Biden's SAVE Plan Blocked By Federal Judges 

@@captainkangaroo4301 bankruptcy; really it doesn’t destroy you credit for 10 years , there are ways to re- establish your credit in one year ; Student’s need to demand that their debt is treated. Fairly and equally under standard bankruptcy laws period….Students should be treated equally as any citizen not less then any citizen with equal rights under present bankruptcy law ; students are put in a form of Debt prison and held here for thirty years; this is a unlawful practice and debt prison was abolished a century ago….Demand Standard Bankruptcy Law Be Enacted Immediately ; Student’s Civil Rights Are Being Violated Period ….Again Demand That Student Loans Must Allowed To Enter A Normal Standardized Bankruptcy Petition And Law…..Students Are Not Second Class Of Citizen……

Agreed. Student is the ONLY debt that's immune from bankruptcy. The only one.

Every student at every college would bankrupt at graduation. It would be expected and stupid not to. It would be the norm and lose all negative stigma.

Students are held to a higher standard because they the societal elites because of their education. Allowing easy bankruptcy would be permitting loan fraud on a large scale. The financial industry does not owe students free money. Degrees must have cheapened in value if graduates are so financially irresponsible. Who would hire these deadbeats?

Student loans are a unique form of debt that isn't typically discharged in bankruptcy, and there are several important reasons for this. First and foremost, these loans are backed by government funds and taxpayer dollars. Unlike private debts such as credit card balances or medical bills, allowing student loans to be easily erased through bankruptcy could potentially cost taxpayers billions of dollars in losses. This financial burden on the public is a major concern for policymakers. Another significant issue is the potential for abuse and moral hazard. If student loans could be readily discharged, it might create a "free money" mentality, encouraging some individuals to borrow excessively without any real intention of repaying their debts. This could lead to irresponsible borrowing practices and undermine the entire purpose of the student loan system, which is to provide access to education for those who truly need financial assistance. The special treatment of student loans in bankruptcy isn't a recent development. Since the 1970s, Congress has granted student loans special protections in the Bankruptcy Code. The intention behind this was to ensure continued access to education by maintaining the integrity of the student loan system. Under current law, borrowers must prove "undue hardship" to discharge their student loans in bankruptcy - a standard that is notoriously difficult to meet. This high bar is designed to prevent widespread discharge of student debt. It's also worth noting that there are alternative options available for managing student debt outside of bankruptcy. Borrowers have access to various programs such as income-driven repayment plans, deferment, forbearance, and even loan forgiveness programs in certain circumstances. These options can provide significant relief to struggling borrowers without resorting to bankruptcy. Lastly, preserving the government's willingness to provide student loans is a crucial consideration. If discharge became too easy, it could make the government more hesitant to offer student loans in the future. This could potentially reduce access to educational financing for future generations of students, particularly those from lower-income backgrounds who rely heavily on these loans to pursue higher education. However, it's important to acknowledge that this is a complex issue with valid arguments on both sides. Some critics argue that the current "undue hardship" standard is excessively strict and that more borrowers facing severe financial distress should be able to discharge their student loans through bankruptcy, similar to other types of consumer debt. They contend that the current system can trap some borrowers in a cycle of insurmountable debt, particularly if they face unexpected hardships or are unable to complete their education. Ultimately, the treatment of student loans in bankruptcy represents a delicate balance. On one hand, there's a need to maintain the integrity and sustainability of the student loan system, ensuring that funds remain available for future students and that taxpayers are protected. On the other hand, there's a growing recognition that some mechanism for relief is necessary for those truly unable to repay their educational debts due to extreme circumstances. As the debate continues, policymakers face the challenge of striking the right balance between these competing concerns.

Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.

For what, our own decisions to borrow money without intending to pay it back? Here is a novel idea, don’t borrow money unless you can pay it back.

