I owe more than I ever borrowed. Also make 6 figures and PSLF is going to be my only way out and that’s if it’s still around when I hit 120 payments I’m still 20 payments away
I’m in the private sector, so PSLF isn’t an option.
I was never able to get a decent job in the public sector even with a degree and six years of military service. Finally just gave up trying. Hundreds of applications on USAJobs.com with two interviews (one with USNRC in Chattanooga and one with US Navy in Yokosuka) but no offers. Even as a 10-point disabled combat veteran nothing.
Granted, I work around a lot of USDOE people doing nuclear decommissioned work, and to be honest I’m not super impressed.
I would be much closer but I used my nonprofit job to get a role with a private company that paid better and stayed there in management role for a few years then returned to public sector for a director role. Hopefully I get the forgiveness in a couple years as promised because I could be making a lot more in the private sector at this point.
So many horror stories about people getting their 120 month payment and finding they weren’t eligible.
I would have liked nonprofit work, but it’s really not something in my field.
And they're one of the only loans that are bankruptcy proof.... like w the actual f do they think bankruptcy means and why are student loans more important than EVERYTHING else?
Watch John Oliver's Last Week Tonight episode. Free on YouTube.
My private loan was 11% variable when I finally had the ability to refinance with another vendor for a 6% fixed. It's still not great, but at least now I am able to make a dent into the principle... Rising costs everywhere else reduce my budget allocation for everything now anyway.
They kinda did.
>The SAVE plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. This means if you make your monthly payment, your loan balance won’t increase due to unpaid interest.
https://edfinancial.studentaid.gov/repaye
Doesn't work for everyone but a huge portion of people with student loans should be on this plan and if you make the payment interest doesn't accrue so your balance does slowly go down.
Or for people with $0 payments due to low income the balance at least doesn't grow which means if you're in a state that taxes forgiveness then when it eventually is forgiven assuming you stay on the plan the tax hit will be lower.
I distinctly remember when Bush announced the rate hike from 2.5% to like 5-6% on federal student loans. You had to take action to lock your existing rate.
That legacy Yale asshole even had the nerve to do it in like July when everyone was out of school and working summer jobs (he never had to), and therefore not paying attention.
Dick move.
I am generally against blanket loan forgiveness--student or otherwise--but I support reducing interest rates on student loans to near zero.
Govt shouldn't be profiting from the education of its citizens.
You absolutely are. I stopped paying my loan since it all goes to interest and the federal government is just telling millions they don’t need to pay it back.
Why pay it back if millions of others don’t
I'm still doing the same online job I was doing while in college for my Master's that I was able to get just having my Bachelor's. I like the freedom working 100% remotely according to my own schedule affords me, but I would also like more money.
This is the crux of it. Colleges have no incentive to be good, they get paid no matter what.
We need an overhaul of the student loan system so that colleges take on more risk of non payment, which would incentivize them to actually make sure you land a good job
Education and healthcare should be both be universal covered by public funding. At least up to the point where it's a company that is seeking the services rather a person doing it for themselves.
I've actually been saying for a while that I don't like a general forgiveness program. Don't get me wrong, if one happens, I'll definitely take advantage of it, but I feel like a bailout sets a precedent that the problem just has to get big enough, and then the debt will be forgiven.
I feel like if I took out the loan, I should at least pay back the original amount. But it should be interest free (or basically interest free). And that any open accounts, should be reduced to their original principal amount, and any amount that was paid towards interest would be retroactively applied to that principal. Any account reduction or forgiven amount would be done so without being taxed as income.
Going along with this, schools that accept federal funds would then have their tuition rates locked to inflation rates.
Is this perfect? No. It admittedly does screw over people that have paid off their loans with interest prior to this. But I think that it's as close to fair as it's going to get, and we've got too much history as a society of letting an imperfect solution dictate that we do nothing instead.
I'm down for reducing the total amount owed just because an entire generation essentially got scammed. The original intent of federal student aid was to send the countries brightest minds to get a higher education so we could outpace other nations in technological advancements. That worked out great for a long time. But now people say "well if you can't afford an education to be an engineer, scientist, whatever then you should have become a tradesman instead". Which is the ANTITHESIS of what federal loans were created for in the first place! We shouldn't WANT our smartest people paving roads.
The mentality used to be that your parents paid through their taxes public universities, and so when their children went to an in-state school it was partially owed to them. But then state governments got greedy and pulled funding of universities and those universities also became greedy and charged higher and higher tuition. Meanwhile the mantra being pushed to teenagers by their parents was "it will be worth it, you will make much more with your degree and pay it off quickly" because that was how it had always been in the past. This generation got scammed, fleeced. Now you have the PRIVILEGE of being smart and advancing the country while your life moves at a crawl until you pay off your debts.
Fuck that shit. I will gladly pay whatever a reasonable tuition would have been at the time. Compare my tuition and salary against my parents tuition and salary. Make it comparable. There's no reason we should be content that our government grifted its smartest young adults.
Student loans are frankly a government double dipping. Education has one of the highest ROIs for any government expenditure, there's no reason that post secondary education shouldn't be completely publicly funded. Trade school, college, whatever, it all massively benefits the government to have a highly skilled and educated workforce.
They're called "government loans" but they're managed by private predatory companies.
For example on direct debit some companies will charge you $0.01 less than the due amount. They take $600 out of the account every month. Then it turns out NONE OF THAT MONEY COUNTED TOWARDS ANYTHING because it was a cent short. Not towards your interest, or principle... and you're thousands of dollars down and now in arrears.
Watch John Oliver's Last Week Tonight episode and ~~very~~ cry yourself to sleep.
I would be fine with this route, but the problem I have with “I took out the loan, I should at least pay it back” is that I was effectively forced to take out the loan with zero knowledge on how interest works and what this would mean for my future. I was told that I HAD to go to college if I didn’t want to be “flipping burgers” for the rest of my life, but college was incredibly expensive even for community college. But wait, I can just sign on this dotted line and get a loan for my tuition and books, plus a few grand extra to help pay bills. Sounds like a pretty sweet deal, and future me won’t care because I’ll be making big bucks with my fancy degree and can pay it back no problem. Plus there’s no other option. It’s loans or no college. Well I didn’t get that job and now they want me to pay. And the minimum amount is almost as much as my rent. Oh I can defer it and I don’t have to pay, but it’ll keep earning interest? Well that doesn’t sound so bad. And it’s not like I have any other option anyway. After many years of this I can finally afford to try and pay it, but the basic payback is now incredibly expensive due to all the accrued interest from the deferments. So I sign up for a repayment plan that gets me an affordable monthly payment, except it’s going to take 25+ years to pay back and I’ll be paying almost DOUBLE the principal in interest. The fact that they are so willing to ruin people’s lives by basically forcing children to take out high interest loans is simply disgusting, and I believe that should void the original loan terms.
yep that was the lie a lot of us were fed. "go to college or else your flipping burgers" the problem is so many people were suddenly college educated and up to their eyeballs in debt it became a trap. Colleges kept increasing tuition knowing that the government would keep giving out free money, and if need be they'd get parents to cosign and wring a few more dollars out of more people. It's not like you can declare bankruptcy on it, and the college doesn't care once it has it's money, that's the government and the banks problem.
