5 ms·

This is huge issue. Many people (like myself) left college during covid and haven't budgeted at all for the monthly payments after entering the workforce. There

This is huge issue. Many people (like myself) left college during covid and haven't budgeted at all for the monthly payments after entering the workforce. There's going to thousands of deferments. It honestly feels like a debt trap of sorts.

tivert 3y ago
> This is huge issue. Many people (like myself) left college during covid and haven't budgeted at all for the monthly payments after entering the workforce. There's going to thousands of deferments. It honestly feels like a debt trap of sorts. Sorry, but that was totally your own mistake. Maybe an understandable one, but not something that requires collective action to solve. Fixing your own mistakes often isn't easy and convenient. So you've got two months to figure out how to work your debt payments into your budget.
- OkayPhysicist 3y ago
  Is it really a mistake to take your government at their word? When an authority figure lies, far more culpability lies on the authority figure than the subordinate. In this case, it wasn't even a lie, it was active obstruction by politically-motivated wall-people of the Supreme Court. If my boss says "You can work from home today", and I let my wife borrow the car, then the CEO says "You actually have to come into the office today or you're fired", who made a mistake? Maybe I could have, potentially maybe, known that my boss could be overruled, but it's hardly my fault. My boss has more culpability, because as someone who's job it is to relay information to me and make appropriate decisions based on their directives, they have an obligation to not fuck me over. But mostly it's the CEO's fault for being a dick.
  - blockwriter 3y ago
    Is it really a mistake to take your government at their word? Probably, yes. In this case, the actors likely knew they did not have the authority to unilaterally pursue this policy in a durable manner. It was misleading from the get.
    - OkayPhysicist 3y ago
      But did the average person who was told their debt was going to be forgiven know that? I'm okay with arguing about the details of how much blame to place on the administration versus the regressives in the court, but dismissing out of hand the human suffering caused by the reversal by going "they should have known better" is patently evil.
      - tivert 3y ago
        > But did the average person who was told their debt was going to be forgiven know that? How does that matter to the question if it was a mistake? It's still a mistake to trust the wrong people, even if you didn't know better at the time. This seems like a good time to learn the lesson "don't count your chickens before they've hatched (even if someone tells you to)." > ...how much blame to place on the administration versus the regressives in the court, but dismissing out of hand the human suffering caused by the reversal by going "they should have known better" is patently evil. "Regressives"? "Human suffering"? "Patently evil"? That's, frankly, a completely immature and utterly ridiculous position to take on this. If someone robbed a bank and gifted you money from the robbery, would you call the cops "evil" for taking the money back, because of all the "suffering" it would cause you? I get it, you really wanted student loans to be forgiven, but that doesn't make the people who oppose what you want "evil" or even bad.
      - cableshaft 3y ago
        While I'm totally for the debt forgiveness, anyone who saw that this was going to the Supreme Court should have planned for it to be overturned (i.e. plan for the worst, hope for the best), especially considering the judges known conservative leanings. This has been known to be going to the Supreme Court since around January, I think, so people should have had about 8 months to prepare to start paying back their loans, and not just the two months since this judgement was passed. Personally, while I did hold off on making payments for about eight months at the start of Covid, I resumed making payments during the pandemic and actually managed to pay off my student loans completely back in November of last year (although I was getting pretty close to paying them off anyway). Other people could have started making small payments during this team, taken advantage of the zero interest to start making a larger dent in their payments, and increased slightly how much they were paying each month to ease the transition to full payments again when this kicks off again. I'm aware that's easier said than done, though. My wife has student loans she hasn't made full payments on this entire time (I think she's been making half payments), so we're going to have a slightly rough transition also, but at least we no longer have the $400/month payments I was making on mine before the pandemic.
symlinkk 3y ago
You didn’t budget for it at all? Just 100% confident that you’d never have to pay it?
lamontcg 3y ago
It is going to hit like a tax hike on the middle class. And this comes on the heels of corporations scooping up all the gains made during the pandemic via raising prices and inflation (also acting like a regressive tax). That should all spill over into consumption.
robomartin 3y ago
You knew you owed money and have payments. Why didn’t you?
sanderjd 3y ago
I don't want to play the blame game, but you have to budget for making debt payments on a car, same thing here. I do get that the unpredictability sucks, and that's why I didn't like it when Biden did this in the first place (note: as a pretty big Biden supporter for other reasons), and a the rest of the blame is at the feet of the pandemic itself, which made tons of stuff unpredictable for everyone. I'm sympathetic to the budgeting surprise, but it's also the kind of thing that happens in life, and especially in these last few weird years.
tekla 3y ago
How the hell do you not budget for your monthly debt payments?

tivert 3y ago

> This is huge issue. Many people (like myself) left college during covid and haven't budgeted at all for the monthly payments after entering the workforce. There's going to thousands of deferments. It honestly feels like a debt trap of sorts. Sorry, but that was totally your own mistake. Maybe an understandable one, but not something that requires collective action to solve. Fixing your own mistakes often isn't easy and convenient. So you've got two months to figure out how to work your debt payments into your budget.

