Student loans were never intended to be a life sentence…
This is what the U.S. Secretary of Education said in a recent comment describing how student borrows felt about their student loans. Team Biden is putting forth an effort to ease the pressure on 40,000 student loan borrowers.
From Yahoo! Finance:
The Education Department will give borrowers retroactive credit for “forbearance steering,” where student loan servicers have pushed borrowers into unnecessary interest-accruing forbearance. In another move that could help many other borrowers, the department will also take greater care to accurately track monthly payments for borrowers on income-driven repayment — which allows people who make less money to make smaller payments.
The two moves bring millions of borrowers closer to forgiveness on government repayment programs.
“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” said U.S. Secretary of Education Miguel Cardona said in a press release.
“We wanted to act as quickly as possible to address these problems, but we expect these figures to only grow as we continue to analyze and implement these solutions,” Education Undersecretary James Kvaal said on a call with reporters.
Recent report of systemic problems with IDR
A former Obama-era Education Department official last week highlighted the problematic income-driven repayment program as one reason for broad-based student debt forgiveness.
“We … were very focused on trying to improve income-driven repayment plans and our hope was in the Obama administration that income-driven repayment would help address the student debt crisis,” former Education Secretary John King, who is running for governor in Maryland, said. “But the reality is, it hasn’t.”
A recent investigation by NPR revealed how over the years, loan servicers struggled to implement income-driven repayment, and ended up systematically mismanaging the portfolio. Some providers were not clearly tracking payments and did not know when borrowers qualified for forgiveness.
Yahoo! Finance has more on the story here.
Category: Society
They took out the loans. They pay them back, period.
Fuck you PANSIES!!! (freeloading Liberal FUCKFACE Gen Z/X/Web.DOT COM whatever)
I borrowed the money on MY signature, keeping track and understanding how much it was.
I was an adult and was working at the same time, took free grants and anything I could do to offset the costs and then it took me 10 years and pretty much my Reserve Paycheck every month but I FUCKING PAID THEM OFF. (about $15,000, I had already CLEP’d, Did some college before the military and had some GI Bill)
If anyone gets a pass on this, I say we TATTOO SL on their FOREHEAD for the rest of their lives unless the make good on the debt.
Yep, I’ve done the same, and I’m on the lowest damn rung of society, at poverty level. Made a payment last night and my total is now $7200, down from $28K. If a poor bastard like me can pay off his student loans, these millennials can nut up and pay off the loans that they SIGNED FOR! Fuck Joe Biden, he’s NOT THE PRESIDENT!
They took out loans for stupid Wymyns/LGBTQEIEIO studies and are in jobs at the local Starbucks that doesn’t even touch the interest on the principle of the loan.
Sucks to be them….
You would have thought that a few years ago. Now look at all these people in cushy government jobs with Gender Studies degrees.
Just like stages at the side show, those too are limited in number.
Read the fine print, kids. It ain’t free money.
I don’t agree with it, I don’t want to see it happen. People should honor their own debts.
…that said, if they do do it, they better forgive mine, too; or ima raise some hell.
4/22.. Just saw a stat that 60% of Americans did not go to college. Of those Americans that did go to college, most are high income and hold the most debt.
You committed to it (college and debt)… You own the debt. So work hard and pay your own debt. 😜
I wouldn’t even consider getting s degree in non-STEM/Law. And what do these kids expect when they know they’re borrowing hundreds of thousands of dollars?
I had student loans. First priority was to pay them off. Another priority was to recognize when I was entering stupid amount of debt territory. No sympathy from me.
That should read non-STEM majors.
The best and brightest—-our future leaders.
The situation certainly does not say anything good about the usefulness of a college degree. Or those who possess one.
Managed to yell myself hoarse over this bullsh!t right here… Was a little deerunk last nite (lost my Mom’s mom yesterday and the Irish in me got away…) and came ‘cross an article with 2019 figures sayin’ $1.6T is owed by 45.1M people.
