40 million Americans have student loan debts. Some cannot pay, some will not pay.
The torpedoes are on the way....

All those Antifa kids ginned up on rage and clot shots are about to turn on their masters.

This will be fun to watch from a respectable distance

They can say they won't pay, but would it affect them later. Like does this type of loan affect FICO or employement?

What I find amazing is that no one who they would listen to is telling them they should have went to an affordable college.  The media should be making this point for all others who are about to go to college.  Mom n dad paid for mine, so I chose UH as I don't want them to pay $20K a year for a mainland school.

I mean here's a bright idea, lets give a 18 year old with no real job a loan to buy a Lamborgini.  Then tell them they don't have to pay toward the loan for 4 years or so.  How many would pay this back or could afford to once graduating?  What could go wrong right?  Then have John Q Taxpayer pay for this loan when they don't repay it.

They can say they won't pay, but would it affect them later. Like does this type of loan affect FICO or employement?

[snip]

Here's how irony works;

Biden:  We need to forgive these loans, because that debt stands in the way of grads buying homes and cars.

Courts:  That's unconstitutional. Only Congress can forgive billions in debt owed to the treasury.

Borrowers:  We aren't going to pay!!

Mortgage Lenders:  We were unable to approve your mortgage.  We show an outstanding debt for a loan you took out in college.

Banks:  We can't finance your car.  Your credit rating is too low due to defaulting on your student loans.  You haven't made a payment in over a year.

So much for affording a home or car.


True story:

I graduated college in 1984.  I never once applied for a student loan.  I used financial aid the first semester and my ROTC scholarship the next 3 1/2 years.

In 1991, I bought my first house.  No problem being approved for the mortgage.

In 1993, I relocated to Hawaii and kept that house as a rental property.

In 2001, I bought a house in Hawaii.  Again, no problems.

In 2004, I refinanced both houses into just my name as part of the divorce.

In 2006, rates had dropped again, and I applied to refinance the rental.  I was told the loan was not approved due to an outstanding student loan -- from 1984!

The excuse for why it was never an issue the previous 22 years is because they just finished a computer system upgrade, and my loan was discovered by the Dept of Education.  So, I contacted the DOE and requested a copy of the loan application.  The borrower's name and address were not me, but they had used my social security number.  Apparently the DOE can't even give Social Security my name and ask if it matched the number due to privacy laws.      

So, because they can't do a simple request for verification between government agencies, I had to send them my license, birth certificate and DD214 to prove I'm not the original borrower.  They lifted the hold on the mortgage, and I guess the treasury (i.e. tax payers) lost out on the almost $3,000 someone stole using my social.

Based on my experience, anyone who defaults on their student loan will not be able to get a mortgage.  I was applying to a commercial lender.  I imagine it's even more likely to get denied through a government guaranteed lender like Freddie Mac or HUD.  That is, unless Biden signs yet another order to approve all mortgage applications for student loan deadbeats.  Then we'll have a bunch a people who think they are entitled also not paying their mortgages!

 

Here's how irony works;

Biden:  We need to forgive these loans, because that debt stands in the way of grads buying homes and cars.

Courts:  That's unconstitutional. Only Congress can forgive billions in debt owed to the treasury.

Borrowers:  We aren't going to pay!!

Mortgage Lenders:  We were unable to approve your mortgage.  We show an outstanding debt for a loan you took out in college.

Banks:  We can't finance your car.  Your credit rating is too low due to defaulting on your student loans.  You haven't made a payment in over a year.

So much for affording a home or car.


True story:

I graduated college in 1984.  I never once applied for a student loan.  I used financial aid the first semester and my ROTC scholarship the next 3 1/2 years.

In 1991, I bought my first house.  No problem being approved for the mortgage.

In 1993, I relocated to Hawaii and kept that house as a rental property.

In 2001, I bought a house in Hawaii.  Again, no problems.

