Student loan forgiveness ruled unconstitutional

[KCAB]

Election is over. Biden doesn’t need your vote anymore (for another 2 years)

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[mentos]

Wonderful news!

 

[mentos]

Lots of cancel vacation:

After student loan forgiveness, 73% of borrowers plan to spend more on travel and dining out

Those receiving President Biden's student debt forgiveness won't see an actual check in the mail, but lower monthly payments may change how recipients budget.

www.cnbc.com

But what about the corporations that got bailed out, the students should get bailed out too!

 

[pharm B]

Was the judge off on Monday or what?

Also, did PSLF ever work?

 

[gwarm01]

Election is over. Biden doesn’t need your vote anymore (for another 2 years)

Do you really think this is what is going on, or do you just think you're being clever?

 

[PharmtoCS]

Lots of cancel vacation:

After student loan forgiveness, 73% of borrowers plan to spend more on travel and dining out

Those receiving President Biden's student debt forgiveness won't see an actual check in the mail, but lower monthly payments may change how recipients budget.

www.cnbc.com

Why are we paying for others’ vacations with our taxpayer money in the first place?

If borrowers can afford to go on vacation then they can pay back the loans they signed for.

 

[PharmtoCS]

No surprise there. People who borrowed an unreasonable amount of money are also the ones who will spend it on luxury things. Is it a big surprise to find out they probably used their student loans for non educational things as well?

My school let us borrow $3 k for a laptop and thousands more for books that no one purchased. The more you borrow the more the school makes from loan original fees.

This. We talk about PPP fraud but we ignore the amount of student loans that is spent wastefully or fraudulently, I.e. on luxury goods and “experiences” with no oversight.

 

[JustFillIt]

Do you really think this is what is going on, or do you just think you're being clever?

😂 if you think that pulling the wool over voters eyes does not happen - you are wrong on a comical level. Like the type of wrong that makes everyone in the room but you laugh…

Yes - this certainly could be what’s going on…. And it does not matter if the subject in question is Republican or Democrat…. Yes…. This happens constantly and it’s pathetic.

If you think that the court decision was not delayed and/or timed to come after the midterms - your just not well experienced on how politics works…

 

[Chrish]

How will Dems try to get around this ??

 

[mentos]

Do you really think this is what is going on, or do you just think you're being clever?

That is precisely what happened. I hardly follow politics but everyone knew Biden was just buying votes with this fiasco.

 

[mentos]

No surprise there. People who borrowed an unreasonable amount of money are also the ones who will spend it on luxury things. Is it a big surprise to find out they probably used their student loans for non educational things as well?

My school let us borrow $3 k for a laptop and thousands more for books that no one purchased. The more you borrow the more the school makes from loan original fees.

I remember students in my class maxing out student loans for expensive apartments, brand new furniture, spring break vacations. They bragged about what new luxury car they would buy after graduation.

If you submit an expense report at work for as low as $5, it requires proof of purchase and must meet spending limits and gets audited by accounting. With student loans, hundreds of thousands of dollars were lent to be spent freely.

 

[RxPreceptor]

Lots of cancel vacation:

After student loan forgiveness, 73% of borrowers plan to spend more on travel and dining out

Those receiving President Biden's student debt forgiveness won't see an actual check in the mail, but lower monthly payments may change how recipients budget.

www.cnbc.com

So ****ing stupid…eat your money, spend it on untangeable stuff (don’t give me that experience crap)

ok, ok, here are some more, creative ideas for borrowers:

Biggest Wastes of Money: 6 Major Categories - Family Budget Services

The biggest wastes of money comes from buying things you don't need or can get much cheaper. Here are the main 6 categories with 18 examples.

familybudgetexpert.com

just love how shopping at a pharmacy makes the list

 

[mentos]

So ****ing stupid…eat your money, spend it on untangeable stuff (don’t give me that experience crap)

ok, ok, here are some more, creative ideas for borrowers:

Biggest Wastes of Money: 6 Major Categories - Family Budget Services

The biggest wastes of money comes from buying things you don't need or can get much cheaper. Here are the main 6 categories with 18 examples.

familybudgetexpert.com

just love how shopping at a pharmacy makes the list

LoL, it's true though. Everything is marked up at a pharmacy, even OTC drugs. Cheaper to go to Walmart or Costco.

