I am very unhappy the US Supreme Court has struck down Biden’s plan for federal student loan forgiveness. With this ruling, millions of students will not see their debts decreased or erased. As an immigrant who came with a student visa and who received the generosity and kindness of Americans that close to $400,000 of my education tuition/fees were paid for, under fellowships and scholarships, this ruling is painful.
It is painful because a student with loans has limited options. In other words, if you have a student loan, upon graduation, paying that loan becomes what drives your career. Yes, that startup opportunity is muted because the first loan payment is due in 6 months and the startup cannot support the payment.
This loan forgiveness in the generous America would have liberated many young people to DREAM, untethered by the burdens of loans. Sure, I understand the argument that if you keep forgiving loans, schools will keep racking up fees and tuition knowing that governments will take the tab. (Of course, most states are not open to allowing those loans to go since the tax on the interest payments generate massive revenue to them. In other words, the student loans are sources of revenue for most states.)
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But that misses the point: potential beneficiaries of these loans are largely poor and lower middle class families. Most of their schools do not charge much, even as their schools do not give them the ladder to earn really much as the top 20 ranked universities in the United States. Those schools, if you graduate from them, just the name alone will get you a nice job, and with that job, you can pay off student loans. Have you seen an unemployed Harvard graduate? Johns Hopkins? IMT? They’re not smarter but their schools give them opportunities.
Without Johns Hopkins and Carnegie Mellon in my resume, many opportunities I have today will not be possible. At least you have a chance before they know how competent you are!
The University of California, one of the country’s largest university systems, comprising nine different campuses, just issued a statement calling today’s ruling a “disappointment.”
“This historic relief program would have made a significant impact on the lives of college graduates, particularly for those from low-income backgrounds who are more likely to take on debt to complete their education,” the statement reads. “It also harms society as a whole: Those with student loans are less likely to earn advanced degrees, purchase a home, start their own business or make other investments that benefit their communities.”
It is an irony: it is safer to borrow $400k to attend Harvard than $40k to one yoyo school. While the Harvard guy can easily pay back that $400k, the guy from that low quality school will struggle for decades to pay the $40k. The $40k guy is among those Biden was trying to help. This ruling, unfortunately, will severely impact Blacks and Latinos more, and the Supreme Court missed an opportunity to reset futures for many young people.
Of course, law is not about morality, and the Court may not care.
Bro U are a guest in somebody's country.
His people objected to d loans being scrapped.
You can't access monies 2 pay 4 school and then skip out of paying back the monies. That's just D fact.
If he wants 2 forgive debts he can as well forgive D debts of all Americans.
Logic!
— The real Mccoy (@samchiz) June 30, 2023
My Response: “Bro U are a guest in somebody’s country.” – I am not a guest. I pay taxes in America and unlike possibly Nigeria , the system is designed for everyone to have a voice. Elon Musk is not a guest. So, leave that line of thinking and focus on ideas. This is about debate.
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The Supreme Court’s argument is simple: major policy action that came about via political campaign promises cannot come into effect via executive fiat, it must be legislated by the Congress. It is what it is.
The thing about democracy is that nobody likes to debate serious matters, because they are both unpleasant and quite draining, and politicians don’t want that. Unfortunately democracy does not work like that, not everyone is interested in what you are passionate about, and you are bound to be frustrated at intervals.
The big schools are super expensive because there is a loan option, and with better chance of getting ahead in your career; while the cheaper schools are neither here nor there, and your struggles continue upon graduation. Everything seems to be convoluted anyway.
$400 billion is a lot of money to be written off by the Executive Branch, if such is allowed to happen, then it’s no longer democracy. Even when you are trying to help poor people, you may end up annoying those who worked so hard to get to where they are, giving the feeling of injustice or unfairness.
Politics is not Physics, the former creates more problems than solutions.