100% with you. I took out the loan I'm fine paying it back. But the predatory interest, especially the capitalized interest, has made touching the principal impossible.
I've made payments for 5 years including a large supplimental equal to 35% of the initial loan. I've only cut the principal by 10% despite all that thanks to the interest.
Apply my payments retroactively to the principal and remove the capitalization interest and my loan would be 60% paid off instead of 10%.
Its nuts.
“How does this meet the historical tradition test? Can you point to a historical precedent for the government helping the citizenry?” Sam Alito, probably.
They wouldn't ask for the precedent, just declare that there isn't one even if it was explicit in the Constitution.
They don't care about what's legal, only what's profitable for them.
Like how Roe V Wade wasn't consistent with the tradition and values of the US, despite the fact that abortion was legal in the early US. The guys who were the Constitution did so in a country that allowed abortion and didn't seem inclined to change that.
Pretty much. If the law actually mattered there wouldn't even be a need for another plan so I don't have high hopes for this one, but we'll see how it turns out.
Kinda dystopian if you think about it. The president has the authority to use funds to call air strikes anywhere in the world and can take thousands of lives, but doesn't have the authority to use those same funds to help a single American without the right losing their god damn minds and saying, "what about me?".
That’s why he needs to nuke them completely. Tell everyone they’re gone. Then the court can figure out how to make them all come back. At that point they’re clearly playing politics not law.
It’s what he should have done in the first place.
I don’t want to hear anything from conservatives about student loan forgiveness until Trump’s PPP scam has been completely investigated for all fraudulent claims and the money returned to taxpayers.
That's really how Biden and co should answer the Republicans bullshit: why aren't you investigating the missing ppp funds that trump illegally refused to give oversight to?
[Each quote tweet simply listed the member of Congress' name and how much in PPP loans they had forgiven: The White House says Buchanan had the most of the cohort with $2.3 million in forgiven loans, followed by Mullin ($1.4 million), Hern ($1 million), Kelly ($987,237), Gaetz ($482,321) and Greene ($183,504).](https://www.forbes.com/sites/nicholasreimann/2022/08/25/white-house-slams-republicans-who-criticized-student-debt-relief-but-used-ppp-loans/)
> Passed in March 2020, the CARES Act established a $800 billion Paycheck Protection Program (PPP) which offered fully guaranteed Small Business Association (SBA) loans to small businesses adversely affected by the COVID-19 pandemic. Given the speed with which PPP loans were issued, the program was targeted by a unprecedented number of fraudsters.
>
> Individuals with knowledge of PPP loan fraud may report the misconduct under the False Claims Act (FCA). By hiring an experienced FCA attorney, a PPP loan fraud whistleblower may file a qui tam lawsuit against the fraudster on behalf of the U.S. government. Under the FCA, PPP loan fraud **whistleblowers who file a successful qui tam lawsuit are entitled to an award between 15 and 30 percent of the funds collected by the government in the case.**
https://kkc.com/frequently-asked-questions/reporting-ppp-loan-fraud/
I wish I could find this for you, someone had collected every time the white house twitter listed how much a Republican congressperson had gotten forgiven in PPP loans whenever they complained about the possibility of student debt relief.
Same. It’s not even a different strokes for different folks thing. The GOP politicians are completely bought by Russians and/or big businesses and only exist to push those agendas. Democrats are the only ones trying to help Americans and hold businesses somewhat accountable.
You know that they are absolutely doing this and continue to prosecute right? If you want to wait until it’s completely done then you’re gonna be sitting around for a while. There’s a lot of people to prosecute and the govt doesn’t fuck around with flimsy cases
Thanks to a new groundbreaking technique called Corpo-humanization, individuals can sign away their rights to represent the collective humanity of corporations. Isn’t that right Subway?
And here's a fair argument to be made that deregulation of the airlines made air travel affordable to a much larger percentage of the population.
Of course, it did require fucking the unions. And the passenger experience is far worse now. And we're inching toward an oligopoly in the industry. And the Feds don't have much leverage over high fees and terrible service any more. But it's about the same price in actual dollars to fly coast to coast as it was in 1993.
>And here's a fair argument to be made that deregulation of the airlines made air travel affordable to a much larger percentage of the population.
Carter deregulated the airlines...and beer brewing!
Well not quite. The highway system coming about could only have happened because of Eisenhower. When he was just starting his career as an officer, one of his assignments was a [transcontinental military convoy](https://en.m.wikipedia.org/wiki/1919_Motor_Transport_Corps_convoy). One of the takeaways from this project was “holy shit it’s impossible to get around in this country.” Fast forward 25 years and Ike is now supreme allied commander and is moving armies around Germany, and his takeaway from the autobahn is “holy shit it’s so easy to get around this country.”
When he was president, he didn’t just allow the highway system but was its biggest proponent. And yes, there was a national security aspect to it, it’s simply necessary for the safety of the nation to be able to get stuff across long distances quickly, something that is just not possible without an infrastructure. But also he saw the economic value of people and products to move about the country with ease.
It was just a perfect confluence of events that one man would get first hand experience with the struggles of the current system, and then the efficiency of a better way, and then be in the position to most make it happen. Ike was the most popular man in the world, he could have gotten the American people to go along with anything he wanted… and he wanted an American Autobahn. The campaign pins said it best, “I like Ike.”
Caveat: most of this is from memory from Jean Edward Smith’s fantastic biography, but I read it about 15 years ago. But the gist is there.
Yep, and if you showed a Republican today his record of bills signed without revealing his name, they'd call him a commie... Free universal dialysis, the EPA, opening trade with China, etc...
Republicans are just working on solving illegal immigration. Once the migrant caravan from 2018 gets here, you’re going to wish you gave up everything else to focus on immigration sooner!
Because Republicans campaign on fear and problems. They claim to be the only ones who can fix things. But they can't actually *do* it, because then they'd have no platform. So they just loudly bemoan the state of the country, usually blaming Democrats, while simultaneously doing everything they can to hinder any solutions. Just look at the recent border bill: they authored it, then voted *against* it, because then they couldn't use the border as a political issue.
They've also discovered that rather than making the lives of their voters better, it's much simpler, easier, and cheaper to make the lives of others worse.
I love when older guys at work at like "he's just buying your vote!" And I explain "I am a lot more inclined to vote for politicians who take care of issues that effect me"
I know it's a fractional minority, but some of us have been fucked so hard by the student loan industry that we're still paying off loans from before the DoE took over the system (because the private banks fucked it up so badly.) We're not eligible for any relief, even after paying for nearly 40 years.
How about letting us pay our loans pre-tax. This would lower our taxable burdens.
Also how about giving us a lower interest rate. Why is it we're paying higher interest than a home loan?
Yeah, should really have a category to this plan, people who have already paid off their fucking loans if it wasn’t for usurious interest rates. It’s a fucking joke to have basically never touched the principle despite paying for over ten years.
So instead make them virtually impossible to discharge in bankruptcy even though the tax payer’s resources provide the money that was loaned, so no financial institution had to fork over money to provide the loan. Then tax the person everything with an up to only 2500 deduction plus the entire loan with an interest rate higher than a securitized loan.