To put that bluntly for the idiots in the back, for the average person to pay that off in 5 years at 5% thats $155.81 a fcuking WEEK!
Get off your LAZY ASSES and GET A PART TIME JOB!
The 9-to-5 in the Army was more like 0530-1730 and I lived!!!… I think. You’re young, deal with it.
And those minimum “low monthly payments” are calculated to keep your ass in debt just like similar BS down at the lemon lot, so pay that debt as fast as you can.
Hack saw an article this morning on the Fox website, stating student tuition his come up 169% since 1980. Those on the Left are screaming about the amount money paid to Pharmaceutical company executives, but have no problem with colleges and universities gouging a bunch of idiot young adults, conning them into going into lifelong debt for a degree in a field that will never set them up to pay off the debt and establish a successful life. How about Congress drag some school administrators in to testify why higher education costs so much? Of course, that will never happen, as some of these politicians can paid handsomely from the schools to give one class a semester. We’re looking at you, Elizabeth Warren.
How about Comrade Sanders’ wife implodifying a college?!
Was that figure inflation-corrected? According to BLS.GUV [sic] 1980-2022 inflation was 269%, so…
Those rockwalls and cry closets ain’t free, ffs
Let’s also look at the number of Public Universities which pay their Presidents seven-figure salaries, some eight digit.
Widespread Federal Student loan guarantees contributed to schools not controlling costs.
In some states it effected State legislatures reduce funding to State schools so the schools have to make up the difference in tuition/fees.
I graduated with no student loan debt, but I owed six years service to DOD
“I graduated with no student loan debt, but I owed six years service to DOD.”
The best deal in the world is the one wannabe doctors get by getting accepted into the military’s MD training program. DoD pays ALL the bills and you give them, what, 5 years?
A guy I grew up with did that. Now he’s an ENT in NY putting money by the shovelful into his bank account.
I gave them another 18 beyond the original six. As a member of both the brother hood of the NDSM and a member of the check of the month club. I’ll make more taxable income in retirement than on active duty even including flight pay.
That’s what I did, but liked it so much I stayed for 20 before transferring to CIVLANTFLT. Never regretted a second of it. My oldest son graduates this year debt free courtesy of a ROTC scholarship. Anyone who turns up their nose at Uncle Sam’s money is plum foolish.
It’s a sweet deal! Good on you!
I had a ROTC scholarship that paid my tuition and books for the last two years of college. I did take out a $1500 college loan my senior year so I didn’t have to work part-time my last six months before graduation. I paid it off within three months after leaving active duty. In over 60 years as an adult, it never occurred to me to borrow money without expecting to pay it back. But I guess that concept is just unreasonable to these gen-whatevers.
This “guy” tried scamming the system. Got a free ride from the Air Force, and when it came time to “man up” and put on the pickle suit, he pulled a Corporal Klinger.
https://www.nytimes.com/2000/06/01/us/discharged-gay-doctor-sues-pentagon-over-cost-of-education.html#:~:text=Then%2C%20seven%20months%20before%20Dr.%20Hensala%2C%20a%20psychiatrist%2C,gays%20who%20have%20been%20ousted%20from%20the%20military.
Hack recalls when this first hit the papers, the guy called the Commanding Officer of his new command and asked for accommodations for he and his boyfriend. The CO replied that plenty of housing available. He then made some additional comments trying to get the CO to ask if he was gay. The CO wasn’t biting. Then he said he was gay and they have to discharge him. The Air Force said “We don’t have to discharge you. Report for duty.” And that is when he refused to report for duty. Then they sent him the bill.
Remember Maxine Waters grilling bank CEOs on the student loan crisis without realizing that banks got out of that business more than a decade ago when the government took it over?
https://www.washingtontimes.com/news/2019/apr/10/maxine-waters-goofs-grilling-banks-student-loans/
Pepperidge Farms remembers.
