Under Secretary of Education Nicholas Kent in a statement on Tuesday. “The Trump Administration is righting this wrong and bringing an end to this deceptive scheme. The law is clear: if you take out a loan, you must pay it back.”
Cool - now do all the PPP loans, ohh and what about all the debt Trump was able to write off with his 6 bankruptcies for his failed companies all while protecting himself?
I’m so tired of this war against everyone that isn’t rich. Something will break soon and it’s going to devastate the US economy but it’s all by design. You’ll own nothing and be grateful.
>The law is clear: if you take out a loan, you must pay it back.”
Many on SAVE were paying their loans. SAVE pegged payments based on income. So this is a flat out lie from the Trump Admin
Sure, the SAVE rates were lower than older plans, but the older plans were based on outdated percentages during better economic times (10%-15% of net income). This does 1 thing, increase monthly payments - some even double to triple the monthly payments.
High Healthcare costs, higher Loan payments, higher everything costs-- so much winning !! /s
Yep. It’s complete bullshit. Most people can’t afford $800 dollars a month for healthcare on top of student loans, and the rising costs of everything else. I can’t wait until that fat orange fuck croaks.
It's all intended. They aren't getting the violent reactions they want via other means, so they want to make people even more desperate. When the system begins to implode and people are rioting rather than peacefully protesting, they'll have the justification they've been wanting for increasingly violent crackdowns.
Their goal is to destroy the current systems in place so they can privatize everything. They want the federal government out of the student loan business so banks can profit even more. Pay attention and vote blue going forward. Your votes will make the difference.
Been saying this since his first term. His goal is to further enrich all of his rich friends by destroying every institution so that they can privatize it all.
That’s exactly what I was thinking. They thought they were gonna get a lot of protest in rioting so they just keep progressively doing more and more worse things.
Hubs is currently filling out the paperwork for his employer health insurance plan, and just remembered how much we are paying a month for the insurance. $1100 a month.
The problem is that the fake numbers you will need to pay are so high when you have a problem you need to pay for that it's hard to figure out how you will land when you ultimately need to pay it. If you need to pay it, which makes the question interesting but still confusing.
How do these rich fucks think people are supposed to afford living if everything costs triple what it used to while wages don't keep up? I know they dgaf about people's quality of life but at a certain point people will start dropping out of the labor market for one reason or another (losing housing, illness, death), and then where will their profits come from? You can't squeeze blood from a stone.
And many of those whose loans were forgiven by the SAVE plan had already paid more than the principal, they were just getting screwed by insane interest rates.
Exactly. They bailed out banks many times. Hopefully people are realizing Republicans are for the rich. They don't care about average Americans. Trump lied to everyone and I'm happy to see people are realizing it. He's wanted to be a part of the billionaire class his entire life and this presidency has gotten him there. That's all he cared about... plus staying out of jail. I'm old so I'm hoping this is opening up young peoples' eyes. Pay attention and read the news and then VOTE! ITS THE ONLY TRUE POWER YOU HAVE.
seriously, the wealthy need to take a few history courses to see what happens when you continually push people too far. They think technology will somehow save them but they will be mistaken, and its gotten so bad under trump. Any law or rule that helped normal people at all is being scrapped. They are trying to keep the entire population as serfs and that didn't work out well in the end for the romanovs
PPP loans were just a bailout by another name. The "entrepreneurs" who depended on them are spoiled and child-like in mentality - good for them. Yet the pattern holds: in the 21st century, failure is "success" and honest success is repackaged as failure. But ya know let's keep it going...
They were never actual loans and were made to be forgiven. All you had to do was follow the extremely easy criteria. Banks were just used to do all the screening/paperwork because there was no way any government agency could handle that volume in that amount of time.
I mean, yeah. They were "loans", but the terms for forgiveness were pretty open. They were designed to keep businesses from going under while governments forcefully shut down businesses. They are not at all the same as student loans, and they were never meant to be.
The law was clear. PPP loans, when used for payroll (at least 60% I think), were going to be forgiven. That was literally the point of the program, aka the law. Now, there was fraud, and that fraud should be persecuted. But the PPP loans are not at all comparable to normal loans.
The average American, or at least the average voter, was apparently more concerned with minorities being put in their place through cruelty than they were with having a secure future for themselves and their families.
So in that sense, yeah I guess he has.
Remains to be seen whether the average American will soon realize how stupid, fucked up, and completely self-defeating their priorities are.
You know what?! This is BS. These loans are ultimately so we can make money to contribute to the economy. It’s a win-win, not a handout. At this point I MORE than returned their investment. The loans should be forgiven relative to your reported AGI over time
These loans are actually just to cover the university's renovation on their football stadium.
They make admissions more lax and have quotas to get X bodies in the door because the business model for every US college is to fund themselves by using tuition increases instead of taking out loans and by doing this pass the burden of the debt, and very importantly, the interest on it to their students. All to fund their for-profit sector.
>The law is clear: if you take out a loan, you must pay it back.”
The issue is that many people pay their loan back one, two, or multiples times, and they're still not done paying. No one is arguing for not paying back. People are arguing against crippling interest.
I think it should be "you'll own nothing and be happy".
Which is kinda the case for hunter gather people's such as the San. Owning stuff and being unhappy about not owning more seem to be a mostly a first world problem. In mythology the garden of eden was the happiest time in human existence.
This may be true but never underestimate desperate and pissed off people. The administration is doing just that and they firmly believe we are stupid. They have already found they have drastically underestimated the American people. Now that they're scared the real fight now begins and we have to keep this momentum. This could in fact be moment we get everything we want. It's all in our grasp we just need to keep pushing. Remember both parties have never seen the kind of voter engagement they are receiving. Republicans are even scared to hold town halls. We need to fight like a honey badger trying to take back the food the lion stole.
this is such a dead giveaway that the person commentating is foreign and trying to mess with the US or is someone that has fallen for it. It's such a stupid slogan.
> Something will break soon and it’s going to devastate the US economy but it’s all by design.
And by devastate the US economy, you mean absolute destroy the middle and lower class because the billionaire class have a safety net to avoid any "real" calamity.
Meanwhile farmers just got $12B - much of which will be used to cover loans for farm equipment and to cover costs for crops they didn’t sell. Maybe they should have planned a bit more conservatively.
Don’t forget, cost for crops that they sell to foreign countries and not to those in the US. We are getting nothing in return and our prices continue to rise.
Part of what trade used to be was selling off soybeans in exchange for being able to buy other goods. The US is one of the few ridiculously good breadbasket regions of the world.
Doesn't matter.
Trump bribed Americas farmers into voting Republican again in the midterms, and holding onto power long enough to finish consolidating power into the regime is the only endgame that matters.
The farmer socialism is not to pay for crops that are being sold to other countries. The farmer socialism is pay the farmers for crops the orange clown they voted for has made unsaleable to China because Donnie Dementia provoked China into a trade war so Chine went elsewhere for soybeans as a retaliatory move.
Farmers sell the crops to monopolised companies who set dynamic prices for their goods. Government has to bail them out, which only pushes the problem further down the line, which gives who ever wants to be elected more political ammo.
I don't know how you break up big business without nationalising it which is impossible in America.
To be fair, this has been going on for a long time before Trump. In the end it’s always the middle class that gets screwed. Not enough money to be favored. A too much money to get welfare.
You’re mad about the wrong thing. If you really want to be mad at someone, be mad at all the older people who before 2005 could just write off their student loans in bankruptcy. They are the same people passing these anti loan forgiveness laws while at the same time spending way more than the government takes in. That is something to be mad about, not people growing food
Yes. No generation will ever enjoy fucking over their children, grandchildren, and great grandchildren like the boomers. No generational cohort will even come close.
I'm a Boomer and I'm entirely with you guys. I think what is happening is atrocious. Student loan interest should be 0% or 1%. Nobody who wants an education should have to face what young people are facing today. You guys are being faced with higher health care costs, higher utilities, higher food prices, higher car payments, higher rent, higher mortgages... higher everything. I'm for free two year college education at the least and free health care and a much higher minimum wage. Sure are taxes will be higher but we should all look out for each other to ensure our society grows and prospers. Not just the fortunate and rich. The more people have to contribute and spend, the better off our economy is. All boomers are not bad. Lol. I've been out at the protests and I see the majority of people at them are boomers. We care as about you and will support you... But you have to pay attention and vote. Not just during the presidential election but also vote at the local and state level. It will make a difference. Show up at Town Halls and speak up. That's the only way to institute change. Your voice and your vote.
Whole lot of farmers, and their families, are struggling. But, more than a few living very excessive lives, complaining about “government”, while receiving handsome stipends from Uncle Sam.
Don’t forget the PPP loans that forgave nearly 1 trillion dollars to business owners nationwide. The loans the vast majority didn’t have to pay a dime back.
But fuck students. Let’s trap them in a debt cycle for the rest of their lives so the same rich people can continue to make money on the bank dividends they receive from their stock portfolios bankrolled by the students.
800 billion in largely unchecked/totally no oversight free money loans were given out during covid as part of the payroll protection plan. most of this money was claimed fraudulently, by companies without actual employees. and fraudulently kept by business owners and not used/as intended/to pay payroll expenses during the pandemic.
800 billion. vast majority . utterly forgiven. that debt. shunted entirely to taxpayers.
current estimates of total outstanding student loan debt is something like 1.5 trillion. Overwhelmingly. when biden paused student loan payments during covid. that "extra" money average people had, was spent in their local community. eliminating all student debt. would mean millions of people have hundreds of extra dollars a month to spend. buy things, generate profit/revenue for businesses that will then hire more people ----all of that generating tax revenue for state and federal governments.
vs this fuckery. which will only enrich scumbag student loan billionaires/corporations. that already get substantial gov welfare anyway.
At this point the only sane move left is tariffs on "knowledge" work. Implicit in that is control over the flow of information, else it can't be enforced. Interesting times 🤔
It's literally the dumbest argument, all we simply need to do is drop the interest of student loans to 1% or 0. And be done with it, pay your principal loan. All students loans should be looked at as an investment in the future.
Agreed. It's not hard. People have no problems paying their loans back It's the runaway interest that's crippling. I think that is a great option for students who need assistance.
The interest on federal student loans is wildly cheaper than it should be, leading to overconsumption of college by marginal students or on low value education tracks.
One of my loans was 10%. This was the only way I could go to college. I received some scholarships, went to a public school, and lived at home. I’m actively paying them off but no one should be subjected to interest on something like education.
> There is no way to justify that any person should be allowed to just indefinitely consume education.
Why not? Isn't that the implication of employers constantly bitching about skills gaps? Taking loans for living expenses is one thing, but if someone wants to continuously take classes that will make them better able to compete in the job market, I actually think subsidizing them is a good idea.
lol omg you’re high. My student loans were my highest interest rate at 7.5 before I refinanced them with a private company. And I went to law school 20 years ago, not last week.
Yeah it's not hard to see the numbers are crushing people, even I won't go to college and all I want to do is learn welding. The gov is the lender, the rate should be under 2%, non negotiable since this still provides a return plus the economic benefit of people being able to finish their courses, get higher skilled work and contribute with higher tax brackets(that's a whole different issue though too).
The economic benefit of college doesn't generalize. People who attain college gain a benefit in the job market relative to others, but only because disparate impact doctrine has made it illegal for employers to design sensitive pre-employment tests.
Cheap interest on student loans leads to over consumption of higher ed, AND allows employers to push the costs of training onto employees.
I was confused by this because I worked construction and even if I'm qualified for a specific job title I would get tested, have to re-cert for all heavy machinery, etc with every new employer.
No collateral, but also no bankruptcy protections and a comparatively easy time with wage garnishment. And consequently, a fraction of the risk of other unsecured debt.
An unsecured loan that's incapable of being bankrupted away and for which the government can garnish your wages and even social security. Which doesn't seem all that unsecured. Lenders should have a choice; either you're limited to inflation plus 1% and the loans you offer can't be bankrupted, or you can set your rates but they're subject to bankruptcy. The current system lets lenders charge high risk rates for a low risk return.
And imo they should be slowly forgiven based on how much money you pay in fed taxes over time. Or they could make it so while you owe, you pay an increased percent of taxes for x years. ultimately the loans are in service of us contributing to the economy, not a handout
But why would they do that when the ultra-wealthy can profit from selling us higher education, that they then tell us is not enough of a qualification to make enough money to pay back the loans we had to take out to afford that education?
The problem created by the federal student loan program is overconsumption of higher education (by making it money cheaper than it should be for pursuing that intangible asset) while driving down the marginal value of that intangible asset (by encouraging too many people to go to college).
Setting interest at 0 or 1% would make ALL the problems worse than they are.
This is ironically what they teach in corporate-friendly economics classes. The principles he's spouting are sound. He's just ignoring the context that human capital is the most valuable asset a country possesses and doing so in a hypothetical vacuum where 'only one solution can be implemented and has to solve literally every problem all at once' and under the umbrella of 'the government taking any action automatically makes said action dumb-bad'.
Sociology isn't in the humanities. It's in the social sciences.
Humanities degrees have great value: They're just not applicable to the mass market encouraged by cheap student loans (and the attendant decrease in student quality). Cheap student loans are what has made business schools dominant.
States which provided free, or almost free, higher education did so by rationing access through other means.
The impetus behind federal student loans was to expand college attainment on the premise that SINCE wealthy people largely went to college IF we sent more people to college they would become wealthy. The primary effect was to demonstrate that premise had causation backward. The secondary effect of this was to allow employers to push selection and training costs onto the workforce.
College maxing is not a net good for society. Twelve years of total education is *plenty* of time for most people, IF you actually re-introduce some rigor (and sort out those who can't stand rigor into alternate programs, which is what happens in most nations progressives think have better education systems than the US).
I'm pretty sure Norway's (pretty much the gold standard for progressives) high school graduation rate is at least the same if not higher than ours, so I'm not sure what you are talking about sorting people into alternate programs prior to university.
And as a manager I will always prefer hiring someone with a degree in literally anything. The critical thinking taught in universities is really hard to learn on your own outside of it, and aside from networking is the primary value of that education.
No, all student loans should not be seen as an investment in the future. Low quality students spending more time in low(ered) quality colleges, instead of entering the workforce, does not benefit society.
The added benefit of lower college enrollment would be fewer people going into debt for an intangible asset with decreasing utility. Wanting people to not be "required" to place large financial bets when they're still in their teens doesn't make me an asshole.
I got a great idea on how to make really good marathon runners. You threaten to break their knees if they try to be a marathon runner and after training break only one of them.
If that’s the case, everyone would be borrowing and never paying it off. No repercussions means no reason for anyone to pay it back. What could be a solution is to charge the interest like a credit card. As long as you pay back the loan on time each month, you’re good. Interest should only accumulate if you don’t pay. That way, once people start making money, they can pay off the principle balance that they borrowed
The repercussions for not paying back the loan as described above would be the same as not paying back any other loan. Put it off for long enough and it goes to collections, slams your credit report, and you may be on the hook to get sued.
What? Bankruptcy has nothing to do with anything. If you don't pay a loan, student or otherwise, the loan servicer's recourse is to sell the debt. This process destroys the debtor's credit, which is a huge deterrent.
yeah believe me im dealing with it now but I guess when your career gets offshored and you're barely getting by because wages aren't going up just the cost of everything else that means yes you need an unaffordable student loan repayment plan. The daily interest will capsize and go right on the principal.
Not always, but in particular if you leave the IBR plan, your interest indeed capitalizes. A lot of people on SAVE probably want to go into RAP, a payment plan from the reconciliation bill this year that should be available by July next year. Hopefully they don't fumble that transition, but I'm not optimistic. Some non-trivial amount of people will probably feel they have to jump on IBR for a few months and face a nasty surprise when they leave it.
yeah but they will give us a deadline to switch your they pick your plan for you which isnt good and RAP looked ok but idk about it since it's still not out yet because I think they'll change more as we get closer. The biggest issue is they probably wont give us til July to switch over
ICR or a forbearance should be an option for a lot of people, also PAYE depending on how old your loans are. But yeah, the smart way to play this would have been to have a smooth transition available from SAVE litigation forbearance to RAP, and from the timing it's clear they don't give a fuck about that.
At least we forgave all the PPP loans so a bunch of shitty small business owners who think the government persecutes them could get free yachts 😌
yeah meanwhile i can barely make enough to keep my home but yay i get to be forced onto another plan that will probably just result in me paying more than I owe and ill never make enough to pay them off!
