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Message
re: 17 state attorneys general call for canceling $50K in student loan debt
Posted on 2/19/21 at 1:07 pm to SammyTiger
Posted on 2/19/21 at 1:07 pm to SammyTiger
quote:
Also you’re assuming this is going to be 140 across th board. My wife pays like 400 in student loan payments a month. Most of it is interest and if we got that money I guarantee it would get spent.
It's actually $158.33, apologies. That is the payment difference in a 0% loan and the government backed 6.8% loan. Wanted to get that number right.
quote:
Whoa let’s be consistent.
You’re saying they would all spend it on “existing debt”
What if they just spend it on food. Doesn’t that stimulate the economy? Restaurants and grocery stores?
What about replacing old clothes. What about buying a car. What about stowing it away to buy a houses
All of that would stimulate the economy.
Paying off credit card debt might not but youre assuming everyone of the Has a ton of credit card debt.
As for all this, consider the following stats:
quote:
Our researchers found the median debt per American family to be $2,700, while the average debt stands at $6,270.
The average balance for consumers is $5,315, although some of that debt may be held on joint cards and thus double-counted.
Overall, Americans owe $807 billion across almost 506 million card accounts. Below, you'll find some of the most prominent trends that emerged.
While both of us are guessing, one of us has a lot more evidence to support our theory.
ETA Your pussy arse waited for this to drop off the first page so you could downvote an hour later and never reply. What a weak little bitch you are
This post was edited on 2/19/21 at 2:03 pm
1
Posted on 2/19/21 at 1:10 pm to Jbird
quote:
The existing repayment system for Federal student loans provides insufficient opportunity for struggling borrowers to manage their debts or recover from the current economic crisis,” the attorneys general wrote.
This may be one of the biggest lies ever told. They have numerous payment plans including ones that are tiny payments each month. You can also put loans into deferments for time of job loss or times like now when people's hours may be affected.
Posted on 2/19/21 at 1:24 pm to Jbird
Is it safe to assume that this would be a one time thing for people that already have the debt, or can I sign up for classes this summer, borrow $50k for "books", drop said classes, then demand the government forgive my loan?
Posted on 2/19/21 at 2:03 pm to LNCHBOX
quote:
It's actually $158.33, apologies. That is the payment difference in a 0% loan and the government backed 6.8% loan. Wanted to get that number right.
In what principle loan?
Regardless: 158 isn’t chump change to a lot of people.
quote:
While both of us are guessing, one of us has a lot more evidence to support our theory.
1. Average American doesn’t mean every American.
2. And it also accounts for people without student loan debt. I know plenty of people with no student loans and an shite ton of credit card debt. I have student loans but I dont Carry over any CC debt month to month.
Posted on 2/19/21 at 2:05 pm to Jbird
Utter insanity
Posted on 2/19/21 at 2:06 pm to SammyTiger
quote:
In what principle loan?
Regardless: 158 isn’t chump change to a lot of people.
$50k. So that's the max that payments would be reduced by.
quote:
1. Average American doesn’t mean every American
The median is $2700. Ragrdless, the numbers are higher among college graduates, who would be the group having student loans in the first place.
quote:
2. And it also accounts for people without student loan debt. I know plenty of people with no student loans and an shite ton of credit card debt. I have student loans but I dont Carry over any CC debt month to month.
Feel free to post some numbers instead of anecdotal evidence. Have a feeling you won't be able to though.
Posted on 2/19/21 at 2:16 pm to LNCHBOX
quote:
Feel free to post some numbers instead of anecdotal evidence. Have a feeling you won't be able to though.
When your median is lower than your average
It means you have some people carrying significant more debt than averages
That’s how math works.
If you want to find real evidence that these people are also people paying student loans, go for it:
Posted on 2/19/21 at 2:18 pm to SammyTiger
quote:
When your median is lower than your average
It means you have some people carrying significant more debt than averages
And? The median accounts for the deviation from the mean.
quote:
That’s how math works.
I'm aware.
quote:
If you want to find real evidence that these people are also people paying student loans, go for it:
Too scared to try to refute me. Typical. Just downvote and run along.
Posted on 2/19/21 at 2:42 pm to LNCHBOX
I already have.
You’re just too dumb to realize it.
The median mean you’re talking about indicate a small minority of Americans have a majority of CC debt.
The average college student has 1183 in CC debt which is even lower both the national average and national median
You’re just too dumb to realize it.
The median mean you’re talking about indicate a small minority of Americans have a majority of CC debt.
The average college student has 1183 in CC debt which is even lower both the national average and national median
Posted on 2/19/21 at 2:44 pm to SammyTiger
quote:
I already have.
You’re just too dumb to realize it.
No, you tried to explain definitions of words as if I didn't know them. quote:
The median mean you’re talking about indicate a small minority of Americans have a majority of CC debt.
Yea, no.
quote:
The average college student has 1183 in CC debt which is even lower both the national average and national median
Now do the average college graduate
Hack.
Posted on 2/19/21 at 2:49 pm to Jbird
Such a horseshite statement that's full of dishonesty.
Currently, all Student loans payments are being deferred.
