Current Events > Biden asks student loan borrowers to do their part

(+) Yeah! (+)

You have to be like 16 years old lol

and if everyone starts going to trade school there will just be too many people for those jobs

"Everyone who doesn't immediately and unequivocally agree with me is a child!"

No, just people that claim that Legal scholars? unilaterally agree on something that just isnt true?

Yeah, its a childs mindset. I mean unless youre a Trump supporter or something I guess? They also seem to have a very hard time believing in reality

Then that's their fault for succumbing to peer pressure. People made fun of me all the time in HS for a bunch of similar shit. Guess what? I didn't care, and I'm making 6 figures while I've seen most of my peers, that ridiculed me, working dead end jobs

https://www.thesoldiersproject.org/what-percentage-of-the-military-sees-combat/

incredibly slim my ass

Debate amongst legal scholars = legal scholars unilaterally agree on something? Reread posts before you throw a fit.

"Everyone who doesn't immediately and unequivocally agree with me is a child!"

https://www.forbes.com/sites/prestoncooper2/2021/08/30/no-biden-cant-forgive-student-loans-by-executive-order/

But as financial aid expert Mark Kantrowitz notes, another part of the statute limits the secretarys authority. He only has the power to cancel obligations owed to the U.S. government in the performance of, and with respect to, the functions, powers, and duties, vested in him by this part.

In other words, the Secretary of Education only has the power to forgive student debt when Congress gives it to him.

When President Biden has canceled student debt, it has always been under the authority of a specific program authorized by Congress. Borrower defense is one example: Congress gives the Secretary of Education authority to cancel debt after instances of outright fraud. Congress also allows the secretary to cancel debt when borrowers experience a total and permanent disability. Borrowers who work in public service for ten years can also receive a loan discharge.

As per your article, roughly 10% of servicemembers actually see combat. 90% don't. Yeah, thats rather low.

That can be lower by joining a branch that doesn't see as much combat, like Air Force, Coast Guard, or Navy. And lower it further by choosing a job that is further disassociated from combat roles.

maybe I'm just getting old, but I agree. It's unethical to take out loans with even a thought that you won't have any responsibility for them

As per your article, roughly 10% of servicemembers actually see combat. 90% don't. Yeah, thats rather low.

That can be lower by joining a branch that doesn't see as much combat, like Air Force, Coast Guard, or Navy. And lower it further by choosing a job that is further disassociated from combat roles.

Were not talking about a game of roulette or some shit, were talking about being shipped over to another country to be put in deadly situations where you kill people

10% is not a slim chance of that

Nah. I would absolutely recommend at least one 4-year term in the military to anyone graduating high school and looking for some guidance.

A lot of people got scammed on their education. Kind of crappy to compare a Mortgage that probably appreciates in value, and you get a roof over your head to owing a bunch of money to an education that isn't even helping you find a job.

Also, if I am underwater in my mortgage, I have options to mitigate the loss. Student debt follows you everywhere. They will garnish your income over it.

Were not talking about a game of roulette or some shit, were talking about being shipped over to another country to be put in deadly situations where you kill people

10% is not a slim chance of that

Military Shills are the weirdest bunch.

Not as bad as anti-military people lmao

If only because their reasoning behind it is typical cringe and not based in any sort of reality lol

Exactly this, yes. My entire family is full of service members and not a single one has been deployed to any active combat zone. Hell, few have even been deployed outside of the US

Can Biden make it so that folks can get student loans wiped if they file bankruptcy?

Incoming every man baby that wants to cry about their student loans like they're the only people who are struggling with debt.

I paid for my college and would still like if it suddenly became free because Id like to live in a society that can take care of itself with doctors, engineers, teachers, etc

Incoming every man baby that wants to cry about their student loans like they're the only people who are struggling with debt.

Yeah dude just go into IT for the military instead of any of the untold numbers of private sector jobs where you make more money and dont have to devote some amount of your life to the military

Incoming every man baby that wants to cry about their student loans like they're the only people who are struggling with debt

You know what's the difference between student loans and a mortgage (or any other debt)?

You can discharge a mortgage in a bankruptcy. You can get rid of car loans, credit card debt, medical debt, and wage garnishing judgments by filing bankruptcy. That's because bankruptcy (both Ch. 7 and Ch. 13) were created to protect consumers that got in way over their heads and need a fresh start.

Guess what isn't discharged in a bankruptcy? Student loan debt.

So not only is taking in a student loan infinitely easier than getting a mortgage or a car loan (seriously, I work with high school and college students and they can get a $40k student loan with no credit but struggle to get a $10k car loan), but it's virtually impossible to get it discharged in any way, shape, or form.

Add to that the fact that student loan interests are, on average, higher than car loan interests and much higher than mortgage interest, causing compounding interest that builds up much faster than you can pay off.

Add to that the fact that at least a mortgage gets you a house that appreciates in value, and a car loan at least gets you a physical car you can use day-to-day. Student loan debt only gets you a piece of paper, if you finish, that says you can maybe get a job one day. There is no collateral tied to that loan. It's essentially unsecured like credit card debt but not dischargeable like credit card debt.

Add to that the fact that these loans are primarily directed at 16-18 year olds, many first-generation students who receive no financial advice from their parents (because they never had to get student loan debt), and do not get financial advice from their schools (because it's more important they learn trigonometry and calculus than the basics of budgeting and finance), while being told that they have to go to college.

Student loan debt is a MASSIVE issue for all the reasons stated above. People who compare student loan debt to other debts are either not aware of these differences or are being disingenuous. Someone can easily say "well I have to pay my mortgage" without acknowledging the fact that they do have a lifeline through bankruptcy if they one day couldn't pay it, as millions of Americans (as well as millionaire and billionaire entrepreneurs) have done. If student loan debt were dischargeable with bankruptcy, you can bet that we wouldn't have the same number of problems we have now.

I have no student debt, but are you really comparing debt from getting an education to debt from buying a new TV or whatever else?

Can Biden make it so that folks can get student loans wiped if they file bankruptcy?

Who gives a fuck about being responsible? On this earth for 75 years and your greatest accomplishment is you were responsible and paid your loans off.

Take out a million dollars and never pay back anything, fuck it all.

What a sophisticated perspective

Take out a million dollars and never pay back anything, fuck it all.

I mean

maybe I'm just getting old, but I agree. It's unethical to take out loans with even a thought that you won't have any responsibility for them

Maybe I should ask for my mortgage to be forgiven too? Or free air travel and meals everywhere I go? Why pay for anything ever?

It sucks paying loans. It does. But it's a part of being a responsible human. There are a bazillion trade jobs that pay super well right now, literally no one NEEDS college.

So, in the US the students get the loan? Where I'm from your parents take the loan. If you dont pay (nor your parents) then your parents will also lose their colateral.

Student loans have been around for decades. Im not saying that theyre okay, but I am saying that we shouldnt blame and single out a president for not forgiving them.