biden pushed the loan forgiveness because it is a popular topic and makes him more popular and beloved by the masses.

If by some miracle he did, he would become the savior and hero.

If not, he still would be the man who championed for the financially oppressed and is a hero for trying.

biden didn't care whether he could pull it off or not.  It was a political stunt.   

Just another distraction from recent and current failures. Also deepens lines/divisions between middle and lower classes. Think who that benefits…

plus, they blame "trump's court for overturning...

biden pushed the loan forgiveness because it is a popular topic and makes him more popular and beloved by the masses.

If by some miracle he did, he would become the savior and hero.

If not, he still would be the man who championed for the financially oppressed and is a hero for trying.

biden didn't care whether he could pull it off or not.  It was a political stunt.   

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.

That's the bottom line.  Schools have raised their tuition rates as the availability of easy loans proliferated.  The more money the government gave out as loans for students, the more the schools were able to charge.  Simple economics -- elasticity of price and demand.  Demand is based on the number of buyers willing and able to pay.  Loans that you don't have to start repaying until after you graduate increases the number of students able to pay.

So, with a larger population of students able to pay, the prices of attendance are not going to remain affordable at the same level as before the loans.  Schools can continue to increase costs, and the students will continue to qualify for higher loan amounts.  Ivy League schools are generating debts of over $200K for many of their graduates.  Those who go on to graduate school, medical school or other such professions rack up even more.

Gone are the days where the top schools only admitted the top high school grads.  Now they  take as many as they can squeeze in to increase their revenue base.  They get more money, then build more dorms and classroom buildings to accommodate even more students.  Sales volume keeps the schools profitable.  And the faculty are making money they never dreamed of.

It's an education bubble, which is bound to burst.  When the cost of debt required to attend exceeds the income opportunities that diploma represents, more people will opt for cheaper educational options or use that time to start their jobs 4 years sooner.  In many jobs, 3-5 years experience is often a valid substitute for an undergraduate degree.

Things got worse when the government took over the student loan program.
Thanks to Obama the Make Education Great Again (MEGA) plan failed.
Somebody forgot to tell Maxine.

When I was working for HA in the late 60s to late 80s, there were a lot of baggage handlers with college degrees. Today I personally know someone who is making a six figure income as a server in a high end hotel and had dropped  out of high school.
I only have a high school education but was making enough income in the early 2000s that the bank was willing to finance a mortgage for me with a $5000 a month payment which I never was late on.  Oftentimes higher education does not mean higher income than a lesser educated person.

Student loans should be repaid by the borrower. 

More info from Mike Bordenaro on this subject.

It looks like Joe Biden will attempt a plan B rescue.
If Brandon is the cavalry, I am afraid the settlers will be scalped and so will most tax payers.


 

When I was working for HA in the late 60s to late 80s, there were a lot of baggage handlers with college degrees. Today I personally know someone who is making a six figure income as a server in a high end hotel and had dropped  out of high school.
I only have a high school education but was making enough income in the early 2000s that the bank was willing to finance a mortgage for me with a $5000 a month payment which I never was late on.  Oftentimes higher education does not mean higher income than a lesser educated person.

Student loans should be repaid by the borrower.

Good examples,.  And YES the tax payers should not have to foot the bill for money paid to colleges and universities on behalf of those who saw value in a higher education -- usually in the form of anticipating a better-paying job upon graduation.

Look at how much an electrician, plumber or landscaper makes, especially in this state.  That's well worth the cost of trade school, licensing requirements and apprenticing with an established tradesman.

My uncle left the Navy after one enlistment.  He trained as an electronics tech.  Then he landed a job doing simple electronics support until he earned his license.  After that, he was an ATM repairman for decades -- starting before most people had ever used an ATM.  As the technology and equipment changed, he constantly went to training to stay current.

No college degree ... barely even finished high school.  Yet, he made a very comfortable living and still found time to enjoy his passions: raising 2 boys, fishing, hunting and camping.

Anyone who says you can't make it without a degree is shortsighted.  Not every profession or job requires a formal Liberal Arts degree.

I was always told an undergrad degree doesn't teach you what you need to be a successful professional.  They mainly teach you how to learn, so you can take the basics they teach and continue learning long after graduation.  it's why many degrees are considered interchangeable.  A new hire with a college degree in business is just as likely to succeed as one with a degree in political science if their aptitudes are similar.

When I was working for HA in the late 60s to late 80s, there were a lot of baggage handlers with college degrees. Today I personally know someone who is making a six figure income as a server in a high end hotel and had dropped  out of high school.
I only have a high school education but was making enough income in the early 2000s that the bank was willing to finance a mortgage for me with a $5000 a month payment which I never was late on.  Oftentimes higher education does not mean higher income than a lesser educated person.

Student loans should be repaid by the borrower.

 

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...

Saiki is trying to get votes, like all other dnc politicians. He knows his voters are morons. He should say to stop going to expensive schools.

UH when i began was $3k a year and 8 years later was $8k a year (final year or so).

So $12k if i completed in the standard 4 years.

Student debt forgiveness is nothing more than entitled morons who want free stuff.

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I like ren's idea of mortgage forgiveness.   With that disposable income I can buy more guns and ammo.
Or if mortgage forgiveness is too much, how about auto loan forgiveness.  I currently don't have an auto loan, but I will be sure to go buy an EV like Biden wants with that program.

it's starting...
https://www.reddit.com/r/lostgeneration/comments/14nsxzr/debt_strike/

I don't understand this...somehow these borrowers were forced to get these student loans?

it's starting...
https://www.reddit.com/r/lostgeneration/comments/14nsxzr/debt_strike/

I don't understand this...somehow these borrowers were forced to get these student loans?

Reminder: This is a socialist community. This is not the place to come and shit on the
struggling masses. Opposed to this? Sign up for a ban below, they’re free!

Vote this shit up, let's do this. They stole our futures, we got nothing to lose anymore.

First of all. if you are promoting Socialism, then you would not have gone to a school that required you to pay tuition.  That's capitalism.  Also, a loan for education doesn't imply "free education."  If you think that, then it's obvious why you believe in Socialism -- you're ignorant.

Secondly, if all it takes to "steal your future" is to refuse to forgive a $10,000 debt, then you don't have much of a future to steal.

You took the loan, and you spent it!  You received the benefit of that money, but now you want the rest of us to pay it back.

"You order the hot chocolate, you pay for the hot chocolate."
-- Judge Marilyn Milian, The People's Court

Just saying...   

I think young people nowadays, when they were children their parents did not teach them that money does not grow on trees.

I think that a lot of these students who are struggling to pay back these loans either got a degree that was not marketable or they borrowed more then what they needed i.e. a new BMW 7 series for going to class.
I think that there perhaps was shift towards more social justice oriented degrees that gave rise to all these ESG ratings and company positions.

I think young people nowadays, when they were children their parents did not teach them that money does not grow on trees.

For me it did. I was in the tree trimming business LOL.