Trump administration to garnish wages of 5.3 million defaulted student loan borrowers this summer
Trump administration to garnish wages of 5.3 million defaulted student loan borrowers this summer
So 5.3 million Americans are going to be given less incentive to work and less to lose?
This cunts daddy paid for his college were he bought his degree of course he lacks empathy for normal hard working people
As a transgender man who served 3 of my 4 years of my TEACH grant before my state made it defacto if not de jure illegal to be a transgender teacher -
I’m fucked lol. I’m just going to have to work under the table the rest of my life. My billionaire ex managed to dump his credit card debt on me, so I’m fucked hopelessly. It’s entirely legal to fire me for being trans in any job. Doesn’t matter whether it’s cleaning vomit after a basketball game or working at a group home - my uterus renders me a non human.
If I do lose my apartment, I’ll make the news in the best way I can though.
You may just want the leave the country at this point my dude
Running away and giving up. Is cowardice. Don't give these people that pleasure. We must rise n fight back. Collect yourself, prepare and just be ready. 1860s isn't far off and if its our turn to lead a revolution then so be.
Fuck the traitor rapist felon Donald Trump. Dude deserves capital punishment for treason.
I really want to keep my books. I love my books and leaving them behind would feel like death. I’ve thought about Costa Rica or a few other places. The cost of the plane ticket is unrealistic; the likelihood of getting the books over is doubtful.
I’ve realized that I probably won’t survive this administration, and I’m just going to go down fighting. I lost everything I care about, and the least I can do is try to make it so no one lives a life like mine again.
Maga won't be affected by this.
Oh there's a small minority of them and I'm sure they'll be on Facebook complaining about how unfair it is and how they're not hurting the right people.
They do tend to be whiney people after all
Maga doesn't "do" edumacation.
MAGA isn't educated, so that checks out.
What about all the fratboys?
They are in a frat because mommy and daddy pay the bills.
Didn't this guy default on most of his loans several times?
He also ripped off contractors
He could raise money by taxing billionaires who wouldn't suffer but he goes after people who took out loans for education. He also looks especially toad-like in that image.
I’m all for fixing the broken system and I’m sure there are peoples whose loan agreements are so fucked up; HOWEVER, in order to not default on my loans I think the minimum payment is like $20 which doesn’t even cover the interest btw. I think there are people that can pay their loans and aren’t. There’s also a lot of people who were taken advantage of.
I owe about $2500 on a loan of $3500 at 3.4% fixed from 2015. It was on hold until I graduated in 2017 and then it was on hold during covid. The monthly payment is about $26.
That bitch is going to be autopaying until I die.
Don’t worry I’ve been paying $50 for about 15 years 😆. I will say it has done wonders for my credit. 15 year credit history apparently means something.
My SO and I have $130k between us and if we get the IBR figured out, it might bring our total payment down to about $1200/mo which is not something we can afford. I've been laid off since Christmas and just started a job, so we're $20k in the hole and haven't been able to pay anything. Now I see my credit is taking hits. That hurts but again, no money. Oh well what's 7 years.
Look into the federal consolidation loans and the income driven repayment. Bankruptcy doesn't get you out of student loans.
Believe me I understand that we were sold a promise and the last 5 administrations did fuck all to ensure the economy was in a good place for us to reap the benefits. It sucks that there’s so many people like you in the same situation.
My friend is directly impacted by this. So much winning. Thanks again Don. Really making America great
I hope all the zoomer dudes who voted for orangeboi enjoy this delightful financial punch in the dick
Trump supporters can't even read, much less take any kind of higher education degree
While that may be the statistical correlation, it’s not true as a blanket statement
For visitors to this thread: I would really recommend that you scroll down a little bit to find the person who was claiming that aktually this is all Biden's fault, and then trying to defend it like it made total sense when people asked WTF they were on about. It is interesting.
I don't know how anyone can be optimistic about this economy. This isn't death by a million little cuts. we are headed for an unprecedented economic depression.
The guillotine got applied to the economy instead of the... Proper target...
This ain’t nazi sympathizing Reddit bro - you’re allowed to say that a treasonous Russian asset in our government deserves to be executed by guillotine, even if somehow that treasonous Russian asset is the president.
The US total population is about 340 million. Those 18 and older is about 254 million.
With 5.3 million defaulted, that means 1 of every 68 adults has defaulted on a student loan.
At any given time, a large grocery store has 1-5 people who defaulted on a student loan.
There is clearly something wrong with the US society with that many people who can't pay for an education, which is needed to barely get a job.
Once again I'm happy to inform you that yes, it's Ronald Reagan's fault. Damn his evil soul.
In pants shitting fear of "Creating an Educated Proletariat" Reagan took our system of basically free college and turned it into this mess we have now.
(P.S.: If you piss on Ronald Reagan's grave in California and are caught by police its a misdemeanor charge carrying a $1000 fine. I don't know about you but I can budget for this particular bucket list item)
And Reagan adopted his policies from the owner class think tanks. They worked for decades to create the conditions and people needed to realize what transpired under Reagan. 🥲
Yup, my parents paid for tuition, books, leisure, food, and board working a summer job.