I missed my first payment after I graduated. Boom, all the deferred interest during my 4 years of school + 3 years law school was capitalized... and it was a lot of interest they capitalized. I was paying interest on a principal amount that was almost double after the capitalized interest.
Capitalized interest on student loans, especially since many are in deferment while in school, is one of the biggest scams of the student loan industry that never got enough attention.
They elite are also doing their best to remove most intellectual professions through technology and offshoring, at least at an entry level (but let's be honest, seniors are not going to be safe for long), so that all that debt serve no purpose if degrees eventually end up providing litterally nothing, but to keep you down.
The fallout from this has trippled my repayment plan to over 700/mo. They will get whatever I feel like giving to keep me from garnishment. If my wages get garnished I'll lose my house.
Republicans having full control of the government has costed me around 1200 dollars a month between health insurance and student loans. With health insurance having way worse benefits now. The same plan is hundreds more in premiums with a higher deductible and out of pocket max.
Cracks me up when they lie about sending 7k of Doge and tariff checks (which they won’t do), because that will only cover about 6 months of the increases.
I feel the same way. I can't even speak to my siblings who voted for Trump. I'm a Boomer and I am with you guys. My sons have loans and they are in the same boat. Both bought houses and were saving for retirement but now both are facing over 500 per month increases in their loan and healthcare costs. So they won't be contributing to the economy and saving for retirement anymore or they will be uninsured and using the ER for healthcare. Today's Republican party are not yesterday's conservative party. They are greedy criminals who only care about their own wealth and fortune.
This has been me since dumbass said that garnishment would happen for delinquent loan payments. Thankfully young me invested in a 401(k) when I had money, so I can take a loan out to avoid being evicted because my whole paycheck would be garnished.
Conservatives would rather live in a country full of uneducated idiots like them than invest in their country’s future. Because they can’t understand the benefits of living in a country with an educated population.
Edit: I mean the conservative VOTERS. Of course the crooked conservative politicians would prefer to rule over a bunch of slobbering morons. But their voters seem to prefer it, too.
I’ve seen it so much on the state level. They rather rule over a piece of shit with a iron fist and their old boys club making chump change while the people starve then invest into a better future and actually have to compete
Republicans want America to be Afghanistan. A theocracy where even music and dancing is banned (remember when that was considered outlandish in Footloose?).
I’m sorry how does a forgiveness plan for people who’ve already taken student loans and gotten their degrees invest in their country’s future?
Much better bang for the buck making tuition free immediately. There’s zero reason forgiving loans for people who’ve already taken them over doing that.
Student loan forgiveness is a one time cost, and frees up liquid cash for use on economic activity (food, housing, etc). Unfortunately, there’s no “one time cost” to permanently reduce tuition rates. It’s an admirable goal that requires a separate solution, and will also have similar benefits — but it requires permanent budgeting and structural change.
Cool. Give it to poor people without degrees instead. Why the fuck would you give it to people who already have a better life outcome because they have a degree or are working towards one?
So student loan forgiveness is disgusting and a burden to taxpayers in the Trump administration, except when it’s for ICE Agents?
If this is what the administration truly things I’d like to hear how they justify loan forgiveness for ice agents. How is that not a burden on the taxpayer then.
Fuck these people. No help if you need it. Only if you’re filthy rich do you get government support.
We just wanted a $10k, one time credit towards what we owed for our parent plus loan that we had never intended to have after losing the kids college savings when the markets collapsed in 2007-2008. Felt the govt owed us that for being such a shitty steward of the economy at that time.
Now, tough "guys" are getting 5 digit sign on cash bonuses and student loan forgiveness just to rough up immigrants and US citizens.
Because we can't let people just ride the current forbearance until 2028? We have to be extra cruel? Republican actions for decades made education unaffordable to begin with! What are they b*#$%ing about?!?!?!!!
My dad got $250k paycheck protection loan during the pandemic he didn’t have to pay back but will literally scream at the TV when Biden suggested forgiving student loan debt using his tax money
On the save plan I was paying ~150/month. With it gone it’s looking to go up to nearly $500/month…
Add that to the spike in my insurance costs next year and I will go from saving a couple hundred a month in early 2025 to being in the red 2026. Oh and groceries, rent, etc. also going up per usual.
Yeah, on its own this is pretty rough. I'm expected to pay about 400 a month. Then throw on my healath insurance costs where I dropped my monthly pans to the lowest tier to avoid a 250 dollar a month increase.... hooboy this is gonna be rough.
This is an economics subreddit. I don’t think it’s too much to ask that top-level comments discuss economics, which your comment does not. There are no shortage of subreddits for jokes or for political argumentation.
One of my favorite things about student loans and payment plans is that because I'm married my wife's income counts when determining my payment even though she had absolutely nothing to do with them.
Biden offers a small lifeboat in the way of lowering monthly payments for many on save (not all did see a lower payment) along with a path to forgiveness for some lower amounts and conservatives lost their minds.
I think that giant right wing talking point that the taxpayers were funding ivy league educations is one of the biggest lies yet most effective with their base. It's simply false. The Ivy's are very generous with their aid, so the people that would generally need student loans will likely not be as indebted as those in non Ivy's.
I guess the only good thing about this is that I can finally start progressing toward pslf again and hope they don't eliminate that before I finish... But at this rate, who am I kidding?
Im in the same boat as you, definitely have guilt for involving my wife with the student loans I took out years before meeting her. Having to file married separately so my payments dont skyrocket makes everything even more complicated.
Cant wait until this student loan system is resolved but im not holding my breath
MFS is a worse filing status in pretty much every conceivable way. The only reason to file this way really is for rare circumstances like student loan repayment. For example, you can only take credits and deductions you qualify for as an individual. Generally, it will probably result in a higher tax bill vs mfj.
Biden should be commended for trying to help student borrowers. We've seen decades of decline in funding of higher education (Public Research Universities: Changes in State Funding | American Academy of Arts and Sciences). This program was just one small effort to try and help those impacted by the lack of government assitance for anybody besides the most impoverished and the most wealthy.
I’m still mad at the democratic congress sidestepping addressing student loans and saying it’s the president’s responsibility. Biden stood up when they failed. The landscape may have looked differently had they acted
Biden kicked the can to the Supreme Court knowing it would get slapped down in the courts giving the Dems something to run on because they didn’t have the balls in Congress. It’s time to start blaming Congress for its failings and we need to scrap the filibuster in order to legislate. No other functioning democracy is handicapped with such archaic rules that aren’t even in their constitution.
I’m just sitting here hoping for the second coming of FDR. He did some wild shit while in office as well but it’s what we as a nation will need to have any hope of crawling out of this burning dumpster.
That was Biden. Sorry. He did infrastructure. Manufacturing. Student loan reform. Took Americans out of a possible depression with COVID. Expanded WIC and snap. Expanded aca benefits. Appointed hundreds of judges. Largest green energy bill in the world.
He did some really good stuff but he was no FDR. He was very much a product of the process and he did that well but he stayed in the lines. But his age, declining communication skills, and hubris dug that grave. Shout out to Lina Kahn, she was a genius move; I’d love to have seen her go for a lot longer. She had the fire we need.
But I’m talking about someone bold and savvy enough to navigate the times and build things. Universal healthcare. Addressing right wing domestic terrorism. Funding Childcare. An actual Minimum wage. Going after the oligarchs, big tech, and corporations instead of rolling over for them to make a quick buck. Massive Workforce investment and continue to repair our infrastructure. Fixing the painfully slow bureaucratic process (it took years for some build back better projects to even issue funds, not a good look). And so much more.
We will probably need someone kind of like Trump to accomplish these things. Someone who isn’t afraid to go against norms and test the limits for how to help Americans. We’ve already seen how easy it is for an inept president to fuck things up because people just let him, I want to see to what one working for the betterment of the people and the nation people does. We will probably even need some sort of attack dog or dogs to dismantle right wing media instead of emptily scolding them. We will need a legislative branch that isn’t a retirement home to start impeaching these Supreme Court assholes who legislate from bench based on vibes and not laws.
Fdr had 60+ senators to work with. Biden had 50 and was more legislation accomplished than Obama did in 8.
We are passed the time of getting 60 dem senators. So basically will have to get a group of senators to give up the filibuster rather than the president actually doing anything.
>But I’m talking about someone bold and savvy enough to navigate the times and build things. Universal healthcare. Addressing right wing domestic terrorism. Funding Childcare. An actual Minimum wage. Going after the oligarchs, big tech, and corporations instead of rolling over for them to make a quick buck. Massive Workforce investment and continue to repair our infrastructure. Fixing the painfully slow bureaucratic process (it took years for some build back better projects to even issue funds, not a good look). And so much more.
Lol he literally did all this.
That's why big tech turned on him.
Yes they made the rules onerous on grants but infrastructure and chips all broken ground. The biggest bust was ev installs. But ev car one was huge success
Biden was an ok president, but he wasn't that great. The proof of that is the fact that now we have Trump as president again. If he had improved people's lives so drastically, we wouldn't be here right now.
No, congress did most of that. He was just along for the ride he canvassed on being and to reach across the aisle and get things done, but he accomplished virtually nothing and certainly nothing he promised. Appointment is judges happens regardless it was my him doing anything tangible. This worship of a failed leader who is largely responsible for trump 2.0 is wild. Dems truly are something else.
Standing has been a joke for a long time; that's true of lawsuits on both sides of the aisle.
SAVE plainly looked like it would be a litigious issue from the outset. He should never have done it. There were plenty of other ways to give borrowers more leniency. For people like me, it added nine more months, a thousand dollars, and dozens of hours of active effort, due to the lawsuits.
A Dept of Ed that actually cared would have awarded their service contract to a more responsible servicer. I avoided certifying for years so that I could dodge FedLoan. But it turned out Mohela after them was even worse. Due to Mohela's incompetence, I had to switch from IBR to SAVE to force a proper repayment calculation. Then the injunction happened.
Luckily that's all over and done for me. But I feel so bad for everyone still fighting Mohela and still dealing with the SAVE confusion.
Biden governing was his only problem was slowness. Running for elections is a different story. People fall for Bs like he had dementia while giving a pass as trump make no sense because his voice is stronger.
The reason we don’t blame republicans is because we know they’re corrupt. The democrats on the other hand like to pretend they’re doing something while doing nothing. There’s only one party worth reforming and not being able to criticize them makes the WEAK. We need bold reforms and they deserve every bit of criticism coming their way
It used to be leftists would protest Republicans. Now they give them a pass. Look at the whole Gaza thing. Evaporated as soon as Dems weren't in power.
They actively made everyones there and here's lives worse. For what ? For their own moral purity as they effectively murdered those people.
No. Leaving trash in Congress and elevating them to the presidential level is how the bad guys win. We have lost 2/3 of the last generals because the democrats are weak. They don’t fight. The only reason we won the one is because trump botched covid and even then it was razor thin. So yeah. They deserve every bit of criticism.
Who cares. If it was unpopular then they would lose. If it was popular they wouldn't. They'd probably ban abortion nationwide and be massacred next election.
Dems always stop Republicans which is why people pretended they wouldn't do anything under trump.
How about election laws? You trust this blatantly corrupt Supreme Court to protect constitutional voting rights?
They are already unpopular on almost every issue but they still squeak by elections. Too many people don’t understand policy and vote based on their current circumstance. They could get lucky economically and win another election. Not to mention their whole economic gameplay is to juice it up short term at the cost of our futures.
Even if it was part of a Reconciliation bill, Congress wasn’t going to pass anything nearly as generous as the SAVE plan during the Biden Administration. Unfortunately, it’s just so expensive since your typical borrower wasn’t going to come close to even paying back the principal while paying on that plan. Even Progressive Congressional advocates pretty much pivoted to just having the Executive branch implement something unilaterally since it would be significantly more generous than whatever Congress could pass. Unfortunately, it was then subject to many more court challenges. It probably was better to try to hit a single than go for a home run. Hindsight is 20/20 though.
> Biden should be commended for trying to help student borrowers.
There must have been a dozen times (or more) during his administration where there was a headline, "Biden cancels x thousands of student loans", over the four years it added up to millions of borrowers*.
But every single time, redditors would dogpile on him, screaming at him "NOT GOOD ENOUGH!" No matter what he did, no matter how good it was, it was never enough. Dude couldn't catch a single break.
*(Just looked it up: $189 billion in loan forgiveness for 5.3 million borrowers)
well technically biden was the one that spearheaded the legislation to prevent student loans from being declared in bankruptcy in the first place back in like 2006 or something, was super proud of it too at the time, and technically all his actually legislation he did get passed did was just reaffirm what Obama had put in place for disabilities before
This was passed by the 109th congress which had Republican majorities in the House and Senate. If Republicans didn't want it to pass, they would not have brought it to a vote at all.
“Biden was one of the bill's major Democratic champions, and he fought for its passage from his position on the Senate Judiciary Committee. He had pushed for two earlier bankruptcy reform bills in 2000 and 2001, both of which failed. But in 2005, BAPCPA made it through, successfully erecting all kinds of roadblocks for Americans struggling with debt, and doing so just before the financial crisis of 2008. “
Do you really see the world so black and white that you’re incapable of saying that both the Republicans as well as the Democrats who allowed this to pass (read Joe Biden) are to blame for the mess we’re in?
We're in a two party system so thinking should be somewhat black and white. Until Dems are the political center, I'll blame the people further to the right. Especially when they draft the laws, rule the courts, and grab power as the executive.
If you actually care to educate yourself, read this from The American Prospect and then seriously tell me with a straight face that Biden doesn't deserve any blame for our student loan crisis just because he has a (D) next to his name...
And also, Kamala Harris laughed at things. She experienced joy, like a normal human being. So obviously we had no choice but to put Jeffrey Epstein’s best friend back in charge. It was the only option.
well technically biden was the one that spearheaded the legislation to prevent student loans from being declared in bankruptcy in the first place back in like 2006 or something, was super proud of it too at the time
Biden literally wrote the bill that made it so you couldn’t default on a student loan in bankruptcy during his time in the Senate. He could have forgiven all loans during the pandemic and refused.
Because you can’t just wave away all loans without procedures. Many of the loans he forgave had structural underpinnings (eg fraudulent schools) that made the forgiveness more defensible if challenged.
The president isn’t an all powerful magician, and the belief that he is only serves to empower Trump to act as an autocrat.
You can't seriously be saying this after all the shit Trump is actively doing, right? And not just this term, he did shit like this his first term too, which I'll remind you is before Biden took over. Irony is fucking dead.
because then israel might not have been able to get as many mega bombs for Palistinian hospitals and to level the new seaside resort land for bonesaw and kushner to develop on
Cause there weren't 2 full years when they owned all 3 branches and could have done something...
Or that Biden was mentally slipping from age but still ran for a second term after stating he was a transitional leader...
Biden helped short term but was sure to fuck us by making student loans in bankrupt able back in the day and writing an EO that everyone knew would fail to put his hands away n the air and say ah shucks I tried.
Stop. Biden can kiss my hairy asshole. Anything he 'accomplished' has been rendered moot, because HE let Trump back into the fucking white house. Of course it wasn't him alone, him and the DNC. Fuck all of them.
For ever dollar cut from college funding, colleges raised the price by $2.81. It’s had nothing todo with college funding and basic economics like unlimited student loans.
For the “they should pay it back” police my story on SAVE.
-Worked nine years in Higher Ed making payments on my loans (originally held by Discover and taken out in 2000).
-Utilizing the Biden Covid guidelines during Covid was able to enroll in Public Service Loan Forgiveness program in 2023. Getting 110 months of qualifying payments counted for the program. You need 120 to qualify for forgiveness.
-Worked a second job (Americorps) in 2023-24 to work the final 10 payments off. Was advised by FSA agents to enroll in SAVE. Worked two separate jobs with Americorps (in addition to my non-PSLF job), making payments each month, and between the two jobs working 60 plus hours a week.
-In April 2024 was told by FSA my loan was being moved to MOHELA and being placed on a Admin Forbearance. It would be until July 2024 until I could get any updates on the loan. Continued to work and still make SAVE payments—even though payment wasn’t required.
-July 1 2024, told by MOHELA my loan is fully transferred, qualifying payments would count, and I would even get a refund of the four payments I made while on Admin Forbearance (totaling 1300 dollars). Was told by a MOHELA agent I could make my 120th payment today and it would count.