In 2004, I refinanced both houses into just my name as part of the divorce.

In 2006, rates had dropped again, and I applied to refinance the rental.  I was told the loan was not approved due to an outstanding student loan -- from 1984!

The excuse for why it was never an issue the previous 22 years is because they just finished a computer system upgrade, and my loan was discovered by the Dept of Education.  So, I contacted the DOE and requested a copy of the loan application.  The borrower's name and address were not me, but they had used my social security number.  Apparently the DOE can't even give Social Security my name and ask if it matched the number due to privacy laws.      

So, because they can't do a simple request for verification between government agencies, I had to send them my license, birth certificate and DD214 to prove I'm not the original borrower.  They lifted the hold on the mortgage, and I guess the treasury (i.e. tax payers) lost out on the almost $3,000 someone stole using my social.

Based on my experience, anyone who defaults on their student loan will not be able to get a mortgage.  I was applying to a commercial lender.  I imagine it's even more likely to get denied through a government guaranteed lender like Freddie Mac or HUD.  That is, unless Biden signs yet another order to approve all mortgage applications for student loan deadbeats.  Then we'll have a bunch a people who think they are entitled also not paying their mortgages!

 

This will be a very funny lesson to witness when they find out their car loan or mortgage was denied due to not making student loan payments.  Actions or inactions I should say have consequences.

Woo hoo!!

Thanks again, President Trump!!

Biden got the votes he tried to buy when he announced this illegal plan to bilk tax payers and punish everyone who doesn't have a large outstanding student loan.  It's why he tried to implement it so close to election day.

I don't think he really cares that the plan was stopped.  i think he always knew it would be, yet couldn't pass on a chance for all those 18-30 year olds who leveraged their futures so colleges and universities could get richer.

Supreme Court Strikes Down Biden's
Student Loan Forgiveness Plan

The U.S. Supreme Court blocked President Joe Biden's student loan forgiveness plan on
Friday.

At the end of February, the justices heard oral arguments on two cases that sought to
stop Biden's forgiveness plan. The plan would cancel up to $10,000 in federal loans per
borrower making less than $125,000 a year (couples making less than $250,000) and
up to $20,000 per borrower for those who used Pell Grants in college, eliminating about
$441 billion in outstanding student debt.

The first case before the high court is Biden v. Nebraska, in which six Republican states
have argued the plan is unlawful and would harm their tax revenues. The second is
Department of Education v. Brown, in which two individuals, Myra Brown and Alexander
Taylor, have claimed the debt forgiveness plan is unlawful because the Administration did
not give the public time to weigh in before rolling it out in 2022.

Both cases challenged the President's ability to forgive student loan debt under emergency
authority from the Higher Education Relief Opportunities for Students (HEROES) Act passed
in 2003. The HEROES Act of 2003 allows Congress to waive restrictions on student loan
relief in the face of a national emergency.

On Friday, the court held that the Administration must have Congress’ backing for the costly
student loan forgiveness plan and rejected arguments that the HEROES Act of 2003 granted
the authority to enact the plan as Biden claimed.

"It’s important to note that from an accounting perspective today’s ruling will reduce the 2023
deficit by about $400 billion, just as the announcement increased the 2022 deficit by that
amount," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget
said in a statement. "This accounting convention may mask the recent rise in structural deficits
but does not much change the grim realities of our fiscal trajectory."

https://www.foxbusiness.com/personal-finance/supreme-court-decision-against-biden-student-loan-forgiveness-next-steps

Woo hoo!!

Thanks again, President Trump!!

Biden got the votes he tried to buy when he announced this illegal plan to bilk tax payers and punish everyone who doesn't have a large outstanding student loan.  It's why he tried to implement it so close to election day.

I don't think he really cares that the plan was stopped.  i think he always knew it would be, yet couldn't pass on a chance for all those 18-30 year olds who leveraged their futures so colleges and universities could get richer.

