In a last-second move that surprised no one, the Mammon Mob has leapt to the defense of big bankers and the grave sin of usury.
In a remarkable reversal that will affect the fortunes of many student loan borrowers, the U.S. Department of Education has quietly changed its guidance around who qualifies for President Biden’s sweeping student debt relief plan.
At the center of the change are borrowers who took out federal student loans many years ago, both Perkins loans and Federal Family Education Loans. FFEL loans, issued and managed by private banks but guaranteed by the federal government, were once the mainstay of the federal student loan program until the FFEL program ended in 2010.
An administration official tells NPR roughly 800,000 borrowers would now be excluded from relief. Though many more borrowers could end up getting less relief than they were entitled to under the old guidance. These are the roughly 1.5 million FFEL borrowers who also have Direct Loans, which still qualify for cancellation, though their FFEL loans no longer do.
Pertinent side note: Anybody else noticed how regime organs use soft terms like “guidance” and “rules” instead of talking about laws? I’m no lawyer; it just sounds like an effeminacy tell.
Multiple legal experts tell NPR the reversal in policy was likely made out of concern that the private banks that manage old FFEL loans could potentially file lawsuits to stop the debt relief, arguing that Biden’s plan would cause them financial harm.
When FFEL borrowers consolidate their old loans into federal Direct Loans, these private banks essentially lose business. If these banks’ financial health depends, at least in part, on the assumption that they would be holding and profiting from these debts over the long-term, then losing borrowers to Biden’s debt relief plan could, possibly, constitute harm.
In fact, a new lawsuit filed Thursday by six state attorneys general, makes this very argument. One of the plaintiffs, Missouri, is home to MOHELA, which manages both federal Direct Loans and these old FFEL program loans.
Tfw fraudsters object to making fraud victims whole on the basis that doing so could cause financial harm to fraudsters.
The states suing to stop student debt relief are led by Republicans. Perhaps they’re tired of people pointing out that Conservatives have conserved nothing, so they’ve decided to conserve usury.
But it’s more likely that the GOP is just throwing the midterm elections.
Both factions of the regime exist only to advance the economic elite’s interests.
At this point, the best outcome in November is the GOP losing seats and Democrats getting full control of both houses so the uniparty drops the mask.
Happy, hopeful and practical
In my discussions with boomers on this issue I’ve come to the conclusion that boomers flat out do not believe that usury is a sin.
They also really don’t get how irrelevant their experiences paying for college 50 years ago is today, or the way that their “get a degree, any degree” advice actually made it all worse by pushing kids who should have gone to trade school toward liberal arts colleges they didn’t need and couldn’t afford.
Boomers in the 90s: Get a degree, any degree. What, you wanna end up flipping burgers?
Boomers now: You’re $35K in debt? McDonald’s is hiring. What, you’re too good to flip burgers?
Tell me about it
The blind spot hold this has one people is simply astonishing. I’m not gonna link the blog because he isn’t here to defend himself and I don’t want to dogpile someone I genuinely like, but here is an excerpt from somebody I otherwise agree with on nearly everything, a Catholic convert:
Don’t give a &%&*, is the constant refrain. Grumbling about any extra work constant. These people’s only want in life is to sit in front of a computer console and play games like they are 12. One of them cannot have a relationship with a human female and, indeed, has a preference for masturbating to Japanese anime girls – you know, the ones with giant tits and shapely legs and ass, and the big Bambi eyes and features of 12 year old girls… also fluffy sex animals but I really tried not to listen at that point.
The debt forgiveness. Ug, talk about training an entire generation to be losers. Actually this is like the capstone to a lifelong training session.
Here is a typical story (and I have heard countless similar ones). Also I have paid off mountains of debt – I know what I am talking and I know how hard it is. One of my wife’s co-workers, when the law was passed, came to work saying how relieved she was to have her debt forgiven, it was such a burden to her. With no sense of irony she later recommends to my wife this meal program her and her husband participate in where you get a meal delivered to your doorstep with the portions already cut and some such all you got to do is heat it up or something.
