SCOTUS on Student Loan 9 - 0

[Anonymous]

Anonymous wrote:

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Anonymous wrote:Common damn sense. You take out debt, sign a contract agreeing to pay, therefore you pay when the bill comes due. Not sure why this common sense idea needed to go all the way to the SC. No one owes you for taking out debt due to your own free will. The govt can't block lenders from receiving payments in accordance with an agreed upon contract.

Pay your damn bills.

I took out 25k. I’ve repaid over 45k thanks to compounding interest. It’s not my job to prop up the DoE and their vendors.

Take your concerns up with Obama. That all started under his "genius" plan.

Interesting…. because I went to grad school when Bush was president so, I’m not sure what Obama started that impacts me here.

Did you take a private loan?

There was a small portion that was private and those were quickly paid off. The overwhelming majority of my loans were FFELP which if they were still intact would have been already removed from forgiveness last fall.

I’m just pointing out that this pay for what you owe bullsh*t argument ignored compounding annual interest that turned my loan into an 80% interest rate instead of 6.25% I signed on for.

It looks like you paid $200 a month for your $25k loan and are surprised by the total interest. Or perhaps you waited 4 years and then paid $300 a month for about 12 years.

You’re in the ballpark, the monthly payment balance difference is de minimus. I wasn’t surprised. I never said the amount was difficult. They are, and have been, paid and I wasn’t benefiting from any forgiveness.

My point was to the initial poster who said “you pay when the bill comes due”. I did pay my entire loan, plus another $20k. Again, loans backed by the federal government should not be a revenue generator. And so have many people that borrowed a whole lot more than me and have been paying for years and their balances today are higher than their original principal at graduation (or worse when they dropped out and received no corresponding pay increase from their degree).

Hey my crap, there are interest on loans!!!!!


Omg, keep crying. Imagine getting to adulthood and thinking you deserve 0% interest loans for any debt you take out.

Jesus Christ, it is scary people like you are out there and can vote.

JFC, you have reading comprehension problems. No one ever said 0% interest loans.

It’s scary people who can’t understand and extract information from what they read, like you, can vote, but it sure explains a lot about the last decade.

Keep crying.

Pay your own damn bills with interest.

And don't whine about basic finance 101.

How does anyone get to adulthood and suck with this much with money and understanding obligations owed when one takes out debt?

So much whining about being an adult. Grow up.

PP was discussing why student loans shouldn’t have interest. Are you going to engage with that or not? Explain why they should.

Or just spew insults. It’s real gonna convince other people that you have a good point.

Because lending people money costs money.

If I have 100 bucks and put it in a bank, I will make interest. Or I could use it to start a business or anything else that creates money.

If I give it to you, and you pay me back 4 years later, I will lose both the money that I could have made, and the original value due to inflation.

Why does this not apply when the money is used on your education?

Precisely. Money has a time value. At a bank, there will also be an additional spread to cover the risk that the borrower does not pay back plus a small spread for profit.

[Anonymous]

Anonymous wrote:https://www.cnbc.com/amp/2021/07/28/pelosi-says-biden-doesnt-have-authority-to-cancel-student-debt-.html


Even Pelosi says President does not have authority to cancel student loan debt. Robert’s quoted her in the decision!

Outrageous! lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:The funds to loan people money for college tuition, books, and spring break trips come from investors who are buying student loan asset backed securities (slab) If you pay off some of these loans early, there is less interest going to investors, creating prepayment risk. The result is that investors are less willing to buy future slabs, forcing the interest rates to increase on future generations to incentive sufficient investment for new borrowers.

TLDR: todays student loan forgiveness increase the interest rates for tomorrows borrowers

Recovering bond trader here. This is spot on. Everyone calling for blanket student loan forgiveness is really advocating for screwing future generations of borrowers.

Isn’t that their goal?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The funds to loan people money for college tuition, books, and spring break trips come from investors who are buying student loan asset backed securities (slab) If you pay off some of these loans early, there is less interest going to investors, creating prepayment risk. The result is that investors are less willing to buy future slabs, forcing the interest rates to increase on future generations to incentive sufficient investment for new borrowers.

TLDR: todays student loan forgiveness increase the interest rates for tomorrows borrowers

Recovering bond trader here. This is spot on. Everyone calling for blanket student loan forgiveness is really advocating for screwing future generations of borrowers.

Isn’t that their goal?

STFU. We're suffering!

