They want to Retro Charge for Student Loan Interest during Covid

Here

“Voting in favor of CRA is really a pretty extraordinary slap in the face to representatives' constituents,” Abby Shafroth, a senior attorney with the National Consumer Law Center, told Yahoo Finance. “It would not only break a promise the government has already made to constituents to provide them life-changing debt relief, but also increase their student loan balances right now by undoing past months of 0% interest and retroactively charging interest for that time.”

Guys I’ve said it a thousand times, A Government that gives is a Government that can take away. (To the person using all my exact phrases on Tik Tok, get a life and use your own voice to make content!)

I know many of us had differing opinions on the student debt relief during Covid. Some were completely for it, some against it.
What happened was the government halted interest and payments during Covid. Now they (some) want to undo that and recharge people.
I personally think this is very wrong. I think it’s ok if the government doesn’t pay off the debt, but to retro-charge the interested that they changed to zero is unfathomable. BUT alas, it’s the government, very slimy.
Remember I told you previously this is the Chinese year of the Cat (also known as Rabbit) and this is the year for youth protests and revolution…. I think I’m beginning to see it…. Maybe this is all carefully constructed.

I’d also like to toot my own horn. I have a daughter that had one student loan during covid. Being the conspiracy theorist I’m proud to call myself, I didn’t trust the no interest thing AT ALL. Of course I was hopeful, but didn’t trust it for a minute. I never stopped paying, even when it said zero interest and zero payment due, I completely ignored it and payed as usual. Being a CT has never failed me, not once. People can call us names, call us crazy, tin hat wearing, whatever they want, now I’d just take it as a compliment that we’re two steps ahead of the game!!!!

For those that are OK with this proposal. Just imagine, if the government said, those Covid tests aren’t free anymore and we are going to retrocharge you for any tests you took during Covid. Would you be OK with that? Yeah, I didn’t think so!

Let me guess. The Reps voting in favor of this are the same ones that got their PPP loans forgiven by the government.

originally posted by: Threadbare
Let me guess. The Reps voting in favor of this are the same ones that got their PPP loans forgiven by the government.

I’ve been saying it the whole time, THEY are all the same. There is no Republicans/Democats.
Some Democrats are also for this.

When student loan forgiveness of $20,000 per student doesn't happen, because it's illegal, and student loan repayment goes back into effect probably around July, it's going to be a huge and crushing wake up call for a lot of young adults who are still struggling to understand life.

I see recession on the horizon.

A possible repeat of 2008.

Possible deflation. In 2008, I remember people taking pay cuts to avoid being laid off, a lot of foreclosures, and cheap homes.

Hopefully not increasing interest rates. Argentina's base rate just hit 97%.

originally posted by: IndieA
I see recession on the horizon.

A possible repeat of 2008.

Possible deflation. In 2008, I remember people taking pay cuts to avoid being laid off, a lot of foreclosures, and cheap homes.

Hopefully not increasing interest rates. Argentina's base rate just hit 97%.

Ever been to a waterpark where they have that giant bucket of water feature?
It fills slowly, tipping to one side, tipping to the other side. Finally it gets full enough that the entire bucket falls on the head of the children below. The whole time they are in awe of the tipping from side to side, almost frozen in anticipation, then when the force of the water slaps them on the face they stand there in shock..

Yea, I think that is what it is going to be like…

originally posted by: IndieA
When student loan forgiveness of $20,000 per student doesn't happen, because it's illegal, and student loan repayment goes back into effect probably around July, it's going to be a huge and crushing wake up call for a lot of young adults who are still struggling to understand life.

And we just might see JAGStorm's words " I told you previously this is the Chinese year of the Cat (also known as Rabbit) and this is the year for youth protests and revolution…." become a 'spoiler alert'.

originally posted by: nugget1

originally posted by: IndieA
When student loan forgiveness of $20,000 per student doesn't happen, because it's illegal, and student loan repayment goes back into effect probably around July, it's going to be a huge and crushing wake up call for a lot of young adults who are still struggling to understand life.

And we just might see JAGStorm's words " I told you previously this is the Chinese year of the Cat (also known as Rabbit) and this is the year for youth protests and revolution…." become a 'spoiler alert'.

I think if they just said we aren’t going to forgive that is one thing, but to retro charge the interest is very very low. If they do that I think that will be the straw that breaks the camels back.

Low income housing around here $1200 a month why because landlords went with little rent for 2 years.

lets make sure thats what it says.

Text: H.J.Res.45 — 118th Congress (2023-2024)

a reply to: WingDingLuey


I think anyone who is against debt forgiveness, especially student loans, need a good kick up the aras.

I cant imagine starting out in life with a dirty big loan you've to pay back. Which will prevent you from doing so much while you're still young.

Anyone against student loan forgiveness, to me, is a sad, very sad person. And the "well i payed mine back" just dont cut it.
Its a brick wall on someone's shoulders.

originally posted by: WingDingLuey
lets make sure thats what it says.

Text: H.J.Res.45 — 118th Congress (2023-2024)

Excuse my ignorance, but is that a for or against document?

I mean whats the overall resolution of it? Yay or nay?

originally posted by: SecretKnowledge
a reply to: WingDingLuey


I think anyone who is against debt forgiveness, especially student loans, need a good kick up the aras.

