3 ms·

Supreme Court refuses to allow Biden's student loan repayment plan, for now

3 points by howard941 2y ago

blinded 2y ago
Im all for the act it should be allowed just dropping some second hand observations. Full disclaimer, I had about 65k~ in debt from state schools. pinched pennies in the early 2010s and paid it off in a few years making about 90k a year (which I know is above average and I'm fortunate for). I think the safe act and other like it incentives bad behavior from the borrower and the lender and it doesn't do much to cleanup the predatory lending practices or sky rocketing cost of college. I also think that large parts of education should be free (ie 2 year degrees, trade schools, etc). Ive seen a few friends and acquaintances have 150k+ in loans making middle class to upper middle class salaries take the strategy of paying bare minimum for 20 years (where if you had been paying the difference would be wiped out and you'd pay income tax on the difference). They also still opt to live alone in large apartments, drive newer cars, go on multiple vacations a year, etc. The act allows them to still live a lifestyle above their means and its considered ok because culturally the majority of young adults feel the student loan system isn't fair or the economy is not fair. They chosing to take the easier route of less monthly payments. The people against the SAFE policy (and others like) see that is passing the buck of a failed student loan system onto every tax payer without addressing the root cause.
krapp 2y ago
It's wild how if this were a plan to bail out banks or corporations it wouldn't even merit a second glance. According to the Supreme Court, Biden would have better legal standing just sending black ops goons to shoot the owners of lending companies in the head than he would forgiving student loans. God forbid the US not be able to burden an entire generation with a lifetime of crippling debt from predatory loans at exorbitant interest rates that can't even be excused in bankruptcy. Gotta keep that gas lit.

3 points by howard941 2y ago

Im all for the act it should be allowed just dropping some second hand observations. Full disclaimer, I had about 65k~ in debt from state schools. pinched pennies in the early 2010s and paid it off in a few years making about 90k a year (which I know is above average and I'm fortunate for). I think the safe act and other like it incentives bad behavior from the borrower and the lender and it doesn't do much to cleanup the predatory lending practices or sky rocketing cost of college. I also think that large parts of education should be free (ie 2 year degrees, trade schools, etc). Ive seen a few friends and acquaintances have 150k+ in loans making middle class to upper middle class salaries take the strategy of paying bare minimum for 20 years (where if you had been paying the difference would be wiped out and you'd pay income tax on the difference). They also still opt to live alone in large apartments, drive newer cars, go on multiple vacations a year, etc. The act allows them to still live a lifestyle above their means and its considered ok because culturally the majority of young adults feel the student loan system isn't fair or the economy is not fair. They chosing to take the easier route of less monthly payments. The people against the SAFE policy (and others like) see that is passing the buck of a failed student loan system onto every tax payer without addressing the root cause.

krapp 2y ago

It's wild how if this were a plan to bail out banks or corporations it wouldn't even merit a second glance. According to the Supreme Court, Biden would have better legal standing just sending black ops goons to shoot the owners of lending companies in the head than he would forgiving student loans. God forbid the US not be able to burden an entire generation with a lifetime of crippling debt from predatory loans at exorbitant interest rates that can't even be excused in bankruptcy. Gotta keep that gas lit.