Gov’t money makes prices go up.
The tuition at my state university for my freshman year in 1964 was $110 per quarter. My senior year it had gone up to $160 per quarter.
U.Fla. full-time (12+ hours) tuition in 1973— about $189/quarter
books about $189
etc. about $189.
Easy to remember since my monthly VA check was $189.
Along with working part-time & summers, tight but doable.
Now, at my local public university in the Free State, tuition is $368/ semester HOUR. + $148 in fees/HOUR.
Take a look at the “Student Activity” fees charged at even community colleges. Takes a lot of money to keep those”scholars” entertained. IF you can find all those fees. And then there is the cost of books, another racket.
And before our resident red diaper babies try to ‘get at me’, I’m just going to leave this right here and you morons can sit-n-spin: https://www.investopedia.com/terms/m/moralhazard.asp
Why did My wife and I pay for all of my college work through GI Bill, college fund, earned scholarships, hard work and tuition assistance when I could have just had all you taxpayers pay for it instead? And, seriously, why did I pay for one of my daughters’ college and the other one is paying through GI Bill? I’ve now gotten scammed on 4.95 undergrad degrees and two graduate degrees. First, I missed out on not cheating and now i missed out on freeloading. Man…
https://youtu.be/n4AXJ8MHzqQ It’s such a damn good movie I can tolerate Bobby D in it.
Whew! Powerful clip! If I said something like that to my Irish immigrant father, I wouldn’t be writing this right now!
Respectfully, aside from the hard work and scholarships, isn’t every funding source you listed technically having “all you taxpayers pay for it instead?”
In a way, yes. But technically they are DoD benefits legitimately accrued by me in exchange for 33 years of active service, three Iraq deployments, two no-notice deployments to Kuwait, one each to Kosovo and Macedonia and Jerusalem, years of field time, TDY and schools resulting in missing my family for more than 8 years. That and the sacrifice of full function of my body. Not because I committed to a loan and then welched on it. There’s a big difference and I’m pretty sure the government got a pretty good return on investment in that money. But, yes, it came from taxpayer funds. Anybody who wants to can sign up for the same free stuff.
Hack Stone hates it when people say that veterans get free college. It is not free, it is a benefit that is earned, to make an attempt to offset the long hours and hazardous conditions we endured.
What this one says. Every single dollar of that was earned the hard way. Those “loans”, if you will, were paid back with a great amount of interest.
It’s called an earned benefit. Look it up.
I don’t disagree. I know I’ve earned mine, as have many here.
No offense intended, just picking nits.
Looking at the 2022/23 Academic Catalog of a nearby Washington college, The Evergreen State College, a 4 year degree program runs $146,915. I see courses such as “Branching Out: An Ethnobotanical Garden in Community”, “Borders, Walls and Refugees in the age of Climate Change” and “Decolonizing Climate Justice”. Just a load of Crap.
In my opinion, students signed _their_ name to it not mine so _they_ are responsible, not me and other taxpayers. 😬
Not to mention the degrees colleges offer nowadays in things like Gender Studies which will qualify someone to mop floors in Starbucks.
“…which will qualify someone to mop floors in Starbucks”
I beg to differ. Having mopped more than my share of floors, both as an amateur and a professional, I can state with certainty that a degree in Gender Studies in no way qualifies anyone to mop floors. Mopping floors, and the rest of the Janitorial Arts, requires attention to detail, commitment, and specialized knowledge found nowhere in any college classroom. Nobody is born with the skill to maintain control of a floor buffer without it spinning wildly across the floor.
I am sure you didn’t mean to be offensive, but here we are. In future, please be more circumspect.
Good day sir.
Dang civilians… harder than it looks, ain’t it?
The VA “loaned” me money to go to school and I paid it back.
Years later I went back to school and took out student loans
that I also paid back.
Where’s my commutation? With interest. And “equity”.
And a thank you would be nice.