-July 2, 2024 Made 120th payment and faxed over my final paperwork.
-July 15, 2024 Told that my loan was under the SAVE Forbearance and my 120th payment would now not count because my due date was technically after the date of the federal injunction. DESPITE ME ALREADY PAYING TWO FULL WEEKS BEFORE THE INJUNCTION!
I’m at 119/120 payments
-November 2024: submitted a buyback request to get credit for the 120th payment. Was told it would take 90 business days.
At this time I’m still waiting on my buyback credit as well as my $1300 from MOHELA. Even getting a letter from MOHELA stating I should get the money but can’t because FSA has not settled on SAVE.
Call FSA they blame MOHELA. Call MOHELA they blame FSA. Ask for a supervisor, no one calls back, and you can’t speak with anyone at the Dept of Ed. Only FSA reps who are only trained to answer questions you can see on the FSA/PSLF website.
I am still at 119/120 payments. It’s been over a year.
It still needs court approval but it looks like we have a few months to prepare before we start paying back. God damn it, what a shameful time for America.
“For four years, the Biden Administration sought to unlawfully shift student loan debt onto American taxpayers, many of whom either never took out a loan to finance their postsecondary education or never even went to college themselves, simply for a political win to prop up a failing Administration,” said Under Secretary of Education Nicholas Kent in a statement on Tuesday. “The Trump Administration is righting this wrong and bringing an end to this deceptive scheme. The law is clear: if you take out a loan, you must pay it back. Thanks to the State of Missouri and other states fighting against this egregious federal overreach, American taxpayers can now rest assured they will no longer be forced to serve as collateral for illegal and irresponsible student loan policies.”
So nothing at all about the people who were benefitting from this plan. Just "fuck Biden".
They know most of their people don't need to worry about college loans, so they don't care.
Even if it'll hurt the economy by limiting said people's spending power, more important that their perceived enemies suffer than that everyone win.
If it helps you or your neice, nephew, son or daughter, regular joe, lol, no wayyy
Welcome to hell
Cue the fools owning themselves in the comments while the billionares not only have billions already but have no problems allocating government funds right into their own bank accounts, paying for their ventures and new projects, accepting all sorts of transfer payments, and fighting to make all kinds of laws at the federal, state, and local level to ensure they prevail.
Was about to say, college grads should all join the Taliban - now that's a group that managed to get their s**t paid for without kicking it down the road to their future generations.
Give 730 million tax dollars bailout to YRC freight in 2017 (in return the government was to get 35% of their profits).. YRC freight goes bankrupt in 2022. Board got millions in bonus' during those 5 years.. nothing ever paid back. Trump played shark tank with our tax dollars without congressional approval and literally nobody ever brings this up.
It's funny but didn't us taxpayers already pay to roll out the student loans in the first place? Isn't that mass rolling out of loans already irresponsible? If there was loan forgiveness or easier payments, that's just correcting an issue they helped to make. Beside isn't it the purpose of tax dollars to serve the interest of a better society?
Oh who am I kidding, if it doesn't benefit shareholders or the military, fuck em. They also talk as is this will save taxpayers money, when it's has no bearing how much taxes if taken out only where the money goes.
Yup. This just makes it worse. It’s so dumb and disgusting. America is just a false ideal. Bootstraps are fiction. The rich are getting richer: Us poor are getting poorer, as they say.
I hope the rural conservatives get exactly what they voted for. Not going to shed a tear for them or their children. They can all suffer right along with the rest of us.
They are going to be looking at a giant clusterfuck when their hospitals close or shut down services because they are no longer getting all the subsidized Medicaid. It is already happening in my hometown. They are discontinuing labor and delivery and obstetrics services. The nearest place to deliver will be 60-70 minutes away.
Depressing. Student loans depress spending and aren't even affordable for most people anymore since most people with degrees don't have jobs aligned with their education.
Instead of seeing it as a much needed investment in our future by having an educated society - its framed as being "unfair" for american tax payers because they are "footing the bill" on someone elses college degree. The way they pit us against each other in such blatant ways is sickening.
This is so important. We are stuck in, "if even one undeserving person gits help" then we will slide down the slippery slope towards communismsocialismpeoplewithoutrichparents-ism and that's bad.
We cannot invest in human capital if they don't already have capital (deserving) Capitalism demands that. And we are a capitalist society before we are anything else. /s
I'm a 61 year old and I'm very pissed off by what they are doing to young people. Young people are struggling enough and facing higher costs for rent, mortgages, utilities, insurance, car payments, food, healthcare, etc. I can never understand why so many young people voted for Trump. It just baffled me at the time but he is a very good liar and he can convince people of anything when he wants to. I'm sure many of you weren't voters during the 2016 election. We learned the first time what a liar he was. He doesn't care about anyone but himself and his family and enriching them. He's part of the billionaire class and will never understand the struggles of every day Americans. Hopefully all of you will vote blue down the line from now on. Please pay attention to not they say but what they actually do. My two sons for benefiting greatly from the SAVE plan. They both took out mortgages while their loan payments for college were low thanks to the save plan. Now they are both going to be faced with higher monthly payments they weren't expecting. It truly sucks what they are doing to people. I myself am facing a $500 per month increase in my health care cost because they won't extend the ACA subsidies. My son is in the same boat. His payment is going up $300 per month and a student loan payment is going up around 200 per month. So now he suddenly has to come up with another $500 per month. It's insane. Again please read as much as you can and learn about these politicians. Don't sit out the vote. Voting is your power for change. Use it.
No one made student loan payments for like 4 years once covid happened and it didn’t negatively impact a single person. I don’t give a shit about legality. Just get rid of it. It won’t actually bother anyone.
This administration and the rich are doing everything they can to turn the potentially educated into factory workers. They want to revert this country and take everything away.
I love how when the Biden administration enacted an actual law for it, it was still somehow “illegal”. Yet supposedly Trump can just “think” about declassifying documents and that makes them declassified.
This is going to cause a faster US Brain Drain and population decrease. Many people who have student loans have skills that are needed and transferable to other countries. They are finding ways to move to other countries permanently. If you don't live in the US, student loans don't matter. Can't garnish other country's wages and "bad credit" only matters in the US.
Student loans are exactly why tuition rates have increased faster than anything else, Universities should be ashamed of the system they fight for to profit from.
Take a look at your local state university's budget. They are public records. They aren't making profit.
The instructors aren't the problem, but the athletic departments eat a ton of money. Football coaches in particular. Them and the vast administration of President, 15 Vice presidents, some of whom make 5 or 6 times the salary of the instructors while teaching no classes. But these salaries are all approved by the state board of regents, and usually by the states legislatures. While these bodies also cut state funding to low levels.
These bodies also approve any tuition increase. It's not the universities, it's the state legislatures that are doing it.
It doesn’t matter if they are making a profit or how tuition is raised, the point is without a system that gives out these loans the universities would be forced to lower tuition & fund ways to not increase their budget by double digit percentages annually
Key examples of individuals whose pardons eliminated substantial restitution and fines include:
Todd and Julie Chrisley: The reality TV stars were relieved of more than $22 million owed for bank fraud and tax evasion.
Paul Walczak: A nursing home executive who was ordered to pay $4.4 million in restitution for stealing employee tax payments was pardoned, wiping out the debt, after his mother reportedly donated $1 million to a Trump fundraiser.
Lawrence Duran: A healthcare executive convicted of Medicare fraud had his 50-year sentence commuted, which relieved him of $87.5 million in restitution.
Trevor Milton: The founder of Nikola, an electric truck company, was convicted of securities and wire fraud and was ordered to pay approximately $168 million in restitution, which was effectively eliminated by his pardon.
A presidential pardon can, and in these cases often did, remove the requirement to pay remaining court-ordered restitution and fines, meaning these individuals won't have to pay the remaining amounts back. This is a departure from the traditional Department of Justice standards, which typically require offenders to make full restitution before being considered for clemency.
I hope everyone has the day they voted for when this kicks in. Sorry for those who didn’t vote for this but if you did, hope you remember that next time you enter a voting booth. Elections have consequences, sometimes deadly serious ones.
It actually costs the Department of Education more to service the loans than it would cost to just forgive them or make them into grants. In the first place the loans are already funded or they wouldn't be able to issue them in the first place. Students paying down debt don't actually fund this program, it's funded by congress. They imply that without saying it to shut down arguments for forgiving debt. Student debt is just a tax on top of what we already paid.
Reading this as I’m going to pick up the keys to my first home is a fucked up timeline. I can’t be fully excited because I have no idea how I’m gonna make ends meet when it’s time to repay.
Isn't this the bitch that thought AI was a steak sauce?
Seems like the right person to head the Dept of Ed...
Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words
I love all the people whinging about Biden not doing enough for student loan relief (ignoring that the SCOTUS shut down his EO --they only let Trump do EOs) for years, and not showing up to vote for Harris (probably because of Gaza). Well played guys.
I voted for the woman that would have kept SAVE, and tried to get rid of student debt. Enough GenZ, Millenials decided to stay home and vote Trump or vote Third Party, also voting for Trump.
Hilarious.
Oh wells. Choices were made.
On a less bitter note, this will of course negatively impact an economy already getting squeezed hard by skyrocketing inflation, a crappy job market, with massive lay-offs. This means even less money will be available to be spent on anything other than paying off their debt, which needless to say, will further hork our consumer based economy.
Ya idk that I wanna pay my loans back anymore. I mean let’s be real. Israel is not paying back the money they got, Ukraine isn’t…… if America is in the business of giving hand outs it should be to the people living in America.
Don't equate Ukraine and Israel. We're helping Ukraine as a proxy such as to keep Russia contained, and that's good. We're helping Israel because AIPAC will primary any politician that doesn't play ball.
What I’m saying is, let’s focus our money on home base. I fully understand the American support needed in the Ukraine and was promised in return for their nuclear programs. But ya know it’s getting a little old hearing about the amount of money going out. And the only money going in is from the lower middle class and not the rich 🤑
You're only getting sick of it because you are being propagandized to get sick of it.
Russia has been pointing nukes at America nonstop for decades. If you live in a decently sized population center and you're under the age of about 60, they've been pointing a nuke at you for your entire existence. Containing Russia is focusing on home base, in the most existential possible sense.
Most of the aid we've sent them has been in the form of old military tech that would have cost us tax dollars to decommission anyway. They saved us money on this front. In terms of raw financial assistance given to Ukraine, the bill comes to about $60 billion over 3 years. Obliterating America's #1 military foe's capacity to fight a war for about 5% of the US's annual military spending is dollar for dollar one of the best military investments made in the history of humanity.
Not going to argue with you that the tax structure that's generating those funds needs a massive overhaul, because I agree with you there.
They have no intentions on helping any one including students or people struggling to pay student loan debt . It is now basically each state figuring it out and fending for themselves .
Just finished my first semester of grad school and I think I’m gonna drop out lol. My professor’s been using AI to grade the papers I worked so hard on, the CSU system is raising prices 6% every year until the 28-29 school year (if they even stop at that point) and there’s absolutely no guarantee i would get a job that pays me well just because I have a graduate degree. I’m miserable in school anyway since I work full time as well. This is all so fucking pointless, I’m already $33k in debt, who fucking cares anymore. I have no hope anymore
I can't for the email, the same email years ago that did their best to reassure and support us during the original Republican bullshit forgiveness debacle, to now call us leeches.
For reference, Linda McMahon (the character) was heavily sedated by Vince McMahon (the character) which allowed him to have an onscreen affair with Trish Stratus. Before her villainous run in politics, Linda was referred to as "Zombie Linda" for her portrayal of a woman under heavy sedation at WrestleMania X7. She revealed she had not been taking her regular dose of medication so she could interfere on her son Shane's behalf in a father versus son match officiated by Mic Foley.
I live overseas now and changing plans is so difficult they require me to receive paper documents and then return them which is expensive and takes months. Their website just says I can’t access it from my location.
I’m also unable to make a payment in any case because they don’t accept foreign banks and I don’t have a US account anymore.
Luckily I earn less than $140k so my AGI is zero which means my monthly payments are set to zero.
I’m old enough to just not care now. Doubt I move back to US in next 10-20yrs anyways.
Let's kill with zero backup plan. They always do shit like this and wait for someone else to clean up the mess. Then blame that person for the problem they caused
I'm sceptical whether this lasts. This is the sort of thing where the courts are likely to step in and say "uh, no, you can't just randomly chop programs off." Not dissimilar to when they fired a bunch of government employees and then had to hire them back because it turned out they weren't actually allowed to.
I've been reading all of the comments and I hate what's happening to all of you. But I want to ask....how many of you are planning to vote next November during the midterms? Your vote is your voice. Speak up and let them hear you in November! Make your voices heard loud and clear.
Complaining about loans is a little bit of a distraction. The real problem is the insane cost of college these days. There really is no reason for this except greed. Same for healthcare. Keeping insurance subsidies is a short term solution but the real problem is the insane cost of US healthcare.
Looks like SAVE will be phase out in July of 2028 if I read that right. Thought it would be worse than expected but I should be able to pay off my balance in 2 years time thankfully.
It says explicitly it will phase out in the coming months, way earlier than the previous 2028.
.
> Under the terms of the settlement agreement, which is pending court approval, borrowers with student loans in the SAVE plan will not be able to remain in a forbearance until the program is sunsetted in 2028 under legislation passed by Congress last summer. Instead, borrowers will be forced to move into other repayment plans in the coming months
So I was on a PAYE plan, when the SAVE act passed I was on that program as well. Now that it's gone do I go back to the previous rates of the PAYE plan or is that gone too?
SAVE pegged your payments to your income. Sure SAVE has lower rates than existing plans, but it still made u pay based on your income.
All this does is increase monthly payments, using outdated percentages (old plans) that dont reflect current economic hardships (rates of 10%-15% net pay).
It's not repaying the loan I take an issue with, but I don't think that a federal loan should come with interest (I don't believe any loan should include interest, but a federal loan especially; we already pay taxes as citizens)
I'm very progressive, but the current federal student loan program is idiotic because it gives money to colleges, no strings attached, and caused the price of college to skyrocket. Every $1 in federal student loans increases the price of college by 60¢.
I hate OBBB, but the one good thing in that bill was capping grad student loans. I think that the federal government shouldn't give out grad loans at all, but OBBB partially reverses the mistake that George W Bush made on uncapping grad loans, so it's a step in the right direction.
Cutting state funding was bad, but that didn't cause the cost of college to increase. It would've increased sticker tuition for students, but my whole point is that colleges are spending way more money now than they were 30-40 years ago adjusted for inflation.
I think you're also confusing the cause and effects here. The reason that college administrations are able to seek more profit and states are able to cut college funding is because of guaranteed federal student loans. Without the loan guarantees, colleges would be forced to slash administrative spending and lower tuition or they'd go out of business. States are able to get away with funding colleges less because the federal student loans make up the gap. Subsidizing demand increases prices.
I'm talking about the cost of college, meaning how much colleges are actually costing to operate. Not just the price students are paying.
Public colleges used to be free, but the government didn't give guaranteed federal loans to all colleges, public and private, at the time.
If there is tuition free or cheaper public college, colleges actually have to adhere to a budget and they can't spend an obscene amount. I am a supporter of in-state tuition free college, but the loan program has to go.
Except the cap is going worsen the existing shortage of healthcare professionals. Many necessary healthcare professions requiring graduate-level education weren’t even included in the “professional” degrees list, further reducing their borrowing limit.
The problem is that uncapped federal student loans are an inflationary policy. We don't want a policy that drives the cost of college up.
As for policies that aren't inflationary and will reduce the healthcare shortage, we should increase the funding for residencies, make it easier for qualified healthcare professionals to immigrate, and streamline the certification process for them. Additionally, we should either reduce med school by one year or allow students to enter a 6 year med school program right out of high school without requiring a Bachelor's first.
I am also a supporter of in-state tuition free public college. I think that's a much policy than throwing money at colleges, including private for profit colleges, and watch them profit of the students and taxpayers.
I hear you on residency funding gaps and IMGs. Putting aside discourse about the validity of loans causing “runaway tuition”, the point remains that we have capped loans with no policy for making these programs more accessible or affordable, and it is going to have ramifications. Calling it a step in the right direction is verrrrrry generous.