[Anonymous]

The magic of the major questions doctrine: congress technically retains its power, but the judiciary can dictate how well the law was written. When lawmakers write a law imprecisely or don't anticipate its use well enough, well, you said it well: the SC has granted itself the power to act as an editor, declaring sections or whole laws null until a new congress re-write them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:But at least those unregulated PPP loans were forgiven, right guys? I'm so sick of living in this corrupt country. Heads you lose, tails you lose.

The PPP loans weren't loans, they were free money during a once-a-century nationwide epidemic. And fraud is being tracked and prosecuted.

I guess you would have preferred no PPP loans and businesses going bankrupt while people stayed home?

“PPP Loans weren’t loans” - come again ?

At some point you have to drop the PPP argument. I realize it’s popular with the same crowd that sucks at elementary math, but it does nothing but demonstrate how disconnected from any financial reality you are.

The next part is your confidence in the volume of PPP fraud. Especially fraud by “rich republicans”. Yet, here we are, years later with a Biden DOJ and we aren’t awash in PPP prosecutions.

At the end of this you have a broken “higher education” system with a massive number of consumers who were never sophisticated enough to realize how badly they were financially duped. That’s life. You make bad decisions, you get to live with them. The only real solution is to remove the unlimited money flow that allows this to all fester like a cancer and eventually the market will set itself by all these schools collapsing. But nobody wants those solutions because life isn’t fair and that’s some form of gatekeeping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is the absolute most divisive administration we have ever seen.

First, Biden blames Republicans for actions HE took that he had no Constitutional right to take.
Now, we have Cardona blabbing about how people got PPP loans and the student loan bail out was struck down.
They refuse to acknowledge that THEY are the ones that gave false hope to borrowers.

Well, the PPP loans happened because the GOVERNMENT closed down and prevented businesses from operating. This was NOT the choice of the businesses.
Student loans WAS the choice of the borrowers. They CHOSE to borrow the money.

Secondly. the PPP loans was an act passed by Congress. Student loan bail out was not.
If Biden wanted to do this right, he should have gone through Congress. He does not have the authority to allocate hundreds of billions of dollars. That is Congress' job.
For someone who has been in politics for 50 years, you would think he would know that.

He is worthless.

Absolutely no one prevented businesses from operating. The PPP was about making sure people had choices if needed. It is too bad the Trump Administration turned it into a feeding at the trough cash cow for their crownies. How about we use the same money but for people to invest in their education/themselves in a way that actually benefits the economy.

What on earth??? Do you seriously have no recollection of all the service-based in person businesses that were not allowed to operate during covid?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:But at least those unregulated PPP loans were forgiven, right guys? I'm so sick of living in this corrupt country. Heads you lose, tails you lose.

The PPP loans weren't loans, they were free money during a once-a-century nationwide epidemic. And fraud is being tracked and prosecuted.

I guess you would have preferred no PPP loans and businesses going bankrupt while people stayed home?

“PPP Loans weren’t loans” - come again ?

At some point you have to drop the PPP argument. I realize it’s popular with the same crowd that sucks at elementary math, but it does nothing but demonstrate how disconnected from any financial reality you are.

The next part is your confidence in the volume of PPP fraud. Especially fraud by “rich republicans”. Yet, here we are, years later with a Biden DOJ and we aren’t awash in PPP prosecutions.

At the end of this you have a broken “higher education” system with a massive number of consumers who were never sophisticated enough to realize how badly they were financially duped. That’s life. You make bad decisions, you get to live with them. The only real solution is to remove the unlimited money flow that allows this to all fester like a cancer and eventually the market will set itself by all these schools collapsing. But nobody wants those solutions because life isn’t fair and that’s some form of gatekeeping.

Boootstraaaps!

[Anonymous]

Anonymous wrote:The magic of the major questions doctrine: congress technically retains its power, but the judiciary can dictate how well the law was written. When lawmakers write a law imprecisely or don't anticipate its use well enough, well, you said it well: the SC has granted itself the power to act as an editor, declaring sections or whole laws null until a new congress re-write them.

I’m just waiting for the excuses and deflections from the republican members of the court when someone brings up the major questions doctrine in a challenge to a republican president’s immigration policies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:But at least those unregulated PPP loans were forgiven, right guys? I'm so sick of living in this corrupt country. Heads you lose, tails you lose.

The PPP loans weren't loans, they were free money during a once-a-century nationwide epidemic. And fraud is being tracked and prosecuted.

