First lawsuit against Biden’s college loan forgiveness program for deadbeats.

[TheOriginalHappyGoat]

You think it’s reasonable that a person decides he shouldn’t repay a loan that he/she agrees to? Please explain that.

Well, we're not talking about people "deciding" they shouldn't repay a loan. We're talking about people taking advantage of a benefit being offered them. And whether or not that is reasonable, it's not a reasonable reason to call them a "deadbeat."

I work my ass off, Aloha. If I have the opportunity to take advantage of this (which again, will do little for me, so I don't care), that doesn't suddenly turn me into a deadbeat. I will still remain someone who works his ass off, just with slightly less debt.

 

[Crayfish57]

What's it matter? If they have jobs and they are making their payments, it's not right to dismiss them as deadbeats.

I drive a 2018. It's the newest car I've ever owned. I needed a decent car with good mileage because I drive a lot. Otherwise, I live cheaply. I work between 50-60 hours a week, and I save most of my paycheck, excepting the money I spend to take care of Mama Goat, who can't afford everything she needs with her paltry SS payments.

I'm a dumbass who took out way too much student debt. Biden's relief does nothing for me. In fact, nothing short of total forgiveness would. I'll be on income-based payments until my 25 years are up, and then the amount that's written off will very likely be more than my total balance is now. That sucks, but it is what it is. But it doesn't make me a deadbeat. It just makes me a guy who took on way too much debt.

Obviously the deadbeat term has set you off and I never endorsed it. ..............I am discussing 2 different things and perhaps didn't separate them well.

I was pointing out though that I would be interested to know the financial situation of those getting this. To me if you arent making progress on your earlier loan because of living beyond your means vs perhaps your situation.

Damn I thought we were going to be friends and get some bloody rare prime rib for Christmas?

 

[TheOriginalHappyGoat]

Obviously the deadbeat term has set you off and I never endorsed it. ..............I am discussing 2 different things and perhaps didn't separate them well.

I was pointing out though that I would be interested to know the financial situation of those getting this. To me if you arent making progress on your earlier loan because of living beyond your means vs perhaps your situation.

Damn I thought we were going to be friends and get some bloody rare prime rib for Christmas?

Yes, it is absolutely the term "deadbeat" setting me off. "Deadbeat" implies lazy, good-for-nothing, wanting a free handout. People paying their loans, working productive jobs, they aren't deadbeats, even if they do want this relief.

I respect Aloha more than almost any other poster here, but anyone who gets stuck on calling these people deadbeats can kiss my ass.

 

[Aloha Hoosier]

They have the option to not make payments but some borrowers are cutting away their debt while they have zero interest accruing.

I have no data but I know from talking to alum. Depends on their financial situation.

This should have been the solution. Remove interest on student loans and move forward OR just cancel most of it.

Why should lenders Be forced to take a loss?

 

[toastedbread]

Well, we're not talking about people "deciding" they shouldn't repay a loan. We're talking about people taking advantage of a benefit being offered them. And whether or not that is reasonable, it's not a reasonable reason to call them a "deadbeat."

I work my ass off, Aloha. If I have the opportunity to take advantage of this (which again, will do little for me, so I don't care), that doesn't suddenly turn me into a deadbeat. I will still remain someone who works his ass off, just with slightly less debt.

Why would anyone be called a deadbeat for following the rules of the road? If it's legal, it's their right to take it. In fact, I think in many cases, the government is planning to automatically provide the benefit. How can anyone be called a deadbeat for being given something that they can't decline? That's nonsensical.

 

[Aloha Hoosier]

Well, we're not talking about people "deciding" they shouldn't repay a loan. We're talking about people taking advantage of a benefit being offered them. And whether or not that is reasonable, it's not a reasonable reason to call them a "deadbeat."

I work my ass off, Aloha. If I have the opportunity to take advantage of this (which again, will do little for me, so I don't care), that doesn't suddenly turn me into a deadbeat. I will still remain someone who works his ass off, just with slightly less debt.