GermanicOgre | 2 months ago
Under Secretary of Education Nicholas Kent in a statement on Tuesday. “The Trump Administration is righting this wrong and bringing an end to this deceptive scheme. The law is clear: if you take out a loan, you must pay it back.”
Cool - now do all the PPP loans, ohh and what about all the debt Trump was able to write off with his 6 bankruptcies for his failed companies all while protecting himself?
I’m so tired of this war against everyone that isn’t rich. Something will break soon and it’s going to devastate the US economy but it’s all by design. You’ll own nothing and be grateful.
TESThrowSmile | 2 months ago
>The law is clear: if you take out a loan, you must pay it back.”
Many on SAVE were paying their loans. SAVE pegged payments based on income. So this is a flat out lie from the Trump Admin
Sure, the SAVE rates were lower than older plans, but the older plans were based on outdated percentages during better economic times (10%-15% of net income). This does 1 thing, increase monthly payments - some even double to triple the monthly payments.
High Healthcare costs, higher Loan payments, higher everything costs-- so much winning !! /s
Impossible-Flight250 | 2 months ago
Yep. It’s complete bullshit. Most people can’t afford $800 dollars a month for healthcare on top of student loans, and the rising costs of everything else. I can’t wait until that fat orange fuck croaks.
Hillbilly_Boozer | 2 months ago
It's all intended. They aren't getting the violent reactions they want via other means, so they want to make people even more desperate. When the system begins to implode and people are rioting rather than peacefully protesting, they'll have the justification they've been wanting for increasingly violent crackdowns.
Delicious-Chemist-84 | 2 months ago
Their goal is to destroy the current systems in place so they can privatize everything. They want the federal government out of the student loan business so banks can profit even more. Pay attention and vote blue going forward. Your votes will make the difference.
Southside_john | 2 months ago
That’s why project 2025 says basically. Destroy all faith in government institutions so they can be privatized
Weak_Albatross_6879 | 2 months ago
My god. is that like.. the ultimate goal ..
marknickles | 2 months ago
fascism, yeah
LucyJordan614 | 2 months ago
Been saying this since his first term. His goal is to further enrich all of his rich friends by destroying every institution so that they can privatize it all.
Inner-Today-3693 | 2 months ago
That’s exactly what I was thinking. They thought they were gonna get a lot of protest in rioting so they just keep progressively doing more and more worse things.
tonitalksaboutit | 2 months ago
Hubs is currently filling out the paperwork for his employer health insurance plan, and just remembered how much we are paying a month for the insurance. $1100 a month.
vncfrrll | 2 months ago
Yeah, I just said fuck it. I’m not paying the $4000/year for something I don’t use, so I skipped out on the health insurance for next year.
tonitalksaboutit | 2 months ago
We have 2 small kids...but for real it's like $12000 for a year..like it's good insurance but I really have been thinking about self insuring.
amstobar | 2 months ago
The problem is that the fake numbers you will need to pay are so high when you have a problem you need to pay for that it's hard to figure out how you will land when you ultimately need to pay it. If you need to pay it, which makes the question interesting but still confusing.
Tactless_Ninja | 2 months ago
There's a lot more criminals propping him up. They all need to go.
DanyDragonQueen | 2 months ago
How do these rich fucks think people are supposed to afford living if everything costs triple what it used to while wages don't keep up? I know they dgaf about people's quality of life but at a certain point people will start dropping out of the labor market for one reason or another (losing housing, illness, death), and then where will their profits come from? You can't squeeze blood from a stone.
AMDFrankus | 2 months ago
They don't. They want you to die while they can play with their little boats and rockets.
DanyDragonQueen | 2 months ago
They need serfs to contine enriching them with our labor, though
itsxrizzo | 2 months ago
My rate tripled. I can't magically pay an additional 500 ish dollars a month.
duckbonez | 2 months ago
I just won’t pay mine. They can go after my credit I guess.
cumbarf9000 | 2 months ago
i’m not paying that shit. they can come kill me idgaf
SoggyScience4482 | 2 months ago
are we great yet?? /s
Maybe_Julia | 2 months ago
It's obviously Biden's fault 🙄 - I'm so very tired of Trump just getting away with every lie even the one's on camera.
KarmaticArmageddon | 2 months ago
And many of those whose loans were forgiven by the SAVE plan had already paid more than the principal, they were just getting screwed by insane interest rates.
A_very_meriman | 2 months ago
Capitalism. God's way of determining who is smart and who is poor.
Temporary_Train_3372 | 2 months ago
Let’s not forget the farmers who are getting their 3rd bailout and have to pay NOTHING back.
Delicious-Chemist-84 | 2 months ago
Exactly. They bailed out banks many times. Hopefully people are realizing Republicans are for the rich. They don't care about average Americans. Trump lied to everyone and I'm happy to see people are realizing it. He's wanted to be a part of the billionaire class his entire life and this presidency has gotten him there. That's all he cared about... plus staying out of jail. I'm old so I'm hoping this is opening up young peoples' eyes. Pay attention and read the news and then VOTE! ITS THE ONLY TRUE POWER YOU HAVE.
Euphoric-Usual-5169 | 2 months ago
“ The law is clear: if you take out a loan, you must pay it back.”
Better to commit fraud for a few billion. That will pretty much guarantee a pardon these days.
AgencyNew3587 | 2 months ago
Class warfare
redthroway24 | 2 months ago
They only call it class war when we fight back.
Delicious-Chemist-84 | 2 months ago
Fight back with your votes next November.
korben2600 | 2 months ago
"There's class warfare, all right. But it's my class, the rich class, that's making war, and we're winning." --Warren Buffet, back in 2006
rooftopgoblin | 2 months ago
seriously, the wealthy need to take a few history courses to see what happens when you continually push people too far. They think technology will somehow save them but they will be mistaken, and its gotten so bad under trump. Any law or rule that helped normal people at all is being scrapped. They are trying to keep the entire population as serfs and that didn't work out well in the end for the romanovs
yoloswagrofl | 2 months ago
I don't want to be here when the levy breaks. Dire times ahead.
neilmcse | 2 months ago
The beatings will continue until morale improves.
No_Mission_5694 | 2 months ago
PPP loans were just a bailout by another name. The "entrepreneurs" who depended on them are spoiled and child-like in mentality - good for them. Yet the pattern holds: in the 21st century, failure is "success" and honest success is repackaged as failure. But ya know let's keep it going...
Dralley87 | 2 months ago
Calling it a bailout is really generous. They were a smash and grab that added a trillion dollars to the deficit.
BoardsOfCanadia | 2 months ago
They were never actual loans and were made to be forgiven. All you had to do was follow the extremely easy criteria. Banks were just used to do all the screening/paperwork because there was no way any government agency could handle that volume in that amount of time.
No_Mission_5694 | 2 months ago
Every single PPP loan recipient signed a promissory note
sicsemperyanks | 2 months ago
I mean, yeah. They were "loans", but the terms for forgiveness were pretty open. They were designed to keep businesses from going under while governments forcefully shut down businesses. They are not at all the same as student loans, and they were never meant to be.
No_Mission_5694 | 2 months ago
"The law is clear: if you take out a loan, you must pay it back."
sicsemperyanks | 2 months ago
The law was clear. PPP loans, when used for payroll (at least 60% I think), were going to be forgiven. That was literally the point of the program, aka the law. Now, there was fraud, and that fraud should be persecuted. But the PPP loans are not at all comparable to normal loans.
Phugasity | 2 months ago
"The law is clear: if you take out a loan, you must pay it back"
Swordfish330 | 2 months ago
I think you're confused. The law for PPP loans was explicitly clear. They were designed to be forgiven.
BrogenKlippen | 2 months ago
Just a literal gift to the rich
DickDover | 2 months ago
Has this administration done anything to help the average American?
Orange_Kid | 2 months ago
The average American, or at least the average voter, was apparently more concerned with minorities being put in their place through cruelty than they were with having a secure future for themselves and their families.
So in that sense, yeah I guess he has.
Remains to be seen whether the average American will soon realize how stupid, fucked up, and completely self-defeating their priorities are.
Prestigious_Sort4979 | 2 months ago
You know what?! This is BS. These loans are ultimately so we can make money to contribute to the economy. It’s a win-win, not a handout. At this point I MORE than returned their investment. The loans should be forgiven relative to your reported AGI over time
Full-Decision-9029 | 2 months ago
yeah, don't get a student loan? "welllll, you really do need that piece of paper, everyone has it nowadays."
(and of course: get a student loan? "weelllll, you really should have branded and networked better")
Student debt: the pay-to-play to participate in the economy.
Hanifsefu | 2 months ago
These loans are actually just to cover the university's renovation on their football stadium.
They make admissions more lax and have quotas to get X bodies in the door because the business model for every US college is to fund themselves by using tuition increases instead of taking out loans and by doing this pass the burden of the debt, and very importantly, the interest on it to their students. All to fund their for-profit sector.
It's a ponzi scheme plain and simple.
the_ai_wizard | 2 months ago
i have a letter from DoE signed by Biden saying my loan would be forgiven
FragaMuffin_Man | 2 months ago
(Glory glory what a hell of a way to die)
Lettuce_Prey69 | 2 months ago
>You’ll own nothing and be grateful.
Fortunately the 2nd Amendment allows me to own a plethora of firearms, and I'm very grateful for that.
Aggravating_Tip_2615 | 2 months ago
PSLF was part of loan marketing for that entire time.
This is the government fucking over people it told “we will forgive this loan if you follow these terms”.
TheAskewOne | 2 months ago
>The law is clear: if you take out a loan, you must pay it back.”
The issue is that many people pay their loan back one, two, or multiples times, and they're still not done paying. No one is arguing for not paying back. People are arguing against crippling interest.
ccandersen94 | 2 months ago
Unless you enroll with ICE. Then it's all paid off.
devliegende | 2 months ago
I think it should be "you'll own nothing and be happy".
Which is kinda the case for hunter gather people's such as the San. Owning stuff and being unhappy about not owning more seem to be a mostly a first world problem. In mythology the garden of eden was the happiest time in human existence.
Recommended reading
TheGhettoGoblin | 2 months ago
theres also laws against fraud and laws that say if you're found guilty of a crime you have to go to jail but look how that went
Deafeye616 | 2 months ago
This may be true but never underestimate desperate and pissed off people. The administration is doing just that and they firmly believe we are stupid. They have already found they have drastically underestimated the American people. Now that they're scared the real fight now begins and we have to keep this momentum. This could in fact be moment we get everything we want. It's all in our grasp we just need to keep pushing. Remember both parties have never seen the kind of voter engagement they are receiving. Republicans are even scared to hold town halls. We need to fight like a honey badger trying to take back the food the lion stole.
UnfazedBrownie | 2 months ago
💯
turdferg1234 | 2 months ago
> You’ll own nothing and be grateful.
this is such a dead giveaway that the person commentating is foreign and trying to mess with the US or is someone that has fallen for it. It's such a stupid slogan.
Big_Booty_Pics | 2 months ago
> Something will break soon and it’s going to devastate the US economy but it’s all by design.
And by devastate the US economy, you mean absolute destroy the middle and lower class because the billionaire class have a safety net to avoid any "real" calamity.
OrangeSlicer | 2 months ago
MyotisX | 2 months ago
Did you vote for Kamala ?
Fine_Payment1127 | 2 months ago
Whataboutism is so cool
FlyEaglesFly536 | 2 months ago
Everyone should repay their loans. Student loans, PPP, business loans, etc. No loopholes for anyone.
DanyDragonQueen | 2 months ago
Student loans shouldn't exist as they do, education should be attainable without tens of thousands in debt.
Rook2Rook | 2 months ago
PPP screwed me over. It caused MAJOR inflation that I wasn't factoring into my early adulthood expenses.
nanoH2O | 2 months ago
Meanwhile farmers just got $12B - much of which will be used to cover loans for farm equipment and to cover costs for crops they didn’t sell. Maybe they should have planned a bit more conservatively.
Fullertonjr | 2 months ago
Don’t forget, cost for crops that they sell to foreign countries and not to those in the US. We are getting nothing in return and our prices continue to rise.
M3mphisFW | 2 months ago
and tariffs we paid
Euphoric-Witness-824 | 2 months ago
We all paid but trumpers gets to pick who few the money so it goes to his voters cuz he’s a shitty dictator.
nouseforaname79 | 2 months ago
Some would even say a “Shittator”.
dirty15 | 2 months ago
It's not about the sacrifices we made but the tariffs we paid along the way.
zer0moto | 2 months ago
Don’t forget, this all started because someone wanted tariffs lol. Now he wants to be praised for bailing them out with the “tariff” money.
the_ai_wizard | 2 months ago
5d chess
WrongThinkBadSpeak | 2 months ago
Art of the steal
brumbarosso | 2 months ago
Usa citizens ain't getting shit while the asdhole crooks are running the show
Pitiful-Doubt4838 | 2 months ago
Part of what trade used to be was selling off soybeans in exchange for being able to buy other goods. The US is one of the few ridiculously good breadbasket regions of the world.
Mrgluer | 2 months ago
Selling foreign increases the supply which they can sell hence lowers the price for everyone.
marion85 | 2 months ago
Doesn't matter. Trump bribed Americas farmers into voting Republican again in the midterms, and holding onto power long enough to finish consolidating power into the regime is the only endgame that matters.
Tumbleweeddownthere | 2 months ago
Price for what of they're selling over seas?
One-Chocolate6372 | 2 months ago
The farmer socialism is not to pay for crops that are being sold to other countries. The farmer socialism is pay the farmers for crops the orange clown they voted for has made unsaleable to China because Donnie Dementia provoked China into a trade war so Chine went elsewhere for soybeans as a retaliatory move.
ScienceWasLove | 2 months ago
We, as the US, get to keep farmland farmable which is good for the US.
Ask Ukraine what happens when your farmland gets fucked.
EDIT: This can't be a "real" economics forum if people don't understand the importance of maintaining domestic farmland.
npcrespecter | 2 months ago
The farmland would also be arable if they grew crops that Americans actually wanted to eat on that land.
pnw_pothead | 2 months ago
Getting paid to do nothing? Farmer's are the real welfare queens.
-CJF- | 2 months ago
Right. What happened to personal responsibility? I thought Republicans were against socialism and big government.
knightress_oxhide | 2 months ago
Why does it need to stay farmable if we aren't eating the food and we aren't selling the food?
pvlp | 2 months ago
So we just keep bailing out these dummies who keep voting for the same politicos that keep fucking them over? Yeah, that'll teach em.
Fun_Hold4859 | 2 months ago
Except it'll belong to corps not the US.
lestIdigress | 2 months ago
Maybe y’all should pull yourselves up by your bootstraps and do it on your own, instead of relying upon other taxpayers to make you whole.
Oh wait.
Ellen_Pao17 | 2 months ago
Farmers sell the crops to monopolised companies who set dynamic prices for their goods. Government has to bail them out, which only pushes the problem further down the line, which gives who ever wants to be elected more political ammo.
I don't know how you break up big business without nationalising it which is impossible in America.
SectorFriends | 2 months ago
So you can just own land, try to make crops, vote red (destroy people's lives) and wait for the bailout.
"He's wearing a trucker hat, he's like ME!"
MaroonTrojan | 2 months ago
Choosing winners and losers.
Scrandon | 2 months ago
We now have an unconstitutional, centrally planned economy, planned by the diseased mind of an 80-year old criminal sociopath grifter.
Euphoric-Usual-5169 | 2 months ago
To be fair, this has been going on for a long time before Trump. In the end it’s always the middle class that gets screwed. Not enough money to be favored. A too much money to get welfare.
-CJF- | 2 months ago
This administration also screwed the poor. They cut Medicaid and SNAP. The rich got a tax break that was partially offset by these cuts.
Euphoric-Usual-5169 | 2 months ago
The money you can save with cuts is minor compared to the tax cuts. It all goes on the credit card.
KenDanTony | 2 months ago
Bc he needs them and meanwhile all of those idiots literally voted for their consequences
SoggyBottomSoy | 2 months ago
So we are paying for the tariffs while also bailing out farmers because of said tariffs. Are we winning yet?