 

[WVUPharm2007]

Biden knew he didn’t have the authority to forgive student loans. He did it anyways so gullible voters can blame the GOP.

Can you image how powerful the president would be if he/she can just forgive debt with a stroke of a pen?

Again, this is just a circuit judge in Texas. This week likely go higher up the chain.

 

[mentos]

The fake promise of $20 k forgiven did help the democrats with young voters

Gen Z turnout may have stopped a ‘red wave.’ Young voters say they were underestimated.

Early surveys based on exit polls show that a surge in young people voting in the midterm elections may have boosted overall turnout and contributed to some better-than-expected results for Democrats.

www.inquirer.com

Agree, but this article doesn't mention loan forgiveness.

 

[owlegrad]

The fake promise of $20 k forgiven did help the democrats with young voters

Gen Z turnout may have stopped a ‘red wave.’ Young voters say they were underestimated.

Early surveys based on exit polls show that a surge in young people voting in the midterm elections may have boosted overall turnout and contributed to some better-than-expected results for Democrats.

www.inquirer.com

Is it the $20k student loan forgiveness or is it a variety of policies that young people find more appealing? I suspect abortion played a bigger role than student loan forgiveness.

 

[Rockinacoustic]

10k is nothing compared to the amounts most young healthcare professionals will have forgiven thanks to the prior administration counting administrative forbearance "payments" towards PSLF, and also doing so through executive order after the initial CARES act.

Not that I'm complaining. Folks like @confettiflyer and I will have qualified for PSLF with ~8 years of actual payments.

 

[JustFillIt]

How much money did you save from the two years of non payment?

Look - as long as we don’t start going off about the tax bomb and some nonsense about never being able to buy a house again I’m fine..

Truth is - I’ve saved a boatload of money not paying a cent over the past few years and when it’s over I’ll jump right back on IBR and pay about 400/month for about 8 more years and I’m good….

I’m wondering if it could actually come under the principle in the end.. wouldn’t that be cool?

 

[Chrish]

Question to those enrolled into PSLF; when everything is settled, will the payment you would have made over the years be lower, higher or equal to the loan amount that you actually took?

 

[JustFillIt]

Question to those enrolled into PSLF; when everything is settled, will the payment you would have made over the years be lower, higher or equal to the loan amount that you actually took?

This is what I’m shooting for, and would think is pretty cool, is to end up under my principle in the end. It helps if you have a bunch of kids by the way…

Edit: I mean - if the FTX guy can steal billions and pretty much every institution in the world, under the rule of capitalism, can take advantage of me in the strongest way possible - why shouldn’t I repay my loans according to the terms of my contract? and if I figured out a way to make it work out in my favor - I don’t see why I shouldn’t…

You know what - a few weeks ago I ate a fortune cookie with the FTX label on it encouraging me to buy FTX tokens…. I even took the time to check out the token.. This is an obvious attempt to unload bad debt/assets onto consumers - shamelessly. I literally have no shame regarding my student loans - and my society that I participate in has taught me to do what I am doing. In fact - I’m supposed to minimize my losses, even at the loss of others/the system…. This is how capitalism works..

And hell yea I’ll take a vacation with my money saved. I think the FTX guy is in Argentina right now….

 

[projektreverb]

This lawsuit has been brought to you by the same people who received almost 50 grand in PPP loans.

 

[projektreverb]

And how much did you save by not having to repay the loans you took for almost 3 years?

Whether you agree or disagree with the PPP, it went thru Congress…it was passed by both parties by a huge vote and signed by the president.

Considering I have no student loans and never did….

 

[Dred Pirate]

the irony of people celebrating one man overruling an order that they feel shouldn't have been made by one man is strong. That being said, I don't have a dog in this fight.