Message me. Doesn’t seem I have that capability.

 

[Crayfish57]

Yes, it is absolutely the term "deadbeat" setting me off. "Deadbeat" implies lazy, good-for-nothing, wanting a free handout. People paying their loans, working productive jobs, they aren't deadbeats, even if they do want this relief.

I respect Aloha more than almost any other poster here, but anyone who gets stuck on calling these people deadbeats can kiss my ass.

Just to be clear those were not my sentiments or basis for my questions. We all have touch words I guess. I understand . There is a poster on here that sets me off thinking he is a comedian. In truth anything I said was not directed at people like you but ones that are complaining while living outside their means. My last new vehicle was a 98 F 150 I'm still driving and newest an 03 VW I bought in 05 .

 

[TheOriginalHappyGoat]

Message me. Doesn’t seem I have that capability.

Please stop flirting with me in public.

 

[Crayfish57]

Why would anyone be called a deadbeat for following the rules of the road? If it's legal, it's their right to take it. In fact, I think in many cases, the government is planning to automatically provide the benefit. How can anyone be called a deadbeat for being given something that they can't decline? That's nonsensical.

This thread went way off the rails by a poster who likely had no real intent to where it has been taken. He doesnt really have that reputation and maybe that caused more furor.

I see no one will address what I asked about people living beyond their means that could be paying their debt down more?

 

[mcmurtry66]

Just to be clear those were not my sentiments or basis for my questions. We all have touch words I guess. I understand . There is a poster on here that sets me off thinking he is a comedian. In truth anything I said was not directed at people like you but ones that are complaining while living outside their means. My last new vehicle was a 98 F 150 I'm still driving and newest an 03 VW I bought in 05 .

Those are some old rides cray. How many miles are on them. Not surprised on a truck but surprised the VW is still kicking. I have a friend who dumped his Mazda 626 a few years ago. Had over 400,000 miles on it

 

[anon_6hv78pr714xta]

I'm disappointed in you. I don't know what strange definition of "deadbeat" you're working with in your head, but it's not a reasonable one.

One definition of deadbeat is someone who does not pay their debts. That’s not strange.

 

[anon_6hv78pr714xta]

What's it matter? If they have jobs and they are making their payments, it's not right to dismiss them as deadbeats.

I drive a 2018. It's the newest car I've ever owned. I needed a decent car with good mileage because I drive a lot. Otherwise, I live cheaply. I work between 50-60 hours a week, and I save most of my paycheck, excepting the money I spend to take care of Mama Goat, who can't afford everything she needs with her paltry SS payments.

I'm a dumbass who took out way too much student debt. Biden's relief does nothing for me. In fact, nothing short of total forgiveness would. I'll be on income-based payments until my 25 years are up, and then the amount that's written off will very likely be more than my total balance is now. That sucks, but it is what it is. But it doesn't make me a deadbeat. It just makes me a guy who took on way too much debt.

What do you mean by “save most of my paycheck?”

 

[TheOriginalHappyGoat]

What do you mean by “save most of my paycheck?”

I mean it goes in the bank. I don't care much for talk radio, but I do agree with the concept that you should have at least 6 months of expenses in the bank for emergencies. Plus I'm trying to save even more for specific projects around the house. So I live poor and put most of my money into the bank.

 

[Lucy01]

Lucy, is that you?

🫣

 

[Crayfish57]

Those are some old rides cray. How many miles are on them. Not surprised on a truck but surprised the VW is still kicking. I have a friend who dumped his Mazda 626 a few years ago. Had over 400,000 miles on it

VW is diesel with 170k runs great . I do most of my own work with some help. I have another 98 4x4 for winter . As long as I can get me and what I need from here to there , have heat, good brakes and a radio that is all I need. I drive quite a bit but some of you sure put a lot of miles on

 

[IUCrazy2]

OK. We are almost on the same page. The deadbeats are those whining for debt forgiveness. Once the policy goes into effect, and hopefully it doesn’t, I wouldn’t call every beneficiary a deadbeat - depends on the circumstances.