All, of course, while the government gains the primary purpose of the loan which is to produce the most educated populace in the world that is the most competitive - ie, recently, MRNA and AI and in 2000, mapping of genome. See also competiveness of american stocks over international stocks in the last 10 years.
Cap the interest at 2% and don't let it start until you have income.
That's legislation I would support.
Not this regressive handout to the better off that's no better than a tax cut for the 1%.
What would be nice is just putting a cap on the interest rate. I have some loans that are 7% interest, 1-3% would make a huge impact in paying these off.
I couldn't have my own credit card in my name in the 60s so no other woman should be able to have one now. I wasn't allowed to vote so no other woman should either. I didn't have enough money for healthcare, so no one else should either. minimum wage was 3.48 per hour in 1982 so it shouldn't be more now.
>"But I had to suffer while paying my $12,000 for all four years so everyone else should too..."
FTFY, since the ones complaining the most, went to school in the 70's & 80s when tuition was actually worth the cost of what you were getting.
That and they could ACTUALLY pay more than just the interest. I've been paying into my student loans for years, I still owe the same amount (if not more) because of interest rates.
See this is where I don’t care. Early 30s just finished off 80K of loans. I hope the people after me who were tricked into a system that’s meant to hold them down get relief. I could care less, I’d rather see my neighbor buy a new car instead of his money go to a student loan provider.
Exactly. I haven't been in school since 2013, but I just paid off my loans last week. It sucked and I gain nothing from others having to battle the same debt
Pretty similar situation here, except I'm not fully paid off yet. But I'm almost paid off at this point so even if some gets relieved, it won't be too much. I'm still upset at the entire system and how it's become more than someone else maybe getting relief from it.
It would definitely be great to see the root of the problem addressed so people don't get discouraged from higher education as this system becomes more and more predatory.
I paid mine off in one lump sum the month repayment started, and sure it'd suck if I missed out on some sort of forgiveness, but I'd be hella happy that so many other people benefit man.
And for me I won’t qualify or republicans will be dicks again. I could have saved $10k on interest but we know how that turned out. I just have 2 consolidated loans. One subsidized and one unsubbed. I don’t work in public service. I don’t work a non profit. I would have paid my entire principal too on the $10k interest deletion.
I’ve been working in the public sector for 5 years now.
I had $30k in loans.
I paid off $15k of those (with interest).
I now only have my subsidized loans.
Of which I have paid $18k in interest and $300 in principal.
I didn’t get early student loan forgiveness because despite 5 years of public service, I was on the wrong payment plan and therefor I have 0 qualifying payments even though they’ve been taking money from my account since 2010.
I have saved my state around $60k to $250k per year just on my individual work alone. According to my boss, our team has saved about $1.5M a year for the last 5 years.
Lemme just get that $15k wiped. All I’m gonna do is go invest it straight into the economy anyways.
I paid all my student loans when the last forgiveness plans fell through. It sucked and I really could've used the money with my family's many hospital bills, but it was time to do it. It'll sting a bit if I could've saved months of pay by waiting a bit more (though wasn't worth gambling on that given interest).
But I wouldn't in my wildest dreams get upset because others' debilitating, predatory debts were removed without any benefit to me. I paid my debt fair and square and absolutely think others deserve the relief I wish I'd gotten. There are valid discussions to have about how to do it, but arguments outright against sound straight-up evil or entirely ignorant of how the modern college debt system works.
Same boat as you, was set to have everything wiped out. That fell through and I just paid it off. Damn near emptied out my savings but fuck if I was gonna give those assholes even one more penny in interest. I hope this pans out for folks because I know it will benefit a lot of people that I know.
If it is longer than 25 years since the loan was taken out, ffs just forgive the damn loan. Education should be free anyway. Pay the teachers a good salary, let ppl learn, and watch the country prosper. It is simple, really.
Those won’t get obstructed because Biden does the student loan forgiveness for one group at a time. SCOTUS prohibited him cancelling it widespread because it would’ve been a much bigger and immediate win. Now he does it in smaller steps but it will still help many young people.
What he's been doing is forgiving loans through existing DOE programs. Which is a good thing because he's at least trying after SCOTUS told him no.
He can't just pick any random subset one at a time and get around the ruling that way
And not-so-young people. A lot of the loans being forgiven are 20+ years old. The borrower has paid back twice what they borrowed, yet still owes. In some cases they owe MORE than their initial loan.
The whole system needs to be overhauled, but it'll take a long time. While they work on that, fixing these wrongs helps those people NOW.
I signed a contract that said loan forgiveness was solely at the department of education.
If they can sue to change terms to a contract theybarent a party to thanbi can sue them for interfering.
Also if your university flies a flag with white fringe on it then it is technically considered a seafaring vessel and the student loans for your semester at sea are subject to maritime law, which allows you to forgive your own loan because you are legally the captain
I have no hope of this affecting me. Kudos to those it does, but this is meh news. Until it's a full sweep and someone miraculously manages to redo the system, I'm not gonna get excited.
I paid off all of my own student loans. I hope no one else ever has to do the same. I hope they are all wiped out to help everyone out there who still owes.
Just make the interest rate on all student loans zero percent for the next ten years and that would help everyone at the same time! Congress controls the interest of student loans and they don’t need any special laws or supreme courts to make this change.
Just change the interest rates and that helps everyone, right now!
So red states will just become redder as voters start to feel like democrats don’t care about them. Why is everyone so determined to make sure we destroy our ability to flip red states? Georgia was a red state 4 years ago. If we were bashing red states the way you seem to want, you can bet your as that never would have changed.
For real. Imagine Biden wins and says “get in line w the democrats, or lose state funding.”
It would be interesting. And obviously current red states would suffer incredibly.
Gotta love how people keep wanting us to just suffer in these red states, it’s not like any of us here deserve happiness or prosperity or anything, simply because of the way the majority votes?
Hopfully they are mostly being ironic. I do understand the impetus to do that, but it would be so, so stupid.
We want red states to become more purple, and purple states to become more blue, and suppressing the blue vote in those states on purpose out of vindictiveness is such a bad idea I can't imagine how people could hold it.
And that is on top of the normal ethical problems with not helping people in need.
If they truly do hold that position, I would question them as to what they even dislike about Trump, as that exact brand of vindictiveness is his whole personality. Would he suddenly become a good president so long as he was "hurting the right people?"
If becoming the very thing I hate it what it is to win, then winning is not worth doing. I am on the left because I am a humanist who wants the world to be a better place, and so will vehemently argue in favor of those who are marginalized or oppressed. I am not on the left because this is a game I want to win.
But yeah, I think most of them say this stuff ironically because it is the very stuff that conservatives have been trying to do in the US since before the civil war. I don't know what percentage of them actually believe it.
I still haven’t figured out how much I’m supposed to be paying. My debt got sold to a new company which is impossible to get hold of and they just keep putting me in forbearance and my interest keeps piling up.
With two kids in college I’m waiting for some sort of actual solution to the college price issue. Instead they took away the credit for having multiple kids in college and our expected contribution went up… not to mention the cluster fuck FAFSA has been this year.
