Geh.. is it disappointing that student loan debt will not be canceled? Totally, but while it is irritating at least being late on a payment won't cause harm to my credit score. :/
Would that also include the bills that banks & mortgage lenders incurred before being bailed out in 2007? Or the bills that businesses incurred during the pandemic that the government subsequently bailed out? Or the bills that soybean farmers incurred when Trump decided to FAFO with China and were subsequently bailed out?
The US government picks and chooses these types of bail outs ALL THE TIME. Many of these tuition loans are predatory.
By the way, I do not have a student loan, nor do my kids (who both graduated without needing them). So I’m not coming from a position of “I need this help”; I’m coming from a position of “yes we should help just like we helped farmers, businesses and banks” because it’s good for the economy.
While I think Student loans have inflated the price of higher education and the system needs to be changed. The topic of the government bailing out corporations at a complete loss to the taxpayers is false in my opinion. There’s plenty of financial analysis still being done to this day and most of it shows that the Government did quite well on the ROI/profit from these emergency loans.
https://www.washingtonpost.com/politics/2019/03/18/did-wall-street-get-trillion-dollar-bailout-during-financial-crisis/
Here’s a fact checker article on this subject.
I have a home mortgage and a car loan I'd like the government to pay for, as well as my credit card debt that I can no longer afford. It's just not fair that I'm being charged all this interest and pricipal since it's was all predatory lending that I was tricked into borrowing. They bailed out the banks, so why not bail out me. I'm glad we have a federal government with endless deep pockets and rich guys like yourself who don't mind paying more and more in federal and state taxes to help victims like myself pay for all the bad financial decisions I've made in my life.
Well, I’m certainly not going to disagree that a lot of the wrong money was spent when the housing market collapsed. Keeping the banks whole was one thing, but leaving all the people who were conned into taking loans they couldn’t afford was a misstep. And I haven’t looked at what Biden is proposing. I have seen others suggest that the interest on these loans should be forgiven, which would mean the premium still needs to be paid. I’ve seen some crazy stuff out there about how some of these loans work. Not sure how someone can continue to pay the minimum every month and owe MORE than they did when they took the loan in the first place. I’d wager your mortgage and car loans do not work that way.
If the loans were illegal or predatory, as you say, don't you think the government would have gone after them for that. The fact is people don't read the contracts, or they assume they will get a great job that will pay it off in no time. It's unfortunate that people get themselves in this position, but here we are. I don't think the argument that since we bailed out the banks, we should bail out student loan borrowers. We shouldn't be bailing out either. A better solution would be to make the first two or four years of college or trade school tuition free. That makes more sense to me. But I don't know if that will ever happen
Yep we’re agreed on the free trade/first couple of years thing. At least for public universities. And while I agree that the banks shouldn’t have been bailed out, or the farmers, or or or … the reality is these things happen. I also think there’s a bunch of politics in all of this. Biden waited to push this until we’re close enough to the election to keep it in people’s minds as they head to vote.
So many things wrong with this. Majority of govt revenue doesn't even come from taxes to start. All of those other loans you're talking about, you can get out of it you needed to through various methods. My uncle had a debilitating brain injury that made it impossible for him to work a full time job and they were garnishing his student loan check throughout the whole process. If that's the America you want to live in have fun. Opinions like yours reflect the kind of people who just hate their own neighbors, fellow citizens, themselves, etc.
In your uncles case, there should be an exception, but for 99.9%, this is not the case. It's a ridiculous argument because most of the adults can pay, but they would rather not. If it can be proved that there was predatory lending in the process, then that should be looked into. But I think the lending was straightforward, and the borrowers knew what they were getting into. Maybe in the future, student lending should be based on credit scores or the ability to pay it back by having mom and dad or some other adult co-sign for the loan. I'm guessing that a lot of parents of these kids could have paid part or all of the loans, but they were waiting to see if this bill passed before they spent any of their own hard earned money.
The job market is not sustaining. Most adults can't pay in the current economy. You're saying "it's unfair" but we can't get jobs because of a million things the govt has done. IdgaFF about if MTG got her loans paid but the federal reserve has rug pulled the American people multiple times. Banks abuse their power, govt cuts jobs and encourages Automation and don't prosecute white collar crimes.
