discussion Student Debt - Update: GOP lawsuit attempts, Biden allows opt-out; FFEL restrictions

[spree]

8 minutes ago, Communion said:

Progressives have been pressuring the DoE to forgive private loans on the basis of laws based around fraud protection. They announced earlier this month that forgiveness would be rolled out for ITT Tech students who went to the school from 2005 to 2016. 

 

https://www.usatoday.com/story/news/education/2022/08/16/itt-technical-institute-student-debt-relief-forgiveness/10335860002/

 

Does any of this apply for you?

pretty sure that's exactly me.  I went from either late 2004-2006, or early 2005-2006.  2 year program.  I graduated with 40k in debut.  Now it's at 17k and I've been paying my monthly bill.  The article reads like I don't even have to do anything and they'll just be wiped away.  They announced this earlier this August?

[nadiamendell]

4 minutes ago, GhostBox said:

I was thinking about this too. Why should rich people get even more debt forgiveness. ? 

How many rich people have student loans to begin with? 

[spree]

all i'm reading is Biden took away federal student loans, not private.  Navient is private loans.

[i spit on haters]

2 minutes ago, nadiamendell said:

How many rich people have student loans to begin with? 

Very little to none. And those who do, their debt is paid off rather quickly. Because they're rich, lol. Where as the poor often take this debt with them to their grave. And then there are others who are still paying off their student debt well into their late 50s and 60s. 

[Communion]

7 minutes ago, spree said:

pretty sure that's exactly me.  I went from either late 2004-2006, or early 2005-2006.  2 year program.  I graduated with 40k in debut.  Now it's at 17k and I've been paying my monthly bill.  The article reads like I don't even have to do anything and they'll just be wiped away.  They announced this earlier this August?

I'm trying to find more info. 

 

This seems to interpret it as anyone who used federal loans to go to ITT Tech:

 

 

And that there's confusion as Navient is participating in the lawsuits that ITT Tech lost that caused the DoE to be able to discharge the loans mentioned, but Navient is telling their borrowers that only those with federal loans will see their totals updated next month. 

 

 

 

I hope I've been of help and I'm sorry if not. I can't explain how much I understand the disappointment and frustration if Navient get away with screwing you and others over. 

[spree]

4 minutes ago, Communion said:

I'm trying to find more info. 

 

This seems to interpret it as anyone who used federal loans to go to ITT Tech:

 

 

And that there's confusion as Navient is participating in the lawsuits that ITT Tech lost that caused the DoE to be able to discharge the loans mentioned, but Navient is telling their borrowers that only those with federal loans will see their totals updated next month. 

 

 

 

I hope I've been of help and I'm sorry if not. I can't explain how much I understand the disappointment and frustration if Navient get away with screwing you and others over. 

well, while all of this Covid no payment of student loans have been going on for the past 2 years, I have been paying mine.  I've got roughly 5 years left before it's all done.  I won't refinance.  I wanna get it over with.  I'm so used to paying them that it doesn't really affect me too much.  Just seeing the words ITT TECH trigger me and to see federal loans being forgiven kinda stings.  I don't even think not consolidating them into cheaper, private loans was even an option.  Like who are these people who DON'T have Sallie Mae or Navient?

[nadiamendell]

5 minutes ago, i spit on haters said:

Very little to none. And those who do, their debt is paid off rather quickly. Because they're rich, lol. Where as the poor often take this debt with them to their grave. And then there are others who are still paying off their student debt well into their late 50s and 60s. 

I mean... It took me a long time to finish school due to being forced into college without knowing what I wanted to do with my life at 18. I was still in the closet then, had no idea how the loan process worked and had no guidance whatsoever. Interest rates meant nothing to me. Eventually, after many years in and out of school, I finally finished, but I racked up over $80,000 in student loans in the process. It wasn't until I was in my mid 20s that I got my act together and taught myself more about finances and how interest rates work. It was then that I realized what I had signed up for as a naive 18 year-old. I came from a low-income family and was the first to graduate college. Finally graduating felt great, but taking on all of this debt just felt like a scam. I could be doing so much more with my life right now if I had known what I was getting myself into at 18. 

[ClashAndBurn]

29 minutes ago, Kassi said:

We don’t want student debts forgiven for all borrowers. Tired of the RICH getting RICHER.

