this post was submitted on 02 Jul 2023

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121

There is no trust now': Student loan borrowers respond to Supreme Court decision (www.npr.org)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] [email protected] 23 points 1 year ago* (last edited 1 year ago)

On my way to tell all the loanees about the decorum rules and technicalities that allowed PPP debt relief but not this. That'll make them feel better and make up for the fact that at the end of the day, the government came together to bail out businesses (again) but drew the line at the average college graduate.

Also, going to conveniently ignore that the court's ruling is not a matter of fact or natural law but a matter of "interpretation" by six conservative justices, but pretend like it's a natural, apolitical decision anyway.

When your nieces, nephews, cousins, sons, or daughters complain about how this could have helped them and how they'll now continue to be delayed to buy a house, start a family, or have some other major life moment and economic driver (gross), don't forget to chastise them for forgetting their proper place as serfs in this economy and failing to practice proper asceticism. Only capital and the business class is permitted to live non-miserably and be bailed out for it

-conservatives/right libertarians/centrist liberals

[–] [email protected] 21 points 1 year ago (1 children)

Make student loan rates fair, and the cost of education fair, and I bet people would be willing and able to pay off their loans like so many of us did back in the day. I feel bad for people that have been taken advantage by this system.

[–] [email protected] 6 points 1 year ago* (last edited 1 year ago) (1 children)

Absolutely. The problem started when they made student loans unable to be discharged through bankruptcy. This allowed colleges to charge whatever they wanted, because loans would rise to match, and the borrowers were locked in with no way to walk away. And look where we are now.

You used to be able to pay for college with a summer job cutting lawns -not anymore!

The only way to win in this environment is to be frugal AF - don’t jump straight into a four-year collage, get your two-year out of the way at a community collage, then transfer over for your major. Live at home until you graduate. Get your degree in business, which is applicable anywhere. Don’t take any loans, but do well in high school and apply for grants instead.

The wrong answer is to take out hundreds of thousands in loans with no intention of repayment, vote-blue-no-matter-who because they’ve promised you the moon and the stars, and dismiss anybody telling you “uh, that’s not the best idea” as an alt-right nazi bigot.

[–] [email protected] 3 points 1 year ago

What's going to happen now is that fewer people will bother with college, the populace will dumb down, and the institutions will slowly die. As the far-right intends. Dumb, churchgoing simpletons who believe the vile rhetoric and will lay their lives down for it. The American Dream.

[–] [email protected] 9 points 1 year ago (1 children)

Govt.should put a cap on tuition rates for any institution that wants to receive students on federal loans.

[+] [email protected] -6 points 1 year ago (1 children)

Rather than interfering further with a private market, they could simply cap the amount of federal loans a student can receive.

[–] [email protected] 6 points 1 year ago (1 children)

That doesn't help solve the problem of cost though. If a university degree is going to cost $50k/year and say the govt. caps the amount of federal loans at $15k/year, that just either forces the student to get private loans or not go to college.

I think part of the mindset that has to change is this idea that college is worth it no matter the cost.

[–] [email protected] -4 points 1 year ago* (last edited 1 year ago) (2 children)

Yes and no - if the university can no longer fill its ranks because their costs are too high, they will have to reduce costs. The reason it’s so expensive right now is because they have a captive audience that can’t walk away.

Edit:

I think part of the mindset that has to change is this idea that college is worth it no matter the cost.

Say it louder for the people in the back!

[–] [email protected] 3 points 1 year ago

Homo Economicus represent! The rest of us are trying to live fulfilling lives as human beings and what education we choose is not just an economic decision.

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago) (4 children)

Biden should have gotten congressional approval. It is why the PPP loans were a thing and these aren’t right now. He got people’s hopes up rather than actually getting it done.

[–] [email protected] 7 points 1 year ago (1 children)

He doesn't need congressional approval. The President can use the Higher Education Act authorization and direct his Secretary of Education to modify or waive any and all loans.

Waiting to see if he follows through on this. No idea why the White House tried to use the Heroes Act to justify the cancellation, but it's clear that if Biden chooses not to enact cancellation with the Higher Ed Act that it was always meant as a carrot on a stick for young voters.

[–] [email protected] 3 points 1 year ago

Using the heroes act I think gave them cover to argue that this was relief related to the pandemic, like PPP loans, which has honestly been an effective strategy to win over moderates on the issue - myself included. It seduced us into thinking that this was justified because PPP loans were not, and that two wrongs made a right. In reality, the repayment freeze was the relief we needed - anything beyond that would be economic stimulus, at which point you have to ask who's being left out. The further this gets from the pandemic, the more difficult it becomes to justify.

[–] [email protected] 6 points 1 year ago (1 children)

He did do what he could but ultimately Republicans care about bailing out themselves, their friends and private businesses and don’t give a shit about regular citizens.