​@@nathanmitchell2827 this is a stupid take when the government subsidies farming. Bail out banks and businesses large and small. Selective outrage is annoying. Let not pretend Nathan hasn't had handouts 😮

@@jupiterbullish2520 yeah only your college tuition isn’t responsible for the food that goes to grocery stores like farms do. Maybe you should stop thinking that you are so important that my tax dollars should pay for your education.

@@blackloki9 for the record, I also don’t think government should bail out businesses. Subsidizing farming makes sense for obvious reasons, nobody would last long without farms. Everything else shouldn’t receive subsidies. Subsidies are almost always taken advantage of, and in the case of the auto makers in Detroit, the executives used it to take expensive vacations and pay raises. Sure, it helped GM, but at what expense? It cost more to subsidize than we gained. Free market system should be free of government subsidies, and it sure as hell shouldn’t pay for people’s decision to go to college. Work hard, pay your own way, borrow money cautiously and plan on paying it back.

@@trinandrealewis001 are you claiming that your education is as important? Why can’t we just borrow what we intend to pay back? Why should my tax dollars pay for others education? What will others education offer back to the taxpayers? If it were going directly to doctors, and others who will contribute I would be all for it, but not for people that go to college aimlessly. It doesn’t make sense.

You're welcome

Yes, you are quite welcome for your loan relief

Wethepeople are always screwed, abused, neglected, lied to, and carry most of the burden of financing the government. I see it as taxation without adequate honest representation.

Congrats🎉🎉 And thanks for helping our kids!

You paid $110000 for teaching degree huh? Yeah that is smart real smart.

lol they've been raping social security fund since it's inception. By the time you retire, you won't be able to collect because it won't exist. The government has been borrowing against that fund and replacing the money with I.O.U's for decades. It's already stolen.

My pleasure!

That's fine. No one will ever grant you another loan until the day you die. Have fun paying cash for everything.

Unfortunately, the feds won't allow you to draw the social security you paid into if you default. The system is rigged.

​@@KevinInPhoenixPaying cash will probably save him hundreds of thousands in his lifetime. 😂

Say goodbye to social security

Social security gets garnished if you still owe student loans. You will have to work until you die

womp womp

@@menschenhandler6413 cringe lord

How do you reestablish credit in one year?

thats what i say about everything Democrat's propose. insanity on every level.

that's also what every American that never went to college say when they now have to pay more taxes to pay for college graduates.

Teachers are the third most common profession of american millionaire. --- 2018 book "Everyday millionaire"

Literally doesn't make sense. You clearly don't know basic economics.😂

@blackloki9 I'm 82. started 3 successful businesses, and you?

At least you got plans to pay

That is the reason I did not consolidate. I backed out after seeing how much consolidating would hike up my loan. All these are empty promises PB already fooled us oneself before a year ago, not fooling me twice.

Exactly the reason why I was so hesitant but then I followed the advice of other student loan planner channels and called my student loan servicer and they stated the same thing you should consolidate because it will help you reach forgiveness sooner… now I’m definitely looking foolish with so much more to repay

I think we have to wait until the fall to see how the payment count adjustment will be. There's still hope.

Why do you think you’re starting over?

How about actually paying back what you owe? Good grief

@@silentnot4812did you in anyway live with parents during or after school?

its simple. you need to plan better.

@@ronaldreagan-ik6hz​​⁠I’m litterally a PMP project manager for a fortune 50. Every part of my life was planned to the max. The fortune 50 company job position is was picked by me in 2012. I got two bachelors and two major internships. Got hired on by my dream employer then I planned to buy a house so I moved to a satellite location and bought a home. I got free education for masters so got two masters one Georgetown 4.0 in project management the other a state school for supply chain for globalization. I have planned more than anyone I know. The problem is the only ways to handle student loans is to pay it off by having a shitty life for half a decade to a decade or pay mins and wait for forgiveness. The plan is the last one the problem is how was I supposed to know Biden would have dementia and tank the democrats and the republicans would go full nuclear with project 2025 and target department of education? Apparently investing in undergrad and crawling my way out of subway sandwich artist would make me enemy number 1. Im the elite college grad.

