Student loan borrowers skip payments: It's "an act of civil disobedience", 1 in 10 say they won't pay
Student loan borrowers skip payments: It's "an act of civil disobedience", 1 in 10 say they won't pay
As national student loan debt lies at 1.75 trillion, one in 10 borrowers said they won't be paying off their loans as a matter of principle.
Real talk - How will not paying convince conservatives to be for student debt forgiveness? They’re the ones blocking loan forgiveness, and this is a demographic of people that does lean toward them, so why would they listen?
IMHO, showing up to vote is what would actually put the fear of god into these politicians. Not paying a loan will totally fuck up your ability to rent, get a credit card, get reasonable car insurance, and even get a job. Bad credit is no joke.
Not very effective when they can just garnish your wages, your taxes, and your social security. I'm fully on the side that believes student loans desperately need reform, and Biden's forgiveness plan getting shot down has definitely negatively impacted my life, but I'm not dealing with ruined credit and the stress that not paying causes when I know they'll find a way to get their money unless I basically throw away my career to work cash jobs. That would impact my life way worse in the long run.
Reminder that student loans, like mortgages, are rolled up into an investment vehicle called the SLABS, or Student Loan Asset Backed Securities. Student Loan Forgiveness would tank the value of the SLABS, and I guarantee you our elected officials have money tied up in them. Since a student loan can't be discharged through bankruptcy, it's typically a very safe investment.
As someone who was bright-eyed and bushy tailed when I started college, I was not expecting that being a student was a constant bleed of money.
The college partnered with some student loan vendor? and that vendor issued only a debit card which only worked on campus at specific ATMs. There was no apps for this shit. There was no bank withdrawal. Is was only the card and the ATM. They charged a fee for every use of it. So when I need to get that tuition money, I had to pay to get my money. It limits at 300$ so you’d have to repeatedly get charged to take multiple sums out. Tuition was exorbitant too. Didn’t include cafeteria or anything else. Books also out of pocket and 3-4 new ones each semester. We were also forced to pay ‘health fees’ for access to the newly built rec center, which you paid whether you ever stepped foot there or not.
Look it’s one thing to have a ‘way about things’ but by this point it was more like an excuse to fleece us for everything we had and more.
After 2.5 years of it I finally had to get a job on top of everything just to afford to be there. The job then took most of my time and it was not easy working around the school schedule. I finally had to quit school. What did I do? I stayed in my job because it was the only income source I had as a young person without a college degree and at least I was literally getting working experience.
Tell me, who benefited here? You can argue it was me, but I have no degree in my hand. I have now almost 20,000$ on top of my original amount (40k) due to interest. I’ve always struggled to make ends meet and I’m essentially trapped with this debt. Is this really fair? I didn’t know the true consequence of these loans adding up. It was only after I got so far and saw how big a problem was growing that I had to bail. There was no way I could afford it. I was a kid, I was told I had to go to college and I had no choices in life unless I did that. So much pressure growing up.
All these comments whining about how this will hurt credit scores, pay attention to the laws that we have currently. Student loan companies cannot take any action on unpaid loans for 1 year from the start of repayment. Interest still accrues but they cannot garish wages like all these morons are saying. That means for most, you don’t need to pay anything until after the next election. Use the only leverage we have and don’t pay back the loan for at least a year. Make them earn the vote and do something else to cancel these loans
hard af.
can't you all clown on them in the facebook comments? AKSCHUILLY the government will always win yeah no shit thanks
I took out my student loans to get a teaching degree. I worked full time during school, but tuition at my public university was 10k$/year when I was making $16k. My state has effectively made it illegal to be transgender in a public school, so despite a devastating shortage in my area of expertise, I can no longer work in the career I took the loans out for. My option is now to take out more student loans to pay for a masters degree and hope that I’ll be able to save up enough to move out of state, because I want to do the thing that I love to do and am good at. I will be a debt slave for the rest of my life.
Can we start doing that with rent payments en masse? I really wish there was a big, organized campaign around this to force rental companies to stop charging these outrageous made-up numbers for rent based on "market value" (which they themselves set).
With student loan payments, I sympathize and hope they all ultimately get their loans forgiven, but ultimately I think the rental situation is the worse offender that's driving more of the issues that we're seeing today. I try to pay on my loans/debts religiously, even if I hate the idea of paying all this extra interest on top of it.
Oh hey this is about me 😂
Students don't even know who they owe money too. People "hear" biden wants to forgive some parts of some loans and immediately stop paying Sallie Mae/Navient/Whