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Started By
Message
re: Biden's Back Door Student Loan Forgiveness
Posted on 7/13/23 at 10:52 am to Mickey Goldmill
Posted on 7/13/23 at 10:52 am to Mickey Goldmill
Guess your law degree didn’t pay off like you thought.
1
Posted on 7/13/23 at 11:04 am to roadGator
Oh it did. I’m doing great. Would still love if that interest rate went down though.
Posted on 7/13/23 at 11:05 am to anc
quote:
Borrowers with balances of $12,000 or less will get loans canceled after 10 years. For every $1,000 over this, cancellation will come after additional year.
10 years after what?
Posted on 7/13/23 at 11:06 am to Mickey Goldmill
Damn I didn't realize how high mine had gone up with the interest rate increases 
Posted on 7/13/23 at 11:06 am to Mickey Goldmill
Did you not read the terms of the contract you agreed to?
Posted on 7/13/23 at 11:09 am to roadGator
quote:
Did you not read the terms of the contract you agreed to?
Of course I did, and I will pay it back according to those terms. Not coming from a wealthy family, student loans were my only option to pay for law school. Obviously, I’d prefer a lower interest rate.
Posted on 7/13/23 at 11:10 am to Mickey Goldmill
Why won’t the President lower my mortgage interest rate?
Posted on 7/13/23 at 11:14 am to roadGator
You’re smart enough to know the difference in a private mortgage lender and a student loan with rates set by Congress. I guess you’re bored or you just missed me 
Posted on 7/13/23 at 11:19 am to Mickey Goldmill
If you're a college grad and you make $32,800 your student loan is the least of your worries
Posted on 7/13/23 at 11:43 am to BulldogXero
From the time they went into repayment probably, going with the origination date would be odd.
Posted on 7/13/23 at 11:49 am to anc
This is the kind of stuff the GOP should have come up with.
Now Biden gets to play the hero all
Over the place.
“I wanted to cancel your loans but the Republicans stopped me!” “At least I did this!”
Now Biden gets to play the hero all
Over the place.
“I wanted to cancel your loans but the Republicans stopped me!” “At least I did this!”
Posted on 7/13/23 at 11:49 am to anc
quote:
Just got out of a webinar with Department of Education. Here's what Biden has planned to get around student loan forgiveness.
It's called the SAVE Plan and it will replace the current Income-Driven Repayment Plans. All borrowers will be eligible
No payments required for those who earn less than 225% of federal poverty line ($32,800 currently) - up from $22000 now.
No interest if payments are made on time. (Includes $0 payments in scenario above)
Payments capped at 5% of discretionary income (down from 10%)
Borrowers with balances of $12,000 or less will get loans canceled after 10 years. For every $1,000 over this, cancellation will come after additional year.
Seems pretty fair really. I have zero problems with this.
Posted on 7/13/23 at 11:59 am to anc
quote:looks like LBJ and his "ni***rs votes" for 150 years
Makes for a good democrat voter for their entire life, doesn't it?
Will there be an impact on the nuclear family or other subsequent chaos equal to the destruction of black families?
Posted on 7/13/23 at 11:59 am to Nosevens
quote:
This should not hold up in court
Well, it's possible that it will as it appears on its face to be generally in line with changes that were made with the PAYE and REPAYE payment options under previous administrations. I'm not sure where the Court will draw the line at on what is a completely new program than what congress intended.
Posted on 7/13/23 at 12:10 pm to Nosevens
quote:
This should not hold up in court
He’s going to go through the APA and use negotiated rule making, which means it will take over a year or two for these changes to go into effect. My understanding is that governing repayment plans is well within the scope of the Higher Education Act. It’s not blanket forgiveness and still requires people who make money to pay back on their loans.
It’s a delicate balance for Republicans as well. If they oppose this entirely it’s dangerous considering that millennials are soon going to be the voting majority and student loan reform is a big issue for a lot of them. And most people don’t have an issue with zero or one percent interest in loans.
Posted on 7/13/23 at 12:12 pm to Nosevens
It won't.
Posted on 7/13/23 at 12:19 pm to frankthetank
(no message)
This post was edited on 7/16/23 at 12:06 pm
Posted on 7/13/23 at 12:28 pm to frankthetank
They provided intent with their own words to ignore a ruling and trying to do an end round with this forgiveness of loans. While it may be in the scope of a program to pick the administrations fumble I cannot see how one argues that it legitimately is legal.
Posted on 7/13/23 at 12:31 pm to Mickey Goldmill
quote:
Of course I did, and I will pay it back according to those terms. Not coming from a wealthy family, student loans were my only option to pay for law school. Obviously, I’d prefer a lower interest rate.
$30,000 over 10 years at 8% interest is a payment of $364 per month.
$30,000 over 10 years at 4% interest is a payment of $304 per month.
Nobody gives a shite about getting their rate lowered. You are all a bunch of freeloaders who want your debt cancelled.
But I am good with student loans being treated like a mortgage default. It is better to have people back in the consumer marketplace rather than trying to not show income. And the banks should lose money for giving loans to people who they shouldn't have given loans to. It should make it harder for people to get loans who are not in a serious course of study.
This post was edited on 7/13/23 at 12:41 pm
Posted on 7/13/23 at 12:55 pm to bigDgator
quote:
$30,000 over 10 years at 8% interest is a payment of $364 per month.
$30,000 over 10 years at 4% interest is a payment of $304 per month.
Nobody gives a shite about getting their rate lowered. You are all a bunch of freeloaders who want your debt cancelled.
I have never argued for anything other than a lower interest rate. Specifically with professional/graduate loans, you are borrowing a lot more and the interest rate is between 5-7% usually.
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