SCOTUS rules against Biden student loan handout

[temporal1]

Valerie:
.. this was a ploy from the start. ..

all these career politicians have law degrees and/or are surrounded by lawyers.
biden has DECADES of experience with SCOTUS. they know exactly what they’re doing.

P.1, look at biden’s stance in 2022 soundly protecting banks, then in 2023 (seeking votes, stirring pots) he’s throwing out promises of FREE STUFF/FREE ED. (not just him, it’s party politics). self-serving and destructive. no shame.

EDUCATION.
a respectable K-12 education would be adequate to teach students to beware liars, empty promises, being led down the garden path.
this would PREVENT them from signing up for egregious debt with no plan or hope of repayment.

instead, wholesale “lambs to the slaughter.”

Valerie,
i agree with you so much so, i seriously wonder why SCOTUS didn’t reject it from consideration based on it being a NUISANCE case?
Viva Frei spells it out: Pelosi, herself, called it from the get-go. That’s a clue.

Viva Frei describes the matter as A LIE .. i agree
“Ignorant students” - Gov ed is failing to prepare students to identify double-talking liars.

The average high school student is capable of understanding what Pelosi stated in a few words: “He doesn’t have the power to do it.”
Talk about creating+abusing PAWNS. Other people’s children.

3 Supreme Court Rulings That ROCKED the Left - Discrimination & Broken Promises! / Viva Frei Vlawg / -13min
(student debt “promise”/lie case begins at 9min)

Found in Comments:

@MandoMTL WROTE:
Imagine a President actively and openly undermining a pillar of government.

We have it IRT.
To repeat, SCOTUS should have rejected this as a NUISANCE case to start.
The point was destruction, even of the court, itself. No moral compass.

[temporal1]

.. What pays for it all? In part, mushrooming student loan debt. ..

Allowing student loans to be removed via bankruptcy would quickly sober up the lending process, which would immediately curtail university spending.

Today, many college degrees are not as valuable as high school diplomas were - before guaranteed loans.
The CHEAPENING of higher ed resulted in increased need/desire for advanced degrees AND big price tags.

At root, it all stems from gov-guaranteed student loans. Unfortunately, the human condition tends to spiral downward.

People value what they work for, are personally invested in. “Free stuff” .. invites sloth. i’m sorry to say.

Many graduates+families PAY BACK their student loans. With interest. Not just those who land big-paying jobs.

[Ken]

.. What pays for it all? In part, mushrooming student loan debt. ..

Allowing student loans to be removed via bankruptcy would quickly sober up the lending process, which would immediately curtail university spending.

Today, many college degrees are not as valuable as high school diplomas were - before guaranteed loans.
The CHEAPENING of higher ed resulted in increased need/desire for advanced degrees AND big price tags.

At root, it all stems from gov-guaranteed student loans. Unfortunately, the human condition tends to spiral downward.

People value what they work for, are personally invested in. “Free stuff” .. invites sloth. i’m sorry to say.

Many graduates+families PAY BACK their student loans. With interest. Not just those who land big-paying jobs.

That is an excellent point. It is absurd that student loans can't be discharged in bankruptcy like any other business loan.

Allowing loans to be discharged in bankruptcy wouldn't affect subsidized and unsubsidized federal loans since those interest rates and qualification criteria are fixed in statute. But it would likely affect the interest rates for private student loans and make a lot of private student loan lenders either (1) raise their interest rates, or more likely (2) require that parents co-sign so that BOTH the student and the parents would have to declare bankruptcy to get the loan discharged.

There would still be huge consequences for any young person choosing to declare bankruptcy to discharge student loan debt. That basically means no car loans, mortgages, or good credit cards for 7 years. You will wind up in the subprime market for loans and credit cards if you can even get them. And it could affect your ability to even rent an apartment (or at least a nice one) because most landlords run credit checks these days. Although I think their ability to select tenants based on credit checks depends on the individual state.

[Josh]

Landlords don’t really care about a bankruptcy. A recent bankruptcy is usually a less credit risky individual (since they don’t owe money to anybody else).

The most common reason for bankruptcies is medical debts.

[Ken]

Landlords don’t really care about a bankruptcy. A recent bankruptcy is usually a less credit risky individual (since they don’t owe money to anybody else).

The most common reason for bankruptcies is medical debts.

I would expect it probably depends on the rental market and how in-demand the unit and location is. If they have a big waiting list and more applicants than they need they can probably be selective and use credit scores as a factor. If they are desperately trying to fill empty units then obviously not so much.

[temporal1]

Landlords don’t really care about a bankruptcy. A recent bankruptcy is usually a less credit risky individual (since they don’t owe money to anybody else).

The most common reason for bankruptcies is medical debts.

Bankruptcy is supposed to be a last-ditch resort, not to be taken lightly by any side.
After my husband died, the 2008 bank failures happened. i “fought hard” against bankruptcy for .. 1-2 years? It was horrible.
i had an attorney, paperwork, “rules” - i was on the brink, it was awful. At last, a property sold, i was able to get caught up on bills, and walk away without going through the process, AND the YEARS of being penalized with bankruptcy showing up on my credit report.

Bankruptcy is no “GET OUT OF JAIL FREE” card, and shouldn’t be.
Josh, as you say, it’s NOT the end of the world. There is life after bankruptcy. Neither are penalties forever.

“Sobering up” banks, universities, AND students makes a lot of sense - to PREVENT the huge student loan CRISIS from continuing.

