student debt forgiveness (1 Viewer)

[NauticalGent]

Amen, ADR3 and SW1

Retired as an AKC...

 

[Isaac]

Doesn't student debt forgiveness negatively impact creditors, who count on a certain amount of income from hosting the debt in the first place?

 

[Pat Hartman]

The government is not forgiving private debt. They are forgiving loans that the US underwrites through Sallie Mae. I'm not sure there is much, if any private debt left anymore. I thought the government put them all out of business some years ago. The government thought the rates were too high given that the debt is unsecured and has no repayment at all for at least four years and possibly a little longer.

Although, if there is still private debt, the lenders probably paid off the President so he wouldn't screw them the way he screwed landlords during COVID. That travisty completely undermined the Constitution by cancelling legally binding contracts involving money that was not even theirs. Not that the Sallie Mae money is theres. It is really ours.

 

[Isaac]

Not so sure about that. But honestly not sure, as it's complicated. I have a bit of student debt myself from my stint in law school approx 19 years ago. It's currently held by a company called "Mohela". Yet, the government claims my student loan forgiveness application was "approved". (then comes a lot of disclaimers about how it probably won't work due to lawsuits).

 

[Pat Hartman]

Mohela might be servicing the loan but not actually own the debt. But, I will ask you -

If Mohela owns the debt, would you be OK with the government telling you that you don't have to pay it? What happens to Mohela? Can the President just take their private property from them like he did with the owners of rental property during the COVID "crisis"? Or, is the government going to take money from ME to pay Mohela what YOU owe them?? You must be OK with it if you applied for relief. I'm sure you are aware that someone else is going to be forced to pay YOUR debt.

On the other hand, you would be foolish to not take the "free" money even if it means that I am the one paying for your stint in law school.

 

[Isaac]

Mohela might be servicing the loan but not actually own the debt. But, I will ask you -

If Mohela owns the debt, would you be OK with the government telling you that you don't have to pay it? What happens to Mohela? Can the President just take their private property from them like he did with the owners of rental property during the COVID "crisis"? Or, is the government going to take money from ME to pay Mohela what YOU owe them?? You must be OK with it if you applied for relief. I'm sure you are aware that someone else is going to be forced to pay YOUR debt.

On the other hand, you would be foolish to not take the "free" money even if it means that I am the one paying for your stint in law school.

Oh, it's all horrible. I am 1000% against the student loan forgiveness thing. But you're right, just like I will cash my stimulus checks even though Democrats are idiots for just handing people money to cover all problems, I'm not going to be the only person shredding a check I was handed.

But yeah, I still applied, if the money is going to be allocated I'll take my share. but I am totally against it. Proof of that is I refuse to vote Democrat, ever. I know the Republican party pushes the country a little bit better in the direction it ought to go so I vote party line. Republicans are far from perfect, but when something crazy is proposed, it's usually the R standing up to at least say 'that's crazy'. I know they lack courage a lot and have their own problems and hypocrisy sometimes, but just a million times better.

I highly doubt the student debt will end up being forgiven, as multiple judges have struck it down and the supreme court would certain strike it down, and it will go there if it needs to. But I filled out the application, under the same discipline I fill out a class action settlement offer that I know will only get my family a $5 check - as the breadwinner I just do everything I can find to hunt and gather, basically, Instinct I guess.