President Joe Biden - Kamala Harris Administration

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#20,526
Rasputin_Vol said:
In an ordinary arrangement, they likely would not have been issuing so many of these loans. The government put them in the position of having to take these loans, but I don't see them campaigning to stop this madness... so obviously they have no problem benefiting in this corrupt arrangement.
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Exactly. So again I ask what is the poor decision making on their part? They get paid.
 
#20,527
#20,527
Rasputin_Vol said:
Boomers in the political class and business that are running this country right now. Don't get worked up... I am not talking about you individually.

These older people made these decisions and created the conditions for this student loan debacle and are quick to say "live up to your obligations"/"pay your debts", while simultaneously running up trillions of dollars and passing it on for future generations to pay off...
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I think your use of the word "Boomers" there is a little broad brushed in that case. Why don't you just refer to them as scumbag DC swamp rats. It would be far more accurate and there wouldn't be nearly as much collateral damage.
 
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#20,530
SpaceCoastVol said:
I think your use of the word "Boomers" there is a little broad brushed in that case. Why don't you just refer to them as scumbag DC swamp rats. It would be far more accurate and there wouldn't be nearly as much collateral damage.
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I admit it is and done for added effect. But the point is that people way older than these college kids created this system and don't suffer any consequences for any of the boneheaded fiscal decisions they make that affect millions of people. Meanwhile, we seem to have a group that has no problem holding young people accountable on one of the first major lending decisions of their lives that can place them into a lifetime of debt that can't be extinguished or renegotiated on bankruptcy.
 
#20,532
#20,532
Rasputin_Vol said:
The lender has no skin in the game and the borrower carries all of the risk. And again, most of these kids don't have adults around them that make wise financial decisions. We see that everyday.
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So then mount a campaign to tell these “kids” to wake the f up. Let’s focus on personal responsibility rather than the boogie man got you. Their lives will turn out better once they discover taking control of it.
 
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#20,534
#20,534
whodeycin85 said:
I think this topic gets under peoples skin because the generations asking for and whining about it are also the ones screaming for equality....
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It gets under my skin because I already paid…out of state, too. I’d like a retroactive forgiveness on the bulk of my tuition and living expenses.
 
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#20,535
#20,535
Rasputin_Vol said:
$100k of debt is a product of poor decisionmaking by the borrower and poor decisionmaking on the lender. Cut it in half and both sides go their separate ways.
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That’s crazy. It’s a no brainer on the lender because they are guaranteed repayment plus interest and late fees. Any lender turning this gig down should be run out of business. This is solely on the government for not allowing bankruptcy to absolve these debts.

So no, no automatic forgiveness. Just change the rules and let the debt be absolvable by bankruptcy and let the borrow make the same debt choices every other borrow has to make for any loan.
 
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#20,536
Should lenders be able to deny based on anticipated ability to repay the loan? For instance,, what is the job market for a student majoring in non-binary transgenderism general studies vs. a student majoring in structural engineering?
 
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#20,538
Rasputin_Vol said:
Most of them were 18-21 years old making these decisions. Most people don't have people around them that are able to advise them of the commitment they are signing on to at that time. And the universities, media and govt doesn't make matters better by encouraging these kids to shoulder these debts. I'm sure most of you had people around you advising you wisely. Me personally, I did not have that... and I am very lucky to not have been in the situation that some of these people are in. Now the people with over $50k in debts for liberal arts degrees... at what point do we start to focus on the lending institutions and government with regards to the decisions they made by throwing more money at these people?

I love how you guys have no issue holding these people fully accountable for decisions they made early in life, but let these Boomers and older Gen-Xers get away without any consequences for their lending practices.
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I get what you’re saying but oh well. Lesson learned…..well probably not.
 
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#20,539
Rasputin_Vol said:
Bingo... government and special interests helped create this problem... they also need to be held accountable.


And you still don't get it. Taxpayers won't be paying for this. This will simply be dumped on top of the $30 trillion that we are already in debt for.

For all of this damb handwringing about students paying off their debts, you guys don't even understand that the country as a whole has a multiple size debt far larger that we will never payback. That's why all of this "live up to your obligations" nonsense you guys are spewing is ridiculous. You guys are getting bent out of shape and acting emotional over $1.5 trillion when that is a damn drop in the bucket of what we have right now and what is coming down the pike. Hell, next years budget will probably have $2 trillion deficit... and that's just one fiscal year.
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I do get it. You like to make sweeping broad statements like this, but you are wrong. Liberal politicians WILL raise taxes to try to pay for this BS. They are always looking for additional reasons to raise taxes.
 
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#20,546
#20,546
NorthDallas40 said:
That’s crazy. It’s a no brainer on the lender because they are guaranteed repayment plus interest and late fees. Any lender turning this gig down should be run out of business. This is solely on the government for not allowing bankruptcy to absolve these debts.
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And you're okay with this arrangement? This is ethical? I'm all for businesses making money, but when the government comes in and creates a condition where only one side of a transaction or agreement is bearing all of the risk and obligations, I think that is where I draw the line.

Also, it is highly likely that these lenders didn't use reserves on hand to issue or refinance these loans, but they likely just printed it out of thin air and then have the gall to charge interest and late fees.

NorthDallas40 said:
So no, no automatic forgiveness. Just change the rules and let the debt be absolvable by bankruptcy and let the borrow make the same debt choices every other borrow has to make for any loan.
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I'm not sure if you and the others have been reading my posts in here or are just blinded by your emotions and rage, but I have not been advocating for debt forgiveness. I have consistently and I thought clearly said "haircut" and said that the borrowers should still be obligated to pay something that is reasonable, yet still has a punitive element in it.
 
#20,547
#20,547
whodeycin85 said:
I think this topic gets under peoples skin because the generations asking for and whining about it are also the ones screaming for equality....
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DC_Vol said:
It gets under my skin because I already paid…out of state, too. I’d like a retroactive forgiveness on the bulk of my tuition and living expenses.
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Not advocating for debt forgiveness. Do you guys not read?

For the last time, govt created this mess between the borrowers and lenders. The lenders were given a one sided deal where they could hand out an unlimited amount of money to any and all borrowers risk free. The borrowers were given loans and in the process helped to drive price inflation in tuition, which made matters worse and were shackled with an obscene and ridiculous debt tab.

Both the borrowers and lenders benefited, but to fix it, the borrowers and lenders must feel some pain and consequences. The borrowers still need to pay back something, but these ridiculous loan amounts of $75k or over (just pulling that out of my azz as an example) for liberal arts degrees or other worthless nonsense is a no-go. Chop it down to where the borrowers have to at least payback a reasonable amount and the lenders get a haircut (from money they created out of thin air anyways).
 
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