US Supreme Court strikes down student loan forgiveness plan

[Social Media]

The US Supreme Court has struck down US President Joe Biden's proposal to wipe out billions in student debt.

The 6-3 ruling effectively cancels the plan, which would have forgiven about $10,000 (£7,800) per borrower - and up to $20,000 in some cases.

The decision affects the loans of more than 40 million Americans.

It has left the US public "angry," Mr Biden said. He pledged to put in place new measures to reduce university debt using other existing laws.

The loan forgiveness plan has been in limbo since some conservative states sued, arguing the president overstepped his authority. The Supreme Court agreed.

In the wake of the decision, Mr Biden spoke from the White House, saying: "I know there are millions of Americans in this country who feel disappointed and discouraged or even a little bit angry. I must admit I do too."

 

But he vowed to work with the Department of Education to find other means to help people ease the financial burden.

"Today's decision has closed one path. Now we're going to start another," he said.

The total federal student debt has more than tripled over the past 15 years, rising from about $500bn in 2007 to $1.6tn today.

 

FULL STORY

 

[Tug]

That sucks!another blow to the working class almost seems like a certain class is trying to keep their foot on the working class’s collective necks meanwhile justice Thomas and alito take their perks with their rich pals just rotten!

[KhunLA]

26 minutes ago, Tug said:

That sucks!another blow to the working class almost seems like a certain class is trying to keep their foot on the working class’s collective necks meanwhile justice Thomas and alito take their perks with their rich pals just rotten!

Did you read who would get their loans forgiven ?  Far from the 'class' that need a hand out on the high end of allowed salary, up to $125k yearly income.

[Pink Mist]

An unsupported post making claims has been removed.

[Hanaguma]

1 hour ago, Tug said:

That sucks!another blow to the working class almost seems like a certain class is trying to keep their foot on the working class’s collective necks meanwhile justice Thomas and alito take their perks with their rich pals just rotten!

It is actually a very simple thing, not as socially complicated as you are trying to make it. 

To the students:

 

You took out a loan. Now, pay it back.

 

That's it.  Now if we want to discuss whether the government should even be involved in this in the first place, great. I would rather see students go to private banks and make the case that they should be lent money for their education.  Tuition in the States has exploded because of so much federal money sloshing around.  Time to tighten up.  

[Tug]

5 minutes ago, Hanaguma said:

It is actually a very simple thing, not as socially complicated as you are trying to make it. 

To the students:

 

You took out a loan. Now, pay it back.

 

That's it.  Now if we want to discuss whether the government should even be involved in this in the first place, great. I would rather see students go to private banks and make the case that they should be lent money for their education.  Tuition in the States has exploded because of so much federal money sloshing around.  Time to tighten up.  

The problem the president is trying to help with is many students are being crushed by debt unless their families bankroll them it is a hand up not a hand out it’s a cruel calculated decision on the part of the Supreme Court in my opinion in the long run it’s going to make it harder for America to compete on the world stage 

[ozimoron]

This is the Supreme Court playing Cruella Deville at the behest of Harlan Crow in order to hurt the economy before the election.

 

This decision represents a loss of $24 billion every year to the general economy because poor students who qualify for the plan don't save money, unlike tax reductions for the rich which wind up in the stock market or in the Bahamas.

 

https://www.bloomberg.com/news/articles/2022-08-26/white-house-puts-cost-of-student-loan-plan-at-24-billion-a-year

 

Tertiary education should be very cheap, the economy benefits from it. Many countries do the smart thing, just not those whose legal system hates the poor.

 

https://www.investopedia.com/articles/personal-finance/080616/6-countries-virtually-free-college-tuition.asp

Edited July 1, 2023 by ozimoron

[KhunLA]

Anyone considering the folks who couldn't afford to go to college, or qualify for loan, now working a job, not paying as much as a college grad, who got the loan, education, and now working a better salaried job.

 

They would have been forced, via their tax $$$ to subsidize someone's education, that they couldn't afford for themselves, and to folks making much better salaries, up to $125k a year.

 

Does that sound fair ... ????

[Jingthing]

4 minutes ago, KhunLA said:

Anyone considering the folks who couldn't afford to go to college, or qualify for loan, now working a job, not paying as much as a college grad, who got the loan, education, and now working a better salaried job.

 

They would have been forced, via their tax $$$ to subsidize someone's education, that they couldn't afford for themselves, and to folks making much better salaries, up to $125k a year.