Went to Apex Tech school for AC&R under the GI Bill after separation from the Navy and worked in that field untill I started with Brink’s in 1970. Then went for Vocal lessons for a couple of years and paid my own way.
I want car loan forgiveness!
Oh.HELLS.to.the.NO!!! Let me go check my field to see if I have anything to give to these deadbeat, whiney, FSA mofos. Nope, it’s barren.
Time to draft some new Articles of Secession yet? We can call it the Fed Up Citizens United. (FUCU)
I like your idea, KoB.
OK, let’s look at this another way. If you can’t sac up and pay for what services you used, you give the degree back and can’t claim it on your useless resume. It is probably already understood that you didn’t get any real useful knowledge anyway…..
I was won over as soon as I read that.
I firmly believe that if you are going to go to college, always go for a degree in either STEM, law, or business (I do not say medical separately anymore because it pretty much falls under all four letters of STEM). I took out student loans for my paralegal degree and immediately understood that they would have to be paid back at some point, one way or another. Right now, I am working part time to get some experience so I can eventually move on to my first paralegal job (Got my associate’s degree from Northern Virginia Community College and I am currently working on my bachelor’s with Liberty University, a school that does not offer useless degrees. In fact, Liberty offers a bachelor’s degree in the field of aviation plus several in the medical field.).
And I firmly believe that tech schools and vocational schools make great alternatives too. Especially for people who like working with their hands. In fact, I think tech and vocational schooling is criminally underrated.
Then there is this a**hole who whines about having $180,000 in student debt while earning over $300,000 a year. Apparently it has never occurred to her to maybe spend less. https://fortune.com/2022/04/19/older-millennial-student-loan-repayment/
She had Hack at Asian lesbian.
And she would have all your money plus a healthy percentage of your future earnings if you gave her a chance. She has a lifestyle to support, dontcha know.
Well, that was interesting. My heart goes out to that poor, oppressed, victim of the capitalist patriarchy.
I’ll bet her parents are proud–parents take a big cut in money and status, leave family and friends, to give their daughter(?) a better life and all she can do is whine about how $300K can barely cover her daily expenses.
OH, THE POOR THING, she might have to *GASP* settle for a less expensive BMW or *SOB* forego having her Country Club membership for a few years!
Sucks to suck. In 20 years of service I knocked out 75% of my Associates from CLEPS/DANTES/MCIs, an undergrad degree using nothing but TA, and my masters using a combo of TA and GI Bill. I think I paid a COMBINED 1000.00 out of pocket and that was mainly for graduation fees/cap and gown when I finished my Masters.
My Masters was in Public Administration. Maybe I need to run for office and tell people to quit being fucking mooches.
So the plumbers, HVAC workers, electricians, bus drivers and construction workers will have to pay off the loans of those who got degrees in Gender Studies.
Seems only fair. Those plumbers only had to literally wade waist deep in shit to pay for their tools and truck, while those students had to endure the horror of Daytona Beach every Spring Break.
Solution.
Fed Government ‘assumes’ the loan.
Borrower now has a debt to the federal government.
In return, any professional license is suspended until debt is cleared; any tax refund is garnished until debt is cleared; barred from federal employment until debt is cleared (but feel free to join the military).
I’m willing to be generous though. Federal debt is principal only not interest accrued.
That sounds extremely fair.
Go to any college town and the kind of bank these kids throw around is disgusting. They pay more for 1BR apartments than I do my mortgage. Then again, when I was in college I lived in a dorm room with 3 other guys and a communal bathroom for the entire floor.
It is a simple concept. If the socialist democrats cancel the debts, and give out the free moneys, the little morons will vote socialist democrats.
I believe you are right.
I have spoken with numerous moderate Democrats who are against this possible action as they earned their degrees or had to pay back the loans.
Found via CFP. Perfect sum of spoiled lunatic leftist ‘logic’ https://youtu.be/enTEvon9pbw