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| Student loans struck down... (Page 2/6) |
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jdv
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JUL 15, 04:37 PM
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cliffw
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JUL 15, 05:59 PM
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| quote | Originally posted by fredtoast:
Otherwise it should be a zero net sum gain for the economy because the same amount of money is being paid to lenders. It just shifts from student loan to something else.
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| quote | Originally posted by 82-T/A [At Work]:
This is quite honestly, one of the absolute dumbest ****ing things I've ever heard in my life.
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It appears as if toasty believes that even though they do not want to pay off one debt, they will pay off another one.
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fredtoast
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JUL 16, 11:47 AM
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| quote | Originally posted by 82-T/A [At Work]:
But at least 1/3rd of student loan holders had a different idea... and that was it would either all be wiped out, or this is new money they now have every month.
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There is absolutely zero proof to back up this claim. This is just another one of those popular "speaking points" from the right-wing echo chamber that have no facts to support them.
If you look at actual FACTS you will see that student loan debt was NEVER removed from credit applications. This means that most likely the 1/3rd of people with student loan debts who incurred more debt did it BECAUSE THEY COULD AFFORD TO. Lots of people with student loan debt are making good money and have no problems paying their student loan debts while still taking on new car loans or mortgages.
I would almost guarantee that the year BEFORE there was any freeze on student loan debt that 1/3rd of them still took on additional debt. But that is the type of information that the echo chamber leaves out. And no one inside the chamber ever even thinks to question them.[This message has been edited by fredtoast (edited 07-16-2023).]
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fredtoast
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JUL 16, 12:11 PM
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| quote | Originally posted by cliffw:
It appears as if toasty believes that even though they do not want to pay off one debt, they will pay off another one. |
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That is pretty much exactly what I am saying. The ones that refused to pay off their student loans could not have gotten new loans. The only people who should have gotten new loans were the ones who were paying off their student loans.
So no real impact on repayment rate of any of these loans.
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MidEngineManiac
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JUL 16, 02:51 PM
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| quote | Originally posted by Wichita:
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Research the fiat money system and fractal reserve banking....
They are getting back EXACTLY what they "loaned" (which is nothing created out of thin air).
If the house of cards collapses. OH, WELL. Cry me a river. It aint my house or my system.
Actually, the criminal term for it is "fraud" and it is more generally known as a Ponzi Scheme.[This message has been edited by MidEngineManiac (edited 07-16-2023).]
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82-T/A [At Work]
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JUL 17, 08:43 AM
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| quote | Originally posted by fredtoast:
There is absolutely zero proof to back up this claim. This is just another one of those popular "speaking points" from the right-wing echo chamber that have no facts to support them.
If you look at actual FACTS you will see that student loan debt was NEVER removed from credit applications. This means that most likely the 1/3rd of people with student loan debts who incurred more debt did it BECAUSE THEY COULD AFFORD TO. Lots of people with student loan debt are making good money and have no problems paying their student loan debts while still taking on new car loans or mortgages.
I would almost guarantee that the year BEFORE there was any freeze on student loan debt that 1/3rd of them still took on additional debt. But that is the type of information that the echo chamber leaves out. And no one inside the chamber ever even thinks to question them.
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OMG!!! You are incredibly frustrating...
No one said student loans were removed from a credit and debt check on a loan application. Loan companies look at (among other things), how much money you have coming in... "available cash flow" is an additional factor for what you can purchase. Under this administration, agencies received revised instructions to provide more favorable policies to student loan holders:
FHA: https://www.hud.gov/sites/d...H_FHA_INFO_21-43.pdf
HUD: https://www.hud.gov/sites/d...nts/2021-13hsgml.pdf
And none of this is "fake" ... it's well understood that 1/3rd of student loan holders used the additional cash during the pause to buy luxury items, get new car loans, mortgages, etc., and not pay off existing student loans. This is because they believed that Biden would be able to pay off their debt with student loan forgiveness. I posted several articles both here and in other threads, all from Forbes, Wall Street Journal, and Marketwatch. Go look it up.
| quote | Originally posted by cliffw:
It appears as if toasty believes that even though they do not want to pay off one debt, they will pay off another one. |
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No, he was conflating payments to the government and payments to private lenders as being a "wash" for the economy. Which is complete nonsense because student loan payments to the government have very little effect on the overall economy since we pass spending bills without any real consideration for the outstanding debt it causes (so literally zero-effect).
He's trying to change what he said (above), which is yet STILL wrong. His next "correction" is stating that student loan holders continued to pay off their student loans. This is NOT true as well. This article is now 1 year old, but it shows that during the first 2-years of the pause, only 18% of student loan holders actually continued to make payments:
https://fortune.com/2022/03...-student-loan-pause/
... the rest of them either saved the money, or spent it on something else. 1/3rd of overall student loan holders got new cars and mortgages based on the fact that they now had an additional $200-300 in expendable income.
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ray b
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JUL 17, 11:17 AM
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GOP: We want a government built on Biblical values.
Dems: Woot! We're feeding the poor!
GOP: Wait.
Dems: Healing the sick up in this motherforker!
GOP: No, not like that.
Dems: [Grabs the mic] ALL LOANS FORGIVEN AFTER SEVEN YEARS.
GOP: oh no...
well what values are they for ?
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olejoedad
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JUL 17, 11:34 AM
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| quote | Originally posted by ray b:
GOP: We want a government built on Biblical values.
Dems: Woot! We're feeding the poor!
GOP: Wait.
Dems: Healing the sick up in this motherforker!
GOP: No, not like that.
Dems: [Grabs the mic] ALL LOANS FORGIVEN AFTER SEVEN YEARS.
GOP: oh no...
well what values are they for ? |
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I suppose the next bs you post will interpret "Suffer the little children to come unto me" as the basis for the drag queen parties and chlid grooming.
You're one sick sob.
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williegoat
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JUL 17, 11:57 AM
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| quote | Originally posted by olejoedad:
I suppose the next bs you post will interpret "Suffer the little children to come unto me" as the basis for the drag queen parties and chlid grooming.
You're one sick sob. |
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And incapable of original thought. The words you quoted are quite literally science fiction, plagiarized from Patrick S. Tomlinson.
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steve308
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JUL 17, 12:21 PM
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So where do I apply to get the money back for my two kids education?
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