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Court rules Student debt is dischargeable in Bankruptcy

GaryO

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Your father probably also bought a house for pennies on the dollar compared to today's dollar and his schooling was a fraction of today's cost. Not to mention, your father probably could support his whole family on a single income.
The point is that he busted his ass and most kids these days aren't willing to work hard to get what they want.
 
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The point is that he busted his ass and most kids these days aren't willing to work hard to get what they want.
says who? social media posts complaining about "kidz these dayz?" People have been bashing the next generation for ever for no reason other than it's not the same as the prior. It's not objective thinking.

And even if kids these days sucked, it's the old "successful" generation who failed to raise good kids' fault anyway.
 

GaryO

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says who? social media posts complaining about "kidz these dayz?" People have been bashing the next generation for ever for no reason other than it's not the same as the prior. It's not objective thinking.

And even if kids these days sucked, it's the old "successful" generation who failed to raise good kids' fault anyway.
I agree, that's why I said that my wife and I instilled a good work ethic in our kids.
 

ridleyman

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I had some great profs in college. Humanities wasn't my major and I would not take those voluntarily, but in retrospect they were the most enjoyed courses. Do they add value? Does a well rounded person makes more or enjoys his life more?
Absolutely true. And one can't put an economic value on this knowledge and understanding. One also gains perspective, in the form of being able to see things in different ways. There's no question that college can be a great experience. However, is it worth going into debt for decades?
 

Broccoli Iglesias

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The truly sad part is that it's not just here. A couple of weeks back, on NPR, they were in in (IIRC) Lagos, Nigeria, interviewing a young man that was going to college, to get an engineering degree. The interviewer thought that was pretty good.

"No. It is not good. I am only getting this degree to make money. I am not able to follow my dreams."

It's not just Americans that are entitled.
Life is very different outside of the U.S. if you are a construction worker in Argentina, you live in the Ghetto. You might be able to move to an OK house if your wife has a good job. And construction there is harder than here, since everything is concrete, even tearing down a wall takes longer.

Same with cops, they are pretty poor. Your phone costs more than some cops make down there. It is the same in Brazil, Chile ...
 

Junior314

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Here’s a question... where are the responsible parents telling their children spending $30k a year on an out state degree in a useless field is dumb? Or on the flip side telling their kids maybe college isn’t the right choice for them.

Why can’t kids go to in state school, work, and live from home instead of partying it up at some SEC school?

Yup .gov backed loans are dumb and should be abolished. Yes that would help drive down the costs of school significantly. Yes they should be bankrupt-able and Navient and Sallie Mae should have to treat these like every other type of loan.

If your household income is over $58,000 a year your in the above average earner category. Be responsible adults and handle your stuff financially and you can save up some money or even help cash flow school for your kids if you choose to.
 

grey

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Here’s a question... where are the responsible parents telling their children spending $30k a year on an out state degree in a useless field is dumb? Or on the flip side telling their kids maybe college isn’t the right choice for them.

Why can’t kids go to in state school, work, and live from home instead of partying it up at some SEC school?

Yup .gov backed loans are dumb and should be abolished. Yes that would help drive down the costs of school significantly. Yes they should be bankrupt-able and Navient and Sallie Mae should have to treat these like every other type of loan.

If your household income is over $58,000 a year your in the above average earner category. Be responsible adults and handle your stuff financially and you can save up some money or even help cash flow school for your kids if you choose to.
A lot of parents aren't responsible. Mine just about disowned me for not wanting to go to college. I knew damn well our family couldn't afford it at 17, and really I didnt knownehat I wanted to do. I felt like I didnt have a choice at the time, relented and took 2 semesters of various courses and went into the trades. I still had to pay that back at the exact moment in my life where every penny counted. My brother on the other hand wasted 5 years at Clemson (graduated) and works in a field that might not require GED. Hes up to his eyeballs in debt and would otherwise be doing well in life if he wasnt saddled with it. Guess what, He's a big Bernie supporter. Funny how that works. I wasted no time explaining to him that hes the exact person who would NOT be given loan forgiveness either (white, middle class upbringing, non divorced parents, gainfully employed, married, no children, not behind on loan payments etc)

By the way, he uses that "well rounded " line on me all the time as justification. Personally I agree but theres other ways to persue that
 

PennyPincher

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This is pre 2009 thinking. The government learned around 2009 that it no longer needs to increase taxes to have all the spending it wants. It simply has the Federal Reserve print the money to pay for its spending, via QE, TARP, REPO, whatever - the name changes but it's just monetization of the federal deficits.

