US student loans grotesquely high

[Swammerdami]

The formula prescribes a minimum age for partner

No, it doesn't. It prescribed the ideal age for a man's wife. The central point on a bell curve of undefined width.

It's generally not considered fit for that purpose anymore, but it's not notably more fit for the other purposes to which it has been co-opted, but for which it's author never intended it.

Did you provide a cite for this? (I'm too lazy to check.) Anyway, in recent decades it's acquired a new interpretation and imposes an anti-exploitation criterion. It gives not the IDEAL but the MINIMUM age for a man's wife. This meshes with your definition only if "ideal age" is defined as the minimum age which does not violate the anti-exploitation (or "creepiness") constraint.

Even more ideal with the alleged criterion, according to the formula, would be to replace wife every six years with a wife born three years later than the prior wife.

 

[bilby]

Did you provide a cite for this?

I didn't.

I assume most people have access to both Google and Wikipedia.

In earlier sources, the rule sometimes had a different interpretation than in contemporary times. Not only was it gender-specific, it was presented as a formula to calculate the ideal age of a female partner at the beginning of a relationship, instead of a lower limit. Frederick Locker-Lampson's Patchwork from 1879 states the opinion "A wife should be half the age of her husband with seven years added."[84] Max O'Rell's Her Royal Highness Woman from 1901 gives the rule in the format "A man should marry a woman half his age, plus seven."[85] A similar interpretation is also present in the 1951 play The Moon Is Blue by F. Hugh Herbert: "Haven't you ever heard that the girl is supposed to be half the man's age, plus seven?"[86]

https://en.m.wikipedia.org/wiki/Age_disparity_in_sexual_relationships

 

[steve_bank]

People with student loass are grotesquely irresponsible.

 

[ZiprHead]

 

[Jarhyn]

People with student loass are grotesquely irresponsible.

Identification of responsibility when we had the opportunity to educate on the responsibility but did not implies that the irresponsible ones were not the people with student loans but the society that allowed that industry, and shaped it such that they are a fountain of irresponsibility requiring mitigation.

We should pay our taxes to clean it up, say "let's fix this", and disallow such irresponsible social offerings as student loans, instead offering education as a gift of public infrastructure.

 

[steve_bank]

In the news young people are turning skilled trades and community college ptogrsms. They can get tsed withut any debt and and make good mney.

I expect a lot of people these days go to coleg thinking it is an automatic ticket to a good job out of the box.

The OWS complaint was 'We got our degrees where are the jobs?'. College is supposed to give you the knowledge and reasoning skills to figure things out for yourself. If you get a dgree it is up to yiu to figure out how to make a living.

In the 80s I knew a guy whao got a degree in philosphy, then went to a community college to learn electronics so he could get a job.

Something I noticed and others in my generation.

Something was missing in the newer new collrge engineering grads. When faced witha problem they could not find a solution for they could be at a loss as yo how to solve it.

In an interview a businessman said young people entering the business work place need more structure and supervision than past generations.

In Biden's plan an upper limit of 125k is bullshit. 250k per household.


College degree or not figuring out how to support yourself is on you. While I am an independet centrists. in this case it is the reublican label of the 'nanny state'.

You take a school loan to invest in yourself and your future. I saw a commercial where a narator said busyness should pay student debt because 'we went to school for you'.

Something is going out of our culture. We are becoming a nanny state.

 

[lpetrich]

Federal judge Mark Pittman blocks Biden's student loan forgiveness plan - The Washington Post - November 11, 2022 - "The Justice Department is appealing the decision, but the Education Department has halted relief applications."

The Job Creators Network Foundation filed a lawsuit in October on behalf of a borrower who does not qualify for the full $20,000 in debt relief and one who is ineligible altogether. The suit alleges the administration violated federal procedures by denying borrowers the opportunity to provide public comment before unveiling the program.

...
In a statement, White House press secretary Karine Jean-Pierre said: “We strongly disagree with the District Court’s ruling on our student debt relief program and the Department of Justice has filed an appeal. The President and this Administration are determined to help working and middle-class Americans get back on their feet, while our opponents — backed by extreme Republican special interests — sued to block millions of Americans from getting much-needed relief.”

More than 26 million people have applied for loan relief. Jean-Pierre said the administration will hold onto their information “so it can quickly process their relief once we prevail in court.” The Education Department, however, is no longer accepting applications in light of the ruling but encouraged borrowers to sign up for updates at studentaid.gov.

