Circuit court puts final nail in the coffin for Biden's $500M student loan forgiveness plan

[seafoam1 2,801]

Winning.

https://www.foxnews.com/politics/circuit-court-puts-final-nail-coffin-bidens-500m-student-loan-forgiveness-plan

The U.S. 8th Circuit Court of Appeals put a final end to former President Joe Biden's student loan forgiveness plan on Tuesday.

Missouri Attorney General Andrew Bailey originally sued the Biden administration over its $500 million effort to wipe away student loans, known as the SAVE plan. The court's Tuesday ruling found that Biden's secretary of education had "gone well beyond this authority by designing a plan where loans are largely forgiven rather than repaid."

Bailey noted in a statement that the ruling has no active impact beyond blocking future presidents from attempting Biden's maneuver.

"Though Joe Biden is out of office, this precedent is imperative to ensuring a President cannot force working Americans to foot the bill for someone else's Ivy League debt," Bailey said in a statement.

[Horseman 2,365]

[Mark Davis 339]

Amen to this

[nobody 2,564]

I doubt even Biden thought this would pass.  He just needed the tubes to think it might happen to buy those votes.

Turns out he bought them for free 

[avoiding injuries 1,510]

No good lazy free loaders are having a rough day. 

[RLLD 4,143]

Awww, those poor kids who knowingly accepted the terms of their loans are going to now have to accept accountability???

[edjr 6,578]

12 minutes ago, RLLD said:

Awww, those poor kids who knowingly accepted the terms of their loans are going to now have to accept accountability???

Suicide is a decent option

[iam90sbaby 2,488]

41 minutes ago, RLLD said:

Awww, those poor kids who knowingly accepted the terms of their loans are going to now have to accept accountability???

Tbf no 18 year old should be able to sign a loan that big. Not to mention it’s overpriced.  

[edjr 6,578]

Just now, iam90sbaby said:

Tbf no 18 year old should be able to sign a loan that big. Not to mention it’s overpriced.  

Or vote

[iam90sbaby 2,488]

Just now, edjr said:

Or vote

Agreed. 22-24 seems right 

[Hawkeye21 2,382]

This makes me happy.  Such a stupid idea.

[jbycho 592]

3 minutes ago, iam90sbaby said:

Tbf no 18 year old should be able to sign a loan that big. Not to mention it’s overpriced.  

They have plenty other options. 

[jbycho 592]

1 minute ago, iam90sbaby said:

Agreed. 22-24 seems right 

Should be 5 or so years of supporting yourself before you are allowed to vote. 

[RLLD 4,143]

4 minutes ago, iam90sbaby said:

Tbf no 18 year old should be able to sign a loan that big. Not to mention it’s overpriced.  

I think their parents are part of the process.  

If an 18 year old cannot sigh on to such a document then stop letting them. I mean, they can decide to have their pen!s cut off, which is a much bigger change than taking a loan....

[iam90sbaby 2,488]

Just now, jbycho said:

They have plenty other options. 

I agree the loans shouldn’t be forgiven, but let’s not pretend we don’t have the worst post secondary system in the first world. The prices some of these universities charge is ridiculous and the fact that an 18 year old can sign a loan with no credit check for that amount is retarded.

[edjr 6,578]

3 minutes ago, iam90sbaby said:

I agree the loans shouldn’t be forgiven, but let’s not pretend we don’t have the worst post secondary system in the first world. The prices some of these universities charge is ridiculous and the fact that an 18 year old can sign a loan with no credit check for that amount is retarded.

I was given a credit card when I was 21 with a 5k limit. No credit, no income verification, nothing.

 and I couldn't pay it off, or wasn't smart enough to

Now imagine 100 or 200k  

[iam90sbaby 2,488]

1 minute ago, edjr said:

I was given a credit card when I was 21 with a 5k limit. No credit, no income verification, nothing.

 and I couldn't pay it off, or wasn't smart enough to

Now imagine 100 or 200k  

They want us to be debt slaves the second we turn 18. 

[TBayXXXVII 2,483]

1 hour ago, nobody said:

I doubt even Biden thought this would pass.  He just needed the tubes to think it might happen to buy those votes.

Turns out he bought them for free 

He just wanted this out there to gaslight college and recent graduates to vote Democrat.

[jbycho 592]

6 minutes ago, iam90sbaby said:

I agree the loans shouldn’t be forgiven, but let’s not pretend we don’t have the worst post secondary system in the first world. The prices some of these universities charge is ridiculous and the fact that an 18 year old can sign a loan with no credit check for that amount is retarded.

The school system.will change only when the smart adults start teaching their kids life skills when they are in grade school and throughout high school. What money means in the big picture of their lives. Common man version. 

[iam90sbaby 2,488]

19 minutes ago, jbycho said:

The school system.will change only when the smart adults start teaching their kids life skills when they are in grade school and throughout high school. What money means in the big picture of their lives. Common man version. 

I agree but that still doesn’t fix universities being too expensive. So how do we fix that? 

[jbycho 592]

2 minutes ago, iam90sbaby said:

I agree but that still doesn’t fix universities being too expensive. So how do we fix that? 

It will take a movement. But we need knowledgeable, informed youth to carry it out. Otherwise, no chance. It would only take 50% of the youth.population to fix it. And of course their parents to teach them as kids to actually know things. 

[supermike80 1,803]

This was mostly attempted to but votes. Pretty obvious.  The dems dont care now that they lost.  In fact i bet many of them are secretly happy it is dead

[TBayXXXVII 2,483]

15 minutes ago, iam90sbaby said:

I agree but that still doesn’t fix universities being too expensive. So how do we fix that? 

States should do an economic inventory of what the 7-year average income of graduates in their field of study by the graduates from their in-state schools.  Then, assume what a reasonable percentage would be in that industry to pay a loan back in 10 years.  That's the cap at which a school can charge in-state students.

So, lets say Alabama University Accounting graduates average $75k a year over a 7-year period... or $525k.  How much of that gross, is a reasonable amount to charge a person over a 10-year period for that degree?  Let's call it 15%.... just short of $80k.  So, Alabama University can only charge incoming accounting majors, $80k for an accounting degree.  Said graduate gets a loan of $80k and has 10 years to pay it back... or $8k per year.   That percentage isn't locked in stone.  Figure out a number... or make it payable over 15 years.  Something like that.

Why is this fair?  it prevents price gouging.  Alabama University had a net income of $2.7B for the 2021-2022 school year.  They're not hurting for money.

[jerryskids 6,565]

11 minutes ago, TBayXXXVII said:

States should do an economic inventory of what the 7-year average income of graduates in their field of study by the graduates from their in-state schools.  Then, assume what a reasonable percentage would be in that industry to pay a loan back in 10 years.  That's the cap at which a school can charge in-state students.

So, lets say Alabama University Accounting graduates average $75k a year over a 7-year period... or $525k.  How much of that gross, is a reasonable amount to charge a person over a 10-year period for that degree?  Let's call it 15%.... just short of $80k.  So, Alabama University can only charge incoming accounting majors, $80k for an accounting degree.  Said graduate gets a loan of $80k and has 10 years to pay it back... or $8k per year.   That percentage isn't locked in stone.  Figure out a number... or make it payable over 15 years.  Something like that.

Why is this fair?  it prevents price gouging.  Alabama University had a net income of $2.7B for the 2021-2022 school year.  They're not hurting for money.

I like the idea, but the devil is in the details.  What about kids who change majors?  Both my daughters did.  What about something like psychology?  That has a wide range of salaries, and most of them require a graduate degree to get those salaries.  How do you value that?

But those are probably solvable problems.   

[TBayXXXVII 2,483]

23 minutes ago, jerryskids said:

I like the idea, but the devil is in the details.  What about kids who change majors?  Both my daughters did.  What about something like psychology?  That has a wide range of salaries, and most of them require a graduate degree to get those salaries.  How do you value that?

But those are probably solvable problems.   

I value the degree based on what Alumni is making.  So, for example, if accounting graduates from Ole Miss average $65k a year, the Ole Miss should charge less than Alabama.  Schools should not be allowed to charge based on other schools.  If accountant grads from Vanderbilt make $95k, neither Alabama nor Ole Miss can charge off of that, because their graduates aren't getting those jobs.  If other schools want to charge more money, then they need to improve their programs.

If someone changes majors then their tuition changes accordingly.  They're still responsible to pay for the prorated portion of the prior program... you don't get that for free.

This also protects students from being conned.  Majoring in gender studies or some stupid crap like that has no future, so the school won't offer that as a degree program.  Maybe just a class or two as electives. 

[Hardcore troubadour 14,934]

Anyone with a clue knows much of this loan money was spent on 8 dollar lattes, spring break and “studying” abroad.  

[TBayXXXVII 2,483]

7 minutes ago, Hardcore troubadour said:

Anyone with a clue knows much of this loan money was spent on 8 dollar lattes, spring break and “studying” abroad.  

When I got loans, I never saw the cash, it went right to the school.  Are things different today?

[Tebok 312]

Good. I worked my ass off and used loans to get through school. Paid off the debt in a couple years. Fook student-loan forgiveness.

[nobody 2,564]

Fock em.  People act like no one knows people.  We all know people that had better financial options and chose poorly.

