SLABS must be getting ready to implode if politicians are being told to attack loan forgiveness

  1. Honestly, we should be making universities responsible if their graduate default on the loans. They’re either not providing a good enough product for the market and they’re overpriced or they’re basically hoarding endowments and fed money and making all of us pay for that bs. **fixed a typo

  2. One of the biggest issues is that a lot of schools are seeing the dollar signs and just admitting as many people as possible even if the students have no business at all being in college. Some people just aren't smart or motivated enough to get a college degree but they're being let in anyway and handed the student loan paperwork because oh don't worry you'll be fine. You'll get a great job and make huge piles of money.

  3. Right, I mean it’s really the University’s fault for tricking dumb kids to get degrees in Philosophy in order to have 500k of debt and be employable only at Starbucks.

  4. Also, let's stop offering crap degrees. Not many people are going to hire for dance degrees, or business degrees. If I had to get out of the STEM field, I am doing a trade.

  5. If you try to look at this through a moral/political lens, you're missing the point. It's not about the debt that the students owe, its about the debt that is on the lenders books as an asset/cash flow. They don't want their cash flow taken away

  6. So since this such a hot button political issue, and is probably one of the key things that are going to keep Democrat seats in Congress, are they actually going to forgive loans or not?

  7. For real. Avg. Class of 2020 starting salary is $55k? I’m 10 years out of college, working a job that required a degree in my field of study, and have never made that much. The whole system needs to be reset. It’s a moneymaking scam that funnels you straight into wage slavery just like everything else in this country.

  8. Remember, this is coming from a generation of boomers who, at the time, were able to work at a gas station and afford to support a family, a home, college and purchase a sports car as a graduation present for themselves. Then get paid starting wages of 80k/year which in today's dollars is closer to 150k+. They have no idea.

  9. makes me think of all those posts on uusb about people yoloing their debt thinking it would be forgiven and then lost....granted some of them did well...

  10. I pay off the last of my $22k student loans next month. Which according to my luck is when it will get cancelled lol.

  11. And the institutions that hold the debt have no interest in having them paid off because the SLABS are worth so much money

  12. I signed my student loan contracts at age 15 to attend college early. The US has a defense of infancy clause for federal student loans. I don't even know why you'd let someone who isn't an adult sign for tens of thousands of dollars of debt. I didnt need my parents or anything. I would love mine forgiven. I could actually use the $ to put back into the economy or help my family

  13. Crazy how the government can spend trillions on bailing out the wealthy and corporations but completely bend over the small guy is crazy. And the fact low income Republicans still vote for them is bat shit crazy.

  14. Biden is not going to do a damn thing. He was the one who fought against allowing people to go bankrupt on student loans. He's part of the reason why people can't file for bankruptcy on student loans.

  15. This is my thought. He helped create this. I also can’t help but think this is all a stunt for mid term elections. People may vote to keep their incumbents in place if they feel their debt might be forgiven or don’t want others to have debt forgiven. That hope might keep voters from remembering how all other policies have crushed most of us.

  16. The biggest issue imo is student loans being protected from bankruptcy. There is literally no penalty to handing out loans to everyone. Take away the protections and let the bankruptcy system work how it's supposed to. Those who really need it and qualify will get it and those that don't won't. Seems pretty simple to me.

  17. I am of two minds about this. People should be held responsible for the decisions they make in their life. I do not think that the initial money loaned should be forgiven. I believe people should pay back what they owe. You signed the paperwork, as a legal adult, it sucks, but you did not have to sign. If you signed before you were should not be held liable for any amount of debt.

  18. Here's my problem with your take: You are assuming that the consequences of making these decisions are fair.

  19. There's almost nobody talking about blanket loan forgiveness. Most are focused on set amounts, interest negation, and better rules about forgiveness for public servants.

  20. Student loans are packaged up like mortgages were in 2008. Only without the collateral. So if these implode, anyone speculating on them will take a huge hit. Much like 2008.

  21. I'll bite... student loan forgiveness would set off mini defaults since people depend on that income for their crime investments... if they lose value of their collateral they can't make as large a bet and either need to force their shorts value down or prop up their other longs or close put some shorts.

  22. Canceling student debt will allow those art majors to further invest their money into crypto. Should be interesting when it all comes crashing down and there is nothing else to forgive

  23. If you can name a single thing GME-related that's somehow not affected by politics, I might agree with you.

  24. Because it fucks the wallstreet types who are using derivatives based on bundled student loans as collateral and to gamble with

  25. It needs reform. Not forgiveness. Taxpayers would be on the hook for that money and that’s not fair.

  26. What’s not fair is lying to teenagers and telling them that the only way they can succeed is going to college and going into debt - which our peer nations do not charge for to this extent. Then people do everything “right” and end up in debt for life. This is by design. The USA’s financial model is slavery, whether actual slaves, the school to prison pipeline for private prisons, or massive debt sold under false pretenses to kids that keeps them from creating any wealth of their own. The system is FUCKED.

  27. Agree! The problem is with the way the student debt system is set up, and it's 100% irresponsible to forgive student loans without fixing the system, and to have taxpayers pay the price.

  28. While I don't disagree for the most part, that isn't what this post is about. I'd prefer to keep the political affiliations out of it and instead look at the systems and institutions that so many politicians are being bribed to perpetuate to the detriment of their constituents

  29. WOW, and I just finished 728 hours of overtime these past 4 years to put my son through ASU. He’s graduating the second week of May debt free and I will look like a Loony Tunes Dumb Ass after everyone gets forgiven.

  30. Until MOASS, where you will look like a fucking visionary while still being able to collect your parent of the decade award 🤷🏼‍♂️

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