Like check this out: http://www.shadowstats.com/alternate_data/unemployment-charts
This website uses an alternate way of measuring unemployment and it's at 25% lmao. That's a failing to train people by the people who print money. I just got a full time job and it took me 4 years. wtf
The job market was bad when I got my loan, too. I just paid the minimum until I got a decent job. The economy goes in cycles, always has. You can get a temporary deferment or forbearance if needed. I dont buy the 25% unemployed rate. That would be about 40 million people. We'd be seeing riots in the streets if it was that high. I get it's hard for some to pay, but why did you borrow so much money if you weren't sure if you could pay it back.
How are you going to say "you don't buy it" when the explanation and statistics are dead in front of you. And yes. 40 million people without a job in America sounds very realistic.
Also the economy "going in cycles" is entirely manufactured. It's not natural. Our govt makes various decisions that cause this on purpose. For example launching up the interest rate in this case.
I'll be honest you need to start studying up on the economy because the way you are talking is deeply outdated even if business school atm. Even something like having an interest rate that lasts multiple decades was never how interest was meant to work. 3-5 years, then no more accrual is a concept that's thousands of years old. This whole endless interest doesn't even make sense from a math perspective. It's debt slavery for a lot of people. So sorry if you don't believe 40 million people don't have a job. But that's the reality. Time to grow up man and start looking at the world from a real human lens and not like this imaginary Christian morals kinda BS perspective that damages our nation long term.
Just because John Williams and Shaddowstats say it's true doesn't make it so. He has many detractors who say his data is inaccurate and misleading. Here's what I found. Enjoy!
A number of economists and finance experts have claimed that the Shadowstats CPI is conceptually wrong and that their usage leads to easily disproven and absurd conclusions.[4][12][13][14][15]
University of Maryland Professor Katharine Abraham, who previously headed the Bureau of Labor Statistics, the agency responsible for publishing official unemployment and inflation data, says of Williams' claims about data manipulation that "[t]he culture of the Bureau of Labor Statistics is so strong that it's not going to happen." Steve Landefeld, former director of the Bureau of Economic Analysis, the Commerce Department agency that prepares quarterly GDP reports, said in response to an article about Williams, "the bureau rigorously follows guidelines designed to ensure its work remains totally transparent and absolutely unbiased." In the same article, UC San Diego economist Valerie Ramey, a member of the Federal Economic Statistics Advisory Committee, defended the methodological changes, claiming they were only made "after academic economists did decades of research and said they should be done."[2]
Senior Fellow of the Niskanen Center Ed Dolan has found these alternatives to be "implausibly high" in spite of potential errors in the official data, especially when cross checked with data on nominal interest rates and physical output.[16][17] Shadowstats measure of inflation has also been unfavorably compared with alternative private measures such as the Billions Prices Project which tracks millions of online retail prices from around the world in real time.[18][19][20] In addition, despite claims of much higher inflation than official reports suggest, and even potential hyperinflation in the future,[21][22] Shadowstats has not changed its $175 per year subscription fee since at least 2006, leading some to humor its own claims.[23][24]
Responding to prior criticisms made by economist James Hamilton, John Williams explained in a private phone call that Shadowstats does not actually recalculate BLS data, rather, the Shadowstats CPI merely adds a constant to the officially reported numbers.[25]
I’m not going back and recalculating the CPI. All I’m doing is going back to the government’s estimates of what the effect would be and using that as an add factor to the reported statistics.
Responding to prior criticisms made by economist James Hamilton, John Williams explained in a private phone call that Shadowstats does not actually recalculate BLS data, rather, the Shadowstats CPI merely adds a constant to the officially reported numbers.[25]
Same could be said for how they calculate the current stuff.
Also yeah I'm not just gonna really acknowledge something you obviously used Perplexity/some sort of online ai for. Idc how many sources you have if you just send a copy pasted thing to me, it means you couldn't understand it and can't explain it. That gives me 0 faith anything you just copy and pasted is correct because you can't even verify the point you're making.