This blockhead pays $800 a month for this service. I’m sorry, what exactly was a burden to you? This is not even to count the take-out every single workday at lunch, and that they eat out every single weekend.
Here is how I approach such debt. A case of Top Ramen and a giant pack of hot dogs. That’s a week of meals. You don’t go out, you buy your clothes either second hand or from the cheap rack at Walmart. Your phone is four models out of date. You wear those shoes longer than their usefulness. Roommates, the more the merrier. Your car is a piece of shit embarrassment. OVERTIME.
I have to walk the dogs (a luxury I can now indulge in) but I would like to repeat the title of the post.
If your education is not worth it for you to pay off, how in the world is it worth it to me?
This guy is gen x. The bitterness is simply astonishing.
All that’s necessary to discern the spirit behind such screeds is the fact that no one who posts them thinks that they’ll change anyone’s mind.
No 26-year-old whose debt burden disqualifies him for a mortgage will read that and say, “He’s right. My wife and I both need to get second jobs and put off having kids for another 5 years so we can pay back the people who lied to us.”
Yeah, that really hits the nail on the head. Really think about what this is saying for a second. Are you saying that delaying our children until middle age is a positive towards society?
Are you saying that because you had to do it your life was better off?
If you start to see your opponents as walking cartoon characters, it’s probably a good sign that you’ve lost your tether to reality and will not be reasoned with. Every example he uses is a stereotype, not an argument. It’s about as tiring as the “underwater basket weaving” gibberish.
Should these people want to win they should, ironically, try growing up first.
Conservatives have known exactly how to win for at least the past seven years. But attaining victory that way would mean falsifying long-held myths and being called names. So they’ve decided to lose.
This is why The Merchant of Venice is now my favorite Shakespeare play
Pertinent side note: Anybody else noticed how regime organs use soft terms like “guidance” and “rules” instead of talking about laws? I’m no lawyer; it just sounds like an effeminacy tell.
Laws have the formal requirement of being passed by the Legislature and signed by the Executive. These rules/guidance/regulations have not, and so they are not using them, because courts will pounce over formal distinctions like that.
So they are deliberately weaseling out from under judicial overview, and Congress has delegated a lot of legislative authority to Executive agencies. It’s all to make things into a muddle so that no-one is responsible (so no-one in the government will suffer consequences) and there is no-one able to change things (so everyone outside government will suffer consequences).
We’re full-blown headed in to N.I.C.E. territory, if we haven’t got there aready.
Disappointing, but predictable. Perhaps this is necessary in the Divine Plan, for what reason I’m not sure (to fully expose the wickedness of the regime, perhaps?). Talk about a dysfunctional system. But let us not forget that God’s in charge still. This may well be simply the chastisement we deserve. Let us resolve to cling to Him, no matter what happens.
Amen.
Another observation I have made is that the people who say things like “if you go to college and get a worthless degree it’s your own fault for ending up in debt” never discourage their younger relatives from going to college, even if it means taking on debt. They also rarely give any suggestions for what degree to get to those relatives.
This includes members of Gen X. As much as they hate boomers, they are happy to give the same useless advice that boomers did.
This is because they don’t care about their neighbors, and they never did.
Remember, this is the set that treats Individualism as a holy creed. They do not take into account the only reason they can function as islands is because of a high trust society that existed to catch others who fell between the cracks while they were busy being offered a jobs across the country due to their clean haircut and handshake ability. Their “Individualism” is built off the backs of a society created for the masses to help each other when they inevitably stumbled. “It worked for me in the 20th century” is outdated advice. Even worse that said advice is a misunderstanding of what they actually lived through.
You didn’t make it on your own. You were guided through and held up by a system that ALLOWED you to go off on your own: a system that no longer exists. Continuing to operate as 20th century islands while the world floods is simply not feasible.
That era of zipper blues is thankfully over. It’s time for different ways: ways that didn’t build the desert we’re currently living through.
There ain’t no self-made man.