College student loan debt shouldn't crush anybody, but especially the people who had nothing to do with it
(files.catbox.moe)
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I have a completely different view on this.... back in 2008 housing markets crashed because junk loans were bundled and sold / leveraged to market gamblers. at the expense of the average Joe. Afterwards the banks started to package Student loans since you couldn't escape them. The market gamblers found something else they could sell/ leverage for ever increasing profits. but fast forward and China's biggest real estate securities just became worthless. and low and behold what happens they pass a college loan forgiveness plan... ask yourself who really benefits from it. not the people who took out the loans they don't get a dime of that money... nope the market gamblers do... the big banks, the hedge funds.... it is a wall street Bailout in the guise of helping out the average joe drowning in debt.... BULLSHIT. it gives Wall Street and the elites a shot of cash to help cover their bad beats.
This isn't true.
Private student loans can be tossed in bankruptcy, appeals court rules
A New York-based federal appeals court on Thursday said that private student loans are not protected from discharge in bankruptcy.
https://www.reuters.com/legal/transactional/private-student-loans-can-be-tossed-bankruptcy-appeals-court-rules-2021-07-15/
Archived link - https://archive.ph/qornj
Only the student loans granted through the Department of Education are unable to be discharged through bankruptcy. Not all families qualify for those loans.
whether you can escape them or not through bankruptcy. those loans that are lent by banks are being sold and leveraged. you can track that down. it is a bailout in my opinion .
The $10,000-$20,000 isn't being given to discharge private student loans, only loans issued by the Department of Education.
FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
https://archive.ph/O7l6H
If you're a student who bundled and refinanced your student loans issued from the Department of Education with a private bank AKA the loans you're referring to, you get nothing from this bailout.
Will private student loans be forgiven?
President Biden outlined his plan to cancel up to $20,000 in student loan debt for qualified federal loan holders to give "relief to the millions of borrowers who need it the most."
The eligibility qualifications were wide and covered a range of those with federal student loan debt. Specifically, those earning less than $125,000 annually (less than $250,000 per year per couple) can have up to $10,000 of their federal student loans forgiven. And borrowers with Pell Grants (traditionally provided to students with the highest financial need) can possibly qualify for an additional $10,000 in student debt forgiveness.
Mr. Biden said the move would affect approximately 43 million federal student loan borrowers. Nearly 90% of people who will benefit from the plan are making less than $75,000 annually, Mr. Biden noted.
But what about the borrowers who don't qualify for forgiveness? Those with private student loans, specifically, are not eligible for Biden's plan and there doesn't seem to be immediate relief on the horizon.
https://www.cbsnews.com/news/private-student-loan-forgiveness/
https://archive.ph/O46Mu
tl;dr It doesn't matter if private student loans are being sold and leveraged by banks like all other private debt is. This bailout doesn't affect private loans, period.
Commies: "MY responsibility? No. OUR responsibility."
The issue lies with the institutions of high learning that charge full retail for wholesale hack job degrees. If a school graduates a certain number of people that cannot get employment, the funding should be cut off. How many tech schools don't prepare for the workforce? How many fluff degrees are put out to become baristas? Loans should go to degrees we need. STEM degrees make the world turn, feminist underwater basket weaving is an anchor dragging down society.