As the Supreme Court debates President Joe Biden’s student-loan forgiveness plan, Americans’ consumer debt continues to rise — and more of it is past due.For Shanna Hayes, 34, who was recently laid off from a tech-sector job, it might mean incurring more debts along her roughly... As the Supreme Court debates President Joe Biden’s student-loan forgiveness plan, Americans’ consumer debt continues to rise — and more of it is past due.
Loan forgiveness would bring her closer to her original outstanding loan before interest accrued. It would also give her hope to pay down the debt. “It would give me the ability to say this is possible, and one day I will be able to get there.” “Supreme Court justices this week heard two challenges to President Biden’s plan that would forgive up to $10,000 for many eligible borrowers and up to $20,000 for Pell grant recipients.”
There are signs that rising prices and interest rates are squeezing American pocketbooks. Serious delinquencies — counted as at least 90 days behind — increased for almost all forms of household debt compared to a year ago. The share of debt that’s now becoming seriously behind is bouncing off “historically low” levels.During the fourth quarter of last year, New York Fed statistics show 1% of student-loan debt was at least 90 days behind.
“Opponents of the loan forgiveness say Biden is wrongly stretching statutes and government coffers in order to fulfill a campaign pledge he made when he was the Democratic nominee for president. ” At one point, Justice Sonia Sotomayor, part of the court’s liberal wing, pressed Campbell on why judges should intervene.
Half of the loan holders said they had steady jobs with one employer for at least a year. The other half said they went through some job switching or disruption amid the pandemic. There’s a “substantial chance” more consumers could fall behind without loan forgiveness, said Ankit Kalda, a professor at Indiana University’s Kelley School of Business, where he focuses on household finances and behavioral economics.Employment and debt delinquency are closely tied, Kalda noted. The 3.4% jobless rate for January marked a five-decade low. At the same time, however, wages have had a tough time keeping up with inflation.
Then you would actually have to repay the loan you previously agreed to repay when you signed that legally binding document called a “promissory note”.
Just back to the original.. responsible for your loan! Period.
Remember there is no lack of jobs in America. Only a lack of people wanting to work them. It may be that people have to work jobs they don’t want for a while. There character value in that.
Need to investigate why these liberal brainwash factories (colleges) charge so much? Even the online classes that have very low expense, charge students thousands.
You’ll pay back your loan like everybody else
Art History and Gender Studies majors are feeling so anxious.
Can I please run up a $100k credit card bill (to advance my career training) and have it forgiven?
I pay my loans, why shouldn’t they?
They will have to get a job, and maybe put in some overtime like I do to pay it off.
I’m guessing those who signed on the dotted line for the loan will have to continue paying those loans and not taxpayers who don’t benefit from that forgiveness.
There will be major rioting. It will be allowed. This is what you do today when you don’t get your way.
Nothing. We are on our way to a dictatorship since the SupremeCourt is already there.
Means you will have to put on your big boy pants and do what everyone else has done for decades. Pay your bills.
So, the issue is not about whether or not student debt relief should be allowed, but more about WHO is to make such a decision.
The SCOTUS actually would not be cancelling the program. It would just be saying that such matter must be decided by Congress, not the President.
The students that took those loans will have to fulfill their original obligations? Moral hazard won't spread?
The students will have to pay back their loans, just like everyone else?
Any taxpayers want to pay off my mortgages?
The majority of Americans will be happy because we don’t have to pay for more BS!
Lots of people will own the debt they originally committed to.
This is a certainty. It’s getting blocked and probably should.
You overly woke, morbidly obese, purple haired cretin will have to pay your bills. Deadbeats.
Who is the lender here, the federal government?
You'll have to be responsible like the rest of us
It's as if these people were given no choice but to take the loan
pay it
People will pay the taxpayers back
Unconstitutional. Just like Ukraine funds.
Then you pay for the loans you signed up for
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