https://nitter.net/POTUS/status/1693962658775474442
He literally did though. Do people forget that? It's not like he asked the trumpanzee court to pull an uno reverse on him.
The Biden administration has multiple avenues to tackle student loan debt and they purposefully chose the one with the greatest chance of failure
They also chose not to try and pack the court with friendly judges or even find an avenue that could bypass the supreme court entirely
They're also completely done with actually trying anything to actually live up to the initial promises they've made
It's literally Flanders' parents, but without the excuse of them being freaky beatniks
Show
Now that's a well reasoned take. I actually agree with everything you said.
It's amazing what you can learn when you don't walk in here flinging shit. We're actually pretty cool and more than happy to explain our position.
o7 for humility and being open to information that contradicts your pre conceived notions.
Oh I know all about all of those things, and they're valid things, everyone just seems to forget that this all started because Biden decided to take action to begin with. All the criticism is valid, I see no reason to omit any facts.
The administration chose the easy way first. (I don't see why they wouldn't have to be honest.) They have totally dropped the ball on keeping it a priority.
And if you read my comment, there's no opinions in it. Just a question sandwiched between two facts.
See, there's where we differ. You think they chose the "easy" option. This seems to imply some kind of desire to actually accomplish what they set out to do. We think they chose the option they knew would fail so they would have an excuse for not doing anything, which is what they wanted all along. The Democrats have a long history of weaseling their way out of anything remotely progressive. They're goddamn experts at using the system to accomplish nothing, only to then fundraise on it forever.
This one will join the dustbin of dead leftish policies, like a "Public Option," Increased minimum wage, and codifying Roe v Wade.
yea yea yea it's all rotating villains it's this person's fault not that person's blah blah
edit: functional country!!! checks and balances!!! i fucking love it here!!!! nothing good ever happens!
He did? Oh nice, that's why I'm still making payments on my student loans then huh. Thanks Biden real useful. Thanks for doing it in a way that was always going to get challenged by, and struck down by, the supreme court. I know you had many other methods you could have tried, but I'm glad you chose the one that would never actually happen. Super useful, really feeling like that promise has been kept.
By the way Biden still owes me $600 from his promise of "$1200 checks out the door immediately." Still waiting! I'm sure that's another promise that will be kept any day now. That's fine though, it's better to try one tiny thing that was never going to work and pretend like that means you did it rather than to actually fight for something. That's what we vote for, one piddly little attempt.
Oh by the way I think you dropped this
He could have tried to pack the court and made them stop him, you know, act like he was putting in the effort.
Why are we even so concerned about the fucking court, they barely have anyone with guns who answers to them, send in the troops and do something good with them for once.
So they could just do it, but won't, at least they're not blaming the parliamentarian for this one
Biden: "There's literally nothing I can do. I have to garnish your wages if you don't pay the debts I cancelled. Its entirely in the hands of the bureaucrats and judges I appointed. Sorry kid! But I will expect your vote in November."
Blame the supreme Court and the assholes that brought the challenge to the supreme Court.
Key members of the progressive caucus, moderate progressivss like Ro Khanna even, were calling on Biden to expand the court with liberals.
Leftist voices, even socdem mags like Jacobin were calling for him to find alternative avenues.
Biden could have canceled student loans if he'd wanted to. He chose not to.
Blame the supreme Court
Hasn't Biden been on the judiciary committee since the 80s? Didn't he vote a bunch of the current bench out of committee rather than blocking them, like McConnell has done?
Famously he pushed through Clarence Thomas despite the extremely credible sexual harassments claims from Anita Hill.
He tried to "apologize" to her in 2020 IIRC as a publicity stunt but she didn't find it satisfactory.
I remember that, I remember thinking the Me Too movement would sink Biden's campaign and not the other way around
I miss having optimismThey killed it dead as soon as they decided it was going to be Biden. Remember when Brandon was at the bottom of the polls at the begining of primary season and they had to drop the "sexy grandpa" and switch to "cool cars and aviators"?
Biden coming in with a strong 4th. Mayo Pete up there with a sizzling second place and The Klob's not looking too shabby in 3rd place either. And in 1st we have a commercial break no time left sorry stay tuned
The President when SCOTUS says don't genocide native Americans: "John Marshall has made his decision, now let him enforce it."
The President when the supreme Court says to keep students in debt-slavery: "Oh no, my hands are tied!"
It's the same good-cop-bad-cop theater that always placates libs. Meanwhile Trump publicly questioned the legitimacy of judges any time they didn't demonstrate loyalty.
The DNC doesn't want to fix this, they want to make a show of looking like they tried, but we're stopped by higher forces. Rule of law is sacrosanct when fucking over the working class.
The challenge that was made possible because of the Democrats and the Biden admin's intentional incompetence? They don't want to forgive student debt anymore than the Republicans do. Democrats are are just in the unfortunate position of playing the good cop and having a voting base that wants stuff like student debt forgiveness.
I blame everyone with any power, because it's a complete systemic failure going back decades, like everything else is.
oh shit oh fuck i tried to
but "Supreme Court" wasn't listed on the ballot? wtf do i do my mom's going to be home in an hour and she is going to be PISSED about all my debt and lack of reproductive rightsoh, you didn't want to be saddled with a lifetime of debt? you should've thought about that at 17 when every adult in your life was pressuring you to take those loans!
Then: A promise to cancel the debt.
Now: A proposal for slightly less odious repayment plans. The chuds are probably going to make sure it never happens.
Promises kept!After spending so much time and effort to make them impossible to discharge through bankruptcy? Why would Biden do that?
Not much to say except: you voted for a GOP majority in the House of Representatives. You have no one to blame but yourself.
My bad. I should've dropped all of my classes and dedicated my entire waking life to motivating people to vote for Democrats in one of the most conservative parts of the country.
You're absolutely right. I, personally,
d so hard that I single-handedly made Joe Biden unable to wield any power.It's wild that every failure by the Democratic Party is considered a failure of its voters. Didn't Trump already do student loan forgiveness for certain Veterans, which proves that the President is in fact capable of removing student loans from people in a legal way? Also, Biden can, under already existing legal frameworks, litterally order drone strikes on american citizens, so I really fucking doubt that Biden is suddenly incapable of saying "I'm removing all student loans from borrowers by the power vested in me by virtue of the US Air Force.
I didn't vote for anyone, I'm a monarchist
USA should just admit it's a failed experiment and accept king William III as it's rightful ruler
Its always the same excuse. Why should the Democrats be owned the vote of the people? Does god ordain them to rule?
As if it makes a difference. We've had a D super majority in California for fucking years with little to show for it. I mean we have like the world's fifth of sixth largest economy, the means to make life changing improvements in the material conditions for fucking millions of people, yet we can't even get a working high speed rail system online, among many, many other things, including shit that is right on the Democratic Party platform. Universal health care? Go fuck yourself. Free community college? Go fuck yourself. Student debt forgiveness? Go fuck yourself.
No actually, I think you'll find it was you who did that. Stop voting in Republicans, asshole
Biden could eliminate most student debt with literally a stroke of the pen, and chooses not to.
Canceling student loan debt does not require a Dem majority in the House. Biden has the ability, right now, this very second, to cancel all of the debt. Let that sink in. Biden has the power to cancel the debt and hasn't. I'll say that one more time so it's clear to you. Joe Biden can cancel all of the student loan debt today and won't. Do you understand that? He can, and won't.
federation turned the dunk tank into something like a crab fishing pot except for libs, this comment section is proof
Love this tbh. It's so nice to see well informed dunks push back against lib takes.
I was listening to NPR today and some dipshit said it was a "Debt cancellation plan" then the idiot interviewer asked "But they still have to pay it all back right?" Dipshit said "Yes but with less interest so it's still fulfilling Biden's promise."
I literally fucking screamed in my car. I have almost been killed by some drivers before but THIS is what caused me to flip my shit. I was so mad that I didn't even feel bad when someone gave me a glare.
you don't have to pay it all back. you pay for 20 or 25 years (less if you are in a qualify public sector), and the remainder is forgiven.
this is good.
federal loans forgiven after 20 years of qualifying payments [and 10 years after qualifying public service] has been the "deal" since at least 2010. except the department of education and the loan servicers have completely shit the bed at actually tracking and forgiving them when someone submits all the correct paperwork up until, supposedly, this exact moment.
i understand that, i was clarifying that the interviewee was being very stupid (especially given that this "forgiveness" has been part of the status quo).
"No one is willing to take jobs that pay under $30,000 anymore"💡
Hey kids did you know that bankruptcy only lasts 7 years?
If you’re under the age of 50 and you’re not exploiting this loophole for FREE MONEY FROM THE BANKS to pay off your student loans then you’re a sucker.
- Get a good enough credit score to get several high value credit cards.
- Stop spending your money and start directing your money to student loans (because they aren’t typically discharged under bankruptcy because the system is RIGGED against you)
- Pay off one card with another card. Let that balance balloon. Maybe even get some free flights from the points for a cheap holiday.
- At the age of 25-30 you’ve probably reached the point where the walls start closing in. Turn off your phone and file for bankruptcy.
- Once you achieve bankruptcy and you’ve hopefully paid off most of your student loans by directing your cash there and living off of credit cards, NOW IT’S EUROPE TIME BABY.
- After 7 years living in Spain, Greece, Berlin, or France you’ve grown as a person, you’ve probably learned a new language and a new appreciation for architecture and art, maybe you’ve also met the love of your life. Whatever who gives a fuck now your credit card debt is gone baby. You beat the system.
This sweet plan seems to include a lot of being approved for masses of credit and hoping you can pay off your un-write-offable loans (there are an upsetting number of ways debts can't be written off). But if anyone can go bankrupt and fuck over their debtees, please do.
Some people can get more into debt than others this is true, but the key point is that you should load up on as much debt as possible because that’s fucking FREE MONEY all you have to do is not need any debt for 7 years.
Do you want to join a commune? Rack up that debt first.
Do you want to live in Europe? Rack up that debt first.