JustHanginInThere | 2 months ago
And one of the main reasons this $12B bailout is needed? Oh right, the tariffs and buying certain crops/livestock from only certain countries.
willsidney341 | 2 months ago
How much of that 12b do you figure will go directly to Monsanto and Conagra? Hmmm
OkInitiative7327 | 2 months ago
+John Deere. That farm equipment ain't free.
suspicious_hyperlink | 2 months ago
You’re mad about the wrong thing. If you really want to be mad at someone, be mad at all the older people who before 2005 could just write off their student loans in bankruptcy. They are the same people passing these anti loan forgiveness laws while at the same time spending way more than the government takes in. That is something to be mad about, not people growing food
backtothetrail | 2 months ago
Really? Before 2005 that was a thing?
Major-Regret | 2 months ago
Yes. No generation will ever enjoy fucking over their children, grandchildren, and great grandchildren like the boomers. No generational cohort will even come close.
Delicious-Chemist-84 | 2 months ago
I'm a Boomer and I'm entirely with you guys. I think what is happening is atrocious. Student loan interest should be 0% or 1%. Nobody who wants an education should have to face what young people are facing today. You guys are being faced with higher health care costs, higher utilities, higher food prices, higher car payments, higher rent, higher mortgages... higher everything. I'm for free two year college education at the least and free health care and a much higher minimum wage. Sure are taxes will be higher but we should all look out for each other to ensure our society grows and prospers. Not just the fortunate and rich. The more people have to contribute and spend, the better off our economy is. All boomers are not bad. Lol. I've been out at the protests and I see the majority of people at them are boomers. We care as about you and will support you... But you have to pay attention and vote. Not just during the presidential election but also vote at the local and state level. It will make a difference. Show up at Town Halls and speak up. That's the only way to institute change. Your voice and your vote.
animal_chin9 | 2 months ago
But if college was free or loans were cheap how could we entice poor people to join the military so we could invade countries for oil?
^^I ^^actually ^^think ^^this ^^is ^^the ^^reason ^^why ^^college ^^isn't ^^free ^^and ^^why ^^Rs ^^want ^^abortion ^^made ^^illegal.
backtothetrail | 2 months ago
That bootstrap myth is a real killer.
korben2600 | 2 months ago
You'll probably get a kick out of this Guardian article from yesterday:
It’s still not OK, boomer: younger Americans are flailing – and mad as hell
Capt-Crap1corn | 2 months ago
Yeah it was
rcbz1994 | 2 months ago
It was and then guys like Joe Biden pushed for a change to the law
backtothetrail | 2 months ago
Damn. I didn’t believe anything other than death could discharge a federal student loan.
Can’t have too many nice things.
boner79 | 2 months ago
Student loan discharge in bankruptcy without preconditions effectively went away in the 70s.
Nuvuser2025 | 2 months ago
Whole lot of farmers, and their families, are struggling. But, more than a few living very excessive lives, complaining about “government”, while receiving handsome stipends from Uncle Sam.
Land of Hypocrisy.
Daviddom92 | 2 months ago
Most American farmers suck ass man.
Mordroberon | 2 months ago
Farmers voted for Trump, college grads didn't, especially not low earning grads. Politics is ~~not~~ now entirely transactional
dotcubed | 2 months ago
That last part must be tongue in cheek considering citizens united decision, and everything I’ve experienced from this putrid term of events.
Mordroberon | 2 months ago
caught my typo
Equal_Kale | 2 months ago
How does this 12B happen. In theory Congress has the power of the purse. How was this amount of money allocated? Was it part of the H.R. 1.
Buffphan | 2 months ago
In France the students would riot over this shit
jawsomesauce | 2 months ago
If anything we should at least all stop making payments
CreativeFraud | 2 months ago
Gotta love that socialism when they don't focus on it. Lmao. That Mamdani commie in NYC is trying to make buses FREE. WTF!!!!!!!!!! /s
Soup3rTROOP3R | 2 months ago
Don’t forget the PPP loans that forgave nearly 1 trillion dollars to business owners nationwide. The loans the vast majority didn’t have to pay a dime back.
But fuck students. Let’s trap them in a debt cycle for the rest of their lives so the same rich people can continue to make money on the bank dividends they receive from their stock portfolios bankrolled by the students.
oneWeek2024 | 2 months ago
800 billion in largely unchecked/totally no oversight free money loans were given out during covid as part of the payroll protection plan. most of this money was claimed fraudulently, by companies without actual employees. and fraudulently kept by business owners and not used/as intended/to pay payroll expenses during the pandemic.
800 billion. vast majority . utterly forgiven. that debt. shunted entirely to taxpayers.
current estimates of total outstanding student loan debt is something like 1.5 trillion. Overwhelmingly. when biden paused student loan payments during covid. that "extra" money average people had, was spent in their local community. eliminating all student debt. would mean millions of people have hundreds of extra dollars a month to spend. buy things, generate profit/revenue for businesses that will then hire more people ----all of that generating tax revenue for state and federal governments.
vs this fuckery. which will only enrich scumbag student loan billionaires/corporations. that already get substantial gov welfare anyway.
Spoonbills | 2 months ago
Seems like farmers just don’t want to work anymore.
DudeCards | 2 months ago
A socialist hand out? You don't say
No_Mission_5694 | 2 months ago
At this point the only sane move left is tariffs on "knowledge" work. Implicit in that is control over the flow of information, else it can't be enforced. Interesting times 🤔
OkInitiative7327 | 2 months ago
Yes, tax the companies that outsource and have call centers and support personnel in other countries.
pushaper | 2 months ago
dont forget to pay further tariffed things such as trumps proposed fertilizer tariffs that will just get circled back into tariffs
T1Pimp | 2 months ago
You'd think farmers, more than anyone, would understand that you reap what you sow.
IsayNigel | 2 months ago
Lol and these people will continue to vote republicans and stick out their pasty, sweaty hands for handouts over and over again.
flexonyou97 | 2 months ago
We have to take advantage of these handouts
Lyanthinel | 2 months ago
That money ain't going to local/small farmers. Orange doesn't do that.
Euphoric-Witness-824 | 2 months ago
You just answered your own question. It will actually help wealthy bankers and futures traders.
Farmers will be even but their debtors will get our tax money.
Billionaires suck.
goldenhourlivin | 2 months ago
Uncle Sucker bailing out the farmers for the trillionth time after they started bitching about the tariffs they voted for.
pmgoff | 2 months ago
It's literally the dumbest argument, all we simply need to do is drop the interest of student loans to 1% or 0. And be done with it, pay your principal loan. All students loans should be looked at as an investment in the future.
hearmeout29 | 2 months ago
Agreed. It's not hard. People have no problems paying their loans back It's the runaway interest that's crippling. I think that is a great option for students who need assistance.
TheHornIdentity | 2 months ago
$57K in student loans and I’m $73K in debt. For the thousands of dollars I’ve paid on my federal loans, NONE of it has ever gone to principal.
mortimusalexander | 2 months ago
I spent nearly 20 years and only managed to pay off about $6000.
tommytwolegs | 2 months ago
You can get forgiveness in just a few years I believe
smidge-widge | 2 months ago
The interest on federal student loans is wildly cheaper than it should be, leading to overconsumption of college by marginal students or on low value education tracks.
Brewers567 | 2 months ago
One of my loans was 10%. This was the only way I could go to college. I received some scholarships, went to a public school, and lived at home. I’m actively paying them off but no one should be subjected to interest on something like education.
smidge-widge | 2 months ago
There is no way to justify that any person should be allowed to just indefinitely consume education. If not price, how would you seek to ration it?
tommytwolegs | 2 months ago
Noone above you was even advocating for free education. They said 0% or 1% interest loans. Heck just have them match inflation.
Sherm | 2 months ago
> There is no way to justify that any person should be allowed to just indefinitely consume education.
Why not? Isn't that the implication of employers constantly bitching about skills gaps? Taking loans for living expenses is one thing, but if someone wants to continuously take classes that will make them better able to compete in the job market, I actually think subsidizing them is a good idea.
elegantlywasted1983 | 2 months ago
lol omg you’re high. My student loans were my highest interest rate at 7.5 before I refinanced them with a private company. And I went to law school 20 years ago, not last week.
We are a broken country.
david0990 | 2 months ago
Yeah it's not hard to see the numbers are crushing people, even I won't go to college and all I want to do is learn welding. The gov is the lender, the rate should be under 2%, non negotiable since this still provides a return plus the economic benefit of people being able to finish their courses, get higher skilled work and contribute with higher tax brackets(that's a whole different issue though too).
smidge-widge | 2 months ago
The economic benefit of college doesn't generalize. People who attain college gain a benefit in the job market relative to others, but only because disparate impact doctrine has made it illegal for employers to design sensitive pre-employment tests.
Cheap interest on student loans leads to over consumption of higher ed, AND allows employers to push the costs of training onto employees.
Sherm | 2 months ago
> but only because disparate impact doctrine has made it illegal for employers to design sensitive pre-employment tests.
I manage a job training program, and I promise you, this is nonsense. Employers put candidates though skills tests all the time.
david0990 | 2 months ago
I was confused by this because I worked construction and even if I'm qualified for a specific job title I would get tested, have to re-cert for all heavy machinery, etc with every new employer.
mmelectronic | 2 months ago
Its a loan with no collateral is what they’re getting at, without the govt backstopping them the rates would be way higher
Sherm | 2 months ago
No collateral, but also no bankruptcy protections and a comparatively easy time with wage garnishment. And consequently, a fraction of the risk of other unsecured debt.
smidge-widge | 2 months ago
7.5% for an unsecured loan used to purchase an intangible asset with a long payback period is not a high rate.
Pasta_La_Pizza_Baby | 2 months ago
Which loans are you talking about? Many are at 7 or 8%
Campman92 | 2 months ago
The federal loans for student borrowers haven’t been at 7.5% since 06-07.
smidge-widge | 2 months ago
southernwx | 2 months ago
Non-dischargeable would like a word.
Sherm | 2 months ago
An unsecured loan that's incapable of being bankrupted away and for which the government can garnish your wages and even social security. Which doesn't seem all that unsecured. Lenders should have a choice; either you're limited to inflation plus 1% and the loans you offer can't be bankrupted, or you can set your rates but they're subject to bankruptcy. The current system lets lenders charge high risk rates for a low risk return.
Phalstaph44 | 2 months ago
Need to cap tuition also. Easier loans get, the more expensive college will get
Prestigious_Sort4979 | 2 months ago
And imo they should be slowly forgiven based on how much money you pay in fed taxes over time. Or they could make it so while you owe, you pay an increased percent of taxes for x years. ultimately the loans are in service of us contributing to the economy, not a handout
smidge-widge | 2 months ago
This would actually be interesting, as it would encourage selection into high earning career tracks.
New-Anybody3050 | 2 months ago
The interest is only part of it.
You need to stop the runaway pricing. Universities just keep charging more and more tuition. The principal balance is also a problem.
RecipeFunny2154 | 2 months ago
And every private lender in the mix needs to be removed
roguespectre67 | 2 months ago
But why would they do that when the ultra-wealthy can profit from selling us higher education, that they then tell us is not enough of a qualification to make enough money to pay back the loans we had to take out to afford that education?
linzielayne | 2 months ago
My private loans from 2005 are screaming
smidge-widge | 2 months ago
The problem created by the federal student loan program is overconsumption of higher education (by making it money cheaper than it should be for pursuing that intangible asset) while driving down the marginal value of that intangible asset (by encouraging too many people to go to college).
Setting interest at 0 or 1% would make ALL the problems worse than they are.
IsayNigel | 2 months ago
“Overconsumption of higher education” oof
elegantlywasted1983 | 2 months ago
This is what happens when they told an entire generation humanities degrees like sociology and history were “worthless”.
orangeman5555 | 2 months ago
This is ironically what they teach in corporate-friendly economics classes. The principles he's spouting are sound. He's just ignoring the context that human capital is the most valuable asset a country possesses and doing so in a hypothetical vacuum where 'only one solution can be implemented and has to solve literally every problem all at once' and under the umbrella of 'the government taking any action automatically makes said action dumb-bad'.
smidge-widge | 2 months ago
Sociology isn't in the humanities. It's in the social sciences.
Humanities degrees have great value: They're just not applicable to the mass market encouraged by cheap student loans (and the attendant decrease in student quality). Cheap student loans are what has made business schools dominant.
Yara__Flor | 2 months ago
No, the ultimate problem stems from how states are failing in their promise to provide free higher education.
The university of California for example, w a s free until ronald Reagan.
smidge-widge | 2 months ago
States which provided free, or almost free, higher education did so by rationing access through other means.
The impetus behind federal student loans was to expand college attainment on the premise that SINCE wealthy people largely went to college IF we sent more people to college they would become wealthy. The primary effect was to demonstrate that premise had causation backward. The secondary effect of this was to allow employers to push selection and training costs onto the workforce.
College maxing is not a net good for society. Twelve years of total education is *plenty* of time for most people, IF you actually re-introduce some rigor (and sort out those who can't stand rigor into alternate programs, which is what happens in most nations progressives think have better education systems than the US).
tommytwolegs | 2 months ago
I'm pretty sure Norway's (pretty much the gold standard for progressives) high school graduation rate is at least the same if not higher than ours, so I'm not sure what you are talking about sorting people into alternate programs prior to university.
And as a manager I will always prefer hiring someone with a degree in literally anything. The critical thinking taught in universities is really hard to learn on your own outside of it, and aside from networking is the primary value of that education.
smidge-widge | 2 months ago
No, all student loans should not be seen as an investment in the future. Low quality students spending more time in low(ered) quality colleges, instead of entering the workforce, does not benefit society.
elegantlywasted1983 | 2 months ago
You keep comment bombing this bullshit everywhere because you think it makes you sound smart. But it doesn’t. It just makes you sound like an asshole.
smidge-widge | 2 months ago
I'm saying it because it's true.
The added benefit of lower college enrollment would be fewer people going into debt for an intangible asset with decreasing utility. Wanting people to not be "required" to place large financial bets when they're still in their teens doesn't make me an asshole.
elegantlywasted1983 | 2 months ago
Nah, it does.
Who paid for your college? Or were you just too smart for college?
SectorFriends | 2 months ago
I got a great idea on how to make really good marathon runners. You threaten to break their knees if they try to be a marathon runner and after training break only one of them.
bushed_ | 2 months ago
who pays for the depreciating loan in your fix? serious question.
crazyrebel123 | 2 months ago
If that’s the case, everyone would be borrowing and never paying it off. No repercussions means no reason for anyone to pay it back. What could be a solution is to charge the interest like a credit card. As long as you pay back the loan on time each month, you’re good. Interest should only accumulate if you don’t pay. That way, once people start making money, they can pay off the principle balance that they borrowed
ThomasTheDankPigeon | 2 months ago
The repercussions for not paying back the loan as described above would be the same as not paying back any other loan. Put it off for long enough and it goes to collections, slams your credit report, and you may be on the hook to get sued.
HexagonalHegemony | 2 months ago
Except student loans are very difficult to discharge like that and you need to declare bankruptcy among other requirements.
ThomasTheDankPigeon | 2 months ago
What? Bankruptcy has nothing to do with anything. If you don't pay a loan, student or otherwise, the loan servicer's recourse is to sell the debt. This process destroys the debtor's credit, which is a huge deterrent.
MD90__ | 2 months ago
yeah believe me im dealing with it now but I guess when your career gets offshored and you're barely getting by because wages aren't going up just the cost of everything else that means yes you need an unaffordable student loan repayment plan. The daily interest will capsize and go right on the principal.
pgtl_10 | 2 months ago
The interest becoming principal is the most dangerous thing ever. It keeps borrowers in debt despite paying the amount of the principal
MD90__ | 2 months ago
yeah and from what others said that's what happens when you switch plans
cy_kelly | 2 months ago
Not always, but in particular if you leave the IBR plan, your interest indeed capitalizes. A lot of people on SAVE probably want to go into RAP, a payment plan from the reconciliation bill this year that should be available by July next year. Hopefully they don't fumble that transition, but I'm not optimistic. Some non-trivial amount of people will probably feel they have to jump on IBR for a few months and face a nasty surprise when they leave it.
MD90__ | 2 months ago
yeah but they will give us a deadline to switch your they pick your plan for you which isnt good and RAP looked ok but idk about it since it's still not out yet because I think they'll change more as we get closer. The biggest issue is they probably wont give us til July to switch over
cy_kelly | 2 months ago
ICR or a forbearance should be an option for a lot of people, also PAYE depending on how old your loans are. But yeah, the smart way to play this would have been to have a smooth transition available from SAVE litigation forbearance to RAP, and from the timing it's clear they don't give a fuck about that.