This has the added effect of devaluing the massive debt it already has on the books by devaluing the dollar. The Fed doctors the official inflation numbers so the public doesn't notice, or at least they don't understand why they're living paycheck to paycheck - they will blame corporations and the 1% rather than the government that is focking them in the behind.

So no, we won't pay that debt, not with taxes anyway.
The Fed printing the money is just adding to the national deficit(debt). Eventually it will all catch up with the US and either they will have to raise taxes to start paying it down or the US will default on it's debt and then all hell will break loose.
 

The5thDentist

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The Fed printing the money is just adding to the national deficit(debt). Eventually it will all catch up with the US and either they will have to raise taxes to start paying it down or the US will default on it's debt and then all hell will break loose.

All hell will break loose. Maybe.

Let's face it. All the money is fake anyway. It's not even printed. Digital fractional reserve lending. . The Fed can just keep pushing out bailouts to keep the system afloat. And banks can lend out money that doesn't exist based on their assets.

They will do what they want, and if things become problematic they'll just start WW3 with Russia or China, because sometimes "you need a good war to save the economy".

Anyone else remember their dumbass teachers spouting that line when discussing WW2? I sure do.
 

Broccoli Iglesias

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The point is that he busted his ass and most kids these days aren't willing to work hard to get what they want.
I don't think that is right. There were plenty of lazy people when your dad was young.

There are plenty of people willing to put in the time and work to make it. The difference is that you have social media today, and it is very easy to think everyone is a POS snowflake because that is what's all over the news. It is the equivalent of coming to NES and thinking everyone in the U.S loves guns because we all like guns here.

Think about this for a second, a lot of kids are snowflakes today because the parents did a sh*tty job educating them. What generation do those parents belong to ... probably your dad's.

I also see it here on NES all the time, the older guys with kids complaining the schools dont teach kids... I get it, schools do s*ck, but it is your responsibility as a parent to teach your kids what they dont learn in school. If they dont learn about loans, you should teach them, not sit here and complain.

This post is not meant to start another generation fight on NES. But just to point out, you cant place the blame on one group of people and talk how one generation was better blah blah blah...
 
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Super99Z

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I don't think that is right. There were plenty of lazy people when your dad was young.

There are plenty of people willing to put in the time and work to make it. The difference is that you have social media today, and it is very easy to think everyone is a POS snowflake because that is what's all over the news. It is the equivalent of coming to NES and thinking everyone in the U.S loves guns because we all like guns here.

Think about this for a second, a lot of kids are snowflakes today because the parents did a sh*tty job educating them. What generation do those parents belong to ... probably your dad's.

I also see it here on NES all the time, the older guys with kids complaining the schools dont teach kids... I get it, schools do s*ck, but it is your responsibility as a parent to teach your kids what they dont learn in school. If they dont learn about loans, you should teach them, not sit here and complain.

This post is not meant to start another generation fight on NES. But just to point out, you can place the blame on one group of people and talk how one generation was better blah blah blah...
+1, I say this all the time, amazes me when older folks say the young kids are dumb, lazy, useless etc. well who taught them about life? The older generations.
 

GaryO

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I don't think that is right. There were plenty of lazy people when your dad was young.

There are plenty of people willing to put in the time and work to make it. The difference is that you have social media today, and it is very easy to think everyone is a POS snowflake because that is what's all over the news. It is the equivalent of coming to NES and thinking everyone in the U.S loves guns because we all like guns here.

Think about this for a second, a lot of kids are snowflakes today because the parents did a sh*tty job educating them. What generation do those parents belong to ... probably your dad's.

I also see it here on NES all the time, the older guys with kids complaining the schools dont teach kids... I get it, schools do s*ck, but it is your responsibility as a parent to teach your kids what they dont learn in school. If they dont learn about loans, you should teach them, not sit here and complain.
I see what you are saying but I pointed out that my Father worked hard and taught us to do the same, if parents don't do that, they have failed at the most important job they have. Someone pointed out that he was the only one that worked and my mother stayed home but she raised 4 kids and took in over 30 foster kids which back then they didn't get a penny of help from the feds or state, we lived on a strict budget. I don't know what happened to cause that type of situation to fall apart.
 

Broccoli Iglesias

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I see what you are saying but I pointed out that my Father worked hard and taught us to do the same, if parents don't do that, they have failed at the most important job they have. Someone pointed out that he was the only one that worked and my mother stayed home but she raised 4 kids and took in over 30 foster kids which back then they didn't get a penny of help from the feds or state, we lived on a strict budget. I don't know what happened to cause that type of situation to fall apart.
Your parents tought you right.
 