I am not American so probably shouldn’t be mouthing off on this subject, but I am pretty sure that everything you are charged for has the cost of those loans already factored in. I mean how else do you think these people are paying for them? By trying to pass them earn more from you really
loans are forgiven all the time if people don’t have to pay back their loans they can use that money to survive or participate in the local economy this is just good policy
How is helping people better their financial situation set a dangerous precedent? why is it no one bats an eye when banks are bailed out or corporations get hand outs ? Bailing out private citizens will help everyone instead of paying that money to the bank they will be able to pay their mortgage or buy groceries or whatever. They will put that money back into the economy which is something banks and corporations never do.
Biden has spend his entire corrupt career in congress he could've prevented this PREDATORY student loans long beforehand, question is. Why he allowed to happen in the first place. Ppl have woken up, this corrupt mfckrs can't lie to us anymore.
How...EXACTLY would he have "prevented" corrupt student loans?
You do know, even on the presidential level, there's a structure and process to everything, right?
He can't just go "bippity boppitity, your money is now my property~"
You dont do what is "appropriate" you do what is needed, and that is to rescue your people from drowning in debt.
This is not something to congratulate you for just trying Mr Biden. He sounds like he was just trying and just gave up hope and went on to accuse the Republicans. No wonder Democrats lack any credibility, they seem to do politics with a pair little pincers.
Good, there are many more pressing matters upon which the Supreme Court should be Siding against Democrats on.... I can name at least a couple hundred...
Let's get the DemoNcrats and Trudeau's out of politics forever... No Liberal should ever be able to set foot in office.
I find it comical how many people expect free handouts. It’s debt that YOU took out and it’s an expense that you accrued for YOUR own benefit. Hopefully that degree pays off but this type of mentality should not tolerated. If any of them were smart, they would have put away half of what they were obligated to pay the past three years. Welcome to the real world kids!
Like I said, hopefully that degree pays off and they’re making the money they anticipated making. Nothing is ever free and the Americans that work their ass off and SAVE everyday shouldn’t have to fork the bill! Boycott the universities that exploit these students with absurd tuition!
Plenty of things are free. The idea that every day Americans won't benefit from subsidizing the cost of an educated population is crazy. All of our medical research is subsidized by the tax payer. To think if we could do the same thing in the technology or energy sector we may actually live in a developed country. Or maybe we wouldn't have a doctor shortage. Haha
Granted, to your point the most of the burden of fault definitely lies on the shoulders of the universities. But either way, we all benefit from free education i.e. the public school system.
Even if at the very least you get educated voters who are capable of critical thinking, which is something you can teach, that's worth it.
Ask those high school dropped-out richass like Billy Gate and LeBron to pay for it. Whoopi and Oprah can help too right? They also fight for equality for you while many moms and pops are still paying car loans and house loans.
i think this is the most neutral take on this subreddit. but i agree that even rich athletes or tv personalities should definitely share the wealth. but we should also go after the higher ups who pocket all the money
Biden can forgive any student loan he wants as long as it comes out of his fat pockets filled by the communist Chinese government. STOP PASSING THE BURDEN TO THE MIDDLE CLASS.
All I'm no fan of Joe but I'm impressed he gave a speach using almost proper sentence structure and sounding alive.
I see the Land of the Free has become the Land of the Indebted.
Land of the Fee.
I like the guy, but I feel like his age is showing more and more. His speech is slower than it was at the beginning of his term.
Geh.. is it disappointing that student loan debt will not be canceled? Totally, but while it is irritating at least being late on a payment won't cause harm to my credit score. :/
Insane that bills that you incurred should be paid…what kind of word are you speaking to Biden?
Would that also include the bills that banks & mortgage lenders incurred before being bailed out in 2007? Or the bills that businesses incurred during the pandemic that the government subsequently bailed out? Or the bills that soybean farmers incurred when Trump decided to FAFO with China and were subsequently bailed out? The US government picks and chooses these types of bail outs ALL THE TIME. Many of these tuition loans are predatory. By the way, I do not have a student loan, nor do my kids (who both graduated without needing them). So I’m not coming from a position of “I need this help”; I’m coming from a position of “yes we should help just like we helped farmers, businesses and banks” because it’s good for the economy.
Exactly, "socialism for the rich and rugged individualism for the poor".
