US Biden Won’t Extend Student Loan Relief And Confirms Student Loan Payments Restart February 1 - Melinda Scott on Suicide Watch?

The Biden administration won’t extend student loan relief and confirmed student loan payments restart February 1, 2022.

Here’s what you need to know.

Student Loans​

White House Press Secretary Jen Psaki confirmed to reporters during a press briefing that the Biden administration won’t extend student loan relief — and the student loan payment pause will end January 31, 2022. (No, Biden won’t extend student loan relief again). Here are some highlights from her comments:

• “In the coming weeks, we will release more details about our plans”
• “We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan.”
• “We are still assessing the impact of the Omicron variant.”
• “A smooth transition back into repayment is a high priority for the administration.”
• “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1.”
• “41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1, so right now we’re just making a range of preparations.”

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Student loan relief: this won’t sit well with progressives and advocates​

Progressive members of Congress, leading advocacy groups and student loan borrowers have lobbied President Joe Biden to extend the student loan payment pause beyond January 31, 2022. (Here’s a list of everyone who wants Biden to extend student loan relief). They cite potential financial devastation for millions of borrowers if temporary student loan forbearance isn’t extended. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) say that 89% of student loan borrowers feel financially unprepared to restart student loan payments. They also argue that nine million student loan borrowers in default will suffer further financial detriment. (5 ways Biden could cancel more student loans). With other U.S. senators, they have pressured Biden to postpone the return to student loan payments for at least several months and at most until the end of the Covid-19 health emergency. Despite these pleas, the Biden administration seems definitively focuses on ending this student loan relief on January 31.

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Student loan cancellation won’t happen either​

Some student loan borrowers have hoped that Biden will deliver a last-minute financial lifeline by enacting wide-scale student loan cancellation. (Here’s how to get student loan forgiveness during the Biden administration). However, there is no indication that Biden will cancel everyone’s student loans. Therefore, don’t expect Biden to cancel student loans before student loan relief ends.

On the contrary, Psaki provided an update on Biden’s actions to date to enact student loan forgiveness. Since becoming president, Biden has cancelled $12.5 billion of student loan debt for approximately 640,000 student loan borrowers. When questioned by a reporter about the Biden administration’s plans to help student loan borrowers, Psaki made no mention of any future plans for wide-scale student loan forgiveness. (How to qualify for automatic student loan forgiveness). Psaki’s posture has been consistent with Biden’s in that the president supports wide-scale student loan cancellation of up to $10,000, but Congress should pass legislation on mass student loan forgiveness.

With less than 60 days remaining until the end of temporary student loan relief, it’s essential that you understand all your options for student loan repayment. Here are some popular options to save money on your student loans:

• Student loan refinancing (lower interest rate + lower monthly payment)
• Income-driven repayment plans (lower payment, but same interest rate)
• Public service loan forgiveness (student loan forgiveness for public servants)

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[jje100010001]

View attachment 2799687

TBH, NEET works best if you build up a parallel skill stack and can use that to earn money under the side, ideally from your hobbies.

I.e. growing orchids, doing commissions, writing, scamming normies on ponzicoins.

Otherwise you'll be dependent on your parents and government for tendies and gibbs; the former of which can potentially have its sunset period, and the latter of which means that they can jank your chain (i.e. vaxxies for tendies).

 

[MysticLord]

The government can basically garnish anything if you have a bank account attached to it. You basically would have to give up your entire life in the US in order to get away from it. Very very few people are willing to do that. I mean, if you have no family and don't care, I guess you could. But picking up and moving to another country is extremely rare.

Another idea I heard is starting a religion or church, incorporating it, then buying property as that. You could set up a "commune" and so long as you have the right bylaws, vet people well, or it's just your buddies and family lying their asses off live in your own little private neighborhood in the middle of nowhere. Good luck getting my stuff, Uncle Sam: God owns it all.

Also, if you can afford to flee to another country and start an actual above-ground legal life there, you can afford to pay off your debt.

It's like asking why a guy who just robbed a corner store is still hanging out in the same neighborhood and doesn't just flee to the French Riviera where the law will never find him.

We're not quite at the point where moving to Mexico is a better deal than staying in America, but if we get more BLM bullshit in 2022 and 2024 I'll consider it.

 

[Kosher Dill]

said loans are explicitly excluded from being discharged in bankruptcy proceedings. even if you remove that exemption now, it continues to apply to existing loans, just not any new future ones.