I would be a beneficiary of the program if it goes through. Just having the federal loan makes you a potential beneficiary. Right now they are saying you won't even have to apply, it will just happen for most people.

 

[TomEric4756]

Probably won’t be the last. If a President can spend a trillion bucks in funds not authorized or appropriated by Congress, the country is in deep trouble. Presidents won’t be able to stop themselves from trying to buy votes from deadbeats at the expense of other taxpayers and ever more debt.

Biden’s student debt relief faces first major legal challenge

A conservative legal group is suing to block the plan on the grounds it would leave some borrowers worse off.

www.politico.com

I was surprised it took this long.

 

[Lucy01]

It looks to me, that a college degree isn’t worth much if they can’t pay their debt.
I know plenty of College graduates that have made plenty of money but refused to repay their loan.

 

[Cortez88]

I thought no one was making payments over the last couple of years?

False. Anyone could continue making payments. The payments went straight to principle since interest was not accruing. I continued normal payments.

 

[dbmhoosier]

It looks to me, that a college degree isn’t worth much if they can’t pay their debt.
I know plenty of College graduates that have made plenty of money but refused to repay their loan.

Well certain people are enrolled in specific payment plans like PSLF that forgive their loans after a certain time period. They are only required to pay a certain amount each month based off their income. If you max out your 401k, HSA, etc each year it's easy to get your monthly payment down to a low level while you wait for forgiveness. All part of a freely negotiated contract with the federal government.

 

[Spartans9312]

It would be interesting to see the timeline for when college became “unaffordable”.
I had to borrow money to go to college. It took me a while to pay back those loans. Let’s say 5 or 6 years. Most of you have higher paying jobs than I do.
I’m 48 y/o. To add I have a colleague that is 5 or so years younger than me that states she will never get her college loans paid.

What happened? I’m about to the point where my children are going to enter the higher education “game”.

 

[mcmurtry66]

It would be interesting to see the timeline for when college became “unaffordable”.
I had to borrow money to go to college. It took me a while to pay back those loans. Let’s say 5 or 6 years. Most of you have higher paying jobs than I do.
I’m 48 y/o. To add I have a colleague that is 5 or so years younger than me that states she will never get her college loans paid.

What happened? I’m about to the point where my children are going to enter the higher education “game”.

Colleges bear responsibility as well. But so many dumb decisions. Take my town. Slu $50k a year. UMSL $10k. There’s nothing great about slu. Why pay that. Go to umsl. Mizzou resident. Or out of state to IU. Why pay out of state. Both great college towns. One cheap. One expensive

 

[Spartans9312]

Colleges bear responsibility as well. But so many dumb decisions. Take my town. Slu $50k a year. UMSL $10k. There’s nothing great about slu. Why pay that. Go to umsl. Mizzou resident. Or out of state to IU. Why pay out of state. Both great college towns. One cheap. One expensive

When and why did the price of college increase to the point where someone making good money can not afford to repay their loan?

 

[mcmurtry66]

When and why did the price of college increase to the point where someone making good money can not afford to repay their loan?

Probably when they became resorts

 

[Spartans9312]

Probably when they became resorts

It seems we (taxpayers) are hindering the situation more than helping. Government seems to have that effect. If a little is good then a lot is better…is extremely false

 

[mcmurtry66]

It seems we (taxpayers) are hindering the situation more than helping. Government seems to have that effect. If a little is good then a lot is better…is extremely false

I'm not sure about that, genuinely. I thought funding from states has become a smaller part of state u's budgets. You also have to look at the economic impact on the state from the university

 

[Cortez88]

When and why did the price of college increase to the point where someone making good money can not afford to repay their loan?