Dennis in MA

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I went to college for free......100% free.

Got an A.S., B.S., and a MBA all paid for the companies I worked for.

Books were included - I paid for transportation and put in the time.

No loans.
I bet those degrees weren't in Womyn's Basket Weaving Communication. Because everyone should be allowed any degree they want and then they have the right to get a good job with that degree AND not owe any debt on said degree.
 

Dennis in MA

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Perhaps this will now tighten lending standards.
Say goodbye to ALL student debt. The whole agreement between the lender and Uncle is that Uncle won't interfere and ensure they get paid. Now that they can't get paid, no one will want to issue debt at all. Outside of the trillion dollars in existing debt, it's a great day for America. No more colleges charging outrageous $$$ to self-fund a bunch of BS. Be institutes of higher learning, not larger bloating.
 

hminsky

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They will do what they want, and if things become problematic they'll just start WW3 with Russia or China, because sometimes "you need a good war to save the economy".

Anyone else remember their dumbass teachers spouting that line when discussing WW2? I sure do.
Yes I sure do as well.
I've long wondered about that. Is there a widely accepted economist's theory of why WWII left the US in such tremendous economic shape? Would we have been even better off if it never happened?
 

Varmint

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The Fed printing the money is just adding to the national deficit(debt). Eventually it will all catch up with the US and either they will have to raise taxes to start paying it down or the US will default on it's debt and then all hell will break loose.
The US will never default on its debt (that would crash the economy and the currency), and it will never try to pay it down with taxes (that would be impossible and probably wouldn't solve the issue if other countries didn't do the same).

It will simply continue to devalue the dollar so that the debt can be paid with worthless dollars.
 

Varmint

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All hell will break loose. Maybe.

Let's face it. All the money is fake anyway. It's not even printed. Digital fractional reserve lending. . The Fed can just keep pushing out bailouts to keep the system afloat. And banks can lend out money that doesn't exist based on their assets.

They will do what they want, and if things become problematic they'll just start WW3 with Russia or China, because sometimes "you need a good war to save the economy".

Anyone else remember their dumbass teachers spouting that line when discussing WW2? I sure do.
It probably won't lead to any doomsday scenario, because it'll all happen VERY quickly. One day you'll have $100k in your bank accounts, the next day the banks will collapse and your unsecured $100k in the bank will go poof. The FDIC insurance you were counting on will be overloaded a thousand times over. The government will declare a national security emergency and cancel FDIC insurance.

There will be a massive wealth transfer from digital assets to hard assets - real estate, gold etc. A digital asset like a stock, bond, or cash in the bank - is really just someone else's liability, it isn't wealth. Tangible assets are wealth. Bill Gates and other rich people are buying up land as we speak, they know what's coming. The central banks are buying up gold, and transfer their gold held in other countries back inside their own borders. They know what's coming.
 

PennyPincher

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why shouldn't it be dischargeable in bankruptcy? all your other debt is.
when the student loan debt is "discharged" through bankruptcy, or any other gov guaranteed loan, the .gov (ie taxpayers) pay the debt for the borrower. think home loans - VA, FHA, FNMA, etc - these are guaranteed to a certain percent/amount (80%?). Student loans are 100% guaranteed. The loan doesn't just "go away" in this case.
 

Varmint

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when the student loan debt is "discharged" through bankruptcy, or any other gov guaranteed loan, the .gov (ie taxpayers) pay the debt for the borrower. think home loans - VA, FHA, FNMA, etc - these are guaranteed to a certain percent/amount (80%?). Student loans are 100% guaranteed. The loan doesn't just "go away" in this case.
which means banks won't stop lending because of this ruling. What do they care if the student or the government pays the loan?

this ruling might force the student debt buyout by the Federal Reserve to happen sooner though.
 
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when the student loan debt is "discharged" through bankruptcy, or any other gov guaranteed loan, the .gov (ie taxpayers) pay the debt for the borrower. think home loans - VA, FHA, FNMA, etc - these are guaranteed to a certain percent/amount (80%?). Student loans are 100% guaranteed. The loan doesn't just "go away" in this case.
The current system is still semi new. And it's been nothing but a massive failure. It needs to end sooner than later because the bigger it gets the worse the aftermath when it is eventually changed - which it will be without a doubt.

I think its about 14 years old now in its current form? Time to put this one to bed.
 
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