So, their statement on how it will provide immediate relief during pandemic is false.
They're already not paying the monthly payments. Cancelation of the debt doesn't help lower current expenses.
It would help in the future but most payments are tied to income plus by then whe pandemic is over and the Biden Admin will have e created all kinds of new high paying jobs at the solar farms.. opening for sunshine pickers.
Currently, all Student loans payments are being deferred.
So, their statement on how it will provide immediate relief during pandemic is false.
They're already not paying the monthly payments. Cancelation of the debt doesn't help lower current expenses.
It would help in the future but most payments are tied to income plus by then whe pandemic is over and the Biden Admin will have e created all kinds of new high paying jobs at the solar farms.. opening for sunshine pickers.
quote:
The existing repayment system for Federal student loans provides insufficient opportunity for struggling borrowers to manage their debts or recover from the current economic crisis,” the attorneys general wrote. “Broad cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy.”
Posted on 2/19/21 at 2:53 pm to LNCHBOX
How about you provide 1 College graduate specific number? You just said it was higher with numbers or sources.
Posted on 2/19/21 at 2:54 pm to SammyTiger
quote:
How about you provide 1 College graduate specific number? You just said it was higher with numbers or sources.
Posted on 2/19/21 at 2:57 pm to Jbird
Too many kids borrow a lot of money to study things that only qualify them to be baristas at a Starbucks.
Now if colleges had some significant product liability and they too were on the hook for these failures, the system would change quickly. A lot of "studies" with leftist loons teaching would vanish.
Now if colleges had some significant product liability and they too were on the hook for these failures, the system would change quickly. A lot of "studies" with leftist loons teaching would vanish.
Posted on 2/19/21 at 3:09 pm to Jbird
With who’s money
Posted on 2/19/21 at 3:33 pm to LNCHBOX
Student loans are excluded in matters of bankruptcy except in very rare instances.
Student loans should not be forgiven 'just because'
Student loans ought to be dismissable/forgiven if the borrowers were mislead by the educating body.
If true, the educating body operates under rules/regulations/oversight by the Department of Education. This authority, or failure to exert their authority makes it culpable to the affected loan borrowers.
There is a process for remediation as these loans are excluded from bankruptcy. The DJT administration, under Betsy Devos, did everything in its power to obstruct said remedies. At the 19th hour - after YEARS of delay - some 170,000 applications were summarily deemed unfounded with boilerplate reasons.
This matter is currently in litigation, of which we are a part, and hope for a favorable ruling.
My remedy would be: am responsible for 1/3rd of loan amount - school is responsible for 1/3rd of loan amount and the Education Department is responsible for 1/3rd of loan amount.
Persons such as us were duped and are following the only available remedy as established by Congress and the Department of Education.
Attorneys General have a responsibility to protect consumer rights and should direct their litigation to the companies which operate said colleges and to a lesser degree, the Education Department.
Student loans should not be forgiven 'just because'
Student loans ought to be dismissable/forgiven if the borrowers were mislead by the educating body.
If true, the educating body operates under rules/regulations/oversight by the Department of Education. This authority, or failure to exert their authority makes it culpable to the affected loan borrowers.
There is a process for remediation as these loans are excluded from bankruptcy. The DJT administration, under Betsy Devos, did everything in its power to obstruct said remedies. At the 19th hour - after YEARS of delay - some 170,000 applications were summarily deemed unfounded with boilerplate reasons.
This matter is currently in litigation, of which we are a part, and hope for a favorable ruling.
My remedy would be: am responsible for 1/3rd of loan amount - school is responsible for 1/3rd of loan amount and the Education Department is responsible for 1/3rd of loan amount.
Persons such as us were duped and are following the only available remedy as established by Congress and the Department of Education.
Attorneys General have a responsibility to protect consumer rights and should direct their litigation to the companies which operate said colleges and to a lesser degree, the Education Department.
Posted on 2/19/21 at 3:33 pm to LNCHBOX
But again only 41.3% of families with college degrees have credit card debt.
Posted on 2/19/21 at 3:43 pm to SammyTiger
quote:
But again only 41.3% of families with college degrees have credit card debt.
55% of those with student loans also have credit card debt,
average balance of almost $3k too. But I'm sure you'll want to pick apart that number too.
The bottom line is that forgiving even just the interest, let alone $50k of actual loans, would have massive massive massive impacts. I don't really get how you can argue that.
This post was edited on 2/19/21 at 3:46 pm
Posted on 2/19/21 at 3:48 pm to Jbird
They should pass a law that allows struggling workers to get refunds from the schools directly.
Why is the taxpayer responsible someone can't pay off their own debt?
God these people are evil bastards.
Why is the taxpayer responsible someone can't pay off their own debt?
God these people are evil bastards.
Posted on 2/19/21 at 3:50 pm to SammyTiger
quote:
I am Pretty into at least the idea of canceling interest on government loans.
It would provide a huge relief to borrowers.
You have a whole generation of people paying hundreds a month to the government that they could be spending in the economy. And that’s not just to repay taxpayer dollars.
Horrible idea. Taxpayers pay interest on the debt issued to fund this shite in the first fricking place.
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