I cant imagine starting out in life with a dirty big loan you've to pay back. Which will prevent you from doing so much while you're still young.

Anyone against student loan forgiveness, to me, is a sad, very sad person. And the "well i payed mine back" just dont cut it.
Its a brick wall on someone's shoulders.

Can you imagine…. This would cause anarchy..

Many individuals whose loans were discharged under longstanding forgiveness programs, such as Public Service Loan Forgiveness, could see their debts reinstated,"

originally posted by: SecretKnowledge
a reply to: WingDingLuey


I think anyone who is against debt forgiveness, especially student loans, need a good kick up the aras.

I cant imagine starting out in life with a dirty big loan you've to pay back. Which will prevent you from doing so much while you're still young.

Anyone against student loan forgiveness, to me, is a sad, very sad person. And the "well i payed mine back" just dont cut it.
Its a brick wall on someone's shoulders.

It makes me question some people's thinking to believe that someone who takes out a loan should not be responsible to pay it back. What makes student loans so special that people should not be responsible to pay them back? If you can not make the analysis of "is it worth it?" Then maybe you are not ready for adulthood. Just because the loans are offered does not mean you should take them. Availability does not equal practicality.

a reply to: hangedman13

It makes me question some people's thinking to believe that someone who takes out a loan should not be responsible to pay it back. What makes student loans so special that people should not be responsible to pay them back? If you can not make the analysis of "is it worth it?" Then maybe you are not ready for adulthood. Just because the loans are offered does not mean you should take them. Availability does not equal practicality.

I think the problem some people have with it is that is has a predatory element.
Usher kids straight out of high school into massive debt. Yes yes, parent should teach them better. What I’m learning is a lot, and I mean a lot of parents are terrible and have zero financial education themselves.
Colleges know this and have capitalized on this.

I’m not saying things should be “free” but why is it that in the US educations is so much more expensive than almost anywhere else? Same goes for healthcare…
We need to do something different.

a reply to: JAGStorm

Taking out student loans without having an endgame in mind is pretty stupid. Too many people are not looking at what the end results of their degrees mean. Is there a need for your degree in your area or are you going to need to relocate to utilize it? There is a huge warning right there, not every degree is marketable in your backyard. A bigger question for the loan recipient is, am I able to handle the coursework? Yes the student loan setup is predatory but when do we start blaming the people who perpetuate the issue? The issue has only gotten worse because of how easy it has been made to qualify.

I think to a large degree loans should be lowered hut not forgiven simply because during the covid students were not getting what they were paying for in many aspects of college. Cant go to class have to do it online no social clubs no sports no parties which is a big part of school. Being masked up tricked into vaccination and the list continues.

a reply to: SecretKnowledge

It says congress is against the department of education for saying the committee has no rule of law. Department of education wants the money- from the website-

“Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to “Waivers and Modifications of Federal Student Loans”.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Department of Education relating to “Waivers and Modifications of Federal Student Loans” (including the website announcement entitled “One-Time Federal Student Loan Debt Relief” and the Federal Register document entitled “Federal Student Aid Programs (Federal Perkins Loan Program, Federal Family Education Loan Program, and William D. Ford Federal Direct Loan Program)” 87 Fed. Reg. 61512 (Oct. 12, 2022)), and printed in the Congressional Record on March 22, 2023, on pages S903–S906, along with a letter of opinion from the Government Accountability Office dated March 17, 2023, that the Waivers and Modifications are a rule under the Congressional Review Act, and such rule shall have no force or effect.
”

Education should be free. It’s a public service to educate the citizens.

a reply to: JAGStorm

originally posted by: SecretKnowledge
a reply to: WingDingLuey


I think anyone who is against debt forgiveness, especially student loans, need a good kick up the aras.

I cant imagine starting out in life with a dirty big loan you've to pay back. Which will prevent you from doing so much while you're still young.

Anyone against student loan forgiveness, to me, is a sad, very sad person. And the "well i payed mine back" just dont cut it.
Its a brick wall on someone's shoulders.

You sir, have made my day. It seems that I am a very sad person in your eyes. I can’t remember seeing anything quite like it on here. So let’s discuss this a bit.

Why do you believe that there should be no consequences for personal actions? A loan is a contract between two people where one gives money in exchange for the promise to pay it back over time plus interest. You agree to this when you sign on the dotted line. Can we agree on this? You are agreeing to pay it back, and all the terms are laid out in that document.

It’s simple really, you have to pay it back, you affirmed that you would. If you don’t, one way or the other someone else has to. You seem anxious to pass that debt on to someone else. In that case it would seem that your word, your promise means nothing. That is very telling on a persons character.

What entitles you to go back on your promise? Then on top of this, you state that there should be punishment if someone (God forbid) should disagree with you. The simple fact is that if you can’t afford to pay it back, don’t take out the loan.

I wanted to go to college, but there was no way I could afford it, so I went a different route. I also pay my bills, and never looked for a handout. Oh, I’m sorry, that statement doesn’t cut it with you. You should remember that the brick wall you put on your shoulders was put there by you after all.

I look forward to your response.