At least we forgave all the PPP loans so a bunch of shitty small business owners who think the government persecutes them could get free yachts 😌
MD90__ | 2 months ago
yeah meanwhile i can barely make enough to keep my home but yay i get to be forced onto another plan that will probably just result in me paying more than I owe and ill never make enough to pay them off!
Fmeinthegoatass | 2 months ago
That’s the plan
XCGod | 2 months ago
I mean I think this whole situation is crappy but this is just how basically every loan ever works.
hereditydrift | 2 months ago
I missed my first payment after I graduated. Boom, all the deferred interest during my 4 years of school + 3 years law school was capitalized... and it was a lot of interest they capitalized. I was paying interest on a principal amount that was almost double after the capitalized interest.
Capitalized interest on student loans, especially since many are in deferment while in school, is one of the biggest scams of the student loan industry that never got enough attention.
MD90__ | 2 months ago
yeah it is ridiculous and a huge scam!
IndubitablyNerdy | 2 months ago
They elite are also doing their best to remove most intellectual professions through technology and offshoring, at least at an entry level (but let's be honest, seniors are not going to be safe for long), so that all that debt serve no purpose if degrees eventually end up providing litterally nothing, but to keep you down.
itsxrizzo | 2 months ago
The fallout from this has trippled my repayment plan to over 700/mo. They will get whatever I feel like giving to keep me from garnishment. If my wages get garnished I'll lose my house.
Appropriate-Joke-806 | 2 months ago
Republicans having full control of the government has costed me around 1200 dollars a month between health insurance and student loans. With health insurance having way worse benefits now. The same plan is hundreds more in premiums with a higher deductible and out of pocket max.
Cracks me up when they lie about sending 7k of Doge and tariff checks (which they won’t do), because that will only cover about 6 months of the increases.
I hate everyone who voted for this.
naijaboiler | 2 months ago
And yet our deficits are bigger than ever.
Between increase in prices of baby goods, student loans, healthcare cost, this admin is making me pay 1300/months.
Delicious-Chemist-84 | 2 months ago
I feel the same way. I can't even speak to my siblings who voted for Trump. I'm a Boomer and I am with you guys. My sons have loans and they are in the same boat. Both bought houses and were saving for retirement but now both are facing over 500 per month increases in their loan and healthcare costs. So they won't be contributing to the economy and saving for retirement anymore or they will be uninsured and using the ER for healthcare. Today's Republican party are not yesterday's conservative party. They are greedy criminals who only care about their own wealth and fortune.
Afterhoneymoon | 2 months ago
I don't get how the majority of republicans still don't see this. It's terrifying.
butteryspoink | 2 months ago
Im pretty sure that’s what these cretins want. I hope you get out of this in good shape - I’ll certainly vote for as much.
ramblinallday14 | 2 months ago
This has been me since dumbass said that garnishment would happen for delinquent loan payments. Thankfully young me invested in a 401(k) when I had money, so I can take a loan out to avoid being evicted because my whole paycheck would be garnished.
ragdollxkitn | 2 months ago
I know I posted I didn’t care and garnish me but you made me think and I’ll be sending them 5 cents/month
LessWeakness | 2 months ago
That fucking sucks. I'm so sorry for your situation
sockydraws | 2 months ago
Conservatives would rather live in a country full of uneducated idiots like them than invest in their country’s future. Because they can’t understand the benefits of living in a country with an educated population.
Edit: I mean the conservative VOTERS. Of course the crooked conservative politicians would prefer to rule over a bunch of slobbering morons. But their voters seem to prefer it, too.
Common_Poetry3018 | 2 months ago
I think conservative politicians understand very well the benefits of living in a country with an uneducated population.
Professional_Put5549 | 2 months ago
They literally take Ivy League courses on disruptive and exploitative policies, business practices and legal maneuvers.
Euphoric-Witness-824 | 2 months ago
The politicians may or may not but the ones who put the money in their pockets sure do.
Single-Baseball7836 | 2 months ago
The best way to scare a Tory is to read and get rich
debaser64 | 2 months ago
I’m just sitting here looking at pretty colors
FunFact | 2 months ago
He's been changing the lyric to "fascist" recently.
NewsgramLady | 2 months ago
Because they realize educated people are left-leaning and they can't have that, by golly.
Oceanbreeze871 | 2 months ago
Conservative career options for the peasants. Manual labor, Military or jail.
fumar | 2 months ago
If they're uneducated it's easier to dupe them. It's really that simple
sarcasmismysuperpowr | 2 months ago
he loves the un-educated
shadeandshine | 2 months ago
I’ve seen it so much on the state level. They rather rule over a piece of shit with a iron fist and their old boys club making chump change while the people starve then invest into a better future and actually have to compete
EddieVanzetti | 2 months ago
Republicans want America to be Afghanistan. A theocracy where even music and dancing is banned (remember when that was considered outlandish in Footloose?).
BoggsMill | 2 months ago
"I didn't go to school and I'm very successful at my business that does carpet in office buildings."
MaleficentOstrich693 | 2 months ago
Well they already got theirs, on their own, so why shouldn’t everyone else have to? /s
pubertino122 | 2 months ago
I’m sorry how does a forgiveness plan for people who’ve already taken student loans and gotten their degrees invest in their country’s future?
Much better bang for the buck making tuition free immediately. There’s zero reason forgiving loans for people who’ve already taken them over doing that.
Ok_Philosopher_6028 | 2 months ago
Student loan forgiveness is a one time cost, and frees up liquid cash for use on economic activity (food, housing, etc). Unfortunately, there’s no “one time cost” to permanently reduce tuition rates. It’s an admirable goal that requires a separate solution, and will also have similar benefits — but it requires permanent budgeting and structural change.
pubertino122 | 2 months ago
Cool. Give it to poor people without degrees instead. Why the fuck would you give it to people who already have a better life outcome because they have a degree or are working towards one?
Ok_Philosopher_6028 | 2 months ago
I am sensing animosity against educated people
sockydraws | 2 months ago
Their complaint was that taxpayers were on the hook for repayment.
AaronfromKY | 2 months ago
Meanwhile plenty of taxpayers have student loans and would've benefited from this.
billybobthehomie | 2 months ago
So student loan forgiveness is disgusting and a burden to taxpayers in the Trump administration, except when it’s for ICE Agents?
If this is what the administration truly things I’d like to hear how they justify loan forgiveness for ice agents. How is that not a burden on the taxpayer then.
Fuck these people. No help if you need it. Only if you’re filthy rich do you get government support.
SureAmHuman | 2 months ago
$30-50k sign up bonuses too!
We just wanted a $10k, one time credit towards what we owed for our parent plus loan that we had never intended to have after losing the kids college savings when the markets collapsed in 2007-2008. Felt the govt owed us that for being such a shitty steward of the economy at that time.
Now, tough "guys" are getting 5 digit sign on cash bonuses and student loan forgiveness just to rough up immigrants and US citizens.
Whatever.
Embryw | 2 months ago
That sign up bonus would wipe my student debt away. And they're giving it to Nazis to send people to camps.
anewbys83 | 2 months ago
Because we can't let people just ride the current forbearance until 2028? We have to be extra cruel? Republican actions for decades made education unaffordable to begin with! What are they b*#$%ing about?!?!?!!!
Bomb_Wambsgans | 2 months ago
My dad got $250k paycheck protection loan during the pandemic he didn’t have to pay back but will literally scream at the TV when Biden suggested forgiving student loan debt using his tax money
GeekJump | 2 months ago
On the save plan I was paying ~150/month. With it gone it’s looking to go up to nearly $500/month…
Add that to the spike in my insurance costs next year and I will go from saving a couple hundred a month in early 2025 to being in the red 2026. Oh and groceries, rent, etc. also going up per usual.
I love all this winning and being great! /s
TheRoyalBrook | 2 months ago
Yeah, on its own this is pretty rough. I'm expected to pay about 400 a month. Then throw on my healath insurance costs where I dropped my monthly pans to the lowest tier to avoid a 250 dollar a month increase.... hooboy this is gonna be rough.
MotherFuckerJones88 | 2 months ago
"Because who needs funding for education when kids can just grow up to be professional wrestlers" - Linda McMahon probably.
Also this comment will be removed due to "being too short" so I'm gonna keep typing all these words to show just how stupid and absurd that is.
sandefurd | 2 months ago
Rules about minimum length are silly. Encouraging people to say more just for the hell of it is a detriment to everyone.
PossiblyATurd | 2 months ago
They need more verbiage to feed to the LLMs so they can be better at posing as real people and duping gullible rubes in to believing anything.
MotherFuckerJones88 | 2 months ago
I think it's because MODS are trying to gaslight people and control the narrative in the comments,but that's just me.
dotcomse | 2 months ago
This is an economics subreddit. I don’t think it’s too much to ask that top-level comments discuss economics, which your comment does not. There are no shortage of subreddits for jokes or for political argumentation.
MotherFuckerJones88 | 2 months ago
there's no joke or political undertone to anything I said. I'm only paraphrasing her actions into layman's terms.
Shoddy_Carrot_936 | 2 months ago
One of my favorite things about student loans and payment plans is that because I'm married my wife's income counts when determining my payment even though she had absolutely nothing to do with them.
Biden offers a small lifeboat in the way of lowering monthly payments for many on save (not all did see a lower payment) along with a path to forgiveness for some lower amounts and conservatives lost their minds.
I think that giant right wing talking point that the taxpayers were funding ivy league educations is one of the biggest lies yet most effective with their base. It's simply false. The Ivy's are very generous with their aid, so the people that would generally need student loans will likely not be as indebted as those in non Ivy's.
I guess the only good thing about this is that I can finally start progressing toward pslf again and hope they don't eliminate that before I finish... But at this rate, who am I kidding?
spor829 | 2 months ago
Im in the same boat as you, definitely have guilt for involving my wife with the student loans I took out years before meeting her. Having to file married separately so my payments dont skyrocket makes everything even more complicated.
Cant wait until this student loan system is resolved but im not holding my breath
flakemasterflake | 2 months ago
Filing "married, filed separately" isn't complicated at all though?
killedonmyhill | 2 months ago
Huge reason why I haven’t married my partner. I just can’t put this on him. It’s too much, and it’s not getting better.
flakemasterflake | 2 months ago
Not if you file your taxes separately they don't
Shoddy_Carrot_936 | 2 months ago
Yeah but then we're both penalized come tax time so...
flakemasterflake | 2 months ago
Oh, how so? I file separately from my spouse for the student loan reason and am curious
Shoddy_Carrot_936 | 2 months ago
MFS is a worse filing status in pretty much every conceivable way. The only reason to file this way really is for rare circumstances like student loan repayment. For example, you can only take credits and deductions you qualify for as an individual. Generally, it will probably result in a higher tax bill vs mfj.
durablecotton | 2 months ago
I would add that even then, the income disparity has to be pretty massive to offset the additional taxes, especially if you have kid(s).
movzx | 2 months ago
Even when filing separately you both have to file in the same way, so if one of you takes the standard deduction then both must.
This means if you have a more complicated tax situation that can benefit from itemizing, you actually get screwed.
Matt2_ASC | 2 months ago
Biden should be commended for trying to help student borrowers. We've seen decades of decline in funding of higher education (Public Research Universities: Changes in State Funding | American Academy of Arts and Sciences). This program was just one small effort to try and help those impacted by the lack of government assitance for anybody besides the most impoverished and the most wealthy.
Less_University7400 | 2 months ago
I’m still mad at the democratic congress sidestepping addressing student loans and saying it’s the president’s responsibility. Biden stood up when they failed. The landscape may have looked differently had they acted
ItGradAws | 2 months ago
Biden kicked the can to the Supreme Court knowing it would get slapped down in the courts giving the Dems something to run on because they didn’t have the balls in Congress. It’s time to start blaming Congress for its failings and we need to scrap the filibuster in order to legislate. No other functioning democracy is handicapped with such archaic rules that aren’t even in their constitution.
Dry-Mousse-6172 | 2 months ago
No he didn't know it would be slapped down. The whole standing for suit was ridiculous. He still managed to forgive 200 billion
Bidens only issue is he's slow to act.
MaleficentOstrich693 | 2 months ago
I’m just sitting here hoping for the second coming of FDR. He did some wild shit while in office as well but it’s what we as a nation will need to have any hope of crawling out of this burning dumpster.
Dry-Mousse-6172 | 2 months ago
That was Biden. Sorry. He did infrastructure. Manufacturing. Student loan reform. Took Americans out of a possible depression with COVID. Expanded WIC and snap. Expanded aca benefits. Appointed hundreds of judges. Largest green energy bill in the world.
But people hated him for it.
MaleficentOstrich693 | 2 months ago
He did some really good stuff but he was no FDR. He was very much a product of the process and he did that well but he stayed in the lines. But his age, declining communication skills, and hubris dug that grave. Shout out to Lina Kahn, she was a genius move; I’d love to have seen her go for a lot longer. She had the fire we need.
But I’m talking about someone bold and savvy enough to navigate the times and build things. Universal healthcare. Addressing right wing domestic terrorism. Funding Childcare. An actual Minimum wage. Going after the oligarchs, big tech, and corporations instead of rolling over for them to make a quick buck. Massive Workforce investment and continue to repair our infrastructure. Fixing the painfully slow bureaucratic process (it took years for some build back better projects to even issue funds, not a good look). And so much more.
We will probably need someone kind of like Trump to accomplish these things. Someone who isn’t afraid to go against norms and test the limits for how to help Americans. We’ve already seen how easy it is for an inept president to fuck things up because people just let him, I want to see to what one working for the betterment of the people and the nation people does. We will probably even need some sort of attack dog or dogs to dismantle right wing media instead of emptily scolding them. We will need a legislative branch that isn’t a retirement home to start impeaching these Supreme Court assholes who legislate from bench based on vibes and not laws.
Dry-Mousse-6172 | 2 months ago
Fdr had 60+ senators to work with. Biden had 50 and was more legislation accomplished than Obama did in 8.
We are passed the time of getting 60 dem senators. So basically will have to get a group of senators to give up the filibuster rather than the president actually doing anything.
>But I’m talking about someone bold and savvy enough to navigate the times and build things. Universal healthcare. Addressing right wing domestic terrorism. Funding Childcare. An actual Minimum wage. Going after the oligarchs, big tech, and corporations instead of rolling over for them to make a quick buck. Massive Workforce investment and continue to repair our infrastructure. Fixing the painfully slow bureaucratic process (it took years for some build back better projects to even issue funds, not a good look). And so much more.
Lol he literally did all this.
That's why big tech turned on him.
Yes they made the rules onerous on grants but infrastructure and chips all broken ground. The biggest bust was ev installs. But ev car one was huge success
stickcult | 2 months ago
He literally did Universal healthcare?
Biden was an ok president, but he wasn't that great. The proof of that is the fact that now we have Trump as president again. If he had improved people's lives so drastically, we wouldn't be here right now.
Dry-Mousse-6172 | 2 months ago
Yep between Medicaid expansion under COVID and aca subsidies.
Yes Biden was the best president in multiple generations for the working class.
It just shows that no one really cares about actually solving problems. It's about vibes. That's why we have trump.
We have trump because people could focus on bullshit like Gaza or trans shit instead of problems in their own lives.
Turns out once you solve the economic problems people vote conservative as the standard.
Soggy_Sheepherder508 | 2 months ago
No, congress did most of that. He was just along for the ride he canvassed on being and to reach across the aisle and get things done, but he accomplished virtually nothing and certainly nothing he promised. Appointment is judges happens regardless it was my him doing anything tangible. This worship of a failed leader who is largely responsible for trump 2.0 is wild. Dems truly are something else.
bleucheeez | 2 months ago
Standing has been a joke for a long time; that's true of lawsuits on both sides of the aisle. SAVE plainly looked like it would be a litigious issue from the outset. He should never have done it. There were plenty of other ways to give borrowers more leniency. For people like me, it added nine more months, a thousand dollars, and dozens of hours of active effort, due to the lawsuits. A Dept of Ed that actually cared would have awarded their service contract to a more responsible servicer. I avoided certifying for years so that I could dodge FedLoan. But it turned out Mohela after them was even worse. Due to Mohela's incompetence, I had to switch from IBR to SAVE to force a proper repayment calculation. Then the injunction happened. Luckily that's all over and done for me. But I feel so bad for everyone still fighting Mohela and still dealing with the SAVE confusion.
