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The DOE created the program and then left the administration up to loan services who had every incentive to make sure the loans were never forgiven. It's egregious, and it's something any number of past administrations could have tried to fix but didn't. That Biden is at least working on it is something.
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She deferred her law school loans so much that they compounded to approx. 3 times the original amount and this was 10 years ago (can't imagine now 😬)
She didn't eat much processed foods but she had a raging alcohol problem, as most lawyers do.
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austerity101: Forgiving student loan debt is a very excellent way to get people 40 and under to vote for you, Democrats. Just sayin'.
This is the way.
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austerity101: Forgiving student loan debt is a very excellent way to get people 40 and under to vote for you, Democrats. Just sayin'.
Wonder how much more fugged the banks will be after the loan debts are forgiven. They already loaded up on debt that needs Uncle Fed to step in to buy at par just so the system doesnt implode. Toss in the sudden vaporization of all that sweet, sweet interest payment/loan principal and the banks are probably just gonna get Thanos Snapped. Oh well, "get shiat on!" banks.
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Abox: What's to forgive, taking out a loan isn't an offense.
Neither is running a bank that failed.
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JulieAzel626: Abox: What's to forgive, taking out a loan isn't an offense.
Neither is running a bank that failed.
I assume every farker remembers the treasury dept head under bush saying that we needed to bail out the banks so we could "land the plane" then he unironically said we shouldn't just directly bail out the individual mortgages (which would have cost less money and result in the same end game) because if people made a bad investment that's a risk they took and the government shouldn't bail them out.
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mistahtom: My ex was part of the Bernie Samders cult that believed in this (unwinnable) game theory conspiracy where if nobody paid their student loans "the government can't go after all of us."
She deferred her law school loans so much that they compounded to approx. 3 times the original amount and this was 10 years ago (can't imagine now 😬)
She didn't eat much processed foods but she had a raging alcohol problem, as most lawyers do.
Honestly, they don't go after you. For the federal loans at least. Terrible for your credit, and you'll never get another income tax return, but as far as I could tell from paying attention to my mother not paying anything on hers for decades, that's all that happens.
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Lsherm: Honestly, that program has been run with such rampant dishonesty since the beginning that anyone who has been making payments for over ten years should just have their loans forgiven. The IDR program is so ineptly mismanaged (for the past 30 years) that in 2021 an audit discovered that of 4.4 million borrowers who had paid for over 20 years in the program, only 32 loans had been forgiven. THIRTY-TWO.
The DOE created the program and then left the administration up to loan services who had every incentive to make sure the loans were never forgiven. It's egregious, and it's something any number of past administrations could have tried to fix but didn't. That Biden is at least working on it is something.
Good information.
Just want to point out, however, that Biden was big in pushing the 2005 act that made it even harder for student loan debt to be discharged in bankruptcy. As in, Donald Trump can skip free from corporate debt time and time again, Mitt Romney, whoever, but 17 and 18 year olds, nursing students, students of all stripes, can be saddled with debt that they cannot discharge even if they go bankrupt.
I don't mean to take sides -- my side is with debtors -- but this whole idea was farking insane. I cannot understand the Democratic mind that creates onorous shiat like that.
But it's good he's finally come around. Political expediency has an impact.
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Scorpitron is reduced to a thin red paste: Just want to point out, however, that Biden was big in pushing the 2005 act that made it even harder for student loan debt to be discharged in bankruptcy.
Oh, I've pointed that out before. Student loans aren't dischargeable in bankruptcy specifically because of a bill Biden supported because Delaware lenders paid him money. He's claiming (now) Republicans were going to pass the bill anyway, so he tried to water it down, but none of that is true. Warren, Sanders, and Kennedy called it at the time, Biden worked for his corporate loan overlords.
I believe he's trying to force the student loan forgiveness to correct his mistake in 2005, but it may turn out he doesn't have the authority. I can also say from personal experience - fark Biden for supporting that bill. It's come to bite me and other family members in the ass.
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shinji3i: JulieAzel626: Abox: What's to forgive, taking out a loan isn't an offense.
Neither is running a bank that failed.
I assume every farker remembers the treasury dept head under bush saying that we needed to bail out the banks so we could "land the plane" then he unironically said we shouldn't just directly bail out the individual mortgages (which would have cost less money and result in the same end game) because if people made a bad investment that's a risk they took and the government shouldn't bail them out.
Well yeah. Socialism for the wealthy and the wealthy alone has been America's bread and butter since the country was founded.
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WillofJ2: Just remove interest, pay principal still feel that is the best compromise
They'd owe me a lot of money. Their principal was paid a long time ago.
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Abox: What's to forgive, taking out a loan isn't an offense.
Interest can be used against your bottom line in order to lessen taxable income... if you're a business. If you're a person? Only a small fraction can be used. And even that small fraction goes down as you make more.
Don't act like a loan is a loan is a loan. A business sells a service for profit. I still a service for profit. Only one of us gets the tax benefit of those loans.
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LL316: Don't act like a loan is a loan is a loan. A business sells a service for profit. I still a service for profit. Only one of us gets the tax benefit of those loans.
Sounds like you should go into business.
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LrdPhoenix: mistahtom: My ex was part of the Bernie Samders cult that believed in this (unwinnable) game theory conspiracy where if nobody paid their student loans "the government can't go after all of us."
She deferred her law school loans so much that they compounded to approx. 3 times the original amount and this was 10 years ago (can't imagine now 😬)
She didn't eat much processed foods but she had a raging alcohol problem, as most lawyers do.
Honestly, they don't go after you. For the federal loans at least. Terrible for your credit, and you'll never get another income tax return, but as far as I could tell from paying attention to my mother not paying anything on hers for decades, that's all that happens.
Federal student loans can garnish up to 15 pct of your wages without even getting a court order.
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/failure is NEVER an option
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If my wages are garnished I'll assess my rights afforded to me in the constitution. Welcome to America in 2023 mother farkers.
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LrdPhoenix: mistahtom: My ex was part of the Bernie Samders cult that believed in this (unwinnable) game theory conspiracy where if nobody paid their student loans "the government can't go after all of us."
She deferred her law school loans so much that they compounded to approx. 3 times the original amount and this was 10 years ago (can't imagine now 😬)
She didn't eat much processed foods but she had a raging alcohol problem, as most lawyers do.
Honestly, they don't go after you. For the federal loans at least. Terrible for your credit, and you'll never get another income tax return, but as far as I could tell from paying attention to my mother not paying anything on hers for decades, that's all that happens.
If it's not paid off before you retire, social security payments are docked for payments towards the student loan. A non-profit I worked with for about five years, represented people who had payments docked that were so large that they failed to leave them the minimum amount the law required them to be left to live on. It wasn't an easy problem to resolve, but when it was resolved, it made a difference in whether people could afford maintenance medication or the food they could eat.
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austerity101: Forgiving student loan debt is a very excellent way to get people 40 and under to vote for you, Democrats. Just sayin'.
It's always been a bribe for votes. Thank you admitting that.
If you're going to spend 400 billion on higher education how about reforming it so that it's easier to finance in the future?
Oh wait then you wouldn't have that issue to campaign on anymore. Gotta keep those voters ragey!
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