What on earth makes you think that? There's no provision in bankruptcy law that takes into account what the law was at the time you incurred the debt. You're either a debtor right now or you're not, and if you file for bankruptcy now, today's laws apply to the debt you have now, whether it was originally incurred today or 50 years ago.
Do you think it works the other way around too? Most types of student loans were only excluded from bankruptcy in 2005, and there are certainly many people still paying off student loans from before that. Can they still file for bankruptcy because those were the rules at the time?

 

[The handsome tard]

TBH, NEET works best if you build up a parallel skill stack and can use that to earn money under the side, ideally from your hobbies.

I.e. growing orchids, doing commissions, writing, scamming normies on ponzicoins.

Otherwise you'll be dependent on your parents and government for tendies and gibbs; the former of which can potentially have its sunset period, and the latter of which means that they can jank your chain (i.e. vaxxies for tendies).

I dont think NEETs care being the government's property as long they can sit on their asses.

 

[IAmNotAlpharius]

What does prevent someone to rack up debts and then off to latin america? Can the government garnish that too?

I wonder how many have done this.

 

[Fish Fudge]

TBH, NEET works best if you build up a parallel skill stack and can use that to earn money under the side, ideally from your hobbies.

I.e. growing orchids, doing commissions, writing, scamming normies on ponzicoins.

Otherwise you'll be dependent on your parents and government for tendies and gibbs; the former of which can potentially have its sunset period, and the latter of which means that they can jank your chain (i.e. vaxxies for tendies).

It's almost like you're suggesting they... get a job?

 

[Gar For Archer]

TBH, NEET works best if you build up a parallel skill stack and can use that to earn money under the side, ideally from your hobbies.

I.e. growing orchids, doing commissions, writing, scamming normies on ponzicoins.

Otherwise you'll be dependent on your parents and government for tendies and gibbs; the former of which can potentially have its sunset period, and the latter of which means that they can jank your chain (i.e. vaxxies for tendies).

Being self-employed is still being employed. If you’re able to earn a living wage doing things you enjoy on your own time, you’re not a NEET, you’re just very fortunate.

 

[Vic Viper T301]

I used to work for a private collection agency with a federal contract to collect on defaulted federal student loans. It was a huge racket, we were awarded a substantial amount by the government for each person we could get out of default and back into good status, so this was our major focus. Typical way to do this was to get them on an income based payment plan. I see you're divorced with four kids and living on welfare. Can you afford $5 a month for nine months? That will get you out of default, stop your wage garnishments and stop the treasury department from intercepting your tax rebates and SSI. Then your payments are probably going to shoot up, but that's not my problem, our company got paid. And it's a one time only deal so if you do this and fall back into default again, now you're truly fucked. Oh, you want to settle for less than what's owed instead? I'm only authorized to take 10% off, but we'll also take off the fee that was added when you went into default and were placed with us for collections. It said they would do that on the promissory note you signed. Those fees are something like 17%, which is pretty substantial when we're talking about loans frequently in the tens of thousands of dollars. I saw quite a number in the $500,000 range. Lot of people taking these loans to their grave.

A couple months ago I was informed the Department of Education cancelled the companies contract, and if I heard right, that they cancelled ALL federal contracts with private collection agencies. Based on that I figured the dems were going to push some crazy mass loan forgiveness scheme. I guess that turned out to not be feasible and/or they realized just how much money they would be throwing away.

 

[jje100010001]

I find it insanely hilarious when some liberal shit like AOC or Buttgieg's cock cleaner whine about studen loan debt while making $200k a year.
Well, you took the loan. The loan helped you get that job. Now pay back the loan or fucking kill yourselves, you fucking parasites.

IMO, they clearly have the ability to repay the debt (esp. with AOC's $17K debt), but keeping it gives them clout and something to perpetually complain about.

 

[IAmNotAlpharius]

It's almost like you're suggesting they... get a job?

That’s capitalism oppression!1!

 

[Marvin]

Pfft, whiners. They just need to whore themselves out.

 

[neverendingmidi]

@Secret Asshole

I've been out of high-school for over a decade and I STILL remember the entire school guidance system hammering college into you at even the sophomore level. Its just bashed into you over and over and over again. If you looked at a trade school, you were considered an automatic failure.

Oh god I remember this, and I’ve been out for 20 years. I joined the military as DEP right before senior year, best thing about it was seeing the expression on my guidance counselor’s face when she started in on college applications the first day she saw me, and me telling her I was already set. Never. Saw. Her. Again.