BetFinal2953 | 2 months ago
Aaaaand the Merrick Garland appointment.
His only two issues
Dry-Mousse-6172 | 2 months ago
Yea that's fair.
ItGradAws | 2 months ago
lol that’s not his only issue, dude couldn’t sell a free sandwich to a starving person
Dry-Mousse-6172 | 2 months ago
Biden governing was his only problem was slowness. Running for elections is a different story. People fall for Bs like he had dementia while giving a pass as trump make no sense because his voice is stronger.
iheartsunflowers | 2 months ago
He didn’t kick to the Supreme Court , the Rs file a lawsuit to stop him and they kept it going. Jesus Christ! Where are your critical thinking skills?
Dry-Mousse-6172 | 2 months ago
Murcs law
https://en.wikipedia.org/wiki/Murc%27s_law
ItGradAws | 2 months ago
The reason we don’t blame republicans is because we know they’re corrupt. The democrats on the other hand like to pretend they’re doing something while doing nothing. There’s only one party worth reforming and not being able to criticize them makes the WEAK. We need bold reforms and they deserve every bit of criticism coming their way
Dry-Mousse-6172 | 2 months ago
It used to be leftists would protest Republicans. Now they give them a pass. Look at the whole Gaza thing. Evaporated as soon as Dems weren't in power.
They actively made everyones there and here's lives worse. For what ? For their own moral purity as they effectively murdered those people.
Raichu4u | 2 months ago
The problem is that people get caught up in terrible times to criticize them and actively do it in ways that just enables the bad guys to win.
ItGradAws | 2 months ago
The problem is there’s never a good time to criticize them and these corrupt rats keep sliding by as a result
Raichu4u | 2 months ago
Hey, just like my comment said. Enabling the bad guys to win.
ItGradAws | 2 months ago
No. Leaving trash in Congress and elevating them to the presidential level is how the bad guys win. We have lost 2/3 of the last generals because the democrats are weak. They don’t fight. The only reason we won the one is because trump botched covid and even then it was razor thin. So yeah. They deserve every bit of criticism.
Scrandon | 2 months ago
Imagine what republicans would be doing right now if there was no filibuster.
Dry-Mousse-6172 | 2 months ago
Who cares. If it was unpopular then they would lose. If it was popular they wouldn't. They'd probably ban abortion nationwide and be massacred next election.
Dems always stop Republicans which is why people pretended they wouldn't do anything under trump.
Scrandon | 2 months ago
How about election laws? You trust this blatantly corrupt Supreme Court to protect constitutional voting rights?
They are already unpopular on almost every issue but they still squeak by elections. Too many people don’t understand policy and vote based on their current circumstance. They could get lucky economically and win another election. Not to mention their whole economic gameplay is to juice it up short term at the cost of our futures.
EmergencyThing5 | 2 months ago
Even if it was part of a Reconciliation bill, Congress wasn’t going to pass anything nearly as generous as the SAVE plan during the Biden Administration. Unfortunately, it’s just so expensive since your typical borrower wasn’t going to come close to even paying back the principal while paying on that plan. Even Progressive Congressional advocates pretty much pivoted to just having the Executive branch implement something unilaterally since it would be significantly more generous than whatever Congress could pass. Unfortunately, it was then subject to many more court challenges. It probably was better to try to hit a single than go for a home run. Hindsight is 20/20 though.
Birdy_Cephon_Altera | 2 months ago
> Biden should be commended for trying to help student borrowers.
There must have been a dozen times (or more) during his administration where there was a headline, "Biden cancels x thousands of student loans", over the four years it added up to millions of borrowers*.
But every single time, redditors would dogpile on him, screaming at him "NOT GOOD ENOUGH!" No matter what he did, no matter how good it was, it was never enough. Dude couldn't catch a single break.
*(Just looked it up: $189 billion in loan forgiveness for 5.3 million borrowers)
empty-walls555 | 2 months ago
well technically biden was the one that spearheaded the legislation to prevent student loans from being declared in bankruptcy in the first place back in like 2006 or something, was super proud of it too at the time, and technically all his actually legislation he did get passed did was just reaffirm what Obama had put in place for disabilities before
Matt2_ASC | 2 months ago
I'm not well versed on that legislation. I did find the 2005 bill which was a Chuck Grassley sponsored bill. Cosponsors - S.256 - 109th Congress (2005-2006): Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 | Congress.gov | Library of Congress
This was passed by the 109th congress which had Republican majorities in the House and Senate. If Republicans didn't want it to pass, they would not have brought it to a vote at all.
nekmatu | 2 months ago
“Biden was one of the bill's major Democratic champions, and he fought for its passage from his position on the Senate Judiciary Committee. He had pushed for two earlier bankruptcy reform bills in 2000 and 2001, both of which failed. But in 2005, BAPCPA made it through, successfully erecting all kinds of roadblocks for Americans struggling with debt, and doing so just before the financial crisis of 2008. “
https://www.gq.com/story/joe-biden-bankruptcy-bill
Stress_Living | 2 months ago
Do you really see the world so black and white that you’re incapable of saying that both the Republicans as well as the Democrats who allowed this to pass (read Joe Biden) are to blame for the mess we’re in?
Matt2_ASC | 2 months ago
We're in a two party system so thinking should be somewhat black and white. Until Dems are the political center, I'll blame the people further to the right. Especially when they draft the laws, rule the courts, and grab power as the executive.
Stress_Living | 2 months ago
If you actually care to educate yourself, read this from The American Prospect and then seriously tell me with a straight face that Biden doesn't deserve any blame for our student loan crisis just because he has a (D) next to his name...
The Americans Joe Biden Left Behind on the Bankruptcy Bill - The American Prospect
empty-walls555 | 2 months ago
nice thanks for resource
Dry-Mousse-6172 | 2 months ago
And I bet half didn't show up to vote.
Happy-Comment-408 | 2 months ago
Its not good enough. Im drowning. So is EVERY other one of my colleagues.
rustyphish | 2 months ago
Sorry, he doesn't line up with every single political take I have exactly so he's clearly just as bad as Trump
those are the rules the internet taught me
disgruntled_pie | 2 months ago
And also, Kamala Harris laughed at things. She experienced joy, like a normal human being. So obviously we had no choice but to put Jeffrey Epstein’s best friend back in charge. It was the only option.
empty-walls555 | 2 months ago
well technically biden was the one that spearheaded the legislation to prevent student loans from being declared in bankruptcy in the first place back in like 2006 or something, was super proud of it too at the time
TrussNail | 2 months ago
Biden literally wrote the bill that made it so you couldn’t default on a student loan in bankruptcy during his time in the Senate. He could have forgiven all loans during the pandemic and refused.
He’s no ally to anyone but lenders and creditors.
AlexOrion | 2 months ago
Why would did his admin create save program then? For fun he was just having a good time. People can change.
empty-walls555 | 2 months ago
Obama did that already, bidens bill was just a reaffirmation of those same rules
TrussNail | 2 months ago
Why didn’t he outright forgive student loans?
iheartsunflowers | 2 months ago
Because he couldn’t and what he did try to do, the Rs took to court and he was blocked. He tried but they blocked it.
Ok_Philosopher_6028 | 2 months ago
Because you can’t just wave away all loans without procedures. Many of the loans he forgave had structural underpinnings (eg fraudulent schools) that made the forgiveness more defensible if challenged.
The president isn’t an all powerful magician, and the belief that he is only serves to empower Trump to act as an autocrat.
Orange_Tang | 2 months ago
You can't seriously be saying this after all the shit Trump is actively doing, right? And not just this term, he did shit like this his first term too, which I'll remind you is before Biden took over. Irony is fucking dead.
Kcirrot | 2 months ago
There was literally a Sp.Ct. case that said Biden couldn’t outright forgive student loans without an act of Congress. It was only 2 years ago.
empty-walls555 | 2 months ago
because then israel might not have been able to get as many mega bombs for Palistinian hospitals and to level the new seaside resort land for bonesaw and kushner to develop on
Scrandon | 2 months ago
What, 30 years ago? When college wasn’t nearly as unaffordable as it is now? Completely irrelevant.
Dry-Mousse-6172 | 2 months ago
Lol why are you a liar
MarcsterS | 2 months ago
The amount of people blaming Biden a few years back when Republicans blocked every single method he could've used was infuriating.
catchy_phrase76 | 2 months ago
Cause there weren't 2 full years when they owned all 3 branches and could have done something...
Or that Biden was mentally slipping from age but still ran for a second term after stating he was a transitional leader...
Biden helped short term but was sure to fuck us by making student loans in bankrupt able back in the day and writing an EO that everyone knew would fail to put his hands away n the air and say ah shucks I tried.
Happy-Comment-408 | 2 months ago
Stop. Biden can kiss my hairy asshole. Anything he 'accomplished' has been rendered moot, because HE let Trump back into the fucking white house. Of course it wasn't him alone, him and the DNC. Fuck all of them.
MaleficentOstrich693 | 2 months ago
He helped a lot of people, just not on the larger scale they were trying to before all the republicans started challenging things.
WetDreaminOfParadise | 2 months ago
Even if the SAVE program is gone, he probably saved/made me thousand from interest and my ability to invest my own income
v12vanquish | 2 months ago
For ever dollar cut from college funding, colleges raised the price by $2.81. It’s had nothing todo with college funding and basic economics like unlimited student loans.
cbih | 2 months ago
Yeah, I'll get right on thanking Biden for blue balling borrowers for 4 years. He placated everyone to keep anyone from pushing real changes.
cle2056 | 2 months ago
For the “they should pay it back” police my story on SAVE.
-Worked nine years in Higher Ed making payments on my loans (originally held by Discover and taken out in 2000).
-Utilizing the Biden Covid guidelines during Covid was able to enroll in Public Service Loan Forgiveness program in 2023. Getting 110 months of qualifying payments counted for the program. You need 120 to qualify for forgiveness.
-Worked a second job (Americorps) in 2023-24 to work the final 10 payments off. Was advised by FSA agents to enroll in SAVE. Worked two separate jobs with Americorps (in addition to my non-PSLF job), making payments each month, and between the two jobs working 60 plus hours a week.
-In April 2024 was told by FSA my loan was being moved to MOHELA and being placed on a Admin Forbearance. It would be until July 2024 until I could get any updates on the loan. Continued to work and still make SAVE payments—even though payment wasn’t required.
-July 1 2024, told by MOHELA my loan is fully transferred, qualifying payments would count, and I would even get a refund of the four payments I made while on Admin Forbearance (totaling 1300 dollars). Was told by a MOHELA agent I could make my 120th payment today and it would count.
-July 2, 2024 Made 120th payment and faxed over my final paperwork.
-July 15, 2024 Told that my loan was under the SAVE Forbearance and my 120th payment would now not count because my due date was technically after the date of the federal injunction. DESPITE ME ALREADY PAYING TWO FULL WEEKS BEFORE THE INJUNCTION!
I’m at 119/120 payments
-November 2024: submitted a buyback request to get credit for the 120th payment. Was told it would take 90 business days.
At this time I’m still waiting on my buyback credit as well as my $1300 from MOHELA. Even getting a letter from MOHELA stating I should get the money but can’t because FSA has not settled on SAVE.
Call FSA they blame MOHELA. Call MOHELA they blame FSA. Ask for a supervisor, no one calls back, and you can’t speak with anyone at the Dept of Ed. Only FSA reps who are only trained to answer questions you can see on the FSA/PSLF website.
I am still at 119/120 payments. It’s been over a year.
HauntingMark5720 | 2 months ago
It still needs court approval but it looks like we have a few months to prepare before we start paying back. God damn it, what a shameful time for America.
SpiritualAd8998 | 2 months ago
https://turnto10.com/news/nation-world/wwe-founder-vince-mcmahon-defecated-on-former-employee-during-a-threesome-lawsuit-sexual-abuse-accusations-assault-allegations-sex-toys-underwear-wrestlers-professional-wrestling-janel-grant
malignantz | 2 months ago
Article pretty much in the URL.
Also, what a terrible moment to be literate.
KennyDROmega | 2 months ago
“For four years, the Biden Administration sought to unlawfully shift student loan debt onto American taxpayers, many of whom either never took out a loan to finance their postsecondary education or never even went to college themselves, simply for a political win to prop up a failing Administration,” said Under Secretary of Education Nicholas Kent in a statement on Tuesday. “The Trump Administration is righting this wrong and bringing an end to this deceptive scheme. The law is clear: if you take out a loan, you must pay it back. Thanks to the State of Missouri and other states fighting against this egregious federal overreach, American taxpayers can now rest assured they will no longer be forced to serve as collateral for illegal and irresponsible student loan policies.”
So nothing at all about the people who were benefitting from this plan. Just "fuck Biden".
They know most of their people don't need to worry about college loans, so they don't care.
Even if it'll hurt the economy by limiting said people's spending power, more important that their perceived enemies suffer than that everyone win.
ktaktb | 2 months ago
Shift ppp loans to us all
Most fraudulent
Shift ertc refunds to us
Most fraudulent
Send the taliban 45M
lol
When it helps grifters it is as intended
If it helps you or your neice, nephew, son or daughter, regular joe, lol, no wayyy
Welcome to hell
Cue the fools owning themselves in the comments while the billionares not only have billions already but have no problems allocating government funds right into their own bank accounts, paying for their ventures and new projects, accepting all sorts of transfer payments, and fighting to make all kinds of laws at the federal, state, and local level to ensure they prevail.
Boggling
Dry-Mousse-6172 | 2 months ago
It's what Republicans do. Even ppp loans weren't like that till trump fired the inspector general stopping fraud.
Jomtung | 2 months ago
That inspector general guy got fired before PPP loans went out so the loans were always like that
No_Mission_5694 | 2 months ago
Was about to say, college grads should all join the Taliban - now that's a group that managed to get their s**t paid for without kicking it down the road to their future generations.
Green-Collection4444 | 2 months ago
Give 730 million tax dollars bailout to YRC freight in 2017 (in return the government was to get 35% of their profits).. YRC freight goes bankrupt in 2022. Board got millions in bonus' during those 5 years.. nothing ever paid back. Trump played shark tank with our tax dollars without congressional approval and literally nobody ever brings this up.
IgamOg | 2 months ago
Anything that helps regular people is bad, anything that helps billionaires is great, no matter how much it costs the taxpayers.
Lazy_Consequence8838 | 2 months ago
I am so tired of this false narrative that we are leaching off taxpayers. We ARE the taxpayers.
Archangel489 | 2 months ago
It's funny but didn't us taxpayers already pay to roll out the student loans in the first place? Isn't that mass rolling out of loans already irresponsible? If there was loan forgiveness or easier payments, that's just correcting an issue they helped to make. Beside isn't it the purpose of tax dollars to serve the interest of a better society? Oh who am I kidding, if it doesn't benefit shareholders or the military, fuck em. They also talk as is this will save taxpayers money, when it's has no bearing how much taxes if taken out only where the money goes.
Ohuigin | 2 months ago
This country is fucking disgusting. Student loan forgiveness is dead, but not if you want to be a Nazi!
ICE is still offering student loan forgiveness as they cancel it for people trying to actually improve the country’s economic output.
My own country is unrecognizable after less than a year.
ZookeepergameSea2383 | 2 months ago
I will never forgive the idiots who voted for this monster...twice. Nothing good for anyone other than the rich. Get me out of here.
Mindless_Director955 | 2 months ago
THRICE
ZookeepergameSea2383 | 2 months ago
Yup. This just makes it worse. It’s so dumb and disgusting. America is just a false ideal. Bootstraps are fiction. The rich are getting richer: Us poor are getting poorer, as they say.
ConsiderationDry9084 | 2 months ago
I hope the rural conservatives get exactly what they voted for. Not going to shed a tear for them or their children. They can all suffer right along with the rest of us.
fanclave | 2 months ago
Ignorance is bliss and unfortunately they have a lot of it
StrebLab | 2 months ago
They are going to be looking at a giant clusterfuck when their hospitals close or shut down services because they are no longer getting all the subsidized Medicaid. It is already happening in my hometown. They are discontinuing labor and delivery and obstetrics services. The nearest place to deliver will be 60-70 minutes away.
johnrgrace | 2 months ago
Next administration can have park ranger for a weekend jobs that come with $50k student loan forgiveness.