Pittman’s order comes after the U.S. Court of Appeals for the 8th Circuit last month granted a temporary stay against the loan forgiveness program in a separate lawsuit brought by six Republican-led states. The cases are among a growing number of legal challenges to stop Biden’s program. Some of those suits, including one filed in Indiana and another in Wisconsin, have been dismissed for lack of standing.

 

[lpetrich]

Supreme Court asked to allow Biden's student loan forgiveness plan - The Washington Post

The Biden administration on Friday asked the Supreme Court to reinstate its student loan forgiveness program, saying its creation was well within the authority of the education secretary and that a lower court decision putting it on hold “leaves millions of economically vulnerable borrowers in limbo.”

U.S. Solicitor General Elizabeth B. Prelogar criticized a 3-0 decision on Monday by a panel of the U.S. Court of Appeals for the 8th Circuit. It sided with a coalition of six Republican-led states that requested that the court table any debt cancellation amid ongoing litigation. The injunction is to remain in place until further action from that court or the Supreme Court.

Plaintiff in Biden Student Debt Lawsuit Had PPP Loan Forgiven - "The lawsuit, aimed at ending Biden’s debt forgiveness program, is being bankrolled by a well-connected right-wing group."

The plaintiff in a lawsuit seeking to overturn President Joe Biden’s student debt forgiveness program has herself been a beneficiary of debt cancellation, in the form of a Paycheck Protection Program business loan worth over twice the maximum amount covered under Biden’s program.

...
Student debt relief advocates say the lawsuits are astroturf efforts by right-wing political organizations. “These sham lawsuits are blatantly manufactured by billionaire-funded right-wing organizations whose only purpose is to play dirty politics,” Braxton Brewington, spokesperson for the Debt Collective, told The Intercept. “These plaintiffs aren’t actually harmed by student debt cancellation, they’re simply willing to be political pawns for dark-money groups who will do anything to prevent working people from having financial breathing room.”

 

[lpetrich]

Biden announced a student loan payment extension. Here's what we know. - The Washington Post - November 23, 2022

The Biden administration announced Tuesday that it will again extend a pandemic-era pause on payments for federal student loans as courts weigh the fate of its debt forgiveness program.

The payment pause, which was first implemented during the Trump administration and extended multiple times, had been set to end on Dec. 31. Officials had hoped to have forgiven some debt by then so borrowers’ balances would be lower, or in some cases wiped altogether, before payments resumed.

...
Payments will resume 60 days after the department is allowed to implement the program or the litigation is resolved, officials said. If that hasn’t happened by June 30, payments will resume 60 days later or on Sept. 1, the department said.

 

[lpetrich]

Student Loan Payment Delay: Some Borrowers Refuse to Pay Bills - Bloomberg - Aug 2 - "For some, ignoring the return of payments after a three-year pause is a matter of survival — and principle."

Student Loan Payments: Ignoring Debt May Be Your Best Bet Right Now - Bloomberg - Aug 2 - "A one-year program put in place recently means people won’t be penalized for missed payments beyond accrued interest."

Biden Extends Key Student Loan Forgiveness Deadline: Why It Matters

“If you want to consolidate your loan(s) in order to get the benefit of the adjustment, you should submit a loan consolidation application by April 30, 2024,” says updated guidance released by the U.S. Department of Education on Monday.

Biden has canceled over $100 billion in student loan debt this year | Fortune

Government and nonprofit workers are getting billions in student loan debt canceled through a public service program - "Americans getting this debt relief include many nurses, teachers, first responders, Peace Corps volunteers and social workers."

Student loan payments: Nearly 9 million borrowers missed first payment after pandemic pause | CNN Politics
Only 60% of student loan borrowers made payments when bills restarted - "In October, the pandemic-era pause on student loan payments expired, and the bills resumed for some 22 million people."

Student Loan Forgiveness Poll: Gen Z Voters Want More From Biden in 2024

 

[lpetrich]

3.5 Million To Receive Student Loan Forgiveness Credit For Nonpayment

Millions of borrowers will receive student loan forgiveness credit for administrative forbearance periods, according to the Biden administration, as broad loan servicing problems continue.

Forbearances allow borrowers to avoid repayment while staying in good standing on their student loans. They being implemented by the Education Department due to ongoing, widespread loan servicing issues following the return to repayment last fall. The department also announced new financial penalties imposed on loan servicers due to billing mistakes and other problems.

