Tag: student loan debacle

Supreme Court Strikes Down Student Loan Relief — Here’s Who’s Most Affected

Via ZeroHedge

In a largely anticipated decision, the Supreme Court on Friday ruled in two separate cases that the Biden administration exceeded its authority with its $400 billion student loan forgiveness plan. The court ruled 6-3 along ideological lines.

The first case, Department of Education v. Brown, was brought by two student loan borrowers who didn’t qualify for relief sued to vacate the program on the basis that Biden’s invocation of the post-9/11 HEROES Act constitutes executive overreach. The Court ruled unanimously that the borrowers did not have standing to sue – but that the Biden administration also doesn’t have the authority to forgive the debt.

“The HEROES Act allows the Secretary to ‘waive or modify’ existing statutory or regulatory provisions applicable to financial assistance programs under the Education Act, but does not allow the Secretary to rewrite that statute to the extent of canceling $430 billion of student loan principal,” reads the opinion.

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The Great Student Loan Nonpayment Boondoggle Is Over And Household Spending Is About To Collapse

Via ZeroHedge

In the small print detailing the end of the debt ceiling melodrama which, as we explained, is a farce as it boosts inflation-adjusted spending contrary to Republican promises, there was some actual news: the great student loan boondoggle is about to come to a screeching halt, after a three year “emergency pause” which redirected tens of billions in dollars away from mandatory student loan repayment to other forms of discretionary spending.

According to Goldman, the agreement announced on Saturday between uniparty leaders Joe Biden and Kevin McCarthy titled hilariously the “Fiscal Responsibility Act”, prohibits the Biden Administration from extending the pause on student loan repayments in place since March 2020, even if it does not block the Administration’s student loan forgiveness plan, which would wipe out up to $20,000 in federal loans per borrower and is currently being weighed by the Supreme Court (the plan was announced last year but has not yet implemented).

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COLLEGE GRADUATES MAY NEED TO GET A JOB – THE HORROR!!!!!

Maybe they shouldn’t have gotten degrees in gender studies and African culture.

Via Marketwatch

Debt-ceiling deal seals end to student-debt moratorium — a nearly $400-per-month shock to budgets

It was probably going to happen anyway, but the debt-ceiling deal struck by President Joe Biden and House Speaker Kevin McCarthy spells the end of the moratorium on student-debt repayment.

The White House had extended that moratorium until two months after the Supreme Court’s expected ruling on the Biden administration’s $400 billion loan-forgiveness plan — which, in all likelihood, would mean after August. But the debt-ceiling deal, assuming Congress approves it, eliminates the possibility that the moratorium can be extended.

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Use Biden’s Student Loan Rich Jerk Giveaway to Destroy Academia

Guest Post by Kurt Schlichter

Use Biden’s Student Loan Rich Jerk Giveaway to Destroy Academia

We need to do everything we can to ensure that the Crustacean-in-Chief folds to the left again and decides to pay-off his constituency of affluent, sexually dysfunctional college loan debtors – throw us in that briar patch, you desiccated old pervert! Now, you may be confused if you watched my Townhall VIP “Stream of Kurtiousness” video last Friday expressing, in an unrelenting stream of naughty words, how infuriating it would be to reward dumb people at the expense of people who were not dumb. But we cannot be carried away with emotion. This is a golden opportunity to raze academia as currently constituted and sow the campuses with salt.

That most of the deadbeats who want you to pay their bills won’t be able to figure out that reference is itself sufficient reason to consign academia to oblivion.

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99% of Degree Holders Unable To Figure Out Government Loan Forgiveness Program

Submitted by Hardscrabble Farmer

What’s the purpose of a college education if you come out so ignorant you can’t figure out a loan forgiveness program?

“But it turns out that her $76,000 in student loans didn’t get forgiven. Baker was finally told she was in the wrong type of loan. If she’d known that at the beginning, she could have switched loans and ended up qualifying. But she says nobody ever told her.”

The writer of that article must have gone to the same college. “…student loans didn’t get forgiven”?

Wow.

Via NPR

Broken Promises: Teachers Sue U.S. Over Student Loans That Weren’t Forgiven

Debbie Baker thought she qualified for a federal program that helps teachers such as her, as well as nurses, police officers, librarians and others. The Department of Education program forgives their federal student loans if they make their payments for 10 years and work in public service.

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The Student Loan Bubble and Economic Collapse

Guest Post by Antonius Aquinas

student loan bubble III

The inevitable collapse of the student loan “market” and with it the takedown of many higher educational institutions will be one of the happiest and much needed events to look forward to in the coming months/years.  Whether the student loan bubble bursts on its own or implodes due to a general economic collapse, does not matter as long as higher education is dealt a death blow and can no longer be a conduit of socialist and egalitarian nonsense for the inculcation of young minds.

The perilous condition of the student loan sector can be seen by looking at a few ominous pieces of data:

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