Biden forgives another 5.8billion in student loan debt from those that are disabled

[Saltwater60]

I get it if they can’t work but just because you’re disabled doesn’t mean you can’t work or aren’t working. Not sure this makes sense to me.

Education Department will cancel student debt for more than 320,000 borrowers

The U.S. Department of Education announced Thursday that it will cancel $5.8 billion in student debt for more than 320,000 borrowers.

www.cnbc.com

 

[Blimey]

Unless it was in the contracts these people signed I don’t get why gov would do this but not give somebody money to pay off other debts if they are disabled.

Gov keeps going at this from the wrong side. It should be harder to get the debt, not easier to write it off.

 

[ajoep59]

I feel like a jerk having paid for both of my boy's college degrees. Hey, do I get my money back?

 

[Acer-m14]

i took out a student loan when i was disabled .. got a degree in field of work that i could do because of it .. i want my money back ..

 

[spat]

We do have a predatory lending and student loan problem.

But the taxpayers shouldn't be the ones on the hook for it.

The "acedemic institutions" that charge kids considered to immature to have a beer $100k for a degree in gender studies are the villians. They should be the ones on the hook for the money.

I would be absolutely in favor of a bill that allowed people to sue the colleges offering worthless degrees to make them pay off their student loans.

Just the same as Bernie Madoff's victims sued him.

 

[Saltwater60]

We do have a predatory lending and student loan problem.

But the taxpayers shouldn't be the ones on the hook for it.

The "acedemic institutions" that charge kids considered to immature to have a beer $100k for a degree in gender studies are the villians. They should be the ones on the hook for the money.

I would be absolutely in favor of a bill that allowed people to sue the colleges offering worthless degrees to make them pay off their student loans.

Just the same as Bernie Madoff's victims sued him.

I agree it’s a joke and it’s a joke how these college operate. They spend money very frivolously to stay at a not for profit status.
Mu wife workedat a for profit college and of course they are bad right? I’d say no because they did a lot to keep costs down while maintaining a good program. Most is online without buildings and overhead. They don’t have honorariums or sebbaticles.

There is one not for profit college around me on a very safe area that put a purely decorative stone wall around the entire campus. I’ll bet it costs a couple million dollars. They should have reduced tuition. Is it nice yes but unnecessary. Shit like this happens all the time.
Another college my wife works for just handed out bonuses to get old and ineffective professors to retire. A lot retired, too many and now they have to hire those professors back as consultants at premiums while paying their retirements.

 

[TEOTWAWKI inc.]

Somebody just push the fucking reset button already.

I'm pretty sure I made the wrong choice somewhere in life.

 

[Blimey]

We do have a predatory lending and student loan problem.

But the taxpayers shouldn't be the ones on the hook for it.

The "acedemic institutions" that charge kids considered to immature to have a beer $100k for a degree in gender studies are the villians. They should be the ones on the hook for the money.

I would be absolutely in favor of a bill that allowed people to sue the colleges offering worthless degrees to make them pay off their student loans.

Just the same as Bernie Madoff's victims sued him.

I'm partial to this, but a snake is always a snake. I don't really blame them if they can legally get idiots to pay them huge amounts of money for underwater basket weaving degrees.

The core problem is that the classic risk vs reward has been evacuated from the room. Normally nobody lends money unless they believe there is a good chance of getting it back. Since the federal government (and private lenders) know a lot of these degrees are shit, they have come up with anti-bankruptcy law so that it can never be dispelled. And then from the federal side some politicians just want to excuse the debt entirely.

It should be possible to discharge the debt in bankruptcy. Other changes could be made, like prohibiting lending $80k in debt for a 2.2 gpa in sociology. But then the left will whine about how it impacts poor people the most or "people of color". To be clear, though, bush admin is the last one that prohibited discharge of debt in bankruptcy.

 

[BuffNiag]

Wonder how many people will become “disabled” when they figure out that that disability payments plus student loan debt payments they no longer need to make are worth more than they would make with their psychology degree.

 

[SonOfSun]

Unless it was in the contracts these people signed I don’t get why gov would do this but not give somebody money to pay off other debts if they are disabled.

Gov keeps going at this from the wrong side. It should be harder to get the debt, not easier to write it off.

Yes and no.

It should actually be easier to write off the debt. That would make the debt harder to get into. The problem we have now is college debt can't be written off in bankruptcy. It sticks no matter what. This has led to lenders loaning money to basically anyone no matter what because they know their risk is minimized as the debt won't be discharged and either way they win... they either get the debt paid off and make the interest on that or they have a person paying them recurring money for the rest of their life that over time is even more profitable.

This is also why college is so expensive and you have worthless degrees like "African American Studies" and shit like that. Anyone can get a loan and the lender doesn't give a crap if your major is financially viable or not.

 

[Blimey]

Yes and no.

It should actually be easier to write off the debt. That would make the debt harder to get into. The problem we have now is college debt can't be written off in bankruptcy. It sticks no matter what. This has led to lenders loaning money to basically anyone no matter what because they know their risk is minimized as the debt won't be discharged and either way they win... they either get the debt paid off and make the interest on that or they have a person paying them recurring money for the rest of their life that over time is even more profitable.

This is also why college is so expensive and you have worthless degrees like "African American Studies" and shit like that. Anyone can get a loan and the lender doesn't give a crap if your major is financially viable or not.

Yeah i fully support allowing this debt to be discharged. It used to be possible, and yet there was none of the fud the people against this endorse--the idea that everyone will just go into debt and immediately declare bankruptcy.

It requires a multi prong approach including more education--even if we have to beat it into them--directed @ 18 year olds to stop spending time and money on these nonsense degrees. Drives me up the wall. Look at all the assholes with shit degrees that are worth nothing, have never been worth anything, and nobody ever told them they were worth anything. Why are they doing it? Like how many jobs can our economy actually support of people who are sculptors? Damn few. And unlike engineering if you're a shitty artist you don't have a job in it. Period, so why did you spend four years and thousands in debt to do it?

Imagine having $100k in debt and a degree in theater arts or art history. It's fucking insane.

 

[livingston]

Still, President Joe Biden remains under pressure from Democrats, advocates and borrowers to go further and cancel $50,000 per borrower in student debt for all.

Biden has asked the Education Department and the U.S. Department of Justice to review his legal authority to forgive student debt through executive action. The findings of those reports are not yet public.

"You don't need Congress," Sen. Majority Leader Chuck Schumer, D-N.Y., has said. "All you need is the flick of a pen."

 

[Saltwater60]

Yes and no.

It should actually be easier to write off the debt. That would make the debt harder to get into. The problem we have now is college debt can't be written off in bankruptcy. It sticks no matter what. This has led to lenders loaning money to basically anyone no matter what because they know their risk is minimized as the debt won't be discharged and either way they win... they either get the debt paid off and make the interest on that or they have a person paying them recurring money for the rest of their life that over time is even more profitable.

This is also why college is so expensive and you have worthless degrees like "African American Studies" and shit like that. Anyone can get a loan and the lender doesn't give a crap if your major is financially viable or not.

Funny isn’t it how the only debt that can’t be written off is your debt to the government. Must be fucking nice to make the rules. This country sickens me more day by day.

 

[fresch]

What ever happened to your choices have consequences?
Where's my trophy!?