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UWMN t1_j9gcrr6 wrote

People have been spending like their loans will never come back. Those people will be FUCKED when payments come due again.

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Fit419 t1_j9hay01 wrote

I think repayments will continue to be pushed back until the next presidential election (and then used as leverage in debates). No congress person on either side wants the political fallout of being the one to bring repayments back.

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EmergencyThing5 t1_j9icchd wrote

I agree that Biden will try to push it back if the Forgiveness plan fails at the Supreme Court even if there’s a lack of legal justification for doing so; however, I don’t see how anyone can think House Republicans won’t push to end the payment pause. They literally included on their proposed list of targets for spending cuts that came out last week. Earlier this month, the majority of Congressional Republicans signed briefs advocating for the Forgiveness plan to be vacated. They are pretty vocally against it. Younger voters aren’t their base, so I don’t think they care if they screw those groups over as much.

I think Biden won’t give up the pause without making Republicans force him to. It’s kind of a waste for him to not leverage it to save something else when the debt limit fight gets underway this summer. Republicans want to sell spending cuts to their base before 2024, and this is clearly one area they could get it.

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[deleted] t1_j9isv9m wrote

I think the repayments don’t start back at all, and are also never forgiven. How I believe we get past the issue is we have our next economic meltdown, and you have the public and governments backing to completely wipe them largely away. When and what this all looks like is details I’ll never guess. But it’s on pause indefinitely because turning them back on, after three years of inflation in everything else is a non starter.

I suppose they could turn the repayments back on, all hell breaks out in 6-9 months, and they get bi-partisan support to end student loan repayments for good, all built into some “financial aid” package that winds up costing way more than just writing them off right now would be.🙄

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limpchimpblimp t1_j9i73xs wrote

The republicans want loan repayments to continue. They’re telling the functionally illiterate base the loans are a handout to the "elites".

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AbeWasHereAgain t1_j9iews0 wrote

LMFAO - why the fuck would an “elite” need a loan?

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Pepepopowa t1_j9k0vx9 wrote

‘Rich California kids getting social arts degrees’ is the main line.

Money, investment. This comment is about betting stocks.

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BrotherAmazing t1_j9i8u0s wrote

How long can they push them out? 2024? 2025? 2030??? 2050??????

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Fit419 t1_j9i9hn4 wrote

Until it is no longer politically advantageous

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PlanesFlySideways t1_j9iwsqg wrote

I believe all this time counts towards the forgiveness after 25 years if paying so let's go that far at least

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Jaie_E t1_j9hgzqn wrote

Seems like some of the republicans want to pretend to be but honestly I wouldn't be suprised if one of the republican primary candidates adopts some form of loan forgiveness just to pander to brandon's base

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ScipioAtTheGate t1_j9gsytu wrote

Loans are scheduled to come due again in July. Default rates will blast off to Mars come August!

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Idsanon t1_j9hcowp wrote

Something is telling me that this is going to get pushed out again....

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Edmeyers01 t1_j9ihus8 wrote

I doubt that - these companies want those cheap newly minted CS kids and want to throw out the 50 y/o’s.

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Moneyshot_ITF t1_j9irnzd wrote

You put fucked in all caps like they're going to prison. They will be fine

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YouAreStoopud t1_j9glpcz wrote

They should have stayed in the dumpster rather than spending 8 years and 150k getting an underwater basket weaving degree.

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Sortofachemist t1_j9hct0m wrote

Are you telling me my lesbian dance theory masters isn't lucrative?

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KyivComrade t1_j9i34un wrote

Given you'll be hired for life to do routines for Netflix originals (and later pornhub) I do think it's a good career.

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What_Yr_Is_IT t1_j9hhe1r wrote

It’s kind of a bummer you think that everyone who cannot afford their college debt payments got some sort of shitty degree they can do nothing with.

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Poozle01 t1_j9hni62 wrote

If they didn’t, then why are they drowning in debt?

You know how much your college costs. You know how much you’re expected to make. Go somewhere cheaper or get a better degree.

Or lose your life savings to debt like a regard img

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Walla_Walla_26 t1_j9hqdry wrote

My first thought was what major makes the most money…. Engineering was a good choice

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What_Yr_Is_IT t1_j9hzdam wrote

I have my Bachelors and MBA in finance. I’m doing fine. But it’s still burns paying $1k a month for student loans when boomers got to the same spot in their careers for free

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The_Dancing_Dolphin t1_j9ibfib wrote

You used to be able to get a part time job slinging ice cream in the summer to pay for your upcoming school year. Good fucking luck selling enough ice cream to pay nowadays

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What_Yr_Is_IT t1_j9k4x7v wrote

Supply and demand drove the cost of education bonkers. There needs to be a rebalancing between manual labor careers and degree level careers.