 

Does that sound fair ... ????

No it's not fair but on other hand there aren't any brain surgeons who haven't gone through several years of advanced education. Most people that go to college don't become that essential but on the other hand it is in the interest of society to have higher education accessible to all qualified and motivated.

[Jingthing]

Imagine approaching retirement age and still owing on student loans.

[ozimoron]

8 minutes ago, KhunLA said:

Anyone considering the folks who couldn't afford to go to college, or qualify for loan, now working a job, not paying as much as a college grad, who got the loan, education, and now working a better salaried job.

 

They would have been forced, via their tax $$$ to subsidize someone's education, that they couldn't afford for themselves, and to folks making much better salaries, up to $125k a year.

 

Does that sound fair ... ????

Do those now working a better salaried job qualify for the scheme?

[Hanaguma]

1 hour ago, Tug said:

The problem the president is trying to help with is many students are being crushed by debt unless their families bankroll them it is a hand up not a hand out it’s a cruel calculated decision on the part of the Supreme Court in my opinion in the long run it’s going to make it harder for America to compete on the world stage 

Nobody forced them to take out loans that would not result in decent jobs.  They could have gone to trade school, learned to be an electrician or plumber, and be making six figures by the time they were 23 years old. It is not as if tuition costs were a mystery, is it? 

I would rather see that money used to support tech colleges and the like. There are millions of good paying jobs with no one to do them. 

[KhunLA]

15 minutes ago, ozimoron said:

Do those now working a better salaried job qualify for the scheme?

So you post an opinion, but didn't read or understand the OP, or the policy it is talking about.

 

Actually, if you search the internet, you'll find more than a few stories of high salaried folks, who simply don't pay back their student loans, especially federal insured loans, as no major repercussions.  

you pay for, I don't want to

 

If the fed comes after you for repayment, just buy my stuff, w/payments to show you can't afford to repay student loan, as it will burden you lifestyle.

 

The system is screwed up.

Edited July 1, 2023 by KhunLA

[ThailandRyan]

15 minutes ago, Jingthing said:

Imagine approaching retirement age and still owing on student loans.

Imagine being retired and paying your kids parent plus loans like I did while they were also paying off loans.  My oldest daughter who is a Nurse Practitioner still owes almost 200K in loans and she has been working for 8 years in her profession while doing continued education.  If they would reduce the interest rates to a small percentage instead of the 9.8% she is paying the loan servicer then she could make headway.   She would not have qualified for the forgiveness plan and she will not qualify for the new one.  How does one pay a House mortgage, raise kids and live life while working to pay US Income taxes of 33%, loan interest, and make it to retirement debt free.  I know too many doctors and such who are still working at almost 70......

[ozimoron]

8 minutes ago, KhunLA said:

So you post an opinion, but didn't read or understand the OP, or the policy it is talking about.

 

Actually, if you search the internet, you'll find more than a few stories of high salaried folks, who simply don't pay back their student loans, especially federal insured loans, as no major repercussions.  

you pay for, I don't want to

 

If the fed comes after you for repayment, just buy my stuff, w/payments to show you can't afford to repay student loan, as it will burden you lifestyle.

 

The system is screwed up.

Stop deflecting. I asked if people on higher salaries qualify for the scheme you are dumping on and citing unfairness for your justification. .

[KhunLA]

2 minutes ago, ozimoron said:

Stop deflecting. I asked if people on higher salaries qualify for the scheme you are dumping on and citing unfairness for your justification. .

If you knew what was in the scheme, you wouldn't have made your previous comment, how the system is against the poor.   As it would be the poor, subsidizing those making far better salaries.   Again, up to $125k a year.

 

How many citizens not having a college degree, not making $50-$125k a year, do you expect to subsidize those college grads making up to $125k a year.

 

Not prob, can't afford all the krap you have, but we'll pay your student loan for you.

 

No deflection there.

[JayBird]

4 hours ago, KhunLA said:

Did you read who would get their loans forgiven ?  Far from the 'class' that need a hand out on the high end of allowed salary, up to $125k yearly income.

I remember when 125k a year was allot.  Of course I am very old....

 

 

[chrischronic]

4 hours ago, KhunLA said:

Did you read who would get their loans forgiven ?  Far from the 'class' that need a hand out on the high end of allowed salary, up to $125k yearly income.

The bill literally says the opposite. If you mean it benifits high income people more.

Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action.

Edited July 1, 2023 by chrischronic

[KhunLA]

15 minutes ago, chrischronic said:

Did you read the bill? It literally says the opposite. 

Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action.

Up to $125k = less than $125k ... in my world, but thanks for simply repeating the obvious.

$250k for married couple ????

Edited July 1, 2023 by KhunLA

[KhunLA]

24 minutes ago, JayBird said:

I remember when 125k a year was allot.  Of course I am very old....

It's still a lot of money, and why as the OP points out:

"The White House had previously estimated that almost 90% of US student borrowers would have qualified for relief under the plan."

 

Since my one brother retired, I don't anyone that makes $125k a year, from a salaried job.

 

The most I ever made (salary) was $50k a yr, and sadly, do to the company/NWA, crying the blues, and filing bankruptcy and being taken over by DL, almost 20 yrs later, and coworkers I left behind, were still making the same salary, after finally regaining their 'paybacks' ????

[chrischronic]

8 minutes ago, KhunLA said:

Up to $125k = less than $125k ... in my world, but thanks for simply repeating the obvious.

$250k for married couple ????

Oh ok you mean the threshold is to high. What do you think a better income number would be? 

[riclag]

Nancy Pelosi ex speaker and leader

of dems in the house of reps once said,

“People think that the president of the United States has the power for debt forgiveness,” Pelosi said at the time. “He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress.”

https://www.sfgate.com/politics/article/john-roberts-cites-nancy-pelosi-student-loans-18179103.php

 

[KhunLA]

59 minutes ago, chrischronic said:

Oh ok you mean the threshold is to high. What do you think a better income number would be? 

$0 - $0

 

You take out a loan, YOU pay it back, not me, not my taxes, well, whoever is still paying taxes.

 

Nobody paid my bills, gave me money for college.  Everybody wants it given to them.  Work for it, and you might appreciate it.

 

Fed backed loans apparently aren't that hard to get.  Try using it, get the education and the job, and simply pay it back.

 

USA, still land of opportunity, IF you work it.  

 

Sooner or later, you run out of other people's money.   Keep buying votes, but can't pay the bills.  Cost everyone down the line.

[BTB1977]

Why should working taxpayers pay the debts of lazy unemployed college graduates?  

[frantick]

What's sad about this, is that 3 liberal justices don't understand the constitution well enough to know what I learned in 8th grade Civics class; the House controls monetary policy. 

 

 

[ozimoron]

1 hour ago, BTB1977 said:

Why should working taxpayers pay the debts of lazy unemployed college graduates?  

Because somebody has to pay their social security. The better educated a society is the higher their income. Why do you think most European countries have only nominal fees with the rest paid by the taxpayer? The US has a major problem with social equality, driven by racism.

Edited July 1, 2023 by ozimoron

[jcmj]

If you take any loan, you must pay it back. I worked my ass of to get mine paid. I never expected anyone to pay for my education. It was my choice to go and it was very clear how much it cost. I worked 2 jobs throughout my college years to start knocking them down. Then slowly paid them back for another 10 years. Sure, I had to sacrifice some vacations and the latest and greatest phones or cars etc. if they forgave all those loans or gave them a $10,000 reduction, where do you think they would get the money from? We would be paying for it one way or another. 
the only thing I would agree with is reducing the interest rate on student loans. 

[AgMech Cowboy]

8 hours ago, Tug said:

That sucks!another blow to the working class almost seems like a certain class is trying to keep their foot on the working class’s collective necks meanwhile justice Thomas and alito take their perks with their rich pals just rotten!

Has NOTHING to do with the working class and everything to do with the 'elite' college people who don't want to pay for their loans. It was a complete buy out and pay off for votes.

[AgMech Cowboy]

6 hours ago, Tug said:

The problem the president is trying to help with is many students are being crushed by debt unless their families bankroll them it is a hand up not a hand out it’s a cruel calculated decision on the part of the Supreme Court in my opinion in the long run it’s going to make it harder for America to compete on the world stage 

WONDERFULLLL.  That's your opinion.  They go and get their basket weaving, sociology degrees, decide boys can be girls and gilrs can be boys.  NO! NO! No!

The budget is in the hands of CONGRESS not a President who thinks he can play CHAIRMAN. (and buy votes)

[AgMech Cowboy]

1 hour ago, ozimoron said:

driven by racism.

Don't buy the MSM and Democrat's trash and dung.