While I think Student loans have inflated the price of higher education and the system needs to be changed. The topic of the government bailing out corporations at a complete loss to the taxpayers is false in my opinion. There’s plenty of financial analysis still being done to this day and most of it shows that the Government did quite well on the ROI/profit from these emergency loans. https://www.washingtonpost.com/politics/2019/03/18/did-wall-street-get-trillion-dollar-bailout-during-financial-crisis/ Here’s a fact checker article on this subject.
I have a home mortgage and a car loan I'd like the government to pay for, as well as my credit card debt that I can no longer afford. It's just not fair that I'm being charged all this interest and pricipal since it's was all predatory lending that I was tricked into borrowing. They bailed out the banks, so why not bail out me. I'm glad we have a federal government with endless deep pockets and rich guys like yourself who don't mind paying more and more in federal and state taxes to help victims like myself pay for all the bad financial decisions I've made in my life.
Well, I’m certainly not going to disagree that a lot of the wrong money was spent when the housing market collapsed. Keeping the banks whole was one thing, but leaving all the people who were conned into taking loans they couldn’t afford was a misstep. And I haven’t looked at what Biden is proposing. I have seen others suggest that the interest on these loans should be forgiven, which would mean the premium still needs to be paid. I’ve seen some crazy stuff out there about how some of these loans work. Not sure how someone can continue to pay the minimum every month and owe MORE than they did when they took the loan in the first place. I’d wager your mortgage and car loans do not work that way.
If the loans were illegal or predatory, as you say, don't you think the government would have gone after them for that. The fact is people don't read the contracts, or they assume they will get a great job that will pay it off in no time. It's unfortunate that people get themselves in this position, but here we are. I don't think the argument that since we bailed out the banks, we should bail out student loan borrowers. We shouldn't be bailing out either. A better solution would be to make the first two or four years of college or trade school tuition free. That makes more sense to me. But I don't know if that will ever happen
Yep we’re agreed on the free trade/first couple of years thing. At least for public universities. And while I agree that the banks shouldn’t have been bailed out, or the farmers, or or or … the reality is these things happen. I also think there’s a bunch of politics in all of this. Biden waited to push this until we’re close enough to the election to keep it in people’s minds as they head to vote.
Probably below 4% lmao. Joke
So many things wrong with this. Majority of govt revenue doesn't even come from taxes to start. All of those other loans you're talking about, you can get out of it you needed to through various methods. My uncle had a debilitating brain injury that made it impossible for him to work a full time job and they were garnishing his student loan check throughout the whole process. If that's the America you want to live in have fun. Opinions like yours reflect the kind of people who just hate their own neighbors, fellow citizens, themselves, etc.
Nope it’s not and extremely different situation for your uncle. Majority that do take out loans should have to pay them back.
In your uncles case, there should be an exception, but for 99.9%, this is not the case. It's a ridiculous argument because most of the adults can pay, but they would rather not. If it can be proved that there was predatory lending in the process, then that should be looked into. But I think the lending was straightforward, and the borrowers knew what they were getting into. Maybe in the future, student lending should be based on credit scores or the ability to pay it back by having mom and dad or some other adult co-sign for the loan. I'm guessing that a lot of parents of these kids could have paid part or all of the loans, but they were waiting to see if this bill passed before they spent any of their own hard earned money.
The job market is not sustaining. Most adults can't pay in the current economy. You're saying "it's unfair" but we can't get jobs because of a million things the govt has done. IdgaFF about if MTG got her loans paid but the federal reserve has rug pulled the American people multiple times. Banks abuse their power, govt cuts jobs and encourages Automation and don't prosecute white collar crimes. Like check this out: http://www.shadowstats.com/alternate_data/unemployment-charts This website uses an alternate way of measuring unemployment and it's at 25% lmao. That's a failing to train people by the people who print money. I just got a full time job and it took me 4 years. wtf
The job market was bad when I got my loan, too. I just paid the minimum until I got a decent job. The economy goes in cycles, always has. You can get a temporary deferment or forbearance if needed. I dont buy the 25% unemployed rate. That would be about 40 million people. We'd be seeing riots in the streets if it was that high. I get it's hard for some to pay, but why did you borrow so much money if you weren't sure if you could pay it back.