My parents sent me to college because they didn’t want me to work as hard as they did, but they had no clue what that never meant or what it looked like or what their responsibilities would be. They just thought, hey, I send my kid here and I won’t have to worry about anything!

Today I keep hearing, “electricians make 6 figures” sure, but if you add a million more electricians to the mix to fill the gaps, salaries and job openings will plummet…supply and demand

The issue to me is, colleges are “no risk” meaning their debt is higher quality, it comes from the government, can’t be defaulted on or claim bankruptcy on, sure it’s not fool proof, but there’s a reason there was a huge spike in “for profit” schools.

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The_Dancing_Dolphin t1_j9kazsm wrote

At my university when I was there, the dean had an economics phd from an elite school. Tells you everything you need to know on what the schools main focus is. Money

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miso440 t1_j9kb6ps wrote

The thing about trades is that you can only do it until you fuck up your back in your mid-50s.

I can tell 20-somethings to round and un-round the corners of buttons well into my 70s.

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What_Yr_Is_IT t1_j9kj08j wrote

“I don’t want to to have to break your back like I did”

  • every boomer to their children going to college
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dj92wa t1_j9ircmn wrote

My uncle just passed away last month from cancer, and he was churning high 6 figs as an aerospace engineer/inspector, being pulled into NASA and Lockheed Martin missions and whatnot. The guy never even had a college degree. There's absolutely zero chance you could do that today.

Meanwhile, I got an accounting degree a couple years ago, and it took me a year and a half after graduating to get a job that covered cost or living and loan repayments. At my age, my uncle was already at about the $100K mark....and that was in 1986....in today's dollars, he was making $241K at my age, while I'm at like a quarter of that.

We don't stand a chance.

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What_Yr_Is_IT t1_j9k3vw0 wrote

This is my point EXACTLY. In order to make it today, you need to spend money on a degree. Sure yea you can be an entrepreneur and start your own business, but if it was that easy, everyone be doing it. You can farm, but that’s also highly subsidized. You can code, but those jobs are being farmed out to India. There are other means to make a living, but to become an executive at a firm today, the requirements are totally different than what they used to be

I tried to start my own business and failed, cost me $20k

I have my MBA from an M7, and pulling in 6 figures and now having a child. My first. At 40. And freaking out how to afford to pay for him. My boomer parents at this time had 4 kids, in and out of 3 houses, multiple cars, etc. both had union jobs working for 1 company their entire lives with a pension.

They’re anti-union, hate any talk of helping student debt relief, etc. they’ve created the world we’re in today and the hurdles for their kids to climb and are actively trying to make it worse while complaining we live in their basements still.

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jrolumi t1_j9kmy1a wrote

Sounds like we should fix the actual problem then instead of forgiving debt to push the can further down the road lol.

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What_Yr_Is_IT t1_j9kofv3 wrote

"push the can down the road"

that makes no sense, how is this pushing the can down the road?

So today, you can claim bankruptcy on credit cards, million dollar mortgages and businesses, personal loans, business loans, vehicles, etc etc, but NOT student loans. Also, the same people who are hating on student debt forgiveness are the same people who have filed bankruptcy at some point in their life or had COVID loan forgiven.

You want to fix the problem?

  1. Allow bankruptcy and flush the system out of people who cannot pay
  2. Have a free public state education option to give colleges real competition so prices would naturally fall back to earth.
  3. Have more grants for free education for trade labor to further pull demand away from colleges
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jrolumi t1_j9kuuna wrote

I agree with your points. Community college should be free & federal loans no interest. What does forgiving 10-20k do right now? Nothing. Those with massive debt still have massive debt.

The next generation in 10-15 years is going to be wondering where their forgiveness is & it will continue on & on. They need to get to the root of the problem, not just forgive debt.

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What_Yr_Is_IT t1_j9lzj9w wrote

The next 10-15 years of students are coming Into the college conversation much later than the students of 10-15 years ago. Back then, we were told we needed it. Students today and the future students of tomorrow have much more history to look back on to make an “educated” decision on whether it’s a good idea to go or not.

$10k could halve some borrowers debt, at the bare minimum it would lower payments.

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jrolumi t1_j9m02oz wrote

Got to be honest that’s not a good argument. People bought houses in 2008 because it’s “the American dream”. Then the market crashed & people lost everything. There’s risk in these things. Totally agree that there needed/needs to be way better education in what you’re getting yourself into with college debt & such.

