We can hope, but what with the US being a late-stage capitalist hell-pit, I have my doubts that the forgiveness plan will pass.
Best case scenario: inflation spirals out of control so badly that the debt is meaningless.
listen, what are they gonna do if none of us pay
like actually. highly doubt I’m gonna own a home at this point anyways. fuck it we ball
I stopped paying on nearly all my federally-backed loans like 6yrs ago? In that time, I’ve financed a car at a great interest rate, and I’ve been able to open credit cards with no issues. My private loans and one federal loan are paid on time all the time, along with car loan, and credit cards.
Of course, the big one would be a mortgage loan. Idk how my defaults would affect trying to apply for a mortgage.
I have no idea why Congressional Republicans wasted their time pushing this forward to Biden’s desk when the Supreme Court already has a deadline to issue a ruling on the legality of the plan. If the conservative-leaning justices shoot the plan down, Biden’s veto will be entirely pointless.
Also, Biden is either blatantly lying or being very forgetful when he claimed, “I won’t back down on helping hardworking folks” after vetoing this bill. He literally just backed down on the same issue when he gave into Republican demands about student loans on the debt ceiling deal.
- argv_minus_one ( @argv_minus_one@beehaw.org ) English1•1 year ago
You realize what would have happened otherwise, right? Catastrophic debt default and all?
What I realize is that the debt ceiling “crisis” was purely manufactured by Congressional Republicans who wanted to play chicken over the debt default in the hopes of wringing concessions out of the Biden administration. These same Republicans had no problem raising the debt ceiling for Trump; fiscal responsibility only became a sudden concern once Biden was in charge.
If catastrophic debt default happened, it would have squarely been the result of McCarthy’s childish brinkmanship. It’s also possible that Biden could have used the 14th amendment to avoid default without Congressional approval. Despite this, Biden blinked first and student loan borrowers will literally pay the price. So, as far as I’m concerned, he doesn’t have the right to act tough about helping them now.
- argv_minus_one ( @argv_minus_one@beehaw.org ) English1•1 year ago
If catastrophic debt default happened, it would have squarely been the result of McCarthy’s childish brinkmanship.
It wouldn’t matter whose fault it was. America as we know it would be destroyed. Game over.
Whatever’s left of the country would then vote hard Republican out of anger at the economic collapse, installing a right-wing trifecta in DC. Elections would then be suspended indefinitely due to an “emergency” that never ends. Game over.
It’s also possible that Biden could have used the 14th amendment to avoid default without Congressional approval.
It would take months if not years for that to make its way through the courts. The consequences of a debt default, on the other hand, would take mere days to materialize. Game over.
Moreover, the Supreme Court would have the final say on whether the 14th allows Biden to ignore the debt ceiling, and you know as well as I do that this Supreme Court would say “no”. Game over.
Despite this, Biden blinked first and student loan borrowers will literally pay the price. So, as far as I’m concerned, he doesn’t have the right to act tough about helping them now.
Then you haven’t thought hard enough about what happened.
Had Biden done as you demand, you and most everyone else in America would be starving right now, and we’d have nothing to look forward to but a merciless, totalitarian right-wing dictatorship for the rest of our short, miserable lives. Game over.
It is testament to Biden’s skill as a politician that America survived the debt ceiling crisis at all, let alone with some of his accomplishments intact. He saved your butt, so show some gratitude.
I hope that there is no measure overturning the veto to the measure to overturn student loan forgiveness
I’ve sadly given up hope that it will pass through the Supreme Court though. I really would love to be surprised, since this plan would help so many people. I felt so crushed when it was paused initially.
Now what are the chances it passes the Supreme Court…
About 🤏
What’s everyone opinion about taking away the interest as long as someone pays monthly? I believe it could be a good compromise and give a opportunity to pay at least something instead of income Dirven payments which do nothing beside keep stacking the interest… =\
I mean they would have gotten a lot less push-back on the other side if they had done that.
dont get me wrong, i think forgiveness is great.
But the interest rate alone is just crazy. Your guaranteed to just stay in debt forever. Especially since they wanted at least Bachlor degrees (pre-pandemic anyway) for EVERYTHING. looking on indeed they wanted college degrees for jobs paying $12/hr. Like cmon… How is someone supposed to pay back a loan of $20k + back at 6.5% interest making such small amounts of money. thats not counting trying to find a place to live on that pay.
They wonder why so many more teens and people in their 20s were living at home still. Too expensive to leave.
Talking about living at home … I’m finally at 32 moving out… and moving in with a roommate… rent here is bad.
Congrats! and Good Luck! I got lucky and Am a few years older then you, so i was able to get it done before everything got so crazy. My area is also isnt too expensive. When i moved out it was with 3 other friends in a rented house. took many years but finally became a homeowner.
Im sure things will calm down someday.
If I didn’t have Teacher Loan Forgiveness, I would still be paying off my loans 10 years later. Although I probably wouldn’t have gone into teaching in the first place…
My girlfriend is in the same boat. 2 masters degrees. Been teaching for awhile. Now getting in to Admin. She’s counting the years till it’s forgiven. The sheer amount is insane for a profession that doesn’t make alot of money to start
I mean it’s less bad than charging interest but much more than that is necessary and beneficial.
true, I do agree it wouldn’t be as beneficial … but I already assumed from the start it “wouldn’t” work out. upsetting to many greedy people in power.