I_Study_The_Patterns | 2 months ago
Nope, Supreme Court will say you can't do that.
AgentInkling99 | 2 months ago
Yup and they took it away from other civil service jobs.
Bent-Ear | 2 months ago
Depressing. Student loans depress spending and aren't even affordable for most people anymore since most people with degrees don't have jobs aligned with their education.
Nicosantana1 | 2 months ago
Instead of seeing it as a much needed investment in our future by having an educated society - its framed as being "unfair" for american tax payers because they are "footing the bill" on someone elses college degree. The way they pit us against each other in such blatant ways is sickening.
filigreedragonfly | 2 months ago
Don't forget that not a single one of these butthurt morons ever considers that people with student loans are also taxpayers.
SureAmHuman | 2 months ago
This is so important. We are stuck in, "if even one undeserving person gits help" then we will slide down the slippery slope towards communismsocialismpeoplewithoutrichparents-ism and that's bad.
We cannot invest in human capital if they don't already have capital (deserving) Capitalism demands that. And we are a capitalist society before we are anything else. /s
Delicious-Chemist-84 | 2 months ago
I'm a 61 year old and I'm very pissed off by what they are doing to young people. Young people are struggling enough and facing higher costs for rent, mortgages, utilities, insurance, car payments, food, healthcare, etc. I can never understand why so many young people voted for Trump. It just baffled me at the time but he is a very good liar and he can convince people of anything when he wants to. I'm sure many of you weren't voters during the 2016 election. We learned the first time what a liar he was. He doesn't care about anyone but himself and his family and enriching them. He's part of the billionaire class and will never understand the struggles of every day Americans. Hopefully all of you will vote blue down the line from now on. Please pay attention to not they say but what they actually do. My two sons for benefiting greatly from the SAVE plan. They both took out mortgages while their loan payments for college were low thanks to the save plan. Now they are both going to be faced with higher monthly payments they weren't expecting. It truly sucks what they are doing to people. I myself am facing a $500 per month increase in my health care cost because they won't extend the ACA subsidies. My son is in the same boat. His payment is going up $300 per month and a student loan payment is going up around 200 per month. So now he suddenly has to come up with another $500 per month. It's insane. Again please read as much as you can and learn about these politicians. Don't sit out the vote. Voting is your power for change. Use it.
platypusbelly | 2 months ago
No one made student loan payments for like 4 years once covid happened and it didn’t negatively impact a single person. I don’t give a shit about legality. Just get rid of it. It won’t actually bother anyone.
TheyCallMe_OrangeJ0e | 2 months ago
This administration and the rich are doing everything they can to turn the potentially educated into factory workers. They want to revert this country and take everything away.
Puzzleheaded_Mix7873 | 2 months ago
I love how when the Biden administration enacted an actual law for it, it was still somehow “illegal”. Yet supposedly Trump can just “think” about declassifying documents and that makes them declassified.
glitterandnails | 2 months ago
Debt has throughout time been used as a tool for slavery
Debt is a tool of oppression
naija88 | 2 months ago
This is going to cause a faster US Brain Drain and population decrease. Many people who have student loans have skills that are needed and transferable to other countries. They are finding ways to move to other countries permanently. If you don't live in the US, student loans don't matter. Can't garnish other country's wages and "bad credit" only matters in the US.
MalikTheHalfBee | 2 months ago
Student loans are exactly why tuition rates have increased faster than anything else, Universities should be ashamed of the system they fight for to profit from.
Minimum-Attitude389 | 2 months ago
Take a look at your local state university's budget. They are public records. They aren't making profit.
The instructors aren't the problem, but the athletic departments eat a ton of money. Football coaches in particular. Them and the vast administration of President, 15 Vice presidents, some of whom make 5 or 6 times the salary of the instructors while teaching no classes. But these salaries are all approved by the state board of regents, and usually by the states legislatures. While these bodies also cut state funding to low levels.
These bodies also approve any tuition increase. It's not the universities, it's the state legislatures that are doing it.
MalikTheHalfBee | 2 months ago
It doesn’t matter if they are making a profit or how tuition is raised, the point is without a system that gives out these loans the universities would be forced to lower tuition & fund ways to not increase their budget by double digit percentages annually
bookant | 2 months ago
>The law is clear: if you take out a loan, you must pay it back.
https://projects.propublica.org/coronavirus/bailouts/loans/linda-mcmahon-5477119006/
And nevermind Trump's multiple bankruptcies.
plenty_planties | 2 months ago
Key examples of individuals whose pardons eliminated substantial restitution and fines include:
Todd and Julie Chrisley: The reality TV stars were relieved of more than $22 million owed for bank fraud and tax evasion.
Paul Walczak: A nursing home executive who was ordered to pay $4.4 million in restitution for stealing employee tax payments was pardoned, wiping out the debt, after his mother reportedly donated $1 million to a Trump fundraiser.
Lawrence Duran: A healthcare executive convicted of Medicare fraud had his 50-year sentence commuted, which relieved him of $87.5 million in restitution.
Trevor Milton: The founder of Nikola, an electric truck company, was convicted of securities and wire fraud and was ordered to pay approximately $168 million in restitution, which was effectively eliminated by his pardon.
A presidential pardon can, and in these cases often did, remove the requirement to pay remaining court-ordered restitution and fines, meaning these individuals won't have to pay the remaining amounts back. This is a departure from the traditional Department of Justice standards, which typically require offenders to make full restitution before being considered for clemency.
brahbocop | 2 months ago
I hope everyone has the day they voted for when this kicks in. Sorry for those who didn’t vote for this but if you did, hope you remember that next time you enter a voting booth. Elections have consequences, sometimes deadly serious ones.
Proxymole | 2 months ago
It actually costs the Department of Education more to service the loans than it would cost to just forgive them or make them into grants. In the first place the loans are already funded or they wouldn't be able to issue them in the first place. Students paying down debt don't actually fund this program, it's funded by congress. They imply that without saying it to shut down arguments for forgiving debt. Student debt is just a tax on top of what we already paid.
ThiqueAlien | 2 months ago
Reading this as I’m going to pick up the keys to my first home is a fucked up timeline. I can’t be fully excited because I have no idea how I’m gonna make ends meet when it’s time to repay.
Solid-Mud-8430 | 2 months ago
Isn't this the bitch that thought AI was a steak sauce?
Seems like the right person to head the Dept of Ed...
Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words Words
ACartonOfHate | 2 months ago
I love all the people whinging about Biden not doing enough for student loan relief (ignoring that the SCOTUS shut down his EO --they only let Trump do EOs) for years, and not showing up to vote for Harris (probably because of Gaza). Well played guys.
I voted for the woman that would have kept SAVE, and tried to get rid of student debt. Enough GenZ, Millenials decided to stay home and vote Trump or vote Third Party, also voting for Trump.
Hilarious.
Oh wells. Choices were made.
On a less bitter note, this will of course negatively impact an economy already getting squeezed hard by skyrocketing inflation, a crappy job market, with massive lay-offs. This means even less money will be available to be spent on anything other than paying off their debt, which needless to say, will further hork our consumer based economy.
SiegeThirteen | 2 months ago
Shit like this is why we need to fucking follow the examples of the protests in Nepal, Bangladesh, Serbia and Bulgaria.
Fuck them. We The People need to take our power back.
BroadMonk5649 | 2 months ago
Ya idk that I wanna pay my loans back anymore. I mean let’s be real. Israel is not paying back the money they got, Ukraine isn’t…… if America is in the business of giving hand outs it should be to the people living in America.
BroadMonk5649 | 2 months ago
But fuck that farm bailout.
lumiranswife | 2 months ago
I think the airlines are in there. Don't forget the airlines! Won't somebody please think of the airlines!
BroadMonk5649 | 2 months ago
You are right fuck the airline monopoly’s too!
ThomasTheDankPigeon | 2 months ago
Don't equate Ukraine and Israel. We're helping Ukraine as a proxy such as to keep Russia contained, and that's good. We're helping Israel because AIPAC will primary any politician that doesn't play ball.
BroadMonk5649 | 2 months ago
What I’m saying is, let’s focus our money on home base. I fully understand the American support needed in the Ukraine and was promised in return for their nuclear programs. But ya know it’s getting a little old hearing about the amount of money going out. And the only money going in is from the lower middle class and not the rich 🤑
ThomasTheDankPigeon | 2 months ago
You're only getting sick of it because you are being propagandized to get sick of it.
Russia has been pointing nukes at America nonstop for decades. If you live in a decently sized population center and you're under the age of about 60, they've been pointing a nuke at you for your entire existence. Containing Russia is focusing on home base, in the most existential possible sense.
Most of the aid we've sent them has been in the form of old military tech that would have cost us tax dollars to decommission anyway. They saved us money on this front. In terms of raw financial assistance given to Ukraine, the bill comes to about $60 billion over 3 years. Obliterating America's #1 military foe's capacity to fight a war for about 5% of the US's annual military spending is dollar for dollar one of the best military investments made in the history of humanity.
Not going to argue with you that the tax structure that's generating those funds needs a massive overhaul, because I agree with you there.
letitbe1870 | 2 months ago
They have no intentions on helping any one including students or people struggling to pay student loan debt . It is now basically each state figuring it out and fending for themselves .
nutellachicken4 | 2 months ago
Just finished my first semester of grad school and I think I’m gonna drop out lol. My professor’s been using AI to grade the papers I worked so hard on, the CSU system is raising prices 6% every year until the 28-29 school year (if they even stop at that point) and there’s absolutely no guarantee i would get a job that pays me well just because I have a graduate degree. I’m miserable in school anyway since I work full time as well. This is all so fucking pointless, I’m already $33k in debt, who fucking cares anymore. I have no hope anymore
MarcsterS | 2 months ago
I can't for the email, the same email years ago that did their best to reassure and support us during the original Republican bullshit forgiveness debacle, to now call us leeches.
MaterialDetective197 | 2 months ago
Zombie Linda strikes again.
For reference, Linda McMahon (the character) was heavily sedated by Vince McMahon (the character) which allowed him to have an onscreen affair with Trish Stratus. Before her villainous run in politics, Linda was referred to as "Zombie Linda" for her portrayal of a woman under heavy sedation at WrestleMania X7. She revealed she had not been taking her regular dose of medication so she could interfere on her son Shane's behalf in a father versus son match officiated by Mic Foley.
LouQuacious | 2 months ago
I live overseas now and changing plans is so difficult they require me to receive paper documents and then return them which is expensive and takes months. Their website just says I can’t access it from my location.
I’m also unable to make a payment in any case because they don’t accept foreign banks and I don’t have a US account anymore.
Luckily I earn less than $140k so my AGI is zero which means my monthly payments are set to zero.
I’m old enough to just not care now. Doubt I move back to US in next 10-20yrs anyways.
yeetsteel | 2 months ago
Let's kill with zero backup plan. They always do shit like this and wait for someone else to clean up the mess. Then blame that person for the problem they caused
Afalstein | 2 months ago
I'm sceptical whether this lasts. This is the sort of thing where the courts are likely to step in and say "uh, no, you can't just randomly chop programs off." Not dissimilar to when they fired a bunch of government employees and then had to hire them back because it turned out they weren't actually allowed to.
naijaboiler | 2 months ago
How silly are you. Have you seen current SCOTUS?
filigreedragonfly | 2 months ago
This is a result of SCOTUS. It's already over and done, unfortunately.
Delicious-Chemist-84 | 2 months ago
I've been reading all of the comments and I hate what's happening to all of you. But I want to ask....how many of you are planning to vote next November during the midterms? Your vote is your voice. Speak up and let them hear you in November! Make your voices heard loud and clear.
Euphoric-Usual-5169 | 2 months ago
Complaining about loans is a little bit of a distraction. The real problem is the insane cost of college these days. There really is no reason for this except greed. Same for healthcare. Keeping insurance subsidies is a short term solution but the real problem is the insane cost of US healthcare.
CrispyMann | 2 months ago
2 words and 4 numbers huh? Found the bot folks! Dont worry about this guy.
Euphoric-Usual-5169 | 2 months ago
Your bot detection sucks. These names are auto assigned by Reddit.
Acrobatic-Celery-474 | 2 months ago
[ Removed by Reddit ]
Southern_Ticket_8774 | 2 months ago
Looks like SAVE will be phase out in July of 2028 if I read that right. Thought it would be worse than expected but I should be able to pay off my balance in 2 years time thankfully.
DefaultProphet | 2 months ago
It says explicitly it will phase out in the coming months, way earlier than the previous 2028. .
> Under the terms of the settlement agreement, which is pending court approval, borrowers with student loans in the SAVE plan will not be able to remain in a forbearance until the program is sunsetted in 2028 under legislation passed by Congress last summer. Instead, borrowers will be forced to move into other repayment plans in the coming months
Woodpecker-Lobotomy | 2 months ago
So I was on a PAYE plan, when the SAVE act passed I was on that program as well. Now that it's gone do I go back to the previous rates of the PAYE plan or is that gone too?
TESThrowSmile | 2 months ago
SAVE pegged your payments to your income. Sure SAVE has lower rates than existing plans, but it still made u pay based on your income.
All this does is increase monthly payments, using outdated percentages (old plans) that dont reflect current economic hardships (rates of 10%-15% net pay).
dantevonlocke | 2 months ago
Fun fact. Income Based Repayment was already a thing and SAVE would have lowered the payments.
Significant_Toad7788 | 2 months ago
It's not repaying the loan I take an issue with, but I don't think that a federal loan should come with interest (I don't believe any loan should include interest, but a federal loan especially; we already pay taxes as citizens)
vman3241 | 2 months ago
I'm very progressive, but the current federal student loan program is idiotic because it gives money to colleges, no strings attached, and caused the price of college to skyrocket. Every $1 in federal student loans increases the price of college by 60¢.
I hate OBBB, but the one good thing in that bill was capping grad student loans. I think that the federal government shouldn't give out grad loans at all, but OBBB partially reverses the mistake that George W Bush made on uncapping grad loans, so it's a step in the right direction.
Critical-Holiday15 | 2 months ago
The Cato Institute cited the 1:60 ratio, but in 2024 the Philadelphia Reserve punished this.
https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2024/wp24-16.pdf
dantevonlocke | 2 months ago
No, the loss of state funding and rise of college administration's seeking more profit did that.
vman3241 | 2 months ago
Cutting state funding was bad, but that didn't cause the cost of college to increase. It would've increased sticker tuition for students, but my whole point is that colleges are spending way more money now than they were 30-40 years ago adjusted for inflation.
I think you're also confusing the cause and effects here. The reason that college administrations are able to seek more profit and states are able to cut college funding is because of guaranteed federal student loans. Without the loan guarantees, colleges would be forced to slash administrative spending and lower tuition or they'd go out of business. States are able to get away with funding colleges less because the federal student loans make up the gap. Subsidizing demand increases prices.
thexriles | 2 months ago
College used to be free.
vman3241 | 2 months ago
I'm talking about the cost of college, meaning how much colleges are actually costing to operate. Not just the price students are paying.
Public colleges used to be free, but the government didn't give guaranteed federal loans to all colleges, public and private, at the time.
If there is tuition free or cheaper public college, colleges actually have to adhere to a budget and they can't spend an obscene amount. I am a supporter of in-state tuition free college, but the loan program has to go.
nannermayo | 2 months ago
Except the cap is going worsen the existing shortage of healthcare professionals. Many necessary healthcare professions requiring graduate-level education weren’t even included in the “professional” degrees list, further reducing their borrowing limit.
vman3241 | 2 months ago
The problem is that uncapped federal student loans are an inflationary policy. We don't want a policy that drives the cost of college up.
As for policies that aren't inflationary and will reduce the healthcare shortage, we should increase the funding for residencies, make it easier for qualified healthcare professionals to immigrate, and streamline the certification process for them. Additionally, we should either reduce med school by one year or allow students to enter a 6 year med school program right out of high school without requiring a Bachelor's first.
I am also a supporter of in-state tuition free public college. I think that's a much policy than throwing money at colleges, including private for profit colleges, and watch them profit of the students and taxpayers.
nannermayo | 2 months ago
I hear you on residency funding gaps and IMGs. Putting aside discourse about the validity of loans causing “runaway tuition”, the point remains that we have capped loans with no policy for making these programs more accessible or affordable, and it is going to have ramifications. Calling it a step in the right direction is verrrrrry generous.