So as not to punish people for others' fumbling.

 

[lpetrich]

Biden says student borrowers with smaller loans could get debt forgiveness in February. Here's who qualifies. - CBS News

Some student borrowers could see their debt completely forgiven next month.

Starting in February, people who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining loan balance "canceled immediately," President Joe Biden said in a Friday statement. The borrowers also must be enrolled in the Biden administration's new Saving on a Valuable Education repayment plan, also called the SAVE plan.

 

[lpetrich]

Biden-Harris Administration Announces Additional $4.9 Billion in Approved Student Debt Relief | U.S. Department of Education - January 19, 2024

The Biden-Harris Administration announced today the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).

Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $136.6 billion for more than 3.7 million Americans.

Biden-Harris Administration Continues Rulemaking Process to Provide Debt Relief for More Student Loan Borrowers | U.S. Department of Education - January 31, 2024 - "U.S. Department of Education to host a fourth negotiated rulemaking session in February identifying ways to provide debt relief to borrowers experiencing hardship across the country"

FACT SHEET: President Biden Cancels Student Debt for more than 150,000 Student Loan Borrowers Ahead of Schedule | The White House - February 21, 2024

Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions.

Biden administration cancels $1.2 billion in student loans through Save payment plan - The Washington Post - February 21, 2024 at 7:15 p.m. EST

The latest debt relief targets people enrolled in the Saving on a Valuable Education (Save) plan, and makes good on the administration’s promise to accelerate forgiveness for people who borrowed lower amounts of money to attend college. Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments. The Education Department had originally planned to begin forgiveness in July but started identifying eligible borrowers this month.

 

[lpetrich]

Biden has canceled $138 billion in student loans. Some say it’s not enough. - The Washington Post - March 6, 2024 at 2:28 p.m. EST - "As the president gears up his reelection campaign, he wants to raise the profile of the sweeping debt relief efforts"

Activists and liberal lawmakers who pressed Biden to embrace bold action on debt cancellation say the work is far from over. But, as Biden prepares to deliver his State of the Union address Thursday, they also say now is the time to herald the president’s accomplishments in ridding millions of Americans of debt.

“What he has done is remarkable,” said Sen. Elizabeth Warren (D-Mass.), a longtime leader in the debt cancellation movement who has urged Biden to do more. “He has canceled more student loan debt than all the other presidents put together. It’s less about the billions of dollars and more about the millions of people.”

To achieve debt relief, the president has identified existing loan forgiveness programs mired in bureaucratic red tape — such as Borrower Defense to Repayment, Income-Driven Repayment and the public servant loan program — and cleared a path for borrowers by adjusting the rules. As a result, Biden is responsible for the largest amount of student debt cancellation since the government got into educational lending more than 60 years ago.

But Biden himself has not been viewed as an enthusiastic and consistent salesman for the mass student loan forgiveness that his administration has facilitated.

Prior to agreeing to his 2022 plan to forgive up to $20,000 for most borrowers — which would have wiped more than $400 billion of debt from Americans’ balance sheets — Biden had to be convinced that taking such an executive action was good policy and smart politics, according to current and former administration officials, who spoke on the condition of anonymity to discuss internal deliberations. As a candidate, he questioned whether a president had authority to provide large-scale relief on their own. He also worried about the optics of the federal government bailing out Ivy League graduates and other well-to-do professionals with a debt relief program unavailable to many working-class people.

 

[BH]

Get 'em Joe

 

[BH]

I read somewhere that conservatives think giving tax breaks, loan forgiveness, etc. to the poor is wrong because they are lazy and haven't earned it. But its not wrong to give it to the rich because they work hard and deserve a break. I think its just people being governed by their base instincts and the since the well off hold most of the offices with keys to the money bin they make up excuses to bail themselves out or award pet projects to themselves to get easy money and not do it for others.

I ask my conservative friends how, in our economy, everyone could actually be a billionaire anyway. For the sake of argument if everyone was smart and genius level, worked until they fell asleep, studied and learned constantly, and made no moral mistakes that affected their ability to make money, how on earth could everyone have it all? There just isn't enough to go around. Someone would still have to be a janitor or teacher or cashier. No one answers this question. It is dodged. Or pie in the sky magical brownies are offered where robots all of a sudden can exist do all the menial stuff.