Didn’t know a 20 year forever war would start a year after I joined…

 

[CharlesBarkley]

"Don't worry, Biden. All those young kids with those shitty college loans? You forgive them - Bam, all that money goes back into the economy."

*Some time later*

"Sir. how was I supposed to know that all these retards are donating cash to twitch thots and retards who speak about socialism on youtube?"

 

[Autistic Joe]

Just to revisit and respond to some of the really good advice from earlier in this thread. All of this was true 30 years ago when I went to college (and finished with zero debt) and it's even more true today with the outrageous cost of a degree relative to its actual value in the job market.

The main problem comes with that 'all degrees are equal'. This isn't so.

I think part of the problem is that too many young people buy into the fantasy world portrayed in media. As if literally everyone with a literature degree will become a world-famous author. Or literally everyone with a journalism or communications degree will become a lead anchor in a major market. Or to use a more "current year" example, that literally everyone with a gender studies degree will become a highly-sought-after "influencer" and activist with a lucrative sponsorship grift. And that such positions will warrant a six-figure salary right out of the gate, and provide a fun, active, expensive, pampered life in a major metropolitan area.

All of which couldn't be further from the truth. Do some people find great success with a liberal arts or fine arts degree? Sure, if you have one-in-a-million talent, or if you have "top 1%" elite connections. But there's a reason why stereotypes exist of the frustrated writer, the struggling actor, the starving artist, the musician busking for spare change - to which we can now add the barista who spent $60k/year for a useless Woke Degree.

My parents drilled this into me when I was considering my options for college, "you'll never make any money doing {X}, the best you could hope for is what, maybe be a teacher?" And they steered me towards STEM, which really was my true calling, and certainly far more sustainable and in-demand than any of my "hobby interests" in art/music/writing. And to his credit my high school guidance counselor was in complete agreement.

No surprise, once again the list of 25 Highest Paying Careers is dominated by engineering (14), with a few other entries in math (4), management (3), other STEM (3), and finance (1). Just like it was 30 years ago, and probably will be 30 years from now. But we're supposed to believe all degrees are equivalent, um no.

And the hilarity of it is that a bachelor's degree will barely get you anywhere anymore. So you're spending crazy money on just an entry level degree. Its High School, version 2. For any Kiwis considering college, I have some loan free, inexpensive tips.

Love it. Your list was basically my checklist for college.

1) DO NOT NEGLECT COMMUNITY COLLEGE - 2 years at Community, then transferred to State.
2) EXPENSIVE SCHOOLS ARE NOT WORTH IT. FUCK THE IVIES - $50/credit at Community, then $100/credit at State.
2a) Do not do meal-plans. Drive if you must. Rent off-campus housing - even better, I lived at home.
3) DO YOUR RESEARCH FAGGOT / Rate of employment after graduation - the conversation with my parents which steered me towards STEM and basically "guaranteed" employment (esp. in the 1990's).
4) SWALLOW YOUR PRIDE - there were much more prestigious choices for STEM in my area, but at like 6x the cost. My schooling was practically free once all the financial aid was factored in.
5) NEVER EVER EVER EVER GO TO A FOR-PROFIT SCHOOL - not really a thing back then anyway
6) CONSIDER A BACHELOR'S AS ENTRY LEVEL - goes with what I said above about people's unrealistic expectations and sense of entitlement. In my case, I knew I still faced plenty of competition in STEM, and was just happy to get in at the ground floor and work my way up over time.

Here are my hot takes.

Same with Secret Asshole's list, great advice - I did most of this as well.

Do anything to get off your parents tax records for financial aid - not much I was able to do here, but they didn't have a lot of income anyway, which is why I ended up paying for it myself. First by working summers, and then working part-time year round later on.
Pell grants will pay almost all of your costs at a community college - agreed, along with a state scholarship, these paid a good chunk of my tuition.
Do not use student housing - lived home and had free room, board, and laundry lol.
Apply for and use work study - YES YES YES a thousand times over - I landed a paid internship at a good company, and stayed on part-time afterwards. Eventually qualified for Tuition Reimbursement, so they covered most of what wasn't already handled by the Pell and State awards.
Only go to schools where you can get in-state tuition - agreed, this was a no-brainer for me.
If anyone offers you a job in CS/IT while you are going to college, drop out and take the job - I had that part-time job, so close enough I guess. I ended up staying on full-time after graduation.
Do not fight openly fight asshole professors, instead accuse them of woke bullshit - god I miss the 90's, there was no wokeshit back then!
A community college is the best place to learn CS, IT, and trades - I took a slightly different path but no argument here. In my case I took a whole lot of "Basic 101" classes in pretty much every subject that I could. So not really "practical" skills per se, but it did give me a very broad spectrum of thought and philosophies on the world, and a taste of many different fields. Which I think helped me in STEM, by training my mind to think outside the rigid procedural boxes, and often look for a novel, creative solution to whatever problems I work on.