That already happened with PPP loan forgiveness thanks to Trump and Nancy making sure there would be no oversight as to how that money would be allocated. NEXT.  

[Communion]

8 minutes ago, nadiamendell said:

How many rich people have student loans to begin with? 

Kassi and that user are being trolls as usual. To see a user who once bragged that poor people not having health insurance is "not their problem" in the US politics thread because they "have a gold standard corporate healthcare plan and six-figure salary" made.me wanna off myself. 

 

Student debt has ballooned over the last 25 years because the percentage of low-income students who go to college has increased due to increased access to Pell Grants. 

 

So the conversation isn't about rich people getting richer but about *some* people who were low or middle class now having high income though comparatively low wealth like doctors and lawyers who have taken on six-figure debts. 

 

We're not taking about elite schools though. Less than 0.3% of student debt is from those who got it via attending Ivy Leagues. 

 

So the argument they're putting forward is that more debt forgiveness will also benefit doctors and lawyers and nurses who make more and that such is bad. 

 

This is unserious for various reasons, such as:

- If benefitting high income earners was an issue, Joe would propose forgiving all debt for the most poor and then a sliding scale percentage where the percent forgiven decreased as your income went up. He's not doing that. Instead his PPP program went borrowers who 80%+ of the time were from high-income households and saw an average loan forgiveness of $90k. Rich people are scamming the government.but not by taking student loans. 

 

- The poorest borrowers still owe over double what Joe is proposing. Student borrowers in the bottom quintile of earners (those who make $24k a year or less) have an average of $25k in debt. So poor borrowes on average owe more in student loans than they make a year yet Biden is against their total forgiveness.  It's insulting to tell someone you're doing them a favor by keeping them straddled with debt greater than half their yearly income. If this was about helping the most poor, Joe would forgive all debt for poor people. He's not. 

 

- There's also the argument of how borrowers of color have more debt than white borrowers in comparative income brackets. This is why a white corporate professional making $90k a year will often have paid down most of their debt while black borrowers with the same income level and educational attainment levels find themselves stuck at the amount they borrowed because higher principal means the interest accrued exponentially increases faster, thus the racial disparity on why white borrowerers have historically been able to pay their loans off faster and quicker than black borrowers. 

 

Ironically rich Americans when polled are more against broad debt relief than poorer Americans because they know who actually takes out student loans. 

[ClashAndBurn]

What the 10k relief also means is that the Biden Administration (and Democrats in general) will use the opportunity to go, "Well, we did it. Congratulations everyone!" and nothing else will be done. No further relief of any kind ever again. No reform to our disaster of a for-profit education system. Nothing. This is it. Nothing will ever get better. Meanwhile, tuition costs will continue to balloon and there will be absolutely nothing to keep them in check.

 

So... thanks for nothing, Joe. I ******* hated you for a reason. Glad to see my hatred wasn't misplaced.    

[rihannabiggestfan]

2 minutes ago, ClashAndBurn said:

What the 10k relief also means is that the Biden Administration (and Democrats in general) will use the opportunity to go, "Well, we did it. Congratulations everyone!" and nothing else will be done. No further relief of any kind ever again. No reform to our disaster of a for-profit education system. Nothing. This is it. Nothing will ever get better. Meanwhile, tuition costs will continue to balloon and there will be absolutely nothing to keep them in check.

 

So... thanks for nothing, Joe. I ******* hated you for a reason. Glad to see my hatred wasn't misplaced.    

You're always making points, I love to see it

 

If only we had a president who put the American people first instead of one who prioritizes big banks, corporations, special interests, pigs cops AND UKRAINE while putting us last.

 

 

 

Unless a Democrat wants me to vote against them out of spite, they have to EARN my vote. But I would never vote for someone who literally created the student loan problem in the first place

 

 

 

Biden a pathological liar  look at his campaign promises

 

 

[infrared]

anyways the girls "screaming but it's not 50k!!!!!!" need to realize it's either this or nothing  decline the money then

we'll wait 

 

[Katamari]

2 hours ago, L0verb0y said:

I mean... I'll take it! BUT that still doesn't address the real issue, predatory interest rates! They need to be lowered. 

agreed but this cool  

[Communion]

2 hours ago, bad guy said:

 

His lies were really shameless. I would hope the NAACP holds him accountable for that.