 

[JustFillIt]

Considering I have no student loans and never did….

 

[projektreverb]

The court of appeals is not ruled by one judge.

It must have been a huge coincidence for Biden to forgive student loan just right before the election huh? This way the court wouldn’t have time to make a ruling as to whether or not he has the authority to do so.

Ah yes, no politician in the history of this country has ever done anything for votes. Ever. Except for Biden.

 

[owlegrad]

The court of appeals is not ruled by one judge.

It must have been a huge coincidence for Biden to forgive student loan just right before the election huh? This way the court wouldn’t have time to make a ruling as to whether or not he has the authority to do so.

I mean he must be a genius to have it timed down to like the exact day like he did. Or maybe the courts have their own reasons for taking as long as they did.

 

[projektreverb]

I

Maybe so but how that does dispute what I am saying?

And I’m wrong? Seems like you’re mad Biden did something self serving that you disagree with. Like every politician can do. Biden isn’t some special demigod.

 

[JustFillIt]

Ah yes, no politician in the history of this country has ever done anything for votes. Ever. Except for Biden.

Exactly - it’s part of the game and they all do it. It’s disgusting…

Remember when Donald trump had his signature on the stimulus checks? It’s the same concept but from the Republican end. It’s not like that came out of trumps personal checking account. The secretary of the treasury who’s signature it should have been.

It’s all just a land of make believe…

 

[JustFillIt]

I


And I’m wrong? Seems like you’re mad Biden did something self serving that you disagree with. Like every politician can do. Biden isn’t some special demigod.

So - Projectreverb, do you invest outside of your 401/IRA?

Are you into any particular stocks? Give me a lead bro.. Not too long ago I introduced the “McRib rally” which was successful…. Im only in gold, silver, and various minerals right now.

I’m hoping all this crypto money dumping is going to pile into precious metals.. Imagine if all this crypto money comes pouring back into more stable assets…. I’m all silver and gold until the next economic cycle starts (who know when this will happen).

 

[mentos]

So - Projectreverb, do you invest outside of your 401/IRA?

Are you into any particular stocks? Give me a lead bro.. Not too long ago I introduced the “McRib rally” which was successful…. Im only in gold, silver, and various minerals right now.

I’m hoping all this crypto money dumping is going to pile into precious metals.. Imagine if all this crypto money comes pouring back into more stable assets…. I’m all silver and gold until the next economic cycle starts (who know when this will happen).

I think most of the dumping is from over leveraged exchanges. Poor retail folks like me are down so much that it doesn't make sense to sell.

 

[Rockinacoustic]

Question to those enrolled into PSLF; when everything is settled, will the payment you would have made over the years be lower, higher or equal to the loan amount that you actually took?

I estimate I will have paid ~35-40% of the original principal when I finish my 120 payments.

 

[confettiflyer]

I’m just hoping they extend the non-payments again, I might actually get away with having no payments until PSLF forgiveness, so that’s more useful for me at least.

Also, I don’t think anyone on this forum qualifies for $10k/$20k anyway. Reading this thread is like watching a bunch of rich people talk about WIC while they sip their cab sauv after a round of golf, lol.

Also, I think someone tagged me in an above post. I posted a detailed breakdown of my PSLF “journey” (I hate that word, but anyway) in another thread. I’ll go hunt for it and maybe update it if it needs updating.

 

[JustFillIt]

I’m just hoping they extend the non-payments again, I might actually get away with having no payments until PSLF forgiveness, so that’s more useful for me at least.

Also, I don’t think anyone on this forum qualifies for $10k/$20k anyway. Reading this thread is like watching a bunch of rich people talk about WIC while they sip their cab sauv after a round of golf, lol.

Also, I think someone tagged me in an above post. I posted a detailed breakdown of my PSLF “journey” (I hate that word, but anyway) in another thread. I’ll go hunt for it and maybe update it if it needs updating.

