Federal Student Loans - next steps

[eyecu2]

President Biden has notified all student loan groups to hold off on the notification of resumption of both interest and principal payment until further discussed. Tipping his hand on the intention to resume the deferment if that policy under the cares act. Originally Binden was toying with the idea of eliminating up to $50,000 in debt for each student, but has now reiterated it's likely going to be $10,000. Further than the cares act would be reinstated or at least a period lasting through the end of the year, and if forgiveness of debts were included it would probably extend into next year, at least till spring. As most of the vocal folks on this board, I'm sure most of you are not on board with any additional deferments or elimination of debts.

The one thing that I do agree with, is that not all that should be eliminated, but I do think many institutions have price gouged the shit out of students and attendees.

One could argue that by eliminating the student loan debt, that successful graduates were earning higher incomes because of their degree, would be able to purchase more goods and services there for pumping more money into the economy, and therefore also paying more taxes while having earned a degree overall. Versus simply paying back Sallie Mae or PNC Bank for lending money to an overpriced institute/ institutions for tuition.

What are you guys think will happen?

[berryberry]

What will happen - Senile Biden will illegally forgive some debt making other taxpayers pay it as a way to try and buy votes in the midterms.

What should happen - Everyone who borrowed money needs to start repaying it. It is immoral to make other taxpayers - those who were responsible and paid their own debts, or those who did not incur debt to pay the debts of these other deadbeats. Why the hell should an electrician, welder, factory worker, etc, etc who never went to college be forced top pay the debts of well off college deadbeats?

[eyecu2]

maybe Bx2, but I'd say it's not illegal if it's done by the president (president's actions are never wrong according to you guys supporting the last guy) and likely seems poised to do something here in the next 3-5 days. I really don't think he'll do any forgiving of loans till after Nov, but I do believe he's going to delay the repayment of those loans till well into 2023 -either after Jan or June.

[Loretta77]

I doubt anything will happen and if it does it’ll be near voting time.

[berryberry]

Originally Posted by eyecu2

maybe Bx2, but I'd say it's not illegal if it's done by the president (president's actions are never wrong according to you guys supporting the last guy)

Where did any of us say a President can do anything? Link it please.

It would be illegal and likely subject to court challenges.
The President does not have the legal authority to forgive student loans on his own. Only Congress has the power of the purse. Executive action can be used only when it has been specifically authorized by Congress.

The executive branch cannot spend money that has not been appropriated by Congress, per 31 USC 1301 et seq (Antideficiency Act (P.L. 97-258)) and Article I, Section 7, Clause 7 of the U.S. Constitution.

https://thecollegeinvestor.com/35892...e-order-legal/

[eyecu2]

Originally Posted by Loretta77

I doubt anything will happen and if it does it’ll be near voting time.

The current directive ends on 8/31/22 so if something is going to happen, I'd bet a grand it will before that date: hence my comment about Biden saying "Hold off on contacting loan holders" last week for repayment notification. Doubt they would wait till it's passed and then reinstate it. It hasn't happened that way up to this point prior, it's always been just about at the time of expiration.

But it's weird world we live in right now- so who knows.

[onawbtngr546]

Student lone debt is not productive to the economy. There is no exchange of goods. The price that has been artificially placed on a degree is nowhere near worth what they give back.



They should not only erase all student loan debt (while also indirectly adding billions back into the economy), but limit the cost of higher education so that private schools stop being for-profit.


The fact that nearly every school is for-profit and private owned is detrimental to the overall education of the students in our country vs the rest of the world, where equal education costs a fraction as what it costs in America, if anything at all.


Everyone should have the right to pursuit higher education without financially cripple themselves for multiple decades at a time, or having to be in an already rich family

[onawbtngr546]

I should also add, that even though I'm saying 'cancel all student debt', I've already paid off my student loans years and years ago.
I'm just not part of the 'fuck you, I got mine' mindset that so many other people are of

[berryberry]

Originally Posted by onawbtngr546

Student lone debt is not productive to the economy. There is no exchange of goods. The price that has been artificially placed on a degree is nowhere near worth what they give back.



They should not only erase all student loan debt (while also indirectly adding billions back into the economy), but limit the cost of higher education so that private schools stop being for-profit.


The fact that nearly every school is for-profit and private owned is detrimental to the overall education of the students in our country vs the rest of the world, where equal education costs a fraction as what it costs in America, if anything at all.


Everyone should have the right to pursuit higher education without financially cripple themselves for multiple decades at a time, or having to be in an already rich family

I can't tell if this is a parody post or you actually believe this garbage.