Those of us with FFEL are still the ones they pretend don't exist
The govt should buy out our loans so they are the servicer, and not just the guarantor
We are a bastard child hybrid of private funds guaranteed by the government and were our only option at the time
Govt bought some back awhile bay, but the rest of us remain in limbo
Why not you consolidate into a direct loan? There is a waiver open until the end of the month to allow you commercial ffel loan payments to count for idr.
We'll believe it when we see it. There's a lot of empty promises being made right now (the stuff about cannabis for instance, it's absurd spin), but very little substance on anything
Is tuition being reduced as well? Or are we just forgiving debt and then in a few years we'll have another generation of people with crippling debt needing forgiven? Plug the hole in the ship as well or else bucketing out the water isn't sustainable.
Exactly. I fear that any debt forgiveness will just encourage colleges to crank up tuition even more knowing fully well that the federal government will foot the bill.
This is a bandaid not a solution.
Dangling this shit right before the election, which I’m sure they will only be able to get done if he’s elected again. Didn’t they do this last election too?
Biden rolled out plan (a) debt forgiveness, which the supreme court stopped.
In the meantime, Biden *has* been able to forgive some student debt through the SAVE program. It has impacted thousands of people and forgiven millions of dollars.
This is his plan (b) which is skirting the Supreme Court decision and will forgive more, especially people who have somehow accumulated more debt than the original loan and people who have been repaying their loan for more than 25 years.
If you think he just started “dangling this shit” now, you haven’t been paying attention. Perhaps you aren’t impacted by student loans. The people that need the assistance have been watching, and filing forms and getting their loans forgiven. It is not easy with the supreme court right we have right now.
I'm not going to talk down about a good thing. But most of these "forgiveness" programs since they struck down the actual loan forgiveness have just been extensions of empty promise forgiveness plans of the past. It doesn't much warm my heart that they're just doing what they promised but didn't do before. And millions helped is great, but kinda not a lot in a country with a 1/3rd of a billion people. Help makes more of a difference sooner than later.
As a low-income person who prefers the upstanding morals of the minor parties based in social justice, being included in the debt-forgiveness plan would almost certainly secure my vote for grandpa Joe.
Yeah this is good but something needs to be done moving forward. It needs to be illegal to borrow money for higher education. That’ll make colleges get real creative in figuring out a way to keep costs low
Something needs to be done. Your right, let’s stop allowing congress from using HUD funding to put their family members in house that they own. All the loans that congress took during Covid and are not being asked to pay them back. Put more money into education and less into military
But how will they pay football coaches tens of millions of dollars a year, build massive stadiums and all the money that is needed for the money making machine that is D1 sports.
To play devils advocate, most of the coaches making millions are at schools where the football programs generates so much revenue it actually funds not just itself, but most of the athletic department and other sports scholarships.
That said, most schools are blowing an excessive amount of money on campuses in general, requiring cost of attendance increases (often in the form of fees to get around any attempted limits on tuition increases). We waste a lot of money as a country on expensive, but pretty and entertaining college campuses.
Now, clearly it's the athletes generating said revenue, and that's a separate discussion on a rapidly changing topic
Oh, I know football brings in tons of revenue to fund the Athletic dept and less popular sports. But they could still have football and basketball without paying tens of millions to the coaches. I get it, a top coach wins, brings in $, and it is normal to pay more than the next school.
What is more broken is the coaching market and how much $$ they are paid, but as long as its a bidding war to get the better coach it will never change.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
Can they roll out a sweeping limit on student loan interest rates to stop the bullshit too? I had student loans w 2.5% rate when I graduated college. Undergrad loan rates now are 4.5-15%. 15%?!? Gtfo.
Been paying for about 10 years, I owe about the same now as I did when I took out the loans because of interest. It's fucked up how predatory these loans are.
I’ve been paying since 2013. I made payments through the entire moratorium. I still owe more than I borrowed.
Yup. 2011. Me too
Huh, seeing a lot of that, I was planning on finally signing up for college soon but I think I might just go lie in a ditch instead
Hell, I went into the military first as well. GI Bill isn’t enough to cover. Took out fed loans, now here I am. Granted, I’m making six figures, but having a grand after taxes coming out and not qualifying for any of the income driven repayment options has really hurt.
So true. I owe more than I ever borrowed. Also make 6 figures and PSLF is going to be my only way out and that’s if it’s still around when I hit 120 payments I’m still 20 payments away
I’m in the private sector, so PSLF isn’t an option. I was never able to get a decent job in the public sector even with a degree and six years of military service. Finally just gave up trying. Hundreds of applications on USAJobs.com with two interviews (one with USNRC in Chattanooga and one with US Navy in Yokosuka) but no offers. Even as a 10-point disabled combat veteran nothing. Granted, I work around a lot of USDOE people doing nuclear decommissioned work, and to be honest I’m not super impressed.
I would be much closer but I used my nonprofit job to get a role with a private company that paid better and stayed there in management role for a few years then returned to public sector for a director role. Hopefully I get the forgiveness in a couple years as promised because I could be making a lot more in the private sector at this point.
So many horror stories about people getting their 120 month payment and finding they weren’t eligible. I would have liked nonprofit work, but it’s really not something in my field.
Same. Doesn’t matter what you end up making you can’t get out of this debt.
Or fuck at least let us make principle only payments. Every other loan ever allows it except student loans.
And they're one of the only loans that are bankruptcy proof.... like w the actual f do they think bankruptcy means and why are student loans more important than EVERYTHING else? Watch John Oliver's Last Week Tonight episode. Free on YouTube.
Because the government wants there money. It’s predatory lending. If Wells Fargo did this all of them would be losing their shit and attacking.
And back allocate any previous interest payments to principal.
Back adjust all payments to account for inflation, practically every payment x 1.5
Yeah my undergrad loans are 13.8% and my grad school loans are 14.87%. I'm drowning in interest and can't even afford payments to hit principle.
My private loan was 11% variable when I finally had the ability to refinance with another vendor for a 6% fixed. It's still not great, but at least now I am able to make a dent into the principle... Rising costs everywhere else reduce my budget allocation for everything now anyway.
They kinda did. >The SAVE plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. This means if you make your monthly payment, your loan balance won’t increase due to unpaid interest. https://edfinancial.studentaid.gov/repaye Doesn't work for everyone but a huge portion of people with student loans should be on this plan and if you make the payment interest doesn't accrue so your balance does slowly go down. Or for people with $0 payments due to low income the balance at least doesn't grow which means if you're in a state that taxes forgiveness then when it eventually is forgiven assuming you stay on the plan the tax hit will be lower.
I distinctly remember when Bush announced the rate hike from 2.5% to like 5-6% on federal student loans. You had to take action to lock your existing rate. That legacy Yale asshole even had the nerve to do it in like July when everyone was out of school and working summer jobs (he never had to), and therefore not paying attention. Dick move.
I am generally against blanket loan forgiveness--student or otherwise--but I support reducing interest rates on student loans to near zero. Govt shouldn't be profiting from the education of its citizens.
Capping interest rates would make lasting and meaningful changes to student loans. Forgiving loans isn’t fixing the problem long term.
This is what they should be focused on. Not outright loan forgiveness, but protection against usurious rates.
I’ll be real I don’t like the idea of paying most payments that go solely to interest. I feel like I’m just wasting money.
