What is going on with student loans?

[Anonymous]

President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

[Anonymous]

Anonymous wrote:

Anonymous wrote:If they didn’t give the $10k during the height of the pandemic — when TRILLIONS were flowing from the treasury — you guys and gals are beyond gullible if you think they’ll EVER do it. It will NEVER happen. How many more times can you swallow these same lies and false promises and right wing bogeyman excuses?

It's pretty clear if Biden doesn't do it by the end of the month that he will never do it.

That being said as a former borrower I have seen clear differences in how the Obama and Biden administrations handled student loans vs the Trump administration. Under Trump/DeVos the Department of Ed did everything in its power to prevent people from getting student loan forgiveness (through existing programs like PSLF). I actually have the receipts - 10 of my payments disappeared from their records very soon after DeVos was appointed. I tried for YEARS to get them to count them again and surprise, after Biden came into office it was not hard to get them to count them. At least on PSLF, the Biden administration has basically tried to forgive loans for anyone who might possibly qualify. They're also doing a lot that Republicans would never do in terms of fighting back against for-profit scammy colleges. Is it enough? No, of course people are still suffering, but it is absolutely better than what Republicans want to do.

I absolutely agree with this. It's now or never. I think they want to get this legislation done with Manchin.

Ironically, so many of his WV constituents would be helped by $10K of student loan forgiveness. West Virginia has one of the highest student loan default rates in the country. (source)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

For me - It arouses so much rage (not jealousy) because I fought my way through college and grad school. My spouse did the same. We didn't party - we worked multiple jobs. He opened a business. I worked my way up in a male dominated field. We paid off our loans early instead of drinking lattes and carrying a fancy purse.

We kept our employees fully paid through covid while pausing our own children's 529's to do so and other sacrifices, supported every random mandate that was put on small businesses over the past two years with almost no support from the govt, watched as money was handed out like water, and now have to see a bunch of entitled college grads get more free money. We didn't qualify for a single government program as a family because of our income. We never received the random checks that others got. The PPP loan for the business did not cover the costs incurred over the past 2.5 years.

And now we have inflation, crazy costs for food and no respite in sight because of ridiculous leaders and a generation that cannot take responsibility for their actions. I am tired of paying for others. Blame the rich all you want but we kept 30 families in their homes, with health insurance and fed during the height of covid and did everything right. We have gotten nothing. Nothing from the government. I am tired of it.

Grow up and pay your bills and start a savings account in case of a disaster or pandemic.

Your faulty assumption is that the people with the loans actually got to graduate with a degree. Sooooooooooo many current student loan borrowers had to drop-out due to lack of money, caretaking, illness, childcare, etc.

The people most likely to default on their student loans? Those with less than $10K borrowed! They are poor.

Another faulty assumption by the PP: that kids are taking out loans for beer and purses.

[Anonymous]

Anonymous wrote:President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

95% of student loan debt is held by the Dept of Education and is public monies. "Blackrock and Delaware loan sharks" are not subject to any of the $10K forgiveness we are discussing. BlackRock does do business in the student loan refinancing space, but that does not appear to be subject to the $10K forgiveness.

SLABS will have prepayment risk with the $10K forgiveness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

95% of student loan debt is held by the Dept of Education and is public monies. "Blackrock and Delaware loan sharks" are not subject to any of the $10K forgiveness we are discussing. BlackRock does do business in the student loan refinancing space, but that does not appear to be subject to the $10K forgiveness.

SLABS will have prepayment risk with the $10K forgiveness.

Sweetie, you don’t see the big picture. Those 45 million loan holders are outsourced to private servicers who bilk billions of dollars in fees. Two, the 45 million borrowers are far more likely to have less than a1 prime credit, so they get soaked for big fees and high interest on ALL other loans and debts and become rental slaves. 45 Americans trapped in debt slavery from age 18 onward prints TRILLIONS of dollars for Wall Street leeches and Delaware loan sharks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

95% of student loan debt is held by the Dept of Education and is public monies. "Blackrock and Delaware loan sharks" are not subject to any of the $10K forgiveness we are discussing. BlackRock does do business in the student loan refinancing space, but that does not appear to be subject to the $10K forgiveness.

SLABS will have prepayment risk with the $10K forgiveness.

Sweetie, you don’t see the big picture. Those 45 million loan holders are outsourced to private servicers who bilk billions of dollars in fees. Two, the 45 million borrowers are far more likely to have less than a1 prime credit, so they get soaked for big fees and high interest on ALL other loans and debts and become rental slaves. 45 Americans trapped in debt slavery from age 18 onward prints TRILLIONS of dollars for Wall Street leeches and Delaware loan sharks.

It's too bad the politicians that are supposedly not controlled by "Blackrock parasites and Delaware loan sharks" are terrible at getting elected despite supporting such supposedly popular policies. I can't imagine they'd be any good at implementing those policies either, they'd be too busy being snarky on Twitter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

95% of student loan debt is held by the Dept of Education and is public monies. "Blackrock and Delaware loan sharks" are not subject to any of the $10K forgiveness we are discussing. BlackRock does do business in the student loan refinancing space, but that does not appear to be subject to the $10K forgiveness.

SLABS will have prepayment risk with the $10K forgiveness.

Sweetie, you don’t see the big picture. Those 45 million loan holders are outsourced to private servicers who bilk billions of dollars in fees. Two, the 45 million borrowers are far more likely to have less than a1 prime credit, so they get soaked for big fees and high interest on ALL other loans and debts and become rental slaves. 45 Americans trapped in debt slavery from age 18 onward prints TRILLIONS of dollars for Wall Street leeches and Delaware loan sharks.