Bankruptycy is “harsh enough” to inspire lots of people to figure out how to pay their debts, AND offers a path for those in serious need, as you suggest, for medical expenses .. student loan debt should be allowed the option. Not a fun gift! A way out when no other seems possible.

Many do not realize, there are different kinds of bankruptcy, AND, you can’t “just decide” - you must QUALIFY to apply, then courts review and decide. i believe state laws vary? not sure.

It’s not a slam-dunk, just because you’re in financial trouble.

i happened to have a very good, experienced bankruptcy attorney. Evenso, i sensed he was a bit disappointed when i was, at last, able to avoid the ordeal. i guess i expected him to be happy. i don’t think he was.

Everything works best when ALL involved have “skin in the game.” Accountability.

[temporal1]

Landlords don’t really care about a bankruptcy. A recent bankruptcy is usually a less credit risky individual (since they don’t owe money to anybody else).

The most common reason for bankruptcies is medical debts.

I would expect it probably depends on the rental market and how in-demand the unit and location is. If they have a big waiting list and more applicants than they need they can probably be selective and use credit scores as a factor. If they are desperately trying to fill empty units then obviously not so much.

Credit reports affect lots of things, including car insurance rates, and much more, things beyond direct loans.

Local markets vary, when landlords have waiting lists, applicants will be turned away, bankrutcy may be a factor, but, chances are, anyone with bankruptcy probably has other disqualifying factors, anyway.

i recall my b. attorney saying something to the affect Josh is saying, “no debt,” and no option to file, are considered “ok” by, for instance, used car dealers. YOU WILL NOT GET PREMIUM TERMS+INTEREST RATES. but, not all doors are closed.
you can begin to reestablish credit with SECURED CREDIT CARDS.

IN OLDEN DAYS, bankruptcy was close to “the end of the world,” legally, economically, socially. No longer such draconian penalties.
It’s uncomfortable, but opportunities to rebuild life exist. Socially, it’s “meh.”

Let’s face it.
For many businesses and the wealthy, bankruptcy is “just everyday business,” it’s a business tool.
Some businesses use it to restructure and do much better.

The hellish stigma of old is gone. It’s-still-rough. i have no problem with that.
neither do i covet “what rich people have.” (i don’t have their obligations, either.)

.. i wish .. i didn’t know anything about bankruptcy! - life happens.

[Ken]

Landlords don’t really care about a bankruptcy. A recent bankruptcy is usually a less credit risky individual (since they don’t owe money to anybody else).

The most common reason for bankruptcies is medical debts.

I would expect it probably depends on the rental market and how in-demand the unit and location is. If they have a big waiting list and more applicants than they need they can probably be selective and use credit scores as a factor. If they are desperately trying to fill empty units then obviously not so much.

Credit reports affect lots of things, including car insurance rates, and much more, things beyond direct loans.

Local markets vary, when landlords have waiting lists, applicants will be turned away, bankrutcy may be a factor, but, chances are, anyone with bankruptcy probably has other disqualifying factors, anyway.

i recall my b. attorney saying something to the affect Josh is saying, “no debt,” and no option to file, are considered “ok” by, for instance, used car dealers. YOU WILL NOT GET PREMIUM TERMS+INTEREST RATES. but, not all doors are closed.
you can begin to reestablish credit with SECURED CREDIT CARDS.

IN OLDEN DAYS, bankruptcy was close to “the end of the world,” legally, economically, socially. No longer such draconian penalties.
It’s uncomfortable, but opportunities to rebuild life exist. Socially, it’s “meh.”

Let’s face it.
For many businesses and the wealthy, bankruptcy is “just everyday business,” it’s a business tool.
Some businesses use it to restructure and do much better.

The hellish stigma of old is gone. It’s-still-rough. i have no problem with that.
neither do i covet “what rich people have.” (i don’t have their obligations, either.)

.. i wish .. i didn’t know anything about bankruptcy! - life happens.

The difference between the rich and ordinary people is that the rich shelter all of their business ventures behind corporate shells. So a business bankruptcy has no effect on your personal finances or credit rating whatsoever.

[Josh]

Note that’s illegal to discriminate against people with a bankruptcy in employment, rental, and other settings. It’s usually irrelevant since someone who filed bankruptcy would have bad credit in other ways.

Overall, no, it doesn’t have much of a negative effect when someone does it, particularly a chapter 7.

[temporal1]

The difference between the rich and ordinary people is that the rich shelter all of their business ventures behind corporate shells. So a business bankruptcy has no effect on your personal finances or credit rating whatsoever.

i’m not sure how much of this is due to terms of various TYPES of bankruptices.

i have no problem with business bankruptcies that serve different purposes.

Even with Chapter 7, it’s possible to reaffirm on some debt, within strict boundaries. i would urge anyone thinking of filing to seek solid legal counsel. For me, i found it impossible to “guess” the legal complications+details involved, some painful.

^^Not a time to DIY.

Note that’s illegal to discriminate against people with a bankruptcy in employment, rental, and other settings. It’s usually irrelevant since someone who filed bankruptcy would have bad credit in other ways.

Overall, no, it doesn’t have much of a negative effect when someone does it, particularly a chapter 7.

In my lifetime, there have been DRASTIC changes that prevent the worst problems.
Evenso, there are penalties, enough to motivate the majority to PAY DEBTS, avoid bankruptcy. i think, for the overall best.

The idea is to SOBER UP the broken system, which is currently exploited by banks, universities, and students.
Not “do away with” any of them. SOBER THEM UP.