Supreme Court Strikes Down Biden's
Student Loan Forgiveness Planhttps://www.foxbusiness.com/personal-finance/supreme-court-decision-against-biden-student-loan-forgiveness-next-steps

What's worst are the dumb ones who voted for him and this was a big reason for it. Goes to show that college doesn't teach intelligence.  Actually, it shows that you can control people by making them think they're smart.

Here's how irony works;

Biden:  We need to forgive these loans, because that debt stands in the way of grads buying homes and cars.

Courts:  That's unconstitutional. Only Congress can forgive billions in debt owed to the treasury.

Borrowers:  We aren't going to pay!!

Mortgage Lenders:  We were unable to approve your mortgage.  We show an outstanding debt for a loan you took out in college.

Banks:  We can't finance your car.  Your credit rating is too low due to defaulting on your student loans.  You haven't made a payment in over a year.

So much for affording a home or car.


True story:

I graduated college in 1984.  I never once applied for a student loan.  I used financial aid the first semester and my ROTC scholarship the next 3 1/2 years.

In 1991, I bought my first house.  No problem being approved for the mortgage.

In 1993, I relocated to Hawaii and kept that house as a rental property.

In 2001, I bought a house in Hawaii.  Again, no problems.

In 2004, I refinanced both houses into just my name as part of the divorce.

In 2006, rates had dropped again, and I applied to refinance the rental.  I was told the loan was not approved due to an outstanding student loan -- from 1984!

The excuse for why it was never an issue the previous 22 years is because they just finished a computer system upgrade, and my loan was discovered by the Dept of Education.  So, I contacted the DOE and requested a copy of the loan application.  The borrower's name and address were not me, but they had used my social security number.  Apparently the DOE can't even give Social Security my name and ask if it matched the number due to privacy laws.      

So, because they can't do a simple request for verification between government agencies, I had to send them my license, birth certificate and DD214 to prove I'm not the original borrower.  They lifted the hold on the mortgage, and I guess the treasury (i.e. tax payers) lost out on the almost $3,000 someone stole using my social.

Based on my experience, anyone who defaults on their student loan will not be able to get a mortgage.  I was applying to a commercial lender.  I imagine it's even more likely to get denied through a government guaranteed lender like Freddie Mac or HUD.  That is, unless Biden signs yet another order to approve all mortgage applications for student loan deadbeats.  Then we'll have a bunch a people who think they are entitled also not paying their mortgages!

 

the answer: universal mortgage approvals at a fixed rate by the government. Because everyone deserves a house! Its a human right! We are all equal hermit crabs!

What's worst are the dumb ones who voted for him and this was a big reason for it. Goes to show that college doesn't teach intelligence.  Actually, it shows that you can control people by making them think they're smart.

The first rule of people promising free stuff is:

There is no free stuff

Class dismissed

The first rule of people promising free stuff is:

There is no free stuff

Class dismissed

TANSTAAFL.

TANSTAAFL.

Had to look that one up.

Had to look that one up.

 

Had to look that one up.

you are a bigot, waycist, Nazi, trans-homophobe...

but I need to pay for my mansion so STFU
https://www.foxnews.com/politics/ny-democrat-complains-student-debt-scotus-ruling-gets-slammed-million-dollar-home

you are a bigot, waycist, Nazi, trans-homophobe...

but I need to pay for my mansion so STFU
https://www.foxnews.com/politics/ny-democrat-complains-student-debt-scotus-ruling-gets-slammed-million-dollar-home

Obviously, the mortgage lenders for both her almost $700K condo and the new $1.13M house were satisfied she could afford the level of debt she and her husband are carrying compared to their incomes.  If not, they would not have approved the mortgages.

She can cry about her debt, but the only reason the balance is higher now than in 2012 is she's obviously opted to not make payments whenever she was not required.  The interest keeps accruing as she's not making those payments -- yes, even when Biden put payment requirements on hold for the pandemic.  BTW, Trump started the student loan "payment hold" and extended it once.  Biden has extended it 5 more times, and he fully intended to make everyone suffer to allow the debtors to default on their loans without consequences.