Writing legislation is hard. Industry groups are incredibly helpful and will happily draft it for you.

It's too bad the politicians that are supposedly not controlled by "Blackrock parasites and Delaware loan sharks" are terrible at getting elected despite supporting such supposedly popular policies. I can't imagine they'd be any good at implementing those policies either, they'd be too busy being snarky on Twitter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:President Biden could exec order the $10k with his pen at lunch if he wanted. He never will because his admin is controlled by BlackRock parasites and Delaware loan sharks who rely on 45 million Americans getting soaked with high interest debt.

I can’t believe how gullible all of you are. 14 pages of babble begging for free money that you will never get.

I wouldn’t be surprised if the bootstrap trolls are just bored feds who themselves are taking advantage of the PSLF Program to wipe their own six-figures of undergrad and grad school loans. All the feds I know have an MBA, JD, or MPP/MPA, because why not? It’s free!

95% of student loan debt is held by the Dept of Education and is public monies. "Blackrock and Delaware loan sharks" are not subject to any of the $10K forgiveness we are discussing. BlackRock does do business in the student loan refinancing space, but that does not appear to be subject to the $10K forgiveness.

SLABS will have prepayment risk with the $10K forgiveness.

Sweetie, you don’t see the big picture. Those 45 million loan holders are outsourced to private servicers who bilk billions of dollars in fees. Two, the 45 million borrowers are far more likely to have less than a1 prime credit, so they get soaked for big fees and high interest on ALL other loans and debts and become rental slaves. 45 Americans trapped in debt slavery from age 18 onward prints TRILLIONS of dollars for Wall Street leeches and Delaware loan sharks.

This is true, gov sells those loans off to private companies for no profit and then those companies charge a % which is set by congress and guess what, that is around 6 1/2 %, its a total sham. Instead of fixing the interest rate issue they are trying to work backwards. Look this up, it happened during Obama's first term.

[Anonymous]

You'd think this would be Prof. Jill Biden's signature issue. I guess Dr. Biden doesn't care that 75% of the working class students at her community college never graduate, owe $11k in loans and 80% of them are making no progress on that debt. That debt is ruining the lives of thousands of former students at her college alone.

Jill and Joe would be heroes if Joe just used his pen for the $10k.

Source
https://collegescorecard.ed.gov/school/?232946-Northern-Virginia-Community-College

[Anonymous]

Financial institutions hold the student loans over your head to justify giving you higher interest credit card, home and auto loans. Home, auto, and health insurance providers use your weaker credit score to justify charging you higher insurance premiums. You will be less likely to qualify for a mortgage, so you can rent from BlackRock, Jared Kushner, and all of the other hedge funds and financial institutions who bought up apartment complexes and SFH inventory across the country. Employers knows the student debt makes you less like to job hop and less likely to marry and less likely to have children, so you remain tethered to your laptop and desk, and don't soak the employee health care plan.

You will own nothing and like it. Sorry, forgiving any cent of your debt isn't in the playbook, so quit holding your breath.

[Anonymous]

Anonymous wrote:You'd think this would be Prof. Jill Biden's signature issue. I guess Dr. Biden doesn't care that 75% of the working class students at her community college never graduate, owe $11k in loans and 80% of them are making no progress on that debt. That debt is ruining the lives of thousands of former students at her college alone.

Jill and Joe would be heroes if Joe just used his pen for the $10k.

Source
https://collegescorecard.ed.gov/school/?232946-Northern-Virginia-Community-College

what the hell are you guys talking about? how is it fair to have someone pay for YOUR loans through their taxes? Get a life, get a better paying job, we will in the united states, there are opportunities everywhere besides a handout and having others pay for it.

[Anonymous]

Anonymous wrote:Financial institutions hold the student loans over your head to justify giving you higher interest credit card, home and auto loans. Home, auto, and health insurance providers use your weaker credit score to justify charging you higher insurance premiums. You will be less likely to qualify for a mortgage, so you can rent from BlackRock, Jared Kushner, and all of the other hedge funds and financial institutions who bought up apartment complexes and SFH inventory across the country. Employers knows the student debt makes you less like to job hop and less likely to marry and less likely to have children, so you remain tethered to your laptop and desk, and don't soak the employee health care plan.

You will own nothing and like it. Sorry, forgiving any cent of your debt isn't in the playbook, so quit holding your breath.

I mean the Biden administration has forgiven something like $26 billion in student loans so it's not accurate that they're not willing to forgive student loans at all.

[Anonymous]

Why not just keep punting the payment and interest freeze indefinitely? For those who can afford to pay, and want the debt off their credit report, thus improving their credit score and debt to income ratio, they pay. For those that can't, they don't pay. Simple as.

[Anonymous]

There is no point in any forgiveness unless it's part of a broader solution to the cost of higher education. Forgiveness now just sets up the same problem in another decade

[Anonymous]

Anonymous wrote:There is no point in any forgiveness unless it's part of a broader solution to the cost of higher education. Forgiveness now just sets up the same problem in another decade

Agree that there needs to be a broader solution, but it's a bit hyperbolic to say "there's no point in any forgiveness" without it. The people who get their loans forgiven will benefit, especially those with low balances and low incomes (where a low balance is a burden). I do think it should be for people who have been in repayment for a certain amount of time and not just everyone who happens to be in repayment right now and then nobody else.