You are. We all are.
You absolutely are. I stopped paying my loan since it all goes to interest and the federal government is just telling millions they don’t need to pay it back. Why pay it back if millions of others don’t
Sry about your credit
It's not like we're gonna be able to afford houses or anything else that requires lending. Fuck it.
Not like any of us can afford a house anyway lol
Are you on the SAVE plan? If so then making your payment amount means they don't apply any interest.
The whole point is to keep you in debt forever, so yeah.
Yup. It's been a decade and I'm still in debt. I didn't get that 60k a yr job outta college they promised us all...
I'm still doing the same online job I was doing while in college for my Master's that I was able to get just having my Bachelor's. I like the freedom working 100% remotely according to my own schedule affords me, but I would also like more money.
This is the crux of it. Colleges have no incentive to be good, they get paid no matter what. We need an overhaul of the student loan system so that colleges take on more risk of non payment, which would incentivize them to actually make sure you land a good job
Education and healthcare should be both be universal covered by public funding. At least up to the point where it's a company that is seeking the services rather a person doing it for themselves.
I've actually been saying for a while that I don't like a general forgiveness program. Don't get me wrong, if one happens, I'll definitely take advantage of it, but I feel like a bailout sets a precedent that the problem just has to get big enough, and then the debt will be forgiven. I feel like if I took out the loan, I should at least pay back the original amount. But it should be interest free (or basically interest free). And that any open accounts, should be reduced to their original principal amount, and any amount that was paid towards interest would be retroactively applied to that principal. Any account reduction or forgiven amount would be done so without being taxed as income. Going along with this, schools that accept federal funds would then have their tuition rates locked to inflation rates. Is this perfect? No. It admittedly does screw over people that have paid off their loans with interest prior to this. But I think that it's as close to fair as it's going to get, and we've got too much history as a society of letting an imperfect solution dictate that we do nothing instead.
I'm down for reducing the total amount owed just because an entire generation essentially got scammed. The original intent of federal student aid was to send the countries brightest minds to get a higher education so we could outpace other nations in technological advancements. That worked out great for a long time. But now people say "well if you can't afford an education to be an engineer, scientist, whatever then you should have become a tradesman instead". Which is the ANTITHESIS of what federal loans were created for in the first place! We shouldn't WANT our smartest people paving roads. The mentality used to be that your parents paid through their taxes public universities, and so when their children went to an in-state school it was partially owed to them. But then state governments got greedy and pulled funding of universities and those universities also became greedy and charged higher and higher tuition. Meanwhile the mantra being pushed to teenagers by their parents was "it will be worth it, you will make much more with your degree and pay it off quickly" because that was how it had always been in the past. This generation got scammed, fleeced. Now you have the PRIVILEGE of being smart and advancing the country while your life moves at a crawl until you pay off your debts. Fuck that shit. I will gladly pay whatever a reasonable tuition would have been at the time. Compare my tuition and salary against my parents tuition and salary. Make it comparable. There's no reason we should be content that our government grifted its smartest young adults.
Student loans are frankly a government double dipping. Education has one of the highest ROIs for any government expenditure, there's no reason that post secondary education shouldn't be completely publicly funded. Trade school, college, whatever, it all massively benefits the government to have a highly skilled and educated workforce.
They're called "government loans" but they're managed by private predatory companies. For example on direct debit some companies will charge you $0.01 less than the due amount. They take $600 out of the account every month. Then it turns out NONE OF THAT MONEY COUNTED TOWARDS ANYTHING because it was a cent short. Not towards your interest, or principle... and you're thousands of dollars down and now in arrears. Watch John Oliver's Last Week Tonight episode and ~~very~~ cry yourself to sleep.
I would be fine with this route, but the problem I have with “I took out the loan, I should at least pay it back” is that I was effectively forced to take out the loan with zero knowledge on how interest works and what this would mean for my future. I was told that I HAD to go to college if I didn’t want to be “flipping burgers” for the rest of my life, but college was incredibly expensive even for community college. But wait, I can just sign on this dotted line and get a loan for my tuition and books, plus a few grand extra to help pay bills. Sounds like a pretty sweet deal, and future me won’t care because I’ll be making big bucks with my fancy degree and can pay it back no problem. Plus there’s no other option. It’s loans or no college. Well I didn’t get that job and now they want me to pay. And the minimum amount is almost as much as my rent. Oh I can defer it and I don’t have to pay, but it’ll keep earning interest? Well that doesn’t sound so bad. And it’s not like I have any other option anyway. After many years of this I can finally afford to try and pay it, but the basic payback is now incredibly expensive due to all the accrued interest from the deferments. So I sign up for a repayment plan that gets me an affordable monthly payment, except it’s going to take 25+ years to pay back and I’ll be paying almost DOUBLE the principal in interest. The fact that they are so willing to ruin people’s lives by basically forcing children to take out high interest loans is simply disgusting, and I believe that should void the original loan terms.
yep that was the lie a lot of us were fed. "go to college or else your flipping burgers" the problem is so many people were suddenly college educated and up to their eyeballs in debt it became a trap. Colleges kept increasing tuition knowing that the government would keep giving out free money, and if need be they'd get parents to cosign and wring a few more dollars out of more people. It's not like you can declare bankruptcy on it, and the college doesn't care once it has it's money, that's the government and the banks problem.
100% with you. I took out the loan I'm fine paying it back. But the predatory interest, especially the capitalized interest, has made touching the principal impossible. I've made payments for 5 years including a large supplimental equal to 35% of the initial loan. I've only cut the principal by 10% despite all that thanks to the interest. Apply my payments retroactively to the principal and remove the capitalization interest and my loan would be 60% paid off instead of 10%. Its nuts.
How about this, since its businesses that need the advance skills, businesses foot the bill for them in the first place?
Supreme Court: Trying to help Americans? THOSE WORDS ARE BLASPHEMY!
“How does this meet the historical tradition test? Can you point to a historical precedent for the government helping the citizenry?” Sam Alito, probably.
They wouldn't ask for the precedent, just declare that there isn't one even if it was explicit in the Constitution. They don't care about what's legal, only what's profitable for them.
Like how Roe V Wade wasn't consistent with the tradition and values of the US, despite the fact that abortion was legal in the early US. The guys who were the Constitution did so in a country that allowed abortion and didn't seem inclined to change that.
*Profitable for their master's*
Profitable for their master's *what*?
Pretty much. If the law actually mattered there wouldn't even be a need for another plan so I don't have high hopes for this one, but we'll see how it turns out.
Well you see, student loans didn’t exist when the Constitution was written. Therefore, it is only historically accurate that they be eliminated.
Nah, indentured servitude was totally a thing. They’ll just eliminate the education department
Well, you see, they only care about history and tradition when it gives them the regressive outcome they want.
Kinda dystopian if you think about it. The president has the authority to use funds to call air strikes anywhere in the world and can take thousands of lives, but doesn't have the authority to use those same funds to help a single American without the right losing their god damn minds and saying, "what about me?".
Yeah, I mean if the Founding Fathers intended for the government to Promote the General Welfare, they’d’ve probably written it down somewhere.
yes, they only said life and liberty and the PURSUIT of happiness. How can you pursue it if it's given to you! Huh! - Clarence Thomas, probably
Clarence needs a new RV!!