If Senile Biden illegally forgives student debt, no money is put back in the economy. All those taxpayers who did not have any debt are going to have to pay for this. The government has no money of their own - it comes from taxpayers. This would be a forced handout to a small group of people and harms the 87% of people - who are disproportionately poorer - with no student debt

Also, 99% of Universities / Colleges are non-profit organizations. The fact that you think " that nearly every school is for-profit and private owned is detrimental " shows how little you know about anything

[eyecu2]

It's not illegal for a president to offer assistance by executive order. Why do you lie about this kind of stuff? Federal loans are guaranteed by the US government and while it might be a reduction in tax coffers, the offset of immediate return of both taxes increased at higher earnings and also by consumption, both - are mechanisms to grow an economy. Not what is really needed at this moment but maybe needed in 4- 6 months.

According to USNews.com

The Number of Public vs. Private Colleges

Of the 3,982 institutions listed by NCES, there were 1,625 public four-year and two-year colleges; 1,660 private nonprofit four-year and two-year schools; and 697 for-profit schools in fall 2019. The data divides the institutions into subcategories such as four-year colleges and universities and two-year schools, often known as community colleges.

3200 public & private non-profit vs 700 for profit

So approx 21% for profit.

Not the 1% Berryx2 claims.

But math is hard.

[DrivesAllDay]

I wonder- Who was dumber? The students getting loans for degrees that turned out useless and defaulted, or the people who loaned them the money for the useless degree?

[chizzy]

you make the debt...... you pay the debt

i guess the younger generation dont have the same ethics or values

[berryberry]

Originally Posted by eyecu2

It's not illegal for a president to offer assistance by executive order. Why do you lie about this kind of stuff?

Actually it is - perhaps you should read the US Constitution as the only one lying is you

The executive branch cannot spend money that has not been appropriated by Congress, per 31 USC 1301 et seq (Antideficiency Act (P.L. 97-258)) and Article I, Section 7, Clause 7 of the U.S. Constitution.

Originally Posted by eyecu2

According to USNews.com

The Number of Public vs. Private Colleges

Of the 3,982 institutions listed by NCES, there were 1,625 public four-year and two-year colleges; 1,660 private nonprofit four-year and two-year schools; and 697 for-profit schools in fall 2019. The data divides the institutions into subcategories such as four-year colleges and universities and two-year schools, often known as community colleges.

3200 public & private non-profit vs 700 for profit

So approx 21% for profit.

Not the 1% Berryx2 claims.

But math is hard.

Using your stats the number actually is 17.5% - but as you admit for you math is hard. Granted that is not the 1% figure I tossed out so I will admit my number was off (I was thinking more along the lines of percent of total enrollment which is in the single digits) but my overall point still stands - that onawbtngr546 clearly lied yet again when he said

Originally Posted by onawbtngr546

The fact that nearly every school is for-profit and private owned is detrimental to the overall education of the students in our country

[berryberry]

Originally Posted by DrivesAllDay

I wonder- Who was dumber? The students getting loans for degrees that turned out useless and defaulted, or the people who loaned them the money for the useless degree?

The students who borrowed money for degrees in worthless fields are dumb fucks.

The rest is all a scam. The government issues the loans. The colleges use the fact that the government hands out loans like this to jack tuition up to nonsensical levels

As Chizzy noted - you make the debt...... you pay the debt

The younger generation and libtards in general are a bunch of deadbeats who don't want to take personal responsibility for their actions

[eyecu2]

Originally Posted by berryberry

The students who borrowed money for degrees in worthless fields are dumb fucks.

The rest is all a scam. The government issues the loans. The colleges use the fact that the government hands out loans like this to jack tuition up to nonsensical levels

As Chizzy noted - you make the debt...... you pay the debt

The younger generation and libtards in general are a bunch of deadbeats who don't want to take personal responsibility for their actions

So it's only degree's you think of that are worthwhile? Do you think 100% of the population would want to do what any of us do for a living? Fuck no.

A degree in horticulture, forestry, or the arts was seen as a waste to a group of people who only were impressed with math majors or the sciences at one time. But with Global warming, and all climate issues etc., it may be those people who save us all with creating new tree's species that eat CO2, and pump out way more 02. And also for retaining soil, and for creating sustainable wood products, and grains that are more forgiving in the hotter summers, and resistant to cold winters.

It's moronic to condemn what others choose for degrees anymore than who they choose for a spouse. (unless they are ugly ones), but there has to be balance in education, and while we support other things like doctors, nurses or public servants by forgoing education expenses, or joining the military for the same; we offer assistance to those who help public sectors, and that's good. I just think that it's short sighted to have a population of un-educated people, unless they are more easily molded to vote republican, in which case, I can see why you are against higher learning. It's counterintuitive to your cause.


"Younger generations are libtards..." OK Boomer....one day those are the same people who will be taking care of you in your elder years. But yeah....young equals Liberal. How closed minded you reveal yourself to be almost with every hate filled post.