@@ronaldreagan-ik6hz not possible i planned everything. My plan would have been perfect if it wasn’t for Biden dementia and republicans actively targeting department of education. Republicans for some reason hate elite college grads.

MOHELA was not a party to the suit; it was the Attorney General from Missouri who brought the lawsuit against the Department of Education on the basis that the state would be losing interest (profit) off student loans under the SAVE Plan. Biden would not implement this program through Congress because he currently does not have a majority with his party in the House of Representatives.

So you are racist and didn't earn that degree?

wrong. millions of Americans have worked hard to pay for their college. this program spits in their face. pay your own damn bills people.

no. stopping these loans entirely would be good for America. forgiveness of a promised debt is rewarding bad behavior. that's wrong and unjust.

Same boat. I was about to call to ask about the 120 payments.

Same. I got that notification when they transferred me to the new platform. Not sure if it's related to that or not. Also of note, the 10th circuit overturned the lower payment (5%) injunction in a Sunday ruling yesterday (6/30).

you want things to make more sense? stop trying to move the pea under the cup, and pay back the loan you signed for and agreed to repay. shocker.

@@ronaldreagan-ik6hz When I signed up for my loan I agreed to pay for 10 years and work in public service so they will forgive the rest (yes if you read the fine print that is in the contract). So thank you very much I am doing what any sane person would do and find the repayment plan that costs the least until my loans are forgiven. I'm waiting for the government to hold up it's end of the contract thank you.

😂

do you think its fair that someone that never went to college, or someone who has worked an extra job for years to pay off their loan -- would now have to pay for yours through taxes? and notice-- democrats are doing nothing to stop this insanity? they are literally cranking out new loans everyday. insane.

if you have been holding this since 2003, you have been horribly irresponsible.

​@ronaldreagan-ik6hz get out the comments you too old and bored if you dont need forgiveness just leave

its easy. pay the loan -- you promised to pay.

loans have interest you genius.

Yeah this is a stupid comment. Both parties hate you. Democrats had a super majority for years. They have been promising this for years. None of this was fixed. They all hate you.

the lords work does not involve screwing over those that have been responsible.

@@ronaldreagan-ik6hz Isn't Jesus the one that said you should forgive debt Matthew 18:21-35, Luke 7:36-39

@@r3cursion this has nothing to do with the bible. LOL. pay back your chosen debt. this debt was a choice -- own it.

@@ronaldreagan-ik6hz everything in life has to do with the Bible. That’s kind of the point

Ok boomer

@@prettybrwneyez7757 yeah I paid my debts so if that is the best you can do I guess you are incapable of a reasoned response

@@oldegruntwhy make a comment on a post that you don’t agree with seriously why waste the energy

@@SmecaWash The second part of the First Amendment is not quite dead so why not point out facts such posts like to ignore?

Joe Biden doesn’t have the money to pay for anybody’s loan, it’s NOT HIS MONEY. When he pulls a stunt like “college loan forgiveness" it would be the working class who will pay for it either directly, or more likely through inflation. Way to go working poor who voted for sniffy Joe, YOU would be on the hook to pay off debt for people who have higher earning potential than you do. He was trying to buy votes from people who have greater earning potential than those who will be paying for it. You’ll pay it one way or another, most likely through enormous inflation.

Donald Trump has declared bankruptcy 4 times. If the middle class can't have their student loans discharged in bankruptcy then neither should the rich. It's that simple.

The way the interest is calculated makes that very difficult for students. There are literally 80 yo people still paying loans. That's why folks are so frustrated. The government is a lousy partner in education.

and they coming after your Social Security !!

Then make everyone pay any debt they have including taxes. Reverse all 6 of Trump’s bankruptcies and make him pay up.

@@splashmt99What does Trump have to do with you. Do you and will be fine.