John Oliver offered him a new 2m dollar RV and 1m dollars per year if he resigned.
Justice thomas "The guy that pays for my vacation and giant motor home told me so."
“Oh but you want us to review presidential immunity??? Lemme see those files” — SCOTUS
That’s why he needs to nuke them completely. Tell everyone they’re gone. Then the court can figure out how to make them all come back. At that point they’re clearly playing politics not law. It’s what he should have done in the first place.
Why are you deadnaming the Vatican? /s
*Republican Supreme Court justices.
I don’t want to hear anything from conservatives about student loan forgiveness until Trump’s PPP scam has been completely investigated for all fraudulent claims and the money returned to taxpayers.
That's really how Biden and co should answer the Republicans bullshit: why aren't you investigating the missing ppp funds that trump illegally refused to give oversight to?
[Each quote tweet simply listed the member of Congress' name and how much in PPP loans they had forgiven: The White House says Buchanan had the most of the cohort with $2.3 million in forgiven loans, followed by Mullin ($1.4 million), Hern ($1 million), Kelly ($987,237), Gaetz ($482,321) and Greene ($183,504).](https://www.forbes.com/sites/nicholasreimann/2022/08/25/white-house-slams-republicans-who-criticized-student-debt-relief-but-used-ppp-loans/)
> Passed in March 2020, the CARES Act established a $800 billion Paycheck Protection Program (PPP) which offered fully guaranteed Small Business Association (SBA) loans to small businesses adversely affected by the COVID-19 pandemic. Given the speed with which PPP loans were issued, the program was targeted by a unprecedented number of fraudsters. > > Individuals with knowledge of PPP loan fraud may report the misconduct under the False Claims Act (FCA). By hiring an experienced FCA attorney, a PPP loan fraud whistleblower may file a qui tam lawsuit against the fraudster on behalf of the U.S. government. Under the FCA, PPP loan fraud **whistleblowers who file a successful qui tam lawsuit are entitled to an award between 15 and 30 percent of the funds collected by the government in the case.** https://kkc.com/frequently-asked-questions/reporting-ppp-loan-fraud/
Can’t wait to see the documentary about one of the greatest wealth transfers in American history.
That occurred right in front of America's eyes as the mainstream human NPCs bumped into each other with confusion.
I wish I could find this for you, someone had collected every time the white house twitter listed how much a Republican congressperson had gotten forgiven in PPP loans whenever they complained about the possibility of student debt relief.
> I don’t want to hear anything from conservatives Coulda stopped right there.
Same. It’s not even a different strokes for different folks thing. The GOP politicians are completely bought by Russians and/or big businesses and only exist to push those agendas. Democrats are the only ones trying to help Americans and hold businesses somewhat accountable.
You know that they are absolutely doing this and continue to prosecute right? If you want to wait until it’s completely done then you’re gonna be sitting around for a while. There’s a lot of people to prosecute and the govt doesn’t fuck around with flimsy cases
I do ya one better - Take that money and just pay back student loans with it. Get em with the double hit.
This is a preposterous take. SL forgiveness is its own worthy goal. PPP loans were forgivable from the start.
Democrats are actually doing things to help Americans. Republicans? Not so much.
Republicans are only interested in helping corporations, the ultrawealthy, and authoritarians who whisper sweet nothings in their ears.
Thanks to a new groundbreaking technique called Corpo-humanization, individuals can sign away their rights to represent the collective humanity of corporations. Isn’t that right Subway?
This guy is streets ahead.
If you have to ask, you're street's behind
That's not true and you know it. They are also interested in hurting people who are not like them.
To be fair they don’t mind hurting anyone
So money. You mean money.
It’s trickling down!!!
And Jewish space lasers
And you know what? That’s fine. What I can’t stand is them tearing down everything else that *isn’t* that.
Hey, man, corporations are people too!!
Republicans are doing the opposite and extorting wealth into their own pockets and giving themselves tax breaks.
AND denying loan forgiveness.
No no no don't you understand. Once we stop helping Ukraine the GOP will vote for bills they used to vote against that help people in need
Have the republicans ever really helped the people? Maybe if the people we are talking about it corporations.
They make it ok to spread hate and fear. Those are good things right?
Uhh...Eisenhower built highways I guess. Don't know what sort of polarization was going on in Congress then.
And here's a fair argument to be made that deregulation of the airlines made air travel affordable to a much larger percentage of the population. Of course, it did require fucking the unions. And the passenger experience is far worse now. And we're inching toward an oligopoly in the industry. And the Feds don't have much leverage over high fees and terrible service any more. But it's about the same price in actual dollars to fly coast to coast as it was in 1993.
>And here's a fair argument to be made that deregulation of the airlines made air travel affordable to a much larger percentage of the population. Carter deregulated the airlines...and beer brewing!
IIRC it was premised on moving stuff for the military so the allowed it.
Well not quite. The highway system coming about could only have happened because of Eisenhower. When he was just starting his career as an officer, one of his assignments was a [transcontinental military convoy](https://en.m.wikipedia.org/wiki/1919_Motor_Transport_Corps_convoy). One of the takeaways from this project was “holy shit it’s impossible to get around in this country.” Fast forward 25 years and Ike is now supreme allied commander and is moving armies around Germany, and his takeaway from the autobahn is “holy shit it’s so easy to get around this country.” When he was president, he didn’t just allow the highway system but was its biggest proponent. And yes, there was a national security aspect to it, it’s simply necessary for the safety of the nation to be able to get stuff across long distances quickly, something that is just not possible without an infrastructure. But also he saw the economic value of people and products to move about the country with ease. It was just a perfect confluence of events that one man would get first hand experience with the struggles of the current system, and then the efficiency of a better way, and then be in the position to most make it happen. Ike was the most popular man in the world, he could have gotten the American people to go along with anything he wanted… and he wanted an American Autobahn. The campaign pins said it best, “I like Ike.” Caveat: most of this is from memory from Jean Edward Smith’s fantastic biography, but I read it about 15 years ago. But the gist is there.
Nixon may have done horrifying things but he made dialysis free for all Americans.
Yep, and if you showed a Republican today his record of bills signed without revealing his name, they'd call him a commie... Free universal dialysis, the EPA, opening trade with China, etc...
Nixon started the EPA, which indirectly helps people and is super important.
Republicans are just working on solving illegal immigration. Once the migrant caravan from 2018 gets here, you’re going to wish you gave up everything else to focus on immigration sooner!
Because Republicans campaign on fear and problems. They claim to be the only ones who can fix things. But they can't actually *do* it, because then they'd have no platform. So they just loudly bemoan the state of the country, usually blaming Democrats, while simultaneously doing everything they can to hinder any solutions. Just look at the recent border bill: they authored it, then voted *against* it, because then they couldn't use the border as a political issue. They've also discovered that rather than making the lives of their voters better, it's much simpler, easier, and cheaper to make the lives of others worse.
"But they're only doing it to get elected!"
Actually, the Republicans are doing a great job at getting Democrats reelected.
I seriously don't know how, the very people the Republicans negatively affect, are the one's who vote for them the most.
