ADVERTISEMENT

Biden forgives $10,000 of student loan debt for millions of debtors

I do not know what I am doing. And neither did my crack staff at the Geek Squad. Ever.
Years ago I had a thing do for work. It was the night before and I spilled one of those naked drinks on the keyboard. I'll never forget it. I rushed up to Best Buy and the geek squad guy tells me not to worry and headed off to the back room with my laptop. He comes out 20 minutes later with it all packed up and goes "you'll have it in 2 to 3 weeks" lol. I thought I was getting it right away. 2 weeks you might as well take a sledgehammer to it
 
In other news, democrats insist your taxes will not be raised if you make less than $400k, inflation is transitory, the Covid-19 vaccine prevents infection and spread, if you like your doctor you can keep your doctor, if you like your health insurance plan you can keep your health insurance plan, the North Pole will be ice-free by 2013, and Slick Willie Clinton "did not have sex with that woman, Miss Lewinsky".
 
  • Like
Reactions: Joe_Hoopsier
Sure. So how do we get people from taking on a ton of debt and majoring in something worthless (from an income perspective)?
:) :) :)
Buin1VL.jpg
 
I think student loans should be treated like any other loan but I do think the federal government should loan money at the prevailing prime rate plus a little to cover the cost of administering the loans. In other words they shouldn't be trying to make money on the loans.... just break even. Some of my son-in-law's loans had a high interest rate. I had loans and I worked to pay them off quickly.
Not sure why the Feds took over student loans. Banks used to loan that money, backed by the Feds if the student defaulted.

Should the feds loan money to bad credit risks for cars? boats?

They forced lenders to lend mortgage money to bad credit risks in the name "helping the poor" and it caused the 2008 bubble/burst/recession, hurting everyone. (Yeah, I k ow -rich Wall Street speculators did that. But the Feds created the market in which the speculation occurred, and the defaults were by the borrowers.)
 
I think student loans should be treated like any other loan but I do think the federal government should loan money at the prevailing prime rate plus a little to cover the cost of administering the loans. In other words they shouldn't be trying to make money on the loans.... just break even. Some of my son-in-law's loans had a high interest rate. I had loans and I worked to pay them off quickly.
Interest rates on federal student loans which don’t account for inflation means the government isn’t breaking even.
 
I agree that they aren’t actually rich. It’s a matter of perspective and when I was sitting in our single wide in the poor part of town eating a cheap lunch meat sandwich I dreamed of making $30 or $40K and how well off, or possibly “rich,” I’d be. Rich or not, and I don’t think $74K is rich, especially from my current perspective, those making $74K are making more than a significant majority of Americans, they’re approaching the top 40 percent. They’re part of America that has the overwhelming majority of accumulated wealth in the US. If you’re making less are you happy with the idea of these college educated people that make much more than you are going to have some part of their college debts paid for them. Who’s going to help them with the credit card debt they accumulated putting food on the table or paying for emergency car repairs. If I’m them, I’m thinking f*ck your college loan and roll up that college degree and shove it up your a$$. Actually, that’s kind of how I think about it too.
I'm not entirely pleased with how it was executed, but I understand why it was done. I just think it could have been done differently.

I just looked up a few media incomes...NYC $120k, Houston, $81k, Dallas $89k, Phx $60k

So many variables across the country, it's hard to find the right line to draw on who is eligible and who isn't. Someone else suggested relief on all previous interest paid and $0 interest going forward...on the surface, that sounds like a better idea to me.

But it's also only up to $10k per person...so it'll be less than $10k for many.

I had to be fiscally responsible to pay off my loans, but I don't harbor any ill will towards those getting this benefit.
 
In other news, democrats insist your taxes will not be raised if you make less than $400k, inflation is transitory, the Covid-19 vaccine prevents infection and spread, if you like your doctor you can keep your doctor, if you like your health insurance plan you can keep your health insurance plan, the North Pole will be ice-free by 2013, and Slick Willie Clinton "did not have sex with that woman, Miss Lewinsky".
dumb
 
Lol no those juice drinks. Green Machine etc. they have more sugar than a mountain dew
Better than the $7 Refreshers from SBX that I am forced to purchase for my ungrateful teenage daughter?
 