OkayPhysicist 3y ago
Is it really a mistake to take your government at their word? When an authority figure lies, far more culpability lies on the authority figure than the subordinate. In this case, it wasn't even a lie, it was active obstruction by politically-motivated wall-people of the Supreme Court. If my boss says "You can work from home today", and I let my wife borrow the car, then the CEO says "You actually have to come into the office today or you're fired", who made a mistake? Maybe I could have, potentially maybe, known that my boss could be overruled, but it's hardly my fault. My boss has more culpability, because as someone who's job it is to relay information to me and make appropriate decisions based on their directives, they have an obligation to not fuck me over. But mostly it's the CEO's fault for being a dick.
- blockwriter 3y ago
  Is it really a mistake to take your government at their word? Probably, yes. In this case, the actors likely knew they did not have the authority to unilaterally pursue this policy in a durable manner. It was misleading from the get.
  - OkayPhysicist 3y ago
    But did the average person who was told their debt was going to be forgiven know that? I'm okay with arguing about the details of how much blame to place on the administration versus the regressives in the court, but dismissing out of hand the human suffering caused by the reversal by going "they should have known better" is patently evil.
    - tivert 3y ago
      > But did the average person who was told their debt was going to be forgiven know that? How does that matter to the question if it was a mistake? It's still a mistake to trust the wrong people, even if you didn't know better at the time. This seems like a good time to learn the lesson "don't count your chickens before they've hatched (even if someone tells you to)." > ...how much blame to place on the administration versus the regressives in the court, but dismissing out of hand the human suffering caused by the reversal by going "they should have known better" is patently evil. "Regressives"? "Human suffering"? "Patently evil"? That's, frankly, a completely immature and utterly ridiculous position to take on this. If someone robbed a bank and gifted you money from the robbery, would you call the cops "evil" for taking the money back, because of all the "suffering" it would cause you? I get it, you really wanted student loans to be forgiven, but that doesn't make the people who oppose what you want "evil" or even bad.
    - cableshaft 3y ago
      While I'm totally for the debt forgiveness, anyone who saw that this was going to the Supreme Court should have planned for it to be overturned (i.e. plan for the worst, hope for the best), especially considering the judges known conservative leanings. This has been known to be going to the Supreme Court since around January, I think, so people should have had about 8 months to prepare to start paying back their loans, and not just the two months since this judgement was passed. Personally, while I did hold off on making payments for about eight months at the start of Covid, I resumed making payments during the pandemic and actually managed to pay off my student loans completely back in November of last year (although I was getting pretty close to paying them off anyway). Other people could have started making small payments during this team, taken advantage of the zero interest to start making a larger dent in their payments, and increased slightly how much they were paying each month to ease the transition to full payments again when this kicks off again. I'm aware that's easier said than done, though. My wife has student loans she hasn't made full payments on this entire time (I think she's been making half payments), so we're going to have a slightly rough transition also, but at least we no longer have the $400/month payments I was making on mine before the pandemic.

symlinkk 3y ago

You didn’t budget for it at all? Just 100% confident that you’d never have to pay it?

lamontcg 3y ago

It is going to hit like a tax hike on the middle class. And this comes on the heels of corporations scooping up all the gains made during the pandemic via raising prices and inflation (also acting like a regressive tax). That should all spill over into consumption.

robomartin 3y ago

You knew you owed money and have payments. Why didn’t you?

sanderjd 3y ago

I don't want to play the blame game, but you have to budget for making debt payments on a car, same thing here. I do get that the unpredictability sucks, and that's why I didn't like it when Biden did this in the first place (note: as a pretty big Biden supporter for other reasons), and a the rest of the blame is at the feet of the pandemic itself, which made tons of stuff unpredictable for everyone. I'm sympathetic to the budgeting surprise, but it's also the kind of thing that happens in life, and especially in these last few weird years.

tekla 3y ago

How the hell do you not budget for your monthly debt payments?