So I guess to contribute something to the actual subject of the thread... damn straight, they shouldn't forgive student loans! Not after generations of people struggled to pay theirs off, or made good financial decisions to not have loans in the first place.

 

[MysticLord]

@Joe Shmo I can't quote you, so...

So I guess to contribute something to the actual subject of the thread... damn straight, they shouldn't forgive student loans! Not after generations of people struggled to pay theirs off, or made good financial decisions to not have loans in the first place.

I disagree. The issue isn't that "loan forgiveness" lets lazy students off the hook, it's that it lets scammer university employees off the hook. Let it be dismissed like any other debt, and put the universities, their endowments, and their employees on the hook for unpayable debts.

This would result in 99% of universities going under, and all of the libtard university employees losing everything (as they should).

I really don't give a shit about fairness, my interest is in pro-social incentives. Besides, most STEM students will never get a job in STEM because all the entry level jobs go to imported foreign scabs.

 

[Sweet and Savoury]

The Dem's can't afford to do the forgiveness routine

They need that carrot for 2024 to entice those Bernie types.

It'll never happen...the can of worms that it would open would choke a carp.

 

[kcbbq]

Maybe they've been spending too much time in literally anywhere civilised and assumed a $15 minimum wage was a massive reduction, like I would have?

Fifteen real dollars are worth a lot more than the cheap Chinese knockoff dollars you use in Abboland.

 

[Fish Fudge]

@Joe Shmo Because apparently I can't quote

I think part of the problem is that too many young people buy into the fantasy world portrayed in media. As if literally everyone with a literature degree will become a world-famous author. Or literally everyone with a journalism or communications degree will become a lead anchor in a major market. Or to use a more "current year" example, that literally everyone with a gender studies degree will become a highly-sought-after "influencer" and activist with a lucrative sponsorship grift. And that such positions will warrant a six-figure salary right out of the gate, and provide a fun, active, expensive, pampered life in a major metropolitan area.

All of which couldn't be further from the truth. Do some people find great success with a liberal arts or fine arts degree? Sure, if you have one-in-a-million talent, or if you have "top 1%" elite connections. But there's a reason why stereotypes exist of the frustrated writer, the struggling actor, the starving artist, the musician busking for spare change - to which we can now add the barista who spent $60k/year for a useless Woke Degree.

I do, in essence, totally agree with all of this. I think the problem is a lot of the "creative types" or liberal-arts majors, is that they fall into one of two camps. They're either so blindingly purist/arrogant that they won't pursue work that doesn't personally interest them. Or, they're just intensely lazy and never actually follow through on what they claim to be doing.

I can't really reveal much without powerlevelling, but there absolutely are careers out there tha don't require you to be in that top 1% or starving either.

 

[Stoneheart]

They're either so blindingly purist/arrogant that they won't pursue work that doesn't personally interest them. Or, they're just intensely lazy and never actually follow through on what they claim to be doing.

Or talent free.

I can't really reveal much without powerlevelling, but there absolutely are careers out there tha don't require you to be in that top 1% or starving either.

the 2 guys from my class that went to art school both have good and steady jobs doing some sort of art or design.

 

[Cuckoman]

I really don't give a shit about fairness, my interest is in pro-social incentives. Besides, most STEM students will never get a job in STEM because all the entry level jobs go to imported foreign scabs.

Eh, wrong. a good STEM student, in top-half of his class, will virtually NEVER be unemployed or have any issues whatsoever paying off the student loans with their STEM job salaries.

Anyway, the people that struggle with student loans are not STEM students. It is people that have taken on student loans to get a gender-studies degree.
I recall from some years ago that I read (might misremember) that the number of STEM students at US colleges were <20% and that the vast majority of students in US college systems are just retarded lesbian dance theory classes where there are no jobs after they graduate.

The problem is that people take loans to get a degree where there are no jobs and never will be, i.e. they take on 50k$ debt to get a lifestyle degree. That is not the case for the STEM students.