Tough shit kids, now pay up!

https://www.foxbusiness.com/personal-finance/biden-failed-student-loan-forgiveness

President Joe Biden's failed student loan forgiveness plan has put some student loan borrowers that were counting on those savings in a real bind, a recent survey said.

Roughly half of the 75% of borrowers confident that they would have their student debt forgiven under the blocked plan spent money they otherwise would not have, the Intelligent.com survey said.

The U.S. Supreme Court blocked President Joe Biden's student loan forgiveness plan in late June. The plan would have canceled up to $10,000 in federal loans per borrower making less than $125,000 a year (couples making less than $250,000) and up to $20,000 per borrower for those who used Pell Grants in college, eliminating about $441 billion in outstanding student debt.

The plan was poised to mainly impact borrowers making less than $75,000 a year, and none of it would have gone to people making more than $125,000, according to the White House.

"The Supreme Court decision is a cold shower for those who had their hopes pinned on a $10,000 relief," Billpin.com Founder James Allen said in a statement. "It's like waiting for a tax refund only to find out the IRS made a mistake. The impact? Well, it's back to square one, folks. The dream of a financial breather has evaporated."

The debt ceiling deal officially ended federal student loan forbearance, and borrowers can expect to resume payments on student loans in October, with interest on these loans will begin accruing in September.

More than half (58%) of respondents with student debt said they were not prepared for payments to resume later this year, the survey said. And 27% said they were likely to refuse to pay the $10,000 in relief they thought they would receive.

Roughly 34% to 76% of borrowers will likely miss their first required federal student loan payment, according to a recent VantageScore report. The average credit score could take a hit of between one and 9 points as a result.

"This is bigger than a Federal Reserve interest rate hike, and the reason for that is that it directly impacts consumers," VantageScore President and CEO Silvio Tavares told Bloomberg TV. "Lots of consumers are going to have to pay an additional monthly bill, and in addition to that, it's going to impact their credit scores."

Borrowers could yet see some of their federal student debt forgiven, which hinges on another plan modeled on the Higher Education Act (HEA). HEA includes a provision that allows the Secretary of Education to compromise, waive or release federal student loans.

So far, which loan holders will qualify and how much of their debt will be forgiven remains to be seen. Biden has said that the plan is legally sound but will take longer to bring relief to many borrowers.

Attached File

If they couldn't afford the loan, why the fuck did they agree to the loan in the first place?

Please cry, your tears nourish me.

Sure
But you’re saying no one’s financial situation changed in the last 3 yrs?

I'm guessing they could or were affording the loans, but instead if saving money or reducing expenses, they increased expenses (new car, fancy phone) with the money they had been using to pay loans so now they're under water.

Fuck them Puto's! I didn't take any loans when I went to college,  for me It was pay to play. My Ex, total opposite,  they will pay for my underwater basket weaving degree?  I like school and doing fuck all, all day, sign me up!

Or lost their job, got divorced, spouse died, didn’t get a raise and 36m of Biden inflation ate up the $450/m they were spending on their loan

Dumbest comment ever.

Yet, repeatedly stated on this website.

K Grampz.

Fuck them and their entitlement. As if people who don't go to college don't incur debt in an effort to improve their quality of life.

They chose to exchange debt for education in the hope of better employment later. I chose to exchange my labor for money to achieve my own goals, why do I owe them, especially when they have "more earning potential"?

Bidenflation is real.

Pffft,....like the borrower couldn’t read!   Oh wait, nevermind, that may be true for today’s college students.

You could postpone the loan payments.

All of these scumbags need to pay their bills.

That's the risk you take if you borrow money. Not a new concept.

Still doesn't remove the obligation to pay it back...

This part is WIDELY subjective....   I would say everything from young kid not understanding what they got into, to the world/life/job/situation changing.

All those things affect those that don’t have loans and still have to pay them every month.  No free pass.

Millions of homeowners suffered through all those same things.

Are we going to start forgiving mortgages too?  

Why or why not?

Adulting is hard, sport.

Are you saying only people that have loans situations can potentially change?  If they don’t have loans, their situation remains the same?  And for people that don’t have loans, if their situations change, should they get a free pass?

