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

(+) Yeah! (+)

https://www.businessinsider.com/biden-student-loan-payment-may-borrowers-do-their-part-debt-2022-1?utm_source=reddit.com

smh

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.

NightingaleMD posted...

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.

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.

KiwiTerraRizing posted...

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.

why is paying off your loans and accomplishing things mutually exclusive

NightingaleMD posted...

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.

it also seems a little irresponsible to tell a bunch of 17 year olds theyll be flipping burgers for the rest of their lives if they dont take out loans and go to college. When I was in high school the people who went to trade school got made fun of

NightingaleMD posted...

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

In that case, it should also be unethical to tell impressionable 16 and 17 years old to go to college to find and study something you like and have the secondary education system geared for that very purpose. At least offer some sort of required personal finance classes before sending future adults out into the wild.

It should also be unethical to look at how much (as a percentage) a graduate in 1980 would pay vs how someone in 2000 vs someone in 2020 and pretend there isn't a worsening crisis that goes beyond making good financial decisions.

NightingaleMD posted...

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.

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.

thronedfire2 posted...

it also seems a little irresponsible to tell a bunch of 17 year olds theyll be flipping burgers for the rest of their lives if they dont take out loans and go to college. When I was in high school the people who went to trade school got made fun of

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

Teach your kids right. My parents taught me right.

Do your part first, Biden. Forgive the debt you promised to during the election.

kinetika_ posted...

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

Teach your kids right. My parents taught me right.

You're a sad, lonely man.

NightingaleMD posted...

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.

Its unethical to pressure 16 and 17 year old children to take out loans based on the lie that theyll be able to pay them back easily once out of college

The entitlement in this topic is hilarious

NightingaleMD posted...

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.

If one monkey hoarded so many bananas, so many more than it could eat in a million lifetimes, and the monkey watched others in its tribe starve to death. What do you think researchers would say about the greedy monkey?

Its also unethical that higher education institutions have ballooned costs far, far past the rate of inflation over the past couple decades

and I don't think this is about people who are taking out loans recently. Like I went to ITT tech before everyone knew it was a scam school and the 40k or whatever 1 year was is like 60k now because I didn't even start paying it until like 10 years later. I realized it was a shit school halfway through the first semester and bailed once they wanted us to sign more loan papers. probably 30-50% of the people in my classes didn't go back after the first year(it was mostly the same people in every class for the same program). All of the teachers were part time industry professionals working side jobs, not actual professors and I think only a few of them even had teaching degrees. Some of them were pretty good but the only class I actually learned something from was a critical thinking/problem solving class. one of my programming teachers spent most of the time talking about government conspiracies and his hobby of photographing interesting tombstones. and he liked to swear in class a lot.

but they were very deceptive about their job placement rates and everything. and the bullshit credits I got for that year didn't even transfer to community college english 101 level shit. and the loan companies have no problem handing out forbearances because they know the interest is adding up the whole time.

Lmao fuck Biden

Yeah, some people definitely do need college for their desired fields.

[LFAQs-redacted-quote]


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

I think we should kill interest rates off of government tied student loans and let people pay off their loan principal amounts. Lowers monthly payments and overall cost for people, but the principal balance is still paid back.

NightingaleMD posted...

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.

The last President out out of paying his debts to this fail businesses . But yeah Student loans is what need to be paid. Unlike PPP loans .

PrsdntHeidecker posted...

You're a sad, lonely man.

This sounds like projection, if I've ever heard it.

That aside, it is very unfortunate that high schoolers are pushed to go to college above all other options. Trade schools and military service should really be presented as viable alternatives.

Hell, military service especially should be emphasized because it makes some of the things young adults struggle with so much more manageable.

You want to go to college? GI Bill. And your service will count toward a bunch of credits.

You want to buy a home? VA loan.

You have a bunch of debt? SCRA.

You need healthcare for you and your family? Tricare.

You need to afford rent/mortgage? BAH.

You need vacation time? 30 days of leave a year.

You need a retirement fund? TSP.

I'm not saying there aren't challenges or unpleasant parts of the military, but there are benefits to it that a lot of people in the civilian sector would love to have.

Esrac posted...

Hell, military service especially should be emphasized because it makes some of the things young adults struggle with so much more manageable.

Lol no it fucking shouldnt get the fuck out of here

TheGoldenEel posted...

Lol no it fucking shouldnt get the fuck out of here

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

Esrac posted...

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

the only downside is you might be forced to go kill civilians in the Middle East over a bullshit war!

TheGoldenEel posted...

the only downside is you might be forced to go kill civilians in the Middle East over a bullshit war!

Yeah, except you more than likely never would step foot in any sort of combat zone like ever lmao

Born too poor for college? How about we emphasize you just sacrifice your life in the military to protect those born rich's interests. Man that's dark.

foreverzero212 posted...

Born too poor for college? How about we emphasize you just sacrifice your life in the military to protect those born rich's interests. Man that's dark.

If you go into the military, your chances of actually doing anything like that are incredibly slim. Even if you choose something specifically tailored towards seeing combat you probably never will

This weird myth that the military requires you to sacrifice your life for the rich or whatever has always been super cringe to me lol

Bailout large corps - sweet man

Bailout a bunch of adults that were scammed as kids - douchebag

TheGoldenEel posted...

the only downside is you might be forced to go kill civilians in the Middle East over a bullshit war!