1. Could've went to community college to get transfer credit, but wanted the "college experience"
2. Could've went to a state school, but decided to pay out-of-state tuition because Arizona St just felt like it fit you better.
3. Could've went to the military and got money for tuition, but that's too hard.

Now they want to cry.

[Hardcore troubadour 14,934]

Working class Joe wanted the working class to pay the bills of people that make more than them. Sorry folks, he’s shitt. 

[WhiteWonder 2,675]

5 hours ago, iam90sbaby said:

I agree the loans shouldn’t be forgiven, but let’s not pretend we don’t have the worst post secondary system in the first world. The prices some of these universities charge is ridiculous and the fact that an 18 year old can sign a loan with no credit check for that amount is retarded.

Which is why they should tackle the problem where it begins. The universities. 
not take the easy way out and offer loan forgiveness for votes. 

[WhiteWonder 2,675]

2 hours ago, TBayXXXVII said:

When I got loans, I never saw the cash, it went right to the school.  Are things different today?

He’s talking out his ass but technically you can make the argument that loan = less of your own money spent immediately on tuition = more disposable income for lattes  

[WhiteWonder 2,675]

5 hours ago, edjr said:

I was given a credit card when I was 21 with a 5k limit. No credit, no income verification, nothing.

 and I couldn't pay it off, or wasn't smart enough to

Now imagine 100 or 200k  

I definitely got a credit card when I was 18 with something close to that 5k limit. It was excellent because I quickly built up my credit score. I had student loans but I’m almost positive my parents had some involvement in that. It’s not like I went somewhere by myself and some sleazy fock gave me a loan 

[Hardcore troubadour 14,934]

5 minutes ago, WhiteWonder said:

He’s talking out his ass but technically you can make the argument that loan = less of your own money spent immediately on tuition = more disposable income for lattes  

So you are saying you can’t take a student loan for living expenses? I think my ass is quite accurate. Simmer down. 

[TBayXXXVII 2,483]

12 hours ago, nobody said:

Fock em.  People act like no one knows people.  We all know people that had better financial options and chose poorly.

1. Could've went to community college to get transfer credit, but wanted the "college experience"
2. Could've went to a state school, but decided to pay out-of-state tuition because Arizona St just felt like it fit you better.
3. Could've went to the military and got money for tuition, but that's too hard.

Now they want to cry.

Exactly this.

[RLLD 4,143]

12 hours ago, nobody said:

Fock em.  People act like no one knows people.  We all know people that had better financial options and chose poorly.

1. Could've went to community college to get transfer credit, but wanted the "college experience"
2. Could've went to a state school, but decided to pay out-of-state tuition because Arizona St just felt like it fit you better.
3. Could've went to the military and got money for tuition, but that's too hard.

Now they want to cry.

[RLLD 4,143]

https://www.instagram.com/reel/DFGdtkVy7c4/?igsh=MXJod2RoMjIwYXNhYg%3D%3D

[TBayXXXVII 2,483]

10 hours ago, WhiteWonder said:

He’s talking out his ass but technically you can make the argument that loan = less of your own money spent immediately on tuition = more disposable income for lattes  

Gotchya.  I think there probably is some merit to that argument, but I think being that specific is rather disingenuous.   I do know there are student loans you can get for living expenses, but there, I don't know if that's given to you cash-in-hand (or debit account), or again, just paid to the school directly.  I do believe that the vast majority of people complaining about the loans are people who never took the financial aspect seriously.  They never actually saw the money, so to them, it was 'out of sight, out of mind', and never really paid attention to the end result.  That could possibly be what he was talking about.

[WhiteWonder 2,675]

3 hours ago, TBayXXXVII said:

Gotchya.  I think there probably is some merit to that argument, but I think being that specific is rather disingenuous.   I do know there are student loans you can get for living expenses, but there, I don't know if that's given to you cash-in-hand (or debit account), or again, just paid to the school directly.  I do believe that the vast majority of people complaining about the loans are people who never took the financial aspect seriously.  They never actually saw the money, so to them, it was 'out of sight, out of mind', and never really paid attention to the end result.  That could possibly be what he was talking about.

Im pretty sure the federal student loans go directly to the schools and the only way you're going to see any of it for use on living expenses is if there is excess after. 

[TBayXXXVII 2,483]

1 hour ago, WhiteWonder said:

Im pretty sure the federal student loans go directly to the schools and the only way you're going to see any of it for use on living expenses is if there is excess after. 

That makes sense.  I find it ironic though.  The government and school will give an 18 year old a hundred thousand dollars to go to school and trust they'll pay it back, yet, they don't trust that same 18 year old with said hundred thousand dollars in hand.