I'm not entirely pleased with how it was executed, but I understand why it was done. I just think it could have been done differently.

I just looked up a few media incomes...NYC $120k, Houston, $81k, Dallas $89k, Phx $60k

So many variables across the country, it's hard to find the right line to draw on who is eligible and who isn't. Someone else suggested relief on all previous interest paid and $0 interest going forward...on the surface, that sounds like a better idea to me.

But it's also only up to $10k per person...so it'll be less than $10k for many.

I had to be fiscally responsible to pay off my loans, but I don't harbor any ill will towards those getting this benefit.
You don’t need to harbor ill will toward them. I’ll consider them overeducated deadbeats, without untoward ill will ;), and the policy will ultimately drive away even more of the Democrats’ once-core blue collar constituency. Union members and all.
 
I bought a dress for $50. Just saw it on sale for $25. You can’t buy that dress. How is that fair. . ? I want my $25 back. Our parents told us a long time ago life isn’t fair, I know this is a stupid meme, I’ve seen them on both sides for two days.
 
You don’t need to harbor ill will toward them. I’ll consider them overeducated deadbeats, without untoward ill will ;), and the policy will ultimately drive away even more of the Democrats’ once-core blue collar constituency. Union members and all.
Oh I’ll bet many of those union members will be happy to accept it for their kids’ loans they are paying.
 
  • Like
Reactions: UncleMark
You don’t need to harbor ill will toward them. I’ll consider them overeducated deadbeats, without untoward ill will ;), and the policy will ultimately drive away even more of the Democrats’ once-core blue collar constituency. Union members and all.
Not if those blue collar families wanted badly for their kids to go to college but could barely afford it so they did so buy taking out loans that were just forgiven (partially or not). I know several first gen college grads in their late 20's who were the product of union homes whose parents wanted them to go to college.
 
Not if those blue collar families wanted badly for their kids to go to college but could barely afford it so they did so buy taking out loans that were just forgiven (partially or not). I know several first gen college grads in their late 20's who were the product of union homes whose parents wanted them to go to college.
It’s reported as a very costly one time good deal and the majority of the befits are going to those that likely aren’t blue collar. Maybe for the minority of the blue collar families that could benefit now and don’t feel like deadbeats as a result might be good with it, but most won’t. I think it’s a political loser in addition to be absolutely horrible policy.
 
Is this yet another Biden admin. unconstitutional freebie that he is throwing out there to make the Supreme Court look like meanies if/ when they strike it down?

Is that what our President is now? Just a child testing their parents, and then pointing and saying “Look how mean! vote for me” when the parents are forced to make the responsible decision.

This administration is the kid who ran for class president on the platform of no school on Fridays and no more homework.
 
Last edited:
It’s reported as a very costly one time good deal and the majority of the befits are going to those that likely aren’t blue collar. Maybe for the minority of the blue collar families that could benefit now and don’t feel like deadbeats as a result might be good with it, but most won’t. I think it’s a political loser in addition to be absolutely horrible policy.
I'm not sure how the policy knobs can possibly know where the people whose loans are being forgiven came from blue collar families or not. They may know whether the loan holder is blue collar, but not their family background.
 
I'm not sure how the policy knobs can possibly know where the people whose loans are being forgiven came from blue collar families or not. They may know whether the loan holder is blue collar, but not their family background.
They know the income status of loan holders. It’s not hard to infer from that. Plus most of the loans are held by the students not the parent(s).
 
I'm not sure how the policy knobs can possibly know where the people whose loans are being forgiven came from blue collar families or not. They may know whether the loan holder is blue collar, but not their family background.
I think it’s unconstitutional. The House of Representatives hold the purse strings, not the President. If the President can unilaterally reduce revenue and raise the deficits and debt by hundreds of billions, that constitutional provision might as well not exist.
 