Assuming you care about that kind of thing, most military jobs don't involve those kinds of situations. Go with one of those jobs.

Enlist as an IT, spend 4 years playing helpdesk, earn some certifications that the military will pay for, and get out with your benefits and TS clearance to get a more profitable job in the private sector.

Or go to college, which the military will pay for, and get a head start with all the college credits your services accounts for.

NightingaleMD posted...

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.

I mean

Maybe I'm just young, but it's unethical for someone who is running for president to vow to cancel $10k from each borrower and then not do it once they have the power to. Blah blah blah responsibility.

Samurontai posted...

If you go into the military, your chances of actually doing anything like that are incredibly slim. Even if you choose something specifically tailored towards seeing combat you probably never will

This weird myth that the military requires you to sacrifice your life for the rich or whatever has always been super cringe to me lol

The chance Im willing to take on that is 0%

0% chance of being shipped off to another country to support any sort of bullshit war in any way

foreverzero212 posted...

Born too poor for college? How about we emphasize you just sacrifice your life in the military to protect those born rich's interests. Man that's dark.

That isnt remotely an accurate depiction of most military service.

TheGoldenEel posted...

The chance Im willing to take on that is 0%

0% chance of being shipped off to another country to support any sort of bullshit war in any way

Then maybe you should be more worried about moving to a country that doesnt have an active draft? Lmfao what a weird argument to make

justaguy3492 posted...

I mean

Maybe I'm just young, but it's unethical for someone who is running for president to vow to cancel $10k from each borrower and then not do it once they have the power to. Blah blah blah responsibility.

The president doesnt have the power to forgive student debt

It was beaten into my head as a teenager that you're a worthless piece of shit if you don't go to college, and most people have to take a student loan for at least some of the tuition to afford that. It's predatory.

Samurontai posted...

If you go into the military, your chances of actually doing anything like that are incredibly slim. Even if you choose something specifically tailored towards seeing combat you probably never will

This weird myth that the military requires you to sacrifice your life for the rich or whatever has always been super cringe to me lol

Yall, the chances are kinda slim you end up like the million+ vets with totally unnecessary disabilities and mental issues so we don't need to make education free.

The rest of developed world cringes back at ya.

Maybe college shouldn't be so expensive that you're taking out crippling loans when you're out of high school.

And you shouldn't have to join the military just to have a chance at a debt-free education, active service or not.

Education shouldn't be something you jump through hoops for, fuck outta here lol

Esrac posted...

That isnt remotely an accurate depiction of most military service.

A lot of us came of age during the iraq war. Its pretty close.

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

40% of service members do NOT see combat, and of the remaining 60%, only 10% to 20% are deployed into the combat premise. Plus, the majority of these members enter the arena as supporting units.

incredibly slim my ass

justaguy3492 posted...

I mean

Maybe I'm just young, but it's unethical for someone who is running for president to vow to cancel $10k from each borrower and then not do it once they have the power to. Blah blah blah responsibility.

well did he really promise that though? Maybe he mentioned it but not sure it was a guarantee. He has a lot to deal with so its not like we can blame him. He tried his best.

Samurontai posted...

The president doesnt have the power to forgive student debt

Maybe he does maybe he doesn't. We won't know unless he pens up the executive order and let's it go to court. I guess a more fair critique would be he got in office and they pretty much stopped trying with the exception of specific loans/borrowers.

I mean if he knows it will go to the courts and fail why would he do that? Again I dont see why we would blame him for this.

Ludwig Von 2 posted...

well did he really promise that though? Maybe he mentioned it but not sure it was a guarantee. He has a lot to deal with so its not like we can blame him. He tried his best.

https://www.npr.org/2021/12/07/1062070001/student-loan-forgiveness-debt-president-biden-campaign-promise

There's the link. And the reason to let it go to court is it might not fail. The courts may find he does have the authority.

TheGoldenEel posted...

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

incredibly slim my ass

Thats actually very slim yes lol

justaguy3492 posted...

Maybe he does maybe he doesn't. We won't know unless he pens up the executive order and let's it go to court. I guess a more fair critique would be he got in office and they pretty much stopped trying with the exception of specific loans/borrowers.

No, he literally doesnt. The president doesnt have unilateral power over everything via executive order.

Its weird how we expect impoverished millennials to be responsible, but not anyone or anything with lots of money.
Almost like the system is rigged

ElatedVenusaur posted...

Its weird how we expect impoverished millennials to be responsible, but not anyone or anything with lots of money.
Almost like the system is rigged

I dont understand taxes because my mommy and daddy takes care of it all for me energy is just resonating from this post

NightingaleMD posted...

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.

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.

Samurontai posted...

No, he literally doesnt. The president doesnt have unilateral power over everything via executive order.

Oh OK then. I'll let all the legal scholars, who have been debating this since 2020, know that some guy on CE says the president doesn't have the authority. That'll clear it all up.

justaguy3492 posted...

Oh OK then. I'll let all the legal scholars, who have been debating this since 2020, know that some guy on CE says the president doesn't have the authority. That'll clear it all up.

You have to be like 16 years old lol