What is going on with student loans?

[Anonymous]

Anonymous wrote:Good review of the SC arguments. The conservative justices express personal anathema and desperately want to issue a Major Questions ruling. But none of the plaintiffs have legit standing to bring the case to the court.

I really think the justices are going to kick this back based on standing. Best case scenario is that the loan servicer MOHELA sues at some point in the future. I’m not sure how the SC is going to get around standing; all these plaintiffs have tortured standing.

https://www.nytimes.com/2023/02/28/us/politics/student-loan-supreme-court-biden.html?smid=url-share

Did we read the same article? Says it's unlikely the suit will be dismissed due to standing issues and its the only slim chance for Biden to eek out a win.

[Anonymous]

Anonymous wrote:Isnt the federal government in the student loan business because it was how they passed obamacare and claim it was going to be "paid for". The same administration Biden was the VP at the time.

Well pretty convenient he now wants to forgive half a trillion dollars of that debt with no mention of obamacare. Can only hope the supreme court strikes this travesty down asap.

OMG, you are right: https://www.forbes.com/sites/robertberger/2020/12/03/cancelling-student-loans-is-an-insidious-idea-10-years-in-the-making/

[Anonymous]

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What?

My son had privately funded college loans at a 2.9% interest rate.
Compare that to what the feds charge now. Private funding would be much more competitive.
Blame Obama for taking over the student loan program. It has been an absolute failure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What?

My son had privately funded college loans at a 2.9% interest rate.
Compare that to what the feds charge now. Private funding would be much more competitive.
Blame Obama for taking over the student loan program. It has been an absolute failure.

A couple years back Wells Fargo got slammed when it came out that they were giving better interest rates for private student loans to students with higher GPAs who were attending better universities vs students who were not. That’s exactly how it should be done, but apparently that was “discrimination.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

No, Republicans want to go back to when their companies held the loans but they were guaranteed by the federal government. They used to buy up distressed student loans, guide the borrower into default, then the feds would buy the entire balance back with thousands extra in "collection fees"

[Anonymous]

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

And who gets to make up the difference?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

And who gets to make up the difference?

What?

[Anonymous]

https://www.newsweek.com/2021/07/30/parent-loans-fraught-peril-default-rates-hit-20-30-percent-many-colleges-1610943.html?amp=1

Access! Opportunity!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

And who gets to make up the difference?

What?

The difference between the prevailing rate and the rate on the student loan as the securities (treasuries) backing up the loan roll over to the next interest rate?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What?

My son had privately funded college loans at a 2.9% interest rate.
Compare that to what the feds charge now. Private funding would be much more competitive.
Blame Obama for taking over the student loan program. It has been an absolute failure.

Don't be ridiculous, it's perfectly easy under the current system to refinance loans and get a lower interest rate. You lose access to the federal programs like IBR and PSLF which is why many don't do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

And who gets to make up the difference?

What?

The difference between the prevailing rate and the rate on the student loan as the securities (treasuries) backing up the loan roll over to the next interest rate?

Taxpayers, mostly high income taxpayers. Btw everyone benefits from having an educated workforce that isn't relying on public assistance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These Twitter whiners do not speak for all borrowers. I’m concerned they’re going to ruin it for the rest of us and make student loans stop being issued or something. I am so glad I had access to these federal loans at relatively low interest rates (certainly compared to private loans) and will gladly pay them off soon.

This is likely the end game for Republicans. If they can get rid of low-cost, federally backed student loans, it would cause a huge disruption in higher education for low and middle class families. Private loans and capitalism would get a boost and many high school graduates would opt out of pursuing higher education.

What "low cost"?

Have you seen interest rates?

For students currently in college, student loan interest rates are low.

And who gets to make up the difference?

What?

The difference between the prevailing rate and the rate on the student loan as the securities (treasuries) backing up the loan roll over to the next interest rate?

Taxpayers, mostly high income taxpayers. Btw everyone benefits from having an educated workforce that isn't relying on public assistance.

All taxpayers pay for it. BTW, in times past, education wasn't ridiculously expensive until you decided to have govt pay more and more of it. Then the schools jacked up prices because...wait for it....they could. Your tbeiries when practiced in the real world screw everyone.

I do not see why laborers, plumbers, truck drivers, and others should pay for complete strangers to go to school after 18. They have their own lives and families to support.

And there are many with college degrees serving dinner in restaurants. Don't gimme that schtick about a more educated workforce with high debt loads and worthless degrees being pushed by the "education establishment". It has become a idoctrination scam (wasn't always but it sure is now).