[–] [email protected] 5 points 1 year ago

Like Republicans would let him (and you need them to survive a fillibuster, because the US political system is weird). They clearly care a lot about not letting Biden have big wins and they don't give a shit about students. Biden took the option that actually stood a chance instead of the one that is unlikely to go anywhere.

[+] [email protected] -33 points 1 year ago* (last edited 1 year ago) (5 children)

Hot take: how about you pay back the loans you take out? You know, like you agreed to do?

Edit: lmfao at all the little communists downvoting me for suggesting they actually pay the debts they agreed to take on. “Those are our debts, comrade!” Who would’ve thought that maybe taking out hundreds of thousands of dollars in loans at 17% interest for a gender studies degree was a bad idea? 🤣🤣🤣

[–] [email protected] 14 points 1 year ago (1 children)

This would be a reasonable take if the government hadn’t handed out billions to cronies and private businesses during the same time. But I guess the pandemic only affected private businesses. /s

[–] [email protected] -3 points 1 year ago (1 children)

if the government hadn’t handed out billions to cronies and private businesses

Totally separate issue that’s its own pile of bullshit. I think we can both agree that the government is corrupt AF.

[–] [email protected] 3 points 1 year ago

Pretty sure I don’t agree with you now or probably on about anything else.

[–] [email protected] 14 points 1 year ago (1 children)

Yeah bro, everyone with student loan debt has a gEnDeR sTuDiEs DeGrEe. What kind of garbage tier comment is this? This isn't looking for discussion, it's cosplaying as a Facebook uncle.

[–] [email protected] 2 points 1 year ago (1 children)

As someone who stood to gain greatly from Biden's plan, I do begrudgingly agree. This is a bandaid on a bone fracture that would just leave us in the same place in 5+ years.

The system needs an overhaul, anything less is a waste of money.

[–] [email protected] 3 points 1 year ago (1 children)

The system needs an overhaul

Nah, just make it legal again for bankruptcy to erase student debt. Exploding tuition costs only became a thing when that law was changed. “You mean we can charge whatever we want, loan it out to unqualified borrowers and they’re on the hook for life with no way to discharge it? Awesome!”

If bankruptcy could discharge tuition debt again, you’d see a wave of defaults, then tuition costs would crash back to affordable levels that were actually reasonably able to be paid off - at least, it would be less painful than what declaring bankruptcy would do, which is exactly the point. 🤷‍♂️

[–] [email protected] 1 points 1 year ago (1 children)

Congress would never permit that - it'd have a domino effect on an economy that's still struggling to emerge from the problems introduced by the covid pandemic. no, the reality is that people that have loan payments coming due are going to have to pay them or watch their wages get garnished (probably the latter, they're not capable of making intelligent decisions, after all).

maybe, just maybe, this will be a moment of realization for some of them and they'll learn from their mistakes. might be a pipe dream though!

[–] [email protected] 1 points 1 year ago

You’re right, but I don’t think congress would permit it simply because it would also tank their investments. The smarter play would be to grandfather-in existing student loans, and make all future loans susceptible to bankruptcy - but that would also have its own knock-on effects. Either way it’s a shit sandwhich that should have never existed in the first place.

[–] [email protected] -1 points 1 year ago (1 children)

You like it when people pay off loans from the government right? I think everyone who got a PPP loan forgiven should have to pay it back with interest.

[–] [email protected] -1 points 1 year ago

I think everyone who got a PPP loan forgiven should have to pay it back with interest.

Me too! But before that, I think the economy should have never been shuttered in the first place.

[–] [email protected] -5 points 1 year ago (1 children)

upwards of 90% of everyone who neglected to choose a STEM (Science, Tech, Engineering, Math) degree is unemployable in their chosen field. there just arent that many jobs that actually need a liberal arts, education, marketing, etc degree - you have to basically be the best in a very competitive market.

yeah, it's hilarious - they think upvoting/downvoting (or brigading unpopular comments) matters.

[–] [email protected] -3 points 1 year ago

Amen! And that’s always been the case - that’s why the traditional good advice has been that you get a business degree, with a minor in whatever the fuck actually interested you. A business degree is always applicable in every field, and like you said it’s rare that you actually get a career that follows your major. 90% of the time the college degree itself just proved that you could show up on time and follow instructions - but that’s gone out the window too in the past 20 years. Nowadays if you want a worthwhile secondary education trade school is where it’s at - you can’t outsource the trades.

I’m old enough to remember when “don’t take loans you can’t afford to repay, and pay your fucking bills” was universal common sense and not left vs right - but look at this dumpster fire of triggered communists expecting to be absolved of the consequences of their poor choices by daddy government. Personally, I think they’re just salty that they got lied to again, and everybody who told them this would happen was dismissed / blocked / deplatformed as a being an alt-right nazi bigot. Shucks!

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