I guess you would have preferred no PPP loans and businesses going bankrupt while people stayed home?

“PPP Loans weren’t loans” - come again ?

At some point you have to drop the PPP argument. I realize it’s popular with the same crowd that sucks at elementary math, but it does nothing but demonstrate how disconnected from any financial reality you are.

The next part is your confidence in the volume of PPP fraud. Especially fraud by “rich republicans”. Yet, here we are, years later with a Biden DOJ and we aren’t awash in PPP prosecutions.

At the end of this you have a broken “higher education” system with a massive number of consumers who were never sophisticated enough to realize how badly they were financially duped. That’s life. You make bad decisions, you get to live with them. The only real solution is to remove the unlimited money flow that allows this to all fester like a cancer and eventually the market will set itself by all these schools collapsing. But nobody wants those solutions because life isn’t fair and that’s some form of gatekeeping.

Boootstraaaps!

What’s your solution?

Maybe let’s just ditch all the testing all together. Everybody gets an A, there are no entrance standards or even any way to distinguish students while they are in school. They all get free Xboxes and a 12 pack of beer everyday and an ounce of weed a week. Have them do that for 4 years and cut them loose.

That’s basically what’s happening. This was happening in-part at my flagship state school in 1999. Except the entrance exams, those were a somewhat real way to filter people. But once they all went to get a BA in business admin, it was basically a four year holding tank. I can’t even imagine the BS that’s happening now. And, we have loan crisis paying for all of it. Fantastic economic program right there.

[Anonymous]

All of you celebrating this decision, why don’t you direct your hatred away from students and their families and toward the greedy colleges with their bloated administrative staff and spoiled professors who work ten hours a week and take BS “sabbaticals” all on the backs of their students?

[Anonymous]

Anonymous wrote:All of you celebrating this decision, why don’t you direct your hatred away from students and their families and toward the greedy colleges with their bloated administrative staff and spoiled professors who work ten hours a week and take BS “sabbaticals” all on the backs of their students?

No one is “hating” anyone here. This is about who has the authority for this level of spending, Congress or Biden.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All of you celebrating this decision, why don’t you direct your hatred away from students and their families and toward the greedy colleges with their bloated administrative staff and spoiled professors who work ten hours a week and take BS “sabbaticals” all on the backs of their students?

No one is “hating” anyone here. This is about who has the authority for this level of spending, Congress or Biden.

I disagree. There is plenty of hatred, and it is mostly coming from a bunch of spoiled women who are some of the most privileged people in the world. But instead of being happy with what they have, they are acting like greedy miserable old hags and moaning about someone less fortunate than them getting something. Yuck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All of you celebrating this decision, why don’t you direct your hatred away from students and their families and toward the greedy colleges with their bloated administrative staff and spoiled professors who work ten hours a week and take BS “sabbaticals” all on the backs of their students?

No one is “hating” anyone here. This is about who has the authority for this level of spending, Congress or Biden.

I disagree. There is plenty of hatred, and it is mostly coming from a bunch of spoiled women who are some of the most privileged people in the world. But instead of being happy with what they have, they are acting like greedy miserable old hags and moaning about someone less fortunate than them getting something. Yuck.

Oh, please. Why should a mechanic who never went to college because he couldn't afford the tuition be liable for YOUR loans? Or, a hairdresser. Or, a construction worker?
And, as for your reference to "greedy colleges"...... why didn't Biden take action to deal with the sky high cost of tuition instead of expecting hard working tax payers to foot the bill for the privileged ones who took out loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All of you celebrating this decision, why don’t you direct your hatred away from students and their families and toward the greedy colleges with their bloated administrative staff and spoiled professors who work ten hours a week and take BS “sabbaticals” all on the backs of their students?

No one is “hating” anyone here. This is about who has the authority for this level of spending, Congress or Biden.

I disagree. There is plenty of hatred, and it is mostly coming from a bunch of spoiled women who are some of the most privileged people in the world. But instead of being happy with what they have, they are acting like greedy miserable old hags and moaning about someone less fortunate than them getting something. Yuck.

Oh, please. Why should a mechanic who never went to college because he couldn't afford the tuition be liable for YOUR loans? Or, a hairdresser. Or, a construction worker?
And, as for your reference to "greedy colleges"...... why didn't Biden take action to deal with the sky high cost of tuition instead of expecting hard working tax payers to foot the bill for the privileged ones who took out loans?

The hairdresser and mechanic probably aren’t paying for anything. That is such a myth.