Interested in being a writer? You’ll be poor as fuck anyway so rack up that debt first.
firms are incredibly willing to extend personal debt so take advantage of the fact that you can declare bankruptcy and score yourself 50,000-500,000 in the form of personal debt the banks were wrong to offer you and declare bankruptcy it’s praxis and you can pay for a free holiday just do it.
The key is to make sure you don't buy physical stuff cause they will take that back.
Hopefully we get a decent amount of converts out of this. This place can get a little stale on occasion
The example on the Save website shows that if your payment doesn't cover the interest, they'll forgive the rest of the interest while your principal balance goes untouched. It's so gross to see a payment do nothing to your outstanding balance.
They really did miss the indentured servitude days of the colonial era and had to recreate it at home. Go to school and have your wage skimmed for 20-25 years.
Yep. My current payments would be $47 which is like half my monthly interest accrued. I'm gonna call them and see if that can be $0 instead since it's literally doing nothing one way or the other. Fat chance they will go for it...
So my
is to get the monthlies as low as humanly possible and hopefully get PSLF in 8 years or so. I tried to call my servicer and after waiting on hold for 30 minutes they just dumped my call.I'm going to try again next week. Planning to record all my calls in case a PSLF application gets denied in the future.
I hate this fucking homework society. I should bill the government for the time I'm spending to figure this shit out/wait on hold.
The homework society thing is something I hadn't even really thought of until the AI Trueanon ep. Going through how automation and other tech more often offloads work to the consumer / user instead of just doing it was a great point.
I'm currently considering running for local office of some sort and if that ever transpires, I might look into PSLF. But like, god damn it, just make school affordable. The price tag is such an arbitrarily high number that doesn't even make sense. I've heard every argument ranging from crab mantality to "got mine fuck you" and it just reinforces my opinion that people are shit all the way down. Like cool, you could pay off your debt when it was substantially more affordable, you could find a job, and that job paid well compared to current inflation. Good on you bucko...
Number one determiner for if your PSLF gets approved is whether or not there's a Republican in the White House. I know I sound like a
r, but DeVos denied like 99% of them.
Truly incredible. They've made it so you get slightly less fucked by the unaffordable loans they made unbankruptable. This is the kind of world-changing shakeups that only liberalism can provide.
yes much better would be if the payments went to the principle
That's what they'll call it as the % of income gets raised in future years
Huh. I bet it would be a lot easier for the Executive branch to abolish "student loan default" as a thing that affects your credit score a lot easier than actually cancelling the debt. Then the banks wouldn't have any recourse. I wonder if there's any precedent for anything like that, like if the fed can just declare it and force Congress to try and pass a law to overturn it.
In the UK you only repay when your income is over £480 a week, £2,083 a month or £25,000 a year. If your income is below this, you simply do not repay, ever.
Does something like this not exist for american student loans? Am I right in assuming they just function like other loans?
that's more or less what Biden is doing here. before, on income based repayment, one could have negative amortization, where a kid's principle would balloon/snowball if he couldn't cover the accruing interest. that's now been eliminated, and the effective income cap (for the income plan) has been/and will be substantially (imo) reduced.
this is very good.
An increase to 225pct of the federal poverty guideline, which I think should total out to something like $33000 for a single person w/ no dependents (or about the UK level, as I look up exchange rates). So you pay 5 or 10 pct (depending on undergrad or graduate loans) of the difference between your pre-tax income and 33000 (and thus, if you make 33000 or less, you pay nothing).
But, again, the big thing is that interest will not accrue, even if your monthly IDR payments are less than the debt servicing payment. That wasn't the case before. Back of the napkin math example, to illustrate: Say a kid had $240k in loans from four years to get a bachelors in the city (not unthinkable, if you're at a private school and paying w/loans for tuition and cost of living). Let's say unfortunately he can only get a barista job at $20/hr or AGI $40k out of school. With the improved IDR payment at 5pct of the difference of his income (40) and the guideline (33), his IDR required payments would be of $7000 * .05 = $350 yearly, or ~$30 / month. Pretty good. But (and my math might be off here, too conservative) the debt service payment on the total loan, at say 6pct, is going to be at least $15000 (or $1250/ month). So even if he only would need to pay ~$30 to avoid default, he still needs to pay an additional~$1200/ month (!) to avoid the principle of his loan increasing. Let's say annually, he's taxed for $6000, pays all his loan payments for $15000, pays $12000 for room/utilities, that leaves ~$600 a month for food, health insurance (though some may still be covered by parents insurance, I'm not quite sure on this) anything else you might want or need. This kid is getting royally fucked, he will not be paying down his loan at all, he will have no discretionary income. and while the new Biden regime is obviously not as good as it could be or should be, it eliminate this ghastly hypo.
I said it years ago and I'll say it again. They're going to treat it like it's a payroll tax they can cut and raise by pausing payments for the ecawnameeee.
No that would have been communism so instead he's going to lower debt interest rates for people who received a pell grant and operated a small business in a disadvantaged community for at least 3 years.
Does it provide better access to means tested student loans for low income borrowers?