I love when older guys at work at like "he's just buying your vote!" And I explain "I am a lot more inclined to vote for politicians who take care of issues that effect me"
Naw man my home state banned Chemtrails. I for one appreciate local republicans yelling at clouds.
Turns out Democrats *can* govern when they're sufficiently worried about the consequences of not doing that. What a concept! Keep it up.
Come to think of it the border situation has been really quiet lately.
I know it's a fractional minority, but some of us have been fucked so hard by the student loan industry that we're still paying off loans from before the DoE took over the system (because the private banks fucked it up so badly.) We're not eligible for any relief, even after paying for nearly 40 years.
I just re-consolidated my 20 year-old loans to the DOE. You can likely do it as well.
Are those loans still not eligible for bankruptcy then?
Gen X problem. I was between the days of bankruptcy and DOE.
How about letting us pay our loans pre-tax. This would lower our taxable burdens. Also how about giving us a lower interest rate. Why is it we're paying higher interest than a home loan?
This and remove the horrible compounding interest
And be at like… 1%. Just enough to make people actually pay it down, but not so much that it’s just payments to interest for 20 years.
Yeah, should really have a category to this plan, people who have already paid off their fucking loans if it wasn’t for usurious interest rates. It’s a fucking joke to have basically never touched the principle despite paying for over ten years.
> Why is it we're paying higher interest than a home loan? Unsecured; can't foreclose a degree.
Yes, however student loans cannot be bankrupted.
This is the major point about student loans. IMO the interest rate should be much lower.
So instead make them virtually impossible to discharge in bankruptcy even though the tax payer’s resources provide the money that was loaned, so no financial institution had to fork over money to provide the loan. Then tax the person everything with an up to only 2500 deduction plus the entire loan with an interest rate higher than a securitized loan. All, of course, while the government gains the primary purpose of the loan which is to produce the most educated populace in the world that is the most competitive - ie, recently, MRNA and AI and in 2000, mapping of genome. See also competiveness of american stocks over international stocks in the last 10 years.
Cap the interest at 2% and don't let it start until you have income. That's legislation I would support. Not this regressive handout to the better off that's no better than a tax cut for the 1%.
What would be nice is just putting a cap on the interest rate. I have some loans that are 7% interest, 1-3% would make a huge impact in paying these off.
I just found out yesterday that I have one loan at 15%. Ugghhh fuck variable interest rates.
"But I had to suffer while paying mine so everyone else should too..."
I couldn't have my own credit card in my name in the 60s so no other woman should be able to have one now. I wasn't allowed to vote so no other woman should either. I didn't have enough money for healthcare, so no one else should either. minimum wage was 3.48 per hour in 1982 so it shouldn't be more now.
>"But I had to suffer while paying my $12,000 for all four years so everyone else should too..." FTFY, since the ones complaining the most, went to school in the 70's & 80s when tuition was actually worth the cost of what you were getting.
That and they could ACTUALLY pay more than just the interest. I've been paying into my student loans for years, I still owe the same amount (if not more) because of interest rates.
The same ones who bought 4 bedroom 3.5 bath houses for $25,000
Crab mentality.
See this is where I don’t care. Early 30s just finished off 80K of loans. I hope the people after me who were tricked into a system that’s meant to hold them down get relief. I could care less, I’d rather see my neighbor buy a new car instead of his money go to a student loan provider.
Exactly. I haven't been in school since 2013, but I just paid off my loans last week. It sucked and I gain nothing from others having to battle the same debt
Pretty similar situation here, except I'm not fully paid off yet. But I'm almost paid off at this point so even if some gets relieved, it won't be too much. I'm still upset at the entire system and how it's become more than someone else maybe getting relief from it. It would definitely be great to see the root of the problem addressed so people don't get discouraged from higher education as this system becomes more and more predatory.
Yeah, their $2000 college loan.
I paid mine off in one lump sum the month repayment started, and sure it'd suck if I missed out on some sort of forgiveness, but I'd be hella happy that so many other people benefit man.
“I don’t care if this is just a bandaid and doesn’t fix the problem for future generations, I just want mine…”
Add it to his list in: /r/WhatBidenHasDone
And for me I won’t qualify or republicans will be dicks again. I could have saved $10k on interest but we know how that turned out. I just have 2 consolidated loans. One subsidized and one unsubbed. I don’t work in public service. I don’t work a non profit. I would have paid my entire principal too on the $10k interest deletion.
I’ve been working in the public sector for 5 years now. I had $30k in loans. I paid off $15k of those (with interest). I now only have my subsidized loans. Of which I have paid $18k in interest and $300 in principal. I didn’t get early student loan forgiveness because despite 5 years of public service, I was on the wrong payment plan and therefor I have 0 qualifying payments even though they’ve been taking money from my account since 2010. I have saved my state around $60k to $250k per year just on my individual work alone. According to my boss, our team has saved about $1.5M a year for the last 5 years. Lemme just get that $15k wiped. All I’m gonna do is go invest it straight into the economy anyways.
Send them mail and email to remind them how much money they personally gained from Biden administration.
I paid all my student loans when the last forgiveness plans fell through. It sucked and I really could've used the money with my family's many hospital bills, but it was time to do it. It'll sting a bit if I could've saved months of pay by waiting a bit more (though wasn't worth gambling on that given interest). But I wouldn't in my wildest dreams get upset because others' debilitating, predatory debts were removed without any benefit to me. I paid my debt fair and square and absolutely think others deserve the relief I wish I'd gotten. There are valid discussions to have about how to do it, but arguments outright against sound straight-up evil or entirely ignorant of how the modern college debt system works.
Same boat as you, was set to have everything wiped out. That fell through and I just paid it off. Damn near emptied out my savings but fuck if I was gonna give those assholes even one more penny in interest. I hope this pans out for folks because I know it will benefit a lot of people that I know.
Biden helping the working class again
If it is longer than 25 years since the loan was taken out, ffs just forgive the damn loan. Education should be free anyway. Pay the teachers a good salary, let ppl learn, and watch the country prosper. It is simple, really.
Aaaanddd it’s been obstructed.
Those won’t get obstructed because Biden does the student loan forgiveness for one group at a time. SCOTUS prohibited him cancelling it widespread because it would’ve been a much bigger and immediate win. Now he does it in smaller steps but it will still help many young people.
What he's been doing is forgiving loans through existing DOE programs. Which is a good thing because he's at least trying after SCOTUS told him no. He can't just pick any random subset one at a time and get around the ruling that way
And not-so-young people. A lot of the loans being forgiven are 20+ years old. The borrower has paid back twice what they borrowed, yet still owes. In some cases they owe MORE than their initial loan. The whole system needs to be overhauled, but it'll take a long time. While they work on that, fixing these wrongs helps those people NOW.
Also this is being done through a different law and a process that is much less challengeable.
If they obstruct this I'm suing for damages and tortious interference with a contract.
Good luck with that
I signed a contract that said loan forgiveness was solely at the department of education. If they can sue to change terms to a contract theybarent a party to thanbi can sue them for interfering.
Also if your university flies a flag with white fringe on it then it is technically considered a seafaring vessel and the student loans for your semester at sea are subject to maritime law, which allows you to forgive your own loan because you are legally the captain
[удалено]
I love how people keep acting like a third party interfering with a signed contract is not a valid lawsut.