I had to use the GI Bill, a part time job in fall, winter, and spring, full time job in the summer, doing almost no leisure, money I saved up while in the military, and money my grandparents gave me
Do they do group rates?
Joe Biden was the Senator most responsible for making those loans undismissible. There is plenty of blame to go around.
and the answer to this problem? let's kick those already on the floor!!. fuck yeah murica
This dildo is practically asking for another attempt on his life.
Conservatives will happily take their own wages being garnished as long as there are more liberals whose wages are being garnished than conservatives.
When is Trump going to pay his debts for defamation and fraud he has been found guilty or liable for? How about Trump pays back all the debts erased by his six bankruptcies? If he gained money through fraud, what about the taxes he evaded?
When you make him
I saw forgive his debt in exchange for being skinned alive.
Gotta pay for that birthday parade somehow
Time for the under the table economy to rise sgain
💯
Another benefit is no income tax on under the table income
Roughly 2.9 million people who have student loans are age 62 or older. I'm very curious as to how many in that demographic are within this defaulted status. Mostly because any change in social security benefits for a retiree is life altering and if any significant portion of that group that's defaulted is also this 62 or older group, the changes this will have a massive impact on the population. Retirees that get caught into money troubles not only brings them down, but usually the family that ultimately has to catch them from completely falling through the cracks.
Average Student Loan Debt by Age:
Those aged between 50 to 61 have the highest average federal student loan debt at $45,159.
6.10% of federal student loan debt belongs to adults under the age of 25.
Adults aged 25 to 34 years old hold 30.1% of the federal student loan debt; 39.1% belongs to 35- to 49-year-olds.
24.6% of federal student loan debt is from borrowers aged 50 years and older.
61- to 65-year-olds who started college at a traditional age of 18 had the highest starting student loan interest rates.
This is going to be so great for the economy.
I’m told we’re going to get so tired of all the winning.
An American hero in the making. /s
The better, correct term is, "resuming regular collection." This is just what is expected no? The abnormal behaviour was the pause on repayments. Which contextually made sense.
If I default on a loan, a bank can totally garnish my wages if I do not or refuse to pay it back. How is this any different? Was there ever an expectation of not paying back a loan they signed up on?
Hell, they could do much worse, a bank could recall the loan in full, and without means, to pay they could take all my assets by court order. This is not being done here. Which is much better. Worse case could be jail time which won't happen here as far as I read here and elsewhere.
Not sure where you are from. You can declare bankruptcy and restructure a normal loan or take a full on credit penalty for the next decade which severely restricts you from borrowing. It depends on your state laws and what chapter you file under . Yes they can take assets to pay the loan but in some states certain assets are restricted from being part of payback. Student loans are not normal loans and are outright predatory. You cannot declare bankruptcy if you fall upon hard times to help make it more reasonable to payback if not eliminate it.
If someone wanted to have a decent career and life, and signed for some student loans not really grasping the implications, and now they're subject to neo-slavery for the bulk of the part of their adult life when they're even trying to get themselves established, that's fucked. Especially since a lot of the time, the promised job security that was supposed to provide the income to pay back the loans hasn't materialized, and a variety of interest and related fuckery have come into the picture to mean that they're on a more or less neverending treadmill of servitude they didn't sign up for.
There are wide varieties of scenarios where a democratic government is supposed to step in and realize that even though "the rules" are being followed, the outcome is horribly unjust, and they fix it. Forgiving student loan payments is one of the obvious ones of those in the modern day. "The rules" is just something we all made up.
Just because it's written down, doesn't make it right.
Totally support this. These life altering decisions ‘provided’ to young adults, are force fed down your throat from everyone around you. Parents. Teachers. Everything in your world is school school school. You trust that’s what has gotten you through and all the people around you.
They disbursed MY student loans through a DEBIT CARD. I could only use it on ATMs on campus. There was a fee for every withdrawal. Max limits too of course! So you’re paying to pay to pay! But screw us right? We have a lifetime. So charge us for everything you can think of and add it to the tab. I got into my third year before it wasn’t enough to cover me to eat. Tuition. A roof over my head. I had to get a job to make ends meet, when I would have preferred to finish my degree. I ended up having to work a lot. A lot more than I expected. I had to quit school to work full time just to keep up with normal life expenses.
Keep in mind you’re learning a LOT and making a LOT of mistakes during this time still too.
That only encourages predatory colleges, with predatory deals with card companies to distribute student loans. To stick us with everything, including ridiculously exorbitant textbook costs.
Now I’m saddled with that debt. It’s grown 1/3rd more than I ever borrowed.
I still never got my degree.
In the civilized world education is a right not a privilege reserved only for the rich or that puts the poor into a lifetime of debt.
Where are you from, just curious?
Thanks, Obama!