Biden is withdrawing his broader student-loan forgiveness plans that were set to cancel debt for over 38 million borrowers

[trapnerd]

As a non-college educated breh. What happens if you simply don’t pay your loans back? Will the feds garnish your wages? Can you file bankruptcy to get from under the debt?

 

[Kenny West]

There is a lesson here

This whole Biden student debt forgiveness has been half assed and it's what we get for electing a half ass lame duck who only put this on his agenda to beat Bernie.

This is why progressives didn't believe in these stooges trying to co-opt Bernie's platform and popular policy ideas. The DNC never wanted to do shyt like forgive student loan debt, make healthcare actually affordable or curb emissions, that stuff hurts the pockets line of many of their masters.

Biden only pretended to support these causes for panderings sake, and anyone who had enough of a brain to see that coming was accused of "purity testing".

Now all the naive fakkits who invoked that phrase are gonna be crickets as Biden continues to go out sad

 

[Rasille]

As a non-college educated breh. What happens if you simply don’t pay your loans back? Will the feds garnish your wages? Can you file bankruptcy to get from under the debt?

Credit gets hit and possibly wage garnishment depending on the situation. You can’t discharge the debt through bankruptcy. Biden made it impossible to do so.

 

[Pazzy]

As a non-college educated breh. What happens if you simply don’t pay your loans back? Will the feds garnish your wages? Can you file bankruptcy to get from under the debt?

Yep, feds can shake you down for everything if you default on your loans

 

[Oldschooler]

How you get yourself in such a situation in the first place....if you know you can't afford it and have no help from parents or family at all, just stay in state or go to the closest college to your home. Especially if you're taking some liberal art subject with no prospective of getting a well paying job after you graduate. Heck it's how I got out of the debt burden and in fact my only way out. I was in a 2 income household but low income. Went to local engineering College, graduated in 4 years. Stayed at home and commuted. Got a job, kept on staying at home and paid my debt in 2 years.

 

[Born2BKing]

Democrats make promises on things they really don’t want to do because they know they have the republicans to block those things while not taking the blame. They pass the shyt they really want with no problems.

nikkas say this and then also want Dems to promise reparations.

 

[BlazedWun]

How you get yourself in such a situation in the first place....if you know you can't afford it and have no help from parents or family at all, just stay in state or go to the closest college to your home. Especially if you're taking some liberal art subject with no prospective of getting a well paying job after you graduate. Heck it's how I got out of the debt burden and in fact my only way out. I was in a 2 income household but low income. Went to local engineering College, graduated in 4 years. Stayed at home and commuted. Got a job, kept on staying at home and paid my debt in 2 years.

yes everyone's situation is identical to yours

 

[¯\_(ツ)_/¯]

Credit gets hit and possibly wage garnishment depending on the situation. You can’t discharge the debt through bankruptcy. Biden made it impossible to do so.

Student loans are now easier to discharge in bankruptcy, attorneys say: It's 'life changing'

The Biden administration's new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say.

www.cnbc.com

Student loan debt bankruptcy: More borrowers are getting relief after Biden policy change | CNN Politics

More student loan borrows have successfully received debt relief through bankruptcy after the Biden administration made a policy change to make the process easier nearly two years ago, according to data released by the Department of Justice Wednesday.

amp.cnn.com

 

[Prodyson]

The thing about bankruptcy is you cede years of credit worthiness after the fact so unless you are balling out of control with your first job, bankruptcy would be a barrier for people if it was the first option.

Most folks who want to declare would have been under that debt burden for years and now see they arent touching principle with their payments.

Rich white people would find a way to take advantage of it anyway. Send their child to some school that taxes out the behind and rack up 200k worth of student loan debt for tuition and borderline luxury housing at low interest. Pay a few years, file bankruptcy and the live off the parents until their credit worthiness is back up to par.

 

[TEH]

College should be free. Please explain why state schools have to charge these crazy prices without caping for corrupt politicians.

 

[Spiider]

How you get yourself in such a situation in the first place....if you know you can't afford it and have no help from parents or family at all, just stay in state or go to the closest college to your home. Especially if you're taking some liberal art subject with no prospective of getting a well paying job after you graduate. Heck it's how I got out of the debt burden and in fact my only way out. I was in a 2 income household but low income. Went to local engineering College, graduated in 4 years. Stayed at home and commuted. Got a job, kept on staying at home and paid my debt in 2 years.

Even if you stay in state, you’re still going to be in debt. And sometimes crazy shyt like a global pandemic happening right when you graduate can make it hard to find a job even if you have a degree in something that’s not useless

 

[bnew]

https://archive.is/pwnPo

 

[the cac mamba]

College should be free. Please explain why state schools have to charge these crazy prices without caping for corrupt politicians.

hey, how else are you gonna give Billy Bulger a 300k per year pension

oh, sorry. "without"

 

[Diunx]

Good, fukk the young and their MAGA asses

 

[Pull Up the Roots]

Could he legally do that?

Sorry, I didn't see this before now. Theoretically, they could attempt to rollback and restart payments, given they'll have control of who's appointed as secretary of education, both chambers of congress, and a right-wing super-majority on the supreme court. It's not practical though even with that stacked deck. They can make it harder going forward for any future administration by exploiting rules like this, especially if legal challenges result in precedent-setting decisions that restrict their ability, but retroactively undoing relief that's already been granted? I doubt it.


------

Biden Just Ended Two Student Loan Forgiveness Plans For 30 Million People — Here’s Why

The Biden administration walked away from two mass student loan forgiveness plans on Friday. Here's why.

www.forbes.com

The two loan forgiveness plans would have created pathways to student debt relief for broad swaths of student loan borrowers, including those who have experienced runaway balance growth due to interest accrual, and people who are dealing with significant personal or financial hardships. Had the programs been enacted, they could have benefited more than 30 million borrowers.

But given ongoing legal battles over Biden’s student loan forgiveness initiatives — most of which have not been going well for the administration — as well as the transition to the Trump administration in January, officials may have concluded that these plans were unlikely to go into effect, anyway. And by scrapping the programs before the Trump administration takes office next month, Biden officials may be trying to insulate borrowers from potentially adverse actions, and preserve relief for the future.