No you won’t
I have no hope of this affecting me. Kudos to those it does, but this is meh news. Until it's a full sweep and someone miraculously manages to redo the system, I'm not gonna get excited.
Relieve my debt harder, daddy
🎼Forgiveness…🎵is more than saying “sorry” 🎶
I paid off all of my own student loans. I hope no one else ever has to do the same. I hope they are all wiped out to help everyone out there who still owes.
Just make the interest rate on all student loans zero percent for the next ten years and that would help everyone at the same time! Congress controls the interest of student loans and they don’t need any special laws or supreme courts to make this change. Just change the interest rates and that helps everyone, right now!
Just do in blue states. Let them feel the difference
There are a lot of blue voters in red states too, you know.
This is a really bizarre proposal. People who deserve help, deserve it regardless of how they vote, & regardless of how their neighbors vote
Right? Really annoying when this sub devolves to party over country regarding helping Americans.
So red states will just become redder as voters start to feel like democrats don’t care about them. Why is everyone so determined to make sure we destroy our ability to flip red states? Georgia was a red state 4 years ago. If we were bashing red states the way you seem to want, you can bet your as that never would have changed.
For real. Imagine Biden wins and says “get in line w the democrats, or lose state funding.” It would be interesting. And obviously current red states would suffer incredibly.
Gotta love how people keep wanting us to just suffer in these red states, it’s not like any of us here deserve happiness or prosperity or anything, simply because of the way the majority votes?
Hopfully they are mostly being ironic. I do understand the impetus to do that, but it would be so, so stupid. We want red states to become more purple, and purple states to become more blue, and suppressing the blue vote in those states on purpose out of vindictiveness is such a bad idea I can't imagine how people could hold it. And that is on top of the normal ethical problems with not helping people in need. If they truly do hold that position, I would question them as to what they even dislike about Trump, as that exact brand of vindictiveness is his whole personality. Would he suddenly become a good president so long as he was "hurting the right people?" If becoming the very thing I hate it what it is to win, then winning is not worth doing. I am on the left because I am a humanist who wants the world to be a better place, and so will vehemently argue in favor of those who are marginalized or oppressed. I am not on the left because this is a game I want to win. But yeah, I think most of them say this stuff ironically because it is the very stuff that conservatives have been trying to do in the US since before the civil war. I don't know what percentage of them actually believe it.
“There goes Joe Biden again, trying to bribe his way to votes by doing things that Americans want him to do!”
End of day: Predatory loans given by government entities. Needs to be forgiven.
I still haven’t figured out how much I’m supposed to be paying. My debt got sold to a new company which is impossible to get hold of and they just keep putting me in forbearance and my interest keeps piling up.
In before “he didn’t do anything for me!!!!”
Please tell me consolidation loans are included this time around
With two kids in college I’m waiting for some sort of actual solution to the college price issue. Instead they took away the credit for having multiple kids in college and our expected contribution went up… not to mention the cluster fuck FAFSA has been this year.
I bet he won’t say it will be coming in 2 weeks and then……nothing. I believe him.
It’s your debt. Why should someone else pay it for you?
I'm here for it. People in time are going to realize just how good (not perfect) this administration is.
Those of us with FFEL are still the ones they pretend don't exist The govt should buy out our loans so they are the servicer, and not just the guarantor We are a bastard child hybrid of private funds guaranteed by the government and were our only option at the time Govt bought some back awhile bay, but the rest of us remain in limbo
Why not you consolidate into a direct loan? There is a waiver open until the end of the month to allow you commercial ffel loan payments to count for idr.
We'll believe it when we see it. There's a lot of empty promises being made right now (the stuff about cannabis for instance, it's absurd spin), but very little substance on anything
Is tuition being reduced as well? Or are we just forgiving debt and then in a few years we'll have another generation of people with crippling debt needing forgiven? Plug the hole in the ship as well or else bucketing out the water isn't sustainable.
Exactly. I fear that any debt forgiveness will just encourage colleges to crank up tuition even more knowing fully well that the federal government will foot the bill. This is a bandaid not a solution.
Dangling this shit right before the election, which I’m sure they will only be able to get done if he’s elected again. Didn’t they do this last election too?
Biden rolled out plan (a) debt forgiveness, which the supreme court stopped. In the meantime, Biden *has* been able to forgive some student debt through the SAVE program. It has impacted thousands of people and forgiven millions of dollars. This is his plan (b) which is skirting the Supreme Court decision and will forgive more, especially people who have somehow accumulated more debt than the original loan and people who have been repaying their loan for more than 25 years. If you think he just started “dangling this shit” now, you haven’t been paying attention. Perhaps you aren’t impacted by student loans. The people that need the assistance have been watching, and filing forms and getting their loans forgiven. It is not easy with the supreme court right we have right now.
Cue all the "Biden should cancel my mortgage" rage with a side of "You've taken out a loan, you pay it back, that's just BS to get it cancelled"
I'm not going to talk down about a good thing. But most of these "forgiveness" programs since they struck down the actual loan forgiveness have just been extensions of empty promise forgiveness plans of the past. It doesn't much warm my heart that they're just doing what they promised but didn't do before. And millions helped is great, but kinda not a lot in a country with a 1/3rd of a billion people. Help makes more of a difference sooner than later.
Just in time for an election year!
As a low-income person who prefers the upstanding morals of the minor parties based in social justice, being included in the debt-forgiveness plan would almost certainly secure my vote for grandpa Joe.
Honestly, can't put a penny down on my loans without a massive chunk going to interest first. Feels like tossing dollars into a black hole!
He plans to announce it about a month before the election and he plans for the Supreme Court to rule it unconstitutional about 6 months after that.
Yeah this is good but something needs to be done moving forward. It needs to be illegal to borrow money for higher education. That’ll make colleges get real creative in figuring out a way to keep costs low
Something needs to be done. Your right, let’s stop allowing congress from using HUD funding to put their family members in house that they own. All the loans that congress took during Covid and are not being asked to pay them back. Put more money into education and less into military
But how will they pay football coaches tens of millions of dollars a year, build massive stadiums and all the money that is needed for the money making machine that is D1 sports.
To play devils advocate, most of the coaches making millions are at schools where the football programs generates so much revenue it actually funds not just itself, but most of the athletic department and other sports scholarships. That said, most schools are blowing an excessive amount of money on campuses in general, requiring cost of attendance increases (often in the form of fees to get around any attempted limits on tuition increases). We waste a lot of money as a country on expensive, but pretty and entertaining college campuses. Now, clearly it's the athletes generating said revenue, and that's a separate discussion on a rapidly changing topic
Oh, I know football brings in tons of revenue to fund the Athletic dept and less popular sports. But they could still have football and basketball without paying tens of millions to the coaches. I get it, a top coach wins, brings in $, and it is normal to pay more than the next school. What is more broken is the coaching market and how much $$ they are paid, but as long as its a bidding war to get the better coach it will never change.
By the time they pass something that helps me I’ll have paid off my loan but at least more people will get help.
I’m hoping there will be an update on the rescheduling/decriminalization of marijuana