  • Like
Reactions: anon_6hv78pr714xta
I bought a dress for $50. Just saw it on sale for $25. You can’t buy that dress. How is that fair. . ? I want my $25 back. Our parents told us a long time ago life isn’t fair, I know this is a stupid meme, I’ve seen them on both sides for two days.
My parents always taught me to pay my debts even if I made a bad deal.
 
  • Like
Reactions: anon_6hv78pr714xta
It’s reported as a very costly one time good deal and the majority of the befits are going to those that likely aren’t blue collar. Maybe for the minority of the blue collar families that could benefit now and don’t feel like deadbeats as a result might be good with it, but most won’t. I think it’s a political loser in addition to be absolutely horrible policy.

I heard on the radio today that this relief would clear all the outstanding debt for something like 50% of students. This tells me that the number of students who were being "crushed" by onerous debt and the stories about $100,000 debts being incurred by millions of students were way overblown. The "student loan crisis" may not have been as bad as it was made out to be, except for a bunch of Sociology majors from Oberlin.
 
They know the income status of loan holders. It’s not hard to infer from that. Plus most of the loans are held by the students not the parent(s).
Right....that was my point. First gen college student from a blue collar family and as a result of said college education, enters the white collar professional realm.

Mommy and daddy blue collar, in that situation, might be thrilled that Little Susie White Collar got her loans forgiven, therefore don't have the animus that you've assigned to blue collar families over this.

Little Susie is white collar. Mommy and daddy are blue collar. Both potentially pleased with the decision.
 
  • Like
Reactions: UncleMark
Is this yet another Biden admin. unconstitutional freebie that he is throwing out there to make the Supreme Court look like meanies if/ when they strike it down?

Is that what our President is now? Just a child testing their parents, and then pointing and saying “Look how mean! vote for me” when the parents are forced to make the responsible decision.

This administration is the kid who ran for class president on the platform of no school on Fridays and no more homework.
YES ... Kind of. A "small" amount of $ relief from each person's personal promise. Next, a test of just how loooooong they can carry on a self induced "national medical emergency" to carry out any type of authoritarian controls on their minion (us). This is a back door to having to officially proclaim placing us under Martial Law.
This is but a test of just how far they can go. Just like the Appropriations abortion process we just used to steal your and my money against my will!
 
Right....that was my point. First gen college student from a blue collar family and as a result of said college education, enters the white collar professional realm.

Mommy and daddy blue collar, in that situation, might be thrilled that Little Susie White Collar got her loans forgiven, therefore don't have the animus that you've assigned to blue collar families over this.

Little Susie is white collar. Mommy and daddy are blue collar. Both potentially pleased with the decision.

I've tried to make this point but Aloha either just doesn't grok it or is being obstinate.
 
I've tried to make this point but Aloha either just doesn't grok it or is being obstinate.
No, I don’t believe that happiness will be widespread among the non-college educated among us. It’s simple common sense that most will resent it and I can relate to it from having come from that demographic. Only an idiot wouldn’t win on this issue politically. We got the greedy over educated higher income deadbeats the Democrats are doing this for on one side, vs. those who paid off their college loans because it was the honorable thing to do (like me) and those that never attended college who will rightfully resent paying for the policy on the other side. F*ck that. If it’s not obvious that I have zero sympathy for the deadbeats, it out to be.
 
Last edited:
No, I don’t believe that happiness will be widespread among the non-college educated among us. It’s simple common sense that most will resent it and I can relate to it from having come from that demographic. Only an idiot wouldn’t win on this issue politically. We got the greedy over educated deadbeats the Democrats are doing this for on one side vs. those who paid off their college loans because it was the honorable thing to do (like me) and those that never attended college who will rightfully resent paying for the policy. F*ck that. If it’s not obvious that I have zero sympathy for the deadbeats, it out to be.

Lighten up, Francis. All I and several others have done is point out that the objections from blue collar types might not be as universal as you believe. Blue collar families just might actually appreciate their children getting a break from their student loans. I personally am not a huge fan of this, but am not going to condemn it wholesale. Certain (deserving?) groups will benefit who would have had a tough time otherwise. Whether or not they should is what's being debated.
 