The system is very broken. But why not solve the broken issues now? Even you’re saying let’s just throw money at it now & figure out the rest later. The issue is still going to persist

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What_Yr_Is_IT t1_j9m3qkv wrote

You can claim bankruptcy on a home and walk away. You can’t do that with student loans.

That same scenario, as of today, those same people are in a new home and a clean credit report

A student is fucked forever.

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jrolumi t1_j9m592u wrote

Touché. To play devils advocate, my argument would be do they take away your diploma if you file bankruptcy? Lol idk. Was good discussion

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DisAccount4SRStuff t1_j9htf33 wrote

Engineering sucks so much, I hate my job every day. The pay isn't even good unless you try to snipe management (know one engineer that likes people?) or get a masters and then get forced into management anyway because you're over qualified for anything else. Engineering has been a waste of a stem pursuit for me, finance would have been better. On top of that if your if you are not a software engineer you're probably working on some form of physical product or system making WFH less likely and feasible. Fuck even HR would have been a better bet, they often paid at least the same, they barely do anything, and the ladder in that field is super easy to climb. Engineering is all of the work, none of the respect. Fuck I hate Engineering I was told I was supposed to make money .

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YouAreStoopud t1_j9hw1i9 wrote

I have no idea what kind of engineering you got into, but a buddy of mine went into electrical and basically sat around playing videogames in a cube being the Maytag repair man for some auto manufacturer. Made damn near 6 figures for it, too.

He just had to move to where the work was. Kind of a downside, sure - but he did well for himself.

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DisAccount4SRStuff t1_j9hyr2t wrote

The cost of the degree and difficulty of the degree compare to other job prospects makes it suck. I have friends that went into trades, spent less on thier degree, and make more than me. Also people with similar undergraduates make about the same as I do with not nearly as much effort and the classes are not as rigorous, like finance and HR. Undergrad engineering is not the career path it use to be. Plus, you also get little respect, you're easily replaceable and are expected to work really long hours. It's not a good prospect comparatively any more in my opinion since other jobs are easier to do, easier to obtain, and pay the same.

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Walla_Walla_26 t1_j9htxqy wrote

Lol, yea damn you are having a hard time. I used my degree to get into the power industry as a system operator. Operations is where the money is. I’m going to be a supervisor after 12 years plebbing around making over $100k for most of it

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Poozle01 t1_j9ipsj3 wrote

Agreed. I got an 6 offers for co-ops at UW madison this year. I’ll be at Wolf/Subzero (expensive ass kitchen appliances) working in AI manufacturing.

My co op pays me 25$ an hour, housing covered, and OT plus really good job offer chance after according to a buddy of mine who works there and 70-90k starting out of college. Just gotta do my last semester after it then come back

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prettyprtyprtygood t1_j9jthlz wrote

I love how engineers think that everyone should be an engineer, but pretty much every engineer I've ever worked with is a miserable SOB that can't solve people problems and can't wrap their massive brain around the concept that their way isn't always the right way to do something. This screw might be the right screw to use for that rigid shaft coupling, but your life choices aren't the right life choices for everyone.

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timshel42 t1_j9i08of wrote

you know most are pushed into making this decision as 17 or 18 year olds right?

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Poozle01 t1_j9iewet wrote

I am 21 and I did the same at 18 and chose to be an engineer. Choose a better path next time around. It doesn’t take a genius to realize poly sci and history won’t pay off.

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SESbb30 t1_j9hfy0l wrote

Okay Dave Ramsey I see you. I chose left handed puppetry and it’s not worked well. See you regards at Wendy’s

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Born_yesterday08 t1_j9hmuzt wrote

I know. I still haven’t found one job opening for underwater basket weaving

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laserinlove t1_j9h1jt3 wrote

Jokes on them, payment amount is tied to income so a second job just gonna raise your payments

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gaurav0792 t1_j9hfs95 wrote

Reported income.

Best of luck getting a 1099 for a $5 handy.

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sQGNXXnkceeEfhm t1_j9heolp wrote

Everybody making fun of the underwater basket weavers, but kids graduating this year with CS degrees are about to be totally fucked.

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kaishinoske1 t1_j9hp332 wrote

The ones who don’t want to move where there is work will be fucked. There’s no point in being at a company for more than two years. It’s better to go look for other work opportunities elsewhere and in the process get a raise for your self up to 5k for just looking. People that want to stay in a place or area because it’s where they grew up. They can be like the CEO’s of their business in San Francisco running it out of their car or RV on the side of the road in front of someone’s house.

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Walla_Walla_26 t1_j9hqqc6 wrote

I moved where the work was. Then moved again . Hometown had nothing going on

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stockrot t1_j9h6dhw wrote

Student loan debt you don’t just walk away from . Bankruptcy does no absolve you of it

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Walla_Walla_26 t1_j9hqj5n wrote

One way to fix the student debt problem would be to allow it to be wiped away in bankruptcy. It would be wild. No one would qualify and many many colleges would close up shop.