Well that didn't take long. 

 

This exerrpt from Joe's website from when he ran for president is going viral now. 

 

 

 

[Relampago.]

Biden is definitely doing the bare minimum but... hell it's something. I'm so defeated I'll take what crumbs I can get.  Kudos to the people still trying to push him to go further with it, especially if there's little to no risk to his political career.

 

We're certainly not getting anything like this after the Democrats get washed later this year and 2024 so, woohoo...!

 

EDIT: Wait I just read more posts in this thread, he really is doing the BARE BARE minimum. Does he know how much of a difference this would make in so many people's lives? C'mon Joseph, this is ridiculous.  I'll take the 10k, but if other people can get more I don't see why I can't. Call me entitled, but I think what I contribute to the US with my education is more valuable than whatever loans are being forgiven elsewhere.

Edited August 23, 2022 by Relampago.

[GhostBox]

This is basically what he’s been running in since the primaries 

 

 

 
 

 

Also read he’s gonna postpone the payments starting again. So that would probably mean next year or close to it. 

 

Edited August 23, 2022 by GhostBox

[rihannabiggestfan]

And the fact that he's means-testing loans is a joke  filthy rich people don't take out student loans, *******, so what's the point of means-testing?

 

The rich get trillions, yet regular people get $10k? fff

 

 

 

Why can trillions of dollars worth of PPP loans get cancelled but student loans can't? (oh, we know why - Biden despises students)

 

 

 

 

 

 

[GhostBox]

If someone is making 150k or more a year. They can afford to pay their own. 

Edited August 23, 2022 by GhostBox

[Cheers]

$10k will bring me down to $9k so I'm here for this  better than nothing

[Communion]

26 minutes ago, GhostBox said:

This is basically what he’s been running in since the primaries 

 

 

Sis, are you on the DNC payroll?   It's one thing to accept scraps - it's another to post lies and disinfo.

 

If Joe Biden can forgiven $10k - which he literally lies in the tweet about being Warren's plan; her plan, as she originated the idea, was explicitly $50k since that was the minimum needed to free a majority of black borrowers from debt - that means he recognizes he has the ability to forgiven $50k.

 

Why are you still lying to everyone reading? 

 

"I will immediately forgive $10k upon entering office and work to make then colleges tuition-free"

 

Is not the same as, 2 years in, finally tackling student debt and him still REFUSING to endorse the College For All Act of 2021 that Bernie and progressives introduced in the Senate over a year ago

 

https://www.congress.gov/bill/117th-congress/senate-bill/1288#:~:text=Introduced in Senate (04%2F21%2F2021)&text=This bill establishes measures to,assist students from disadvantaged backgrounds

 

They literally introduced means-testing free four-year college to those making under $125k to APPEASE the president's demands and he STILL has not endorsed nor acknowledged it.  Neither has Kamala the VP.  How can you tell us elite Dems are more concerned with "solving the problem of tuition costs" when they've not even endorsed the plan to fix such?

Edited August 23, 2022 by Communion

[rihannabiggestfan]

Biden literally wrote "[I will] forgive all undergraduate tuition-related federal student debt from 2- and 4-year public colleges and universities and private HBCUs and MSIs for debt-holders earning up to $125k" and  "[I will] make public colleges and universities, as well as private HBCUs and MSIs, tuition-free for all families with incomes below $125k"

 

 

The biggest lies of all time? @Communion

[GhostBox]

13 minutes ago, Cheers said:

$10k will bring me down to $9k so I'm here for this  better than nothing

That’s awesome ?? Hopefully this decision  leads to more happening. 

[Bandito]

50 minutes ago, Communion said:

Well that didn't take long. 

 

This exerrpt from Joe's website from when he ran for president is going viral now. 

 

 

 

Ok, forget my “it’s a good starting point” talking point from earlier. I only supported Bernie in 2016 / 2020 so I didn’t pay attention to Biden’s campaign  promises.
 

Joe Biden can truly go **** himself for not following through on his own proposed plan then (especially since he has no resistance when it comes to cancelling this debt via executive order)! 

[rihannabiggestfan]

The NAACP   CLOCK Biden's racist (and Ukrainian asset!) ass

 

 

 

 

 

[rihannabiggestfan]