How are you going to say "you don't buy it" when the explanation and statistics are dead in front of you. And yes. 40 million people without a job in America sounds very realistic. Also the economy "going in cycles" is entirely manufactured. It's not natural. Our govt makes various decisions that cause this on purpose. For example launching up the interest rate in this case. I'll be honest you need to start studying up on the economy because the way you are talking is deeply outdated even if business school atm. Even something like having an interest rate that lasts multiple decades was never how interest was meant to work. 3-5 years, then no more accrual is a concept that's thousands of years old. This whole endless interest doesn't even make sense from a math perspective. It's debt slavery for a lot of people. So sorry if you don't believe 40 million people don't have a job. But that's the reality. Time to grow up man and start looking at the world from a real human lens and not like this imaginary Christian morals kinda BS perspective that damages our nation long term.
Just because John Williams and Shaddowstats say it's true doesn't make it so. He has many detractors who say his data is inaccurate and misleading. Here's what I found. Enjoy! A number of economists and finance experts have claimed that the Shadowstats CPI is conceptually wrong and that their usage leads to easily disproven and absurd conclusions.[4][12][13][14][15] University of Maryland Professor Katharine Abraham, who previously headed the Bureau of Labor Statistics, the agency responsible for publishing official unemployment and inflation data, says of Williams' claims about data manipulation that "[t]he culture of the Bureau of Labor Statistics is so strong that it's not going to happen." Steve Landefeld, former director of the Bureau of Economic Analysis, the Commerce Department agency that prepares quarterly GDP reports, said in response to an article about Williams, "the bureau rigorously follows guidelines designed to ensure its work remains totally transparent and absolutely unbiased." In the same article, UC San Diego economist Valerie Ramey, a member of the Federal Economic Statistics Advisory Committee, defended the methodological changes, claiming they were only made "after academic economists did decades of research and said they should be done."[2] Senior Fellow of the Niskanen Center Ed Dolan has found these alternatives to be "implausibly high" in spite of potential errors in the official data, especially when cross checked with data on nominal interest rates and physical output.[16][17] Shadowstats measure of inflation has also been unfavorably compared with alternative private measures such as the Billions Prices Project which tracks millions of online retail prices from around the world in real time.[18][19][20] In addition, despite claims of much higher inflation than official reports suggest, and even potential hyperinflation in the future,[21][22] Shadowstats has not changed its $175 per year subscription fee since at least 2006, leading some to humor its own claims.[23][24] Responding to prior criticisms made by economist James Hamilton, John Williams explained in a private phone call that Shadowstats does not actually recalculate BLS data, rather, the Shadowstats CPI merely adds a constant to the officially reported numbers.[25] I’m not going back and recalculating the CPI. All I’m doing is going back to the government’s estimates of what the effect would be and using that as an add factor to the reported statistics. Responding to prior criticisms made by economist James Hamilton, John Williams explained in a private phone call that Shadowstats does not actually recalculate BLS data, rather, the Shadowstats CPI merely adds a constant to the officially reported numbers.[25]
Same could be said for how they calculate the current stuff. Also yeah I'm not just gonna really acknowledge something you obviously used Perplexity/some sort of online ai for. Idc how many sources you have if you just send a copy pasted thing to me, it means you couldn't understand it and can't explain it. That gives me 0 faith anything you just copy and pasted is correct because you can't even verify the point you're making.
I am not American so probably shouldn’t be mouthing off on this subject, but I am pretty sure that everything you are charged for has the cost of those loans already factored in. I mean how else do you think these people are paying for them? By trying to pass them earn more from you really
They pay between 7 to 8 percent interest on the loan. Hardly usury fees.
Answer /u/brianlangauthor's question.
Can Biden take care of my car loan as well?
At this point if you aren't educated on student loans like you're living on a rock
Rock I paid off with interest payments
Sounds like you probably just got everything taken care of you for you and you're acting like you did it yourself lol
Nope just paid for what I owed. Also don’t worry about me.
I agree that people should pay their loans but the interest literally stops so many people from making any progress on the principle.