How can I start sipping cab sauv? I don’t know what it is. But I think I want to go to this level rich…

 

[confettiflyer]

How can I start sipping cab sauv? I don’t know what it is. But I think I want to go to this level rich…

Oh you must, goes great with steak.

Don’t spend more than a $100 on a bottle if you’re starting out. There’s a big jump in quality between a $12 bottle and a $75 bottle, but after that, you gotta be one of those fancy people that uses a decanter and occasionally says things like “this has thick tannins and the mild overtones of walnut and licorice.”

But really if you need some recs, take some pics at your local grocery store and start a thread.

 

[WorthlessOxygen]

How can I start sipping cab sauv? I don’t know what it is. But I think I want to go to this level rich…

Barefoot will get you set for like $8. Bougie AF

 

[gwarm01]

If you think that the court decision was not delayed and/or timed to come after the midterms - your just not well experienced on how politics works…

Just to be clear, you are saying that the Donald Trump appointed Texas judge plotted with Joe Biden to block the loan forgiveness after the mid-terms? With the ultimate goal of furthering Biden's political ambitions?

Would the Biden administration's continued push for forgiveness validate or invalidate your theory? Or the OP's theory that "Biden doesn't need your votes anymore"?

I know some of you folks are prone to belief in conspiracy theories these days. I just want to make sure I understand what you are trying to say.

 

[JustFillIt]

Just to be clear, you are saying that the Donald Trump appointed Texas judge plotted with Joe Biden to block the loan forgiveness after the mid-terms? With the ultimate goal of furthering Biden's political ambitions?

Would the Biden administration's continued push for forgiveness validate or invalidate your theory? Or the OP's theory that "Biden doesn't need your votes anymore"?

I know some of you folks are prone to belief in conspiracy theories these days. I just want to make sure I understand what you are trying to say.

I’m trying to say that if you or I think, for a second, that we know what’s the “real agenda” of any of these politicians is - we are sorely mistaken. Regardless of the “level headed, non-conspiratorial, mannerisms” you can bring to the table - this happens and to think you know better is silly.

Like I said though - maybe you lack experience with following politicians..

 

[confettiflyer]

The Ukrainians got your student loan forgiveness money. They also wants $350b to rebuild Ukraine.

View attachment 362170

Money well spent. May Putin choke on a deep throated hot dog.

 

[JustFillIt]

Money well spent. May Putin choke on a deep throated hot dog.

I hear Sam’s club reduced their food court hot dogs/soda to $1.30

 

[projektreverb]

I hear Sam’s club reduced their food court hot dogs/soda to $1.30

I still love the Costco food court products myself.

 

[annoyedpsychiatrist]

As long as they dont mess with PSLF, which even people who have proposed eliminating were still amendable to keeping it for people already in the program. I mean medical schools are getting away with murder charging 50-60k a year in tuition alone at 6-8% interest which is a joke.

 

[PharmtoCS]

Did (neo)liberals turn into the pro-war group relative to the conservatives?

That being said, if funding for Ukraine was approved with due process then so be it.

 

[JustFillIt]

I still love the Costco food court products myself.

Yea dude - I deep throat Costco dogs all the time. Now and then I’ll do a churro if I’m feeling bold…

 

[Chrish]

I estimate I will have paid ~35-40% of the original principal when I finish my 120 payments.

Question: how come more students aren’t doing this? And don’t you have to qualify to enroll into the program? How can one get qualified with pharmacist’s salary?

 

[confettiflyer]

Question: how come more students aren’t doing this? And don’t you have to qualify to enroll into the program? How can one get qualified with pharmacist’s salary?

The mathematical implications weren’t very well known in 2007, I think it took 5-7 years before people figured it out.

To qualify, you essentially need an initial debt load so high, that 10% of your discretionary income is much less than the standard 10yr repayment amount. The next qualification is working for a non-profit or gov’t employer.

So salary doesn’t matter, a physician making $400k working for a non-profit with a debt load of $1.2M qualifies. In fact, the DOE even changed the rules (eff. 7/1/23) under neg reg so that physicians who are privately contracted (like in CA and TX) qualify for forgiveness.