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jdford85 t1_j9h4dbb wrote

They could afford student loans of inflation wasn't 40 percent.

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Poozle01 t1_j9hnvvd wrote

That actually makes loans cheaper, regard.

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Darius510 t1_j9k92ei wrote

Lol downvoted for being correct.

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Poozle01 t1_j9lorgo wrote

Lie to people who want to be lied to: get rich

Tell the truth to people who want the truth: earn a living

Tell the truth to people who want to be lied to: be hated and die alone

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mikecrypto8 t1_j9ha0sm wrote

Funny, second job is what i used to pay for college.

"Many Americans said they'd likely need a second job to meet student debt obligations if their loans aren't forgiven, according to a recent survey."

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minkman32 t1_j9jxmzg wrote

Look at historic average college tuition costs vs minimum wage. 50 years ago you could pay for 50% plus on just 20 hours/wk of labor. Now it’s well over 40 hrs. That’s why most have no other option but to take out loans.

Honestly it’s not even worth the time to work given how little it pays. Most students would be better off taking out massive loans and focusing on study so that they graduate top of their class and get a kickass job/ go to a kickass grad school. That’ll maximize income in the long run making loans easier to pay back.

Unfortunately only so many students can graduate into those kickass jobs hence the situation we are in and why so many zoomers/millennials are struggling and feel lied to.

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Degenereth t1_j9huy8c wrote

Bullshit. I hate poor unmotivated people who have no self discipline.

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Unfinished-bussiness t1_j9i7g4t wrote

I have an idea 💡 let’s keep handing out student loans !!!! You know , military recruitment numbers are down …and the military will pay off your loans !

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megdoo2 t1_j9ida7z wrote

We need to pay off some debts yo

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F7xWr t1_j9ioya5 wrote

None of this crap matters, stop overthinking it. You borrow something, you give it back. Thats how lending works. Why do we have these pointless endless debates constantly. Makes me sick really.

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Kindly_Perception198 t1_j9h2ji8 wrote

Maybe they can put their degree to work in their second job.

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Muted_Cucumber_7566 t1_j9hbqgz wrote

Is the dumpster for the waste food, or a convenient place to give bj’s…..or both…. Being poor sucks.

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X_Fiery_Jack_X t1_j9hj667 wrote

I was so wanting that to be the actual title of the article

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LefkadaVice t1_j9icw4l wrote

The Association of Wendy's Refuse Receptacles thanks you for your service.

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Pin_ups t1_j9j3kt8 wrote

Awesome, I will pay a visit then, how much per hour?

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AcridDespotism73 t1_j9jbjv1 wrote

I'll gonna pay a visit too . when is it available tho and how much

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Pin_ups t1_j9jfmpz wrote

Idk, I will be glad paying for you, that's why I am asking, really want my dick sucked, they just have to jerk and suck both of us like in those sex videos.

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Equal_Principle3472 t1_j9jo5y1 wrote

I think students should start options trading to pay those student loans back. Snowflakes.

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Aintthatthetruthyall t1_j9kmufd wrote

Honestly so tired of this. Most of these people bought cards they couldn’t afford, housing they couldn’t afford, and otherwise adjusted their life styles assuming none of this would be repaid.

Sorry folks. The holiday is over. Welcome to adulting.

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No-Committee6391 t1_j9jdj4v wrote

Just make payments a dollar a month with interest rates at .0001%. I am sure even Tyrone or Laqueefa can afford dat I love how republitard politicians think student loans will be repaid 😂😂

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[deleted] t1_j9hxiy6 wrote

[deleted]

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iriegypsy t1_j9i9nc1 wrote

I’ll show you how to ride the dumpster for $5

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[deleted] t1_j9gpf5l wrote

[deleted]

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Puzzleheaded_War6102 t1_j9gxjyy wrote

LMAO. I’ve had pay garnished for student loans in past & I only owed $14K. I even had my paycheck garnished for $500 electric bill in past.

You have no idea what you’re talking about. They will garnish & add on fees.

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Big-Weed t1_j9gy8aq wrote

I’ve had lawsuits for wage garnishments for $800 medical bills. No fucking way is a debt collector going to let student loan debt upwards of $200k slip by without legal punishment. I guess you could get addicted to crack and become homeless. Can’t garnish wages if you don’t have any.

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SamBankman_Grilled t1_j9gcxse wrote

Fuck em. They deserve to be suckin dick for money if they didn’t plan for payments to restart

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