IU Law now costs $40k instate and $61 out of state. 20 years ago I could use the $20k Stafford loan and pay instate tuition and live (very poorly) off the remainder. Now you would have to take private loans just to cover tuition, let alone living expenses.

To your other part, lawyer pay has not increased 4x over those 20 years. It still took me 20 years after law school to pay off undergrad and law school.

 

[Spartans9312]

I'm not sure about that, genuinely. I thought funding from states has become a smaller part of state u's budgets. You also have to look at the economic impact on the state from the university

Are the loans government backed?

 

[IUclover]

Probably when they became resorts

This is pretty much it. Schools compete by providing better amenities and that cost is passed on to the student. A podcast told me that so that must be true.

And higher COL and low wage jobs that require a degree are why people struggle to pay loans.

 

[Spartans9312]

IU Law now costs $40k instate and $61 out of state. 20 years ago I could use the $20k Stafford loan and pay instate tuition and live (very poorly) off the remainder. Now you would have to take private loans just to cover tuition, let alone living expenses.

To your other part, lawyer pay has not increased 4x over those 20 years. It still took me 20 years after law school to pay off undergrad and law school.

That’s what is curious to me. Lawyer pay (in your situation) has not gone up 4x over the 20 years but tuition for the same degree has increased disproportionately. I’m wondering why and if it’s something we are contributing to in a less than ideal way.

 

[UncleMark]

I'm a dumbass who took out way too much student debt. Biden's relief does nothing for me. In fact, nothing short of total forgiveness would. I'll be on income-based payments until my 25 years are up, and then the amount that's written off will very likely be more than my total balance is now.

Did you go into this with eyes wide open, knowing what you'd be looking at? Did you underestimate your earning power after getting the degree? Did your circumstances change (in or out of your control) which impacted your earning power? Or did you underestimate the amount of debt you'd need to take on when you started out?

I can see how some sterotypical youngster following her passion and ending up with $160K in debt and a Masters in Comp Lit from Oberlin doesn't get much sympathy, but that's obviously not where you're coming from.

 

[mcmurtry66]

Are the loans government backed?

Don't know

 

[UncleMark]

Are the loans government backed?

The loans in question are loans from the government. The government is the lender. The government is writing off the paper they already hold.

 

[Spartans9312]

The loans in question are loans from the government. The government is the lender. The government is writing off the paper they already hold.

So the colleges have already been paid? It’s no wonder tuition has went up disproportionately if this is true

 

[CO. Hoosier]

IU Law now costs $40k instate and $61 out of state.

Hey @Marvin the Martian Would NPR claim this is racist?

 

[UncleMark]

So the colleges have already been paid? It’s no wonder tuition has went up disproportionately if this is true

Of course they have. Just like the dealer has already been paid for the car you owe huge money to GMAC for. The colleges need to be required to have some skin in the game themselves.

 

[Marvin the Martian]

Hey @Marvin the Martian Would NPR claim this is racist?

I don't know, will you ever make a post that's even a little serious?

 

[Spartans9312]

Of course they have. Just like the dealer has already been paid for the car you owe huge money to GMAC for. The colleges need to be required to have some skin in the game themselves.

So what’s the solution? I think we agree continuing to have the government pick winners and losers is not the correct answer. Not just with student loans

 

[UncleMark]

So what’s the solution? I think we agree continuing to have the government pick winners and losers is not the correct answer. Not just with student loans

No out of state, no private schools would be a start.

 

[anon_6hv78pr714xta]

That’s what is curious to me. Lawyer pay (in your situation) has not gone up 4x over the 20 years but tuition for the same degree has increased disproportionately. I’m wondering why and if it’s something we are contributing to in a less than ideal way.

Many factors. Just to name a few: Rise in # of admins with high salaries. Cut back in state funding. Viewing out of state students as profit sources. Fed backed cheap money. Understanding that more and more people feel the college degree is necessary for a job.