The public school system in this country completely fails when it comes to teaching kids economics/finance. I would make it mandatory for four years of high school.

Oh, ha ha, dumb asses.

When you agree to pay back money you borrow, you're supposed to pay it back, regardless of circumstances. Simple concept.
K Junior?

Welcome to life, It ain't fair and doesn't care about your problems. Lets just give  everybody, everything.

Attached File

If you are saying we need to raise the age of majority from 18 to 25 (or whatever age you think people should start to be held responsible for their actions)?   No voting, no drinking, no being held to the contracts they sign?  Or is it just that they get to freely default on contracts but still enjoy every other right that adults have?

And the whole "world/life/situation changing" thing?  You think college age kids are the only ones that can be adversely affected by such things??  NOPE.  It's called Real Life, and it affects everyone.  It is why people who are not irretrievably stupid try not to overleverage their finances and leave some margin.

Or they can work harder and pay their FUCKING bills.

Join the military, they'll pay it.

Bc all the adults around them who had been indoctrinated into the belief that all these kids should go to college ran that psyop on these kids.

That said I don't feel a need to bail them out.

While we're in the loan forgiveness mood, I have a couple more I'd like to bring to the table  

Everyone's expenses changed

I have a loan, should it be forgiven?

Pay the fucking bill, you ate the steak

To be fair the public school systems are indoctrinating kids to believe that if they don't drown themselves in debt going to college that they will never be successful in life.

Probably would help if schools had classes on finance. I know when I was in high school we didn't learn anything about finance at all.

And then ontop of it the high-schools and colleges are lying to the kids about job perspectives, and some of the colleges are telling the students they will make double what is possible in their future job.


Yeah these kids are signing the dotted line, but they are also getting fed alot of BS and they buy into it. The schools/colleges do set them up to fail to a certain extent.

The schools systems need to do a better job educating kids and stop telling them that a college degree is the end-all-be-all. Colleges also need to ditch all the BS useless degrees and be honest about future job perspectives.

Exactly

The biggest disservice schools and parents made are telling their kids to go to college and creating an incentive for .gov to subsidize it.


Debt slavery and leftist indoctrination all rolled into one outstanding mess.

I know, right:

Freeloader that couldn't afford his copay racks up $10k+ in bailout.

How much ya want for that 40K SxS and 80k diesel pick up to haul it around there college feller?

I'll be pretty damn blunt, I didn't see many mid 20 guys, college or not, buying stupidly expensive toys and rides  when I was that age. They tended to buy the cheaper used stuff that people who actually had money bought first and used for a few years. The guys that did, yeah, those were the guys always wanting to ''borrow'' $50-$100 until payday.

I worked with a guy that this was biggest reason he voted for Joey. I lol’d in his face, thankfully he quit a few years back.

I know you know there's a difference between voluntary individual charity and the government forcing it on me at the point of a gun.

See David Crockett's "Not Yours to Give" speech to Congress.
Not Yours to Give!

So a college degree doesn't translate into intelligence?

Jokes on them, they trusted a BIDEN.

Love how I pay for this shit.

This is why we need to go on a tax strike.

the forgiveness was gonna be so low anyway i think the sky is falling retards in that article are retarded.

if they want to bitch about stoping loan repayment deferment, thats one thing. but "it's bigger than a fed rate hike" is just stupid

Of course. It was a response to the comment I quoted alone, which made me laugh when I thought of it (very glad he got the money for the surgery). There were more than one recommendation in that thread to take out a loan/credit and never pay it back, however. Which makes it funnier. The "fuck 'em, don't pay" mentality seems easier to digest when it's someone from your tribe vs not.

So my truck won't get repod?
I won't get evicted?

Cause that's kinda what has happened for decades.  Don't pay, the stuff you are borrowing get's ganked.

Too bad we can't repo an education




or can we?

Pell grants sounds racist to me

I guess they didn’t learn anything in school. Should have paid more attention.

They aren't going to pay. Deeper recession fall '23 coming to a country near you.

Pay up or get lobotomized. No welfare or any other financial help either.

Bet there would be a few that would take the offer. But........who would notice the difference?

100%
But I quoted someone discussing a different topic - the ability to afford the monthly but pre-Covid when pmts were paused, and the ability to afford it come 3Q2023