SCOTUS on Student Loan 9 - 0

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

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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.

Your argument is with compounding annual interest??? Every product you buy on credit is subject to compounding annual interest.

Seriously?
Buying a TV is different than getting an education.

I’m talking about buying a house or a car to get to a job. If loans on those (necessities) charge compounding annual interest, why wouldn’t a loan for college?

Truly, neither a house or a car are necessities.
Shelter comes in many forms - 115 million Americans were renters in 2021 - and access to public transportation or walkability. All avoid compounding loans.

Additionally, home ownership comes with many advantageous tax benefits for the owner(s) including the ability to write off the interest payments, well well in excess of the same ability to do so with student loans.

So your argument is that college loans, and only college loans, should be exempt from compounding interest? Is that right?

[Anonymous]

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?

There was tons of fraud in PPP because the Trump Administration did not believe in oversight.

[Anonymous]

Because it will be good for the economy to jettison $1.5 trillion in debt.

US System is totally F'ed up left right up and down

[Anonymous]

For those extolling the Affirmative Action case because it was a popular decision...

[Anonymous]

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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.

Your argument is with compounding annual interest??? Every product you buy on credit is subject to compounding annual interest.

Seriously?
Buying a TV is different than getting an education.

I’m talking about buying a house or a car to get to a job. If loans on those (necessities) charge compounding annual interest, why wouldn’t a loan for college?

Truly, neither a house or a car are necessities.
Shelter comes in many forms - 115 million Americans were renters in 2021 - and access to public transportation or walkability. All avoid compounding loans.

Additionally, home ownership comes with many advantageous tax benefits for the owner(s) including the ability to write off the interest payments, well well in excess of the same ability to do so with student loans.

So your argument is that college loans, and only college loans, should be exempt from compounding interest? Is that right?

It’s too bad the college-educated, renter/bus rider didn’t mix in a finance class in college!

[Anonymous]

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?

And most of that money was essentially stolen by republican businessmen and Trump cronies.

And yet we are (comparatively) nickle and diming people who want to make themselves more marketable in our system.

[Anonymous]

Anonymous wrote:

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.

No, but but it is your fault for being so stupid you decided to take out a loan without understanding basic finance 101, interest, and loan amortization.

Imagine getting to adulthood and never spending 5 minutes learning the basic concept of loan amortization and compound interest while you've spent hours per week in crap like TikTok and Instagram.

Here's the world smallest violin playing for you: ____

[Anonymous]

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 do loan financing. We won't finance an 18 year old without a co-signer for a car. Yet the same 18 year old can get accepted to a $40k/year college and get a loan for that without any issue.

GTFO.

Student loans are predatory. Period. People wouldn't be as averse to paying off the loans if they had zero interest or low interest. My wife is still paying for her $39k student loan that is now in the high $50k range.

[Anonymous]

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?

Please explain to me why the fk YouTubers needed hundreds of thousands in PPP loans? And for that money to be forgiven?

Why did senators and congresspeople need thousands to millions in PPP loans? All of it was forgiven WITH interest forgiven.

Meanwhile the small company I worked for had to jump through hoops to get a pathetic $12k.

[Anonymous]

Anonymous wrote:

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.

Because life does not always turn out as picture perfect for some people as it did for you.

Who said I had a picture perfect life? I took out $80k+ in student loans. Lost my job during 2008 and blew up my savings. Had to take a job 1+ years later with a 20% paycut. Yet in managed to pay off all of my loans. We didn't get student loan debt relief or payment pauses during the 2008 meltdown. I prioritized paying off my debt like I agreed. I made every sacrifice I could in consumption and delayed homeownership to pay it off.

Everyone else can do the same and sacrifice. Hell, some delayed gratification would do many Americans some damn good these days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

No, but but it is your fault for being so stupid you decided to take out a loan without understanding basic finance 101, interest, and loan amortization.

Imagine getting to adulthood and never spending 5 minutes learning the basic concept of loan amortization and compound interest while you've spent hours per week in crap like TikTok and Instagram.

Here's the world smallest violin playing for you: ____

+1. That poster’s head is going to explode when they go to close on their first house and realize that $400K house is going to cost 7 figures.

[Anonymous]

Let's watch the economy tank when all this money that's been freed up from the student loan pause goes back to student loans.

There are websites dedicated to teaching you how to not pay your loans, wait for the threatening garnishment letter, and then get into a low payment plan for a bit to appease them and start the process all over.

I'm going to do that. Fk the government. I'm never going to own a house anyway. I don't give a shit about that.

[Anonymous]

Anonymous wrote:

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 do loan financing. We won't finance an 18 year old without a co-signer for a car. Yet the same 18 year old can get accepted to a $40k/year college and get a loan for that without any issue.

GTFO.

Student loans are predatory. Period. People wouldn't be as averse to paying off the loans if they had zero interest or low interest. My wife is still paying for her $39k student loan that is now in the high $50k range.

What financial institution do you work for that doesn’t require a co-signer for a private student loan? 18-year old freshmen are capped at $5,500 in federal loans that they can borrow on their own. Over four years the max federal loan limit (with some exceptions) would be $27k.

Private student loans almost invariably require a parent or other credit-worthy co-signer, so your wife must have private loans. Those are a separate matter.