 

[scombrid]

It's a neat trick the GOP has pulled. It will denigrate low wage people in one breath and then convince the working class that the Democrats are evil globalists that hate the working man and want to replace him with brown foreigners. Why yes you'd all be rich like the Koch's if you'd pull yourselves up by your boot straps and not work menial jobs forever. It would also help if the Democrats didn't take all your stuff and give if to St. Raygun's Wellfare Queens in their Cadillacs.

 

[lpetrich]

Biden plans to cancel student loan debt, 23 million Americans may be impacted | Reuters

The plans, which the Democratic president detailed in Madison, Wisconsin, include cancelling up to $20,000 of accrued and capitalized interest for borrowers, regardless of income, which Biden's administration estimates would eliminate the entirety of that interest for 23 million borrowers.

...
Biden's new plans include automatically cancelling debt for borrowers who are eligible for certain forgiveness programs, who entered repayment decades ago, who enrolled in low financial value programs, or who are experiencing hardship.

"This relief can be life changing," Biden said in Madison, just as the total solar eclipse in North America was gracing the region. "Folks, I will never stop delivering student loan relief for hard-working Americans... It's for the good of our economy."

He added that if he is re-elected in November's presidential election, he would push hard to make community college free.

How would he do that at the Federal level? Checking on various community colleges' sites and also  Community colleges in the United States I find that they are all governed by cities and counties and states, so doing that does not look very straightforward.

If the latest plans are finalized following a public comment period, they would take effect as early as this fall, White House spokesperson Karine Jean-Pierre told reporters in a call detailing the plans. Combined with the administration's previous actions, they would benefit more than 30 million Americans, Jean-Pierre added.

 

[lpetrich]

What to Know About Biden’s New Student Debt Relief Plan - The New York Times

The plan would reduce payments for 25 million borrowers and erase all debt for more than four million Americans. Altogether, 10 million borrowers would see debt relief of $5,000 or more, officials said.

...

— Borrowers whose loan balances have ballooned because of interest would have up to $20,000 of their interest balance canceled. The plan would waive the entire interest balance for borrowers considered “low- and middle-income” who are enrolled in the administration’s income-driven repayment plans.

The interest forgiveness would be a one-time benefit, but would be the largest relief valve in the plan. The administration estimates that of the 25 million borrowers that could see relief under this waiver, 23 million would see their entire interest balance wiped out.

— Borrowers who are eligible for, but have not yet applied for, loan forgiveness under existing programs like Public Service Loan Forgiveness or the administration’s new repayment program, called SAVE, would have their debts automatically canceled.

— Borrowers with undergraduate student debt who started repaying their loans more than 20 years ago, and graduate students who started paying their debt 25 or more years ago, would have their debts canceled.

— Borrowers who enrolled in programs or colleges that lost federal funding because they cheated or defrauded students would have their debts waived. Students who attended institutions or programs that left them with mounds of debt but bleak earning or job prospects would also be eligible for relief.

— Borrowers who are experiencing “hardship” paying back their loans because of medical or child care costs would also be eligible for some type of relief. The administration has not yet determined how these borrowers would be identified, but is considering automatic forgiveness for those at risk of defaulting.

...

The new plan would forgive some or all loan debt for nearly 30 million borrowers under the Higher Education Act, the federal law that regulates student loan and grant programs. By targeting specific groups of borrowers — instead of offering broad loan forgiveness — the administration believes it can act within the narrower confines of that law.

The Biden administration said lawyers for the White House and the Education Department studied last year’s Supreme Court ruling and designed the new program to make sure it did not violate the principles laid out by the justices.

But that may not be enough.

 

[lpetrich]

More Republican states sue to block Biden’s new student loan repayment plan | AP News

Seven states led by Missouri filed a federal lawsuit Tuesday challenging Biden’s SAVE Plan, which has become a new legal target for conservative opponents after the Supreme Court toppled the Democratic president’s first attempt at student loan cancellation. It largely mirrors another suit filed last month by Republican attorneys general in 11 states, led by Kansas.

“Yet again, the President is unilaterally trying to impose an extraordinarily expensive and controversial policy that he could not get through Congress,” according to the new suit.

Filed just a day after Biden trumpeted a new proposal to cancel student loans for millions of borrowers, the lawsuit sets the stage for one legal battle and foreshadows another. The suit doesn’t directly challenge Biden’s newest plan for cancellation, but its architect, Missouri’s attorney general, separately threatened to bring action against that plan, too.