I understand both sides of this actually. But I can’t remember too many times in my life where the government truly did something that positively impacted many lives. My sister has been struggling to pay off two kids’ loans on her own. ( In our family it was just assumed you’d go to college and parents paid). I’m so happy for her.
Why didn’t you pay the loans for her? As opposed to strangers footing the bill.
 
  • Love
Reactions: Joe_Hoopsier
Lighten up, Francis. All I and several others have done is point out that the objections from blue collar types might not be as universal as you believe. Blue collar families just might actually appreciate their children getting a break from their student loans. I personally am not a huge fan of this, but am not going to condemn it wholesale. Certain (deserving?) groups will benefit who would have had a tough time otherwise. Whether or not they should is what's being debated.
Very few “deserve” any sympathy, or this assistance. I voted for Biden knowing full well he was playing lip service to the selfish college debt forgiveness whiners, but I “knew” he’d never fulfill that promise because he’d never get it through Congress. I didn’t know or expect that he’d avoid Congress by issuing an unconstitutional (likely and hopefully) royal Presidential decree to implement his stupid, misguided campaign promise.
 
  • Like
Reactions: anon_6hv78pr714xta
My fiancé (Big 4, senior tax consultant) had about 8K left on her loans (about $50 a month). She makes 120ishK a year.

Yesterday we learned that outstanding 8K was no more. To celebrate we spent $500 at dinner last night, $120 bottle of wine, seafood tower, the whole nine yards. We were eating good!

Thanks Joe for bailing out people like us who really needed the lift!

We’ll still be voting straight ticket R come November.
You blew a year’s worth of college loan payments with that celebration! 😉
 
Very few “deserve” any sympathy, or this assistance. I voted for Biden knowing full well he was playing lip service to the selfish college debt forgiveness whiners, but I “knew” he’d never fulfill that promise because he’d never get it through Congress. I didn’t know or expect that he’d avoid Congress by issuing an unconstitutional (likely and hopefully) royal Presidential decree to implement his stupid, misguided campaign promise.
You are a perfect example of an unexpected consequence.
NEVER EVER claim to be “republican” again, ever. You are a shill. You are An “I’m soft and for sale” “conservative” if you don’t hurt my feelings warrior.
PFFT OFF with you
 
Very few “deserve” any sympathy, or this assistance. I voted for Biden knowing full well he was playing lip service to the selfish college debt forgiveness whiners, but I “knew” he’d never get it through Congress. I didn’t know or expect that he’d avoid Congress by issuing an unconstitutional (likely and hopefully) royal Presidential decree to implement his stupid, misguided campaign promise.
I'm wondering about the legality question. Seems to me the management of a lending institution should be able to make settlement decisions without going to the board of directors. Of course, the board can kick their asses to the curb if they disagree.
 
Wouldn't your mom have appreciated you getting some help with your loans?
Doubt it. She very, very reluctantly took any government assistance and stopped taking it soon as she could, even though she could have continued with the assistance. She wasn’t a deadbeat whining about her student loan debt while pulling down a solid middle class income, she was a working mother concerned with keeping us fed and in a home, however humble that was. I learned a lot from her.
 
Doubt it. She very, very reluctantly took any government assistance and stopped taking it soon as she could, even though she could have continued with the assistance. She wasn’t a deadbeat whining about her student loan debt while pulling down a solid middle class income, she was a working mother concerned with keeping us fed and in a home, however humble that was. I learned a lot from her.
She from the south aloha? You see that a lot with the Deep South
 
You are a perfect example of an unexpected consequence.
NEVER EVER claim to be “republican” again, ever. You are a shill. You are An “I’m soft and for sale” “conservative” if you don’t hurt my feelings warrior.
PFFT OFF with you
You’ve got your wires crossed there. I’m a Republican who believes in the Republican Party I joined, not the twisted Trump version led by the incredibly unfit for President, Donald Trump, who’s done a great deal of damage to my party. He’s not done with damaging it either.
 
ADVERTISEMENT
ADVERTISEMENT