The option to skip payments under the COVID Emergency Order ends in October.  i bet her total debt will be even higher than her current $206K if she continues to forego payments.

I wonder how many debtors decided to not make any payments in the expectation that Daddy Biden would make it all go away?  Who cares how big the loan gets if they don't have to pay it?  They can partially blame Biden's promises for making these stupid loan decisions. 

you are a bigot, waycist, Nazi, trans-homophobe...

High praise this day and age. Mahalo Nui

I heard today that Nancy Pelosi's statements that it would be illegal for Biden to forgive student debt were featured prominently in the case against the program. Gotta give Nancy Pelosi credit here.

I don't even know if Biden was ever serious about the debt forgiveness. Maybe he knew it was unlawful and would never pass but did so just for publicity so he can get votes and say he tried.

I heard today that Nancy Pelosi's statements that it would be illegal for Biden to forgive student debt were featured prominently in the case against the program. Gotta give Nancy Pelosi credit here.

I don't even know if Biden was ever serious about the debt forgiveness. Maybe he knew it was unlawful and would never pass but did so just for publicity so he can get votes and say he tried.

He knew Congress would never agree to 100% loan forgiveness.  What would that do to future borrowing?  Rack up that debt, boys and girls!  If you're lucky, we'll have another global emergency!!

What he didn't count on was the emergency order not giving him the legal right to do whatever the hell he wanted. 

And I noticed Biden called the court "GOP controlled."  I guess that puts to rest any doubt that the court was Democrat-controlled before Trump started making appointments, huh?   The people  who demand control are always the first to scream, "Someone else is controlling them!"

I see it more as a ship that was headed for a waterfall being allowed to return to the proper course. 

https://www.khon2.com/local-news/scotus-student-loan-decision-affects-more-than-100000-hawaii-borrowers/

Medical student Amy Nielsen said the cost of medical school is a worry.

Nielsen said, “It’s expensive to go to school, it’s expensive to become a doctor, it’s expensive to do the kinds of things that we do.”

The Supreme Court said the Biden administration overstepped its executive powers by trying to clear more than $400 million in student loans.

University of Hawaii at Manoa William S. Richardson School of Law Professor Andrea Freeman disagrees with the basis of the majority decision.

Freeman said, “Executive power is not very well defined, it’s something that changes because it’s not written very clearly in the Constitution.” 

More than 100,000 Hawaii residents would have seen some relief in the amount they owe.

Hawaii House Speaker Scott Saiki said he was disappointed by the outcome.

“Some people are repaying their student loans over years and years, and sometimes even decades,” Saiki said. “The more disposable income provided to someone, the better for everyone else in our society.”


I'd like the POTUS to erase my mortgage while he is at it. It's expensive to live in Hawaii. I've been paying my mortgage for years. The more disposable income I can contribute the bettah...

Here I go again talking about ancient history. A loooong time ago when I was a young man, the tuition at
the community colleges in Hawaii was a mere $3 a credit, I believe UH Manoa was around $8-$10 a credit.
$2.00 per hour was the minimum wage. I am using this amount since it is what most college age students 
earned to support themselves. It was easy to put yourself thru college as long as you stayed out of debt.

Today the cost per credit has increased to as much as 80 times what I paid back in the day. Has the minimum
wage gone up by 80x's? Nope. Has the quality of education gone up by 80x's, of course not. One can argue
that government subsidies have covered the cost of education back in the day, but taxpayers still fund higher
education programs today. UH is now having to deal with budget cuts in spite of $75 million per year in revenues.
Back in the day there was no problem with any budget cuts. I guess this is just another sign of the sad ass times
we now live in. I will say it again: The politicians have managed to lower 2 things, our standard of living and
the IQ of the people.