Agree 6% plus is outrageous, fair would be zero to low.
loans are forgiven all the time if people don’t have to pay back their loans they can use that money to survive or participate in the local economy this is just good policy
Sets a dangerous precedent
Only if it is abused you know like how the banks were bailed out or how politicians got loans they never had to pay back
Yep all bad
How is helping people better their financial situation set a dangerous precedent? why is it no one bats an eye when banks are bailed out or corporations get hand outs ? Bailing out private citizens will help everyone instead of paying that money to the bank they will be able to pay their mortgage or buy groceries or whatever. They will put that money back into the economy which is something banks and corporations never do.
People bat an eye but politicians don’t. This was a broken promise at best and it’s now come to fruition. Don’t listen next to E because it’s bs
Nothing like buying votes.
I’m not sure if you know this, but politicians enacting popular policies in order to win votes is exactly how the system is supposed to work.
He's going to lose some votes over a broken campaign promise. That's all any politician cares about.
Can’t blame the guy for a right wing Supreme Court…blame the system that allowed them to place bias judges into those positions
I doubt you know anything about those judges or law.
Biden has spend his entire corrupt career in congress he could've prevented this PREDATORY student loans long beforehand, question is. Why he allowed to happen in the first place. Ppl have woken up, this corrupt mfckrs can't lie to us anymore.
How...EXACTLY would he have "prevented" corrupt student loans? You do know, even on the presidential level, there's a structure and process to everything, right? He can't just go "bippity boppitity, your money is now my property~"
You dont do what is "appropriate" you do what is needed, and that is to rescue your people from drowning in debt. This is not something to congratulate you for just trying Mr Biden. He sounds like he was just trying and just gave up hope and went on to accuse the Republicans. No wonder Democrats lack any credibility, they seem to do politics with a pair little pincers.
What is he supposed to do, dismiss the Supreme Court and anoint himself dictator? Progressives sound more and more like Trumpists by the day.
Wtf do you want him to do?
Good, there are many more pressing matters upon which the Supreme Court should be Siding against Democrats on.... I can name at least a couple hundred... Let's get the DemoNcrats and Trudeau's out of politics forever... No Liberal should ever be able to set foot in office.
I find it comical how many people expect free handouts. It’s debt that YOU took out and it’s an expense that you accrued for YOUR own benefit. Hopefully that degree pays off but this type of mentality should not tolerated. If any of them were smart, they would have put away half of what they were obligated to pay the past three years. Welcome to the real world kids!
Well with 12% inflation made "savings" a never reachable goal.
Like I said, hopefully that degree pays off and they’re making the money they anticipated making. Nothing is ever free and the Americans that work their ass off and SAVE everyday shouldn’t have to fork the bill! Boycott the universities that exploit these students with absurd tuition!
Plenty of things are free. The idea that every day Americans won't benefit from subsidizing the cost of an educated population is crazy. All of our medical research is subsidized by the tax payer. To think if we could do the same thing in the technology or energy sector we may actually live in a developed country. Or maybe we wouldn't have a doctor shortage. Haha Granted, to your point the most of the burden of fault definitely lies on the shoulders of the universities. But either way, we all benefit from free education i.e. the public school system. Even if at the very least you get educated voters who are capable of critical thinking, which is something you can teach, that's worth it.
He sure wants to keep spending money we don’t have. Just keep giving it away
The $1.9 trillion Trump gave away with his 2017 tax cuts is about to expire. This costs $400 billion. We absolutely have the money. Haha
Sad
Sorry the Supreme Court upset you by reading the constitution. You want student debt relief, make an amendment.
jus curious what amendment does student loans fall under?
It doesn’t
Ask those high school dropped-out richass like Billy Gate and LeBron to pay for it. Whoopi and Oprah can help too right? They also fight for equality for you while many moms and pops are still paying car loans and house loans.
i think this is the most neutral take on this subreddit. but i agree that even rich athletes or tv personalities should definitely share the wealth. but we should also go after the higher ups who pocket all the money
Can my kids who start college in a few years get their loans forgiven also? Oh wait.
That pesky rule of law!
Biden can forgive any student loan he wants as long as it comes out of his fat pockets filled by the communist Chinese government. STOP PASSING THE BURDEN TO THE MIDDLE CLASS.
The court misinterpreted the constitution!!!! His agenda, I will say anything for the people to keep paying my salary…..
What Senator Joe Biden wrought (not being able to declare bankruptcy for student loan debt!), President Joe Biden offers a Band-Aid for.... Wh00t.