The roller coaster ride for borrowers enrolled in a key affordable repayment plan continues.
On Monday, the 8th Circuit directed a district court to approve Donald Trump’s proposed settlement with the state of Missouri to eliminate the SAVE student-loan repayment plan.
The plan has been embroiled in a legal back-and-forth for years. Most recently, a district court declined to rule on the proposed settlement, which some advocates and lawmakers saw as a win for borrowers and urged the Department of Education to carry out relief under SAVE.
However, the 8th Circuit’s ruling means that, once approved, the department will move forward with the settlement and require enrolled borrowers to transition to a new plan.
All those loan companies deserve to erase all debt and pay the borrowers an additional amount so they end up with an entire loan amount to their credit.
Going back for like 40 or so years.
Whoever thought of the concept of making borrowing money profitable has pure capitalism flowing through their veins and they need to suffer.
Getting richer just from being rich is such a sickening thought.
They’ve gotten away with it and they only deserve to be homeless, cardboard box and all.
I 100 % agree with this.
This too.
I think that depends on your definition of “profitable”. If “profitable” means making people filthy rich, then I agree 100 %. However if “profitable” means making enough for a decent living, I think it can be more nuanced.
In a well functioning system, a bank takes care of your savings, paying you interest on it, and then loans it out to people that need cash, and receives interest on the loans. In a well functioning system, the difference between the savings interest and the loan interest is enough to offset the risk of people being unable to pay their loans back, and also pay the people managing all this a living wage. In a well functioning system, everyone benefits from this.
It does not appear that we have a well functioning system.
(I’m aware of the whole “the system is working as intended and must be dismantled” argument, I’m just adding my two cents of nuance to the idea that loans/banks themselves do not inherently need to be predatory)
Should, but they’ll die comfortably surrounded by luxury like all the rest of the rich class.