Baby, You Can Pay My Bills: 40% of Student Loans Borrowers Miss That First Payment

Ah, here we go. Just like we thought would happened. Almost like we wrote the script ourselves.

And all the excuses the Biden administration put together for absolutely forgiving student loan debt coming to life in one irresponsible package.

Of course, when you’ve already got a get-out-of-credit-report-jail-free card handed to you by Crusty Claus and his gang of thieving education elves, whut? You worry?

🚩Red flag in student loan payments: 40% missed their payments in October this year, a stark jump from 26% in 2019.

It’s hardly surprising the same group which made no attempt to keep paying anything during the hiatus – even to drop balances down while interest accrual was paused – would put it off yet again, particularly when one considers how incensed they are Biden hasn’t managed to wipe them clean like he promised. He didn’t do what he said, so they’re not paying.

And just like all you SUCKERS who scrimped to pay yours off, or did without to pay for your kid’s college (hello), or never went to school yourself because you couldn’t afford it (hello again), I’ll bet you feel either pretty stupid or pretty pissed off.

I’m in Category Snortin’ Fire.

These you-know-whats have another year to jack around, maybe sacrifice some chickens for their deliverance, hope to finally get that WE-Win(!)dex and smear all the bad numbers away.

…The Biden administration has made an on-ramp to restart the payment plans, which had been stalled for three years because of hardships caused by the COVID-19 pandemic, by delaying the harshest punishments for not making a payment through next September. Those punishments include delinquency, default, and mandatory collections. The White House has also rolled out a “SAVE” debt forgiveness plan over the summer.

I mean, call a waahmbulance. Life is hard, buttercups. Don’t sign paperwork for other people’s money without being prepared to pay it back.

…For the millions of Americans with student loans, the past couple years have been a roller coaster. First, they thought Biden would provide relief, with a plan to forgive up to $20,000 in federal student loans per borrower. That was struck down by the Supreme Court leaving borrowers on the hook for their balances. Yet Biden’s administration also rolled out a one-year leniency program to help those struggling with their debt.

It’s pretty funny in the saddest sort of way how this mouthy generation – so quick to rewrite history, assert their overweening moral superiority, and lecture on privilege – isn’t quite as quick to accept PERSONAL responsibility or obligation, though. It’s a cheaper, easier thrill living in the collective.

…There are signs that even fewer borrowers made payments in November. Each month, the Department of Education transfers the money received from student loan payments to the US Treasury. That amount dropped to $5.3 billion last month, down 25% from the almost $7 billion transferred in both September and October. Many borrowers threw money at their balances during those months to get ahead of the interest restart.

Hey! It’s the holidays! Whose idea was it to restart payments we shouldn’t have to pay when you need more money anyway?

FASCISTS

And sincerely – we’re all adults here and know the truth. If anyone is willing to thumb their nose at both SCOTUS and Congress in a patently unconstitutional end run to pander to a voting block he desperately needs to throw bones to, it would be our vegetable in chief.

The Constitution’s Appropriations Clause gives Congress, not the president, the power of the purse.
President Biden ignoring this and continuing to cancel student loans after the Supreme Court struck his original attempt down constitutes a monumental and lawless power grab. https://t.co/22Jp6PtSVW
— Carrie Severino (@JCNSeverino) December 18, 2023

The Big Guy’ll shamelessly throw money around for cheap love.

Spanky Throwing Money GIFfrom Spanky GIFs

No question where Hunter got that filthy habit from.

But it’s alright.

Remember when the Federal govt got involved with student loans, in order to buy votes?
Yeah. Everything govt touches turns to poop. https://t.co/HrlnsPqQar
— Curt Howland 🏴󠁣󠁮󠀵󠀴󠁿 (@ImpossibleBob) December 18, 2023

All is proceeding as we have foreseen.

Columbia endowment rises to $13.6 billion, outperforms peers in returns. Oct 17, 2023

Harvard University, with a $50.9 billion endowment as of 2022, is the wealthiest university in the world.

Yale U. $42 billion

Stanford $37.78 billion

The University of Michigan’s endowment climbed $529 million to a market value of $17.9 billion during the last fiscal year.

And many more in the billions....

Let them coast a little and figure out a way out without the
tuition and fees for a year or two.

Professors and administrators can pick up returnable deposit bottles and cans if they go down too far.

You had to know this was going to happen. My prediction is it will get worse.

First, look at the financial stress the population is currently under. Look at credit card debts. Look at credit card defaults. Look at car loan defaults. These have all skyrocketed. Did you really think people who were under a lot of financial stress as is thanks to Bidenomics could afford to fork over hundreds and hundreds more each month?

Next, look at how many people get college degrees now.

Look at how watered down and worthless many of those degrees are. eg women’s studies, gender studies, african studies, interpretative dance, philosophy, sociology, etc etc

Look at the skyrocketed cost of tuition over the last 50 years.

Look at the skyrocketing number of H1bs and other visas granted to foreigners to come to the US and take white collar jobs from Americans.

Yes, students bear some responsibility for this but certainly not all. The college degree costs more, delivers less AND good jobs that would allow students to repay their student loan debts are not as plentiful. For all that Baby Boomers will condemn 20-somethings today, they really have gotten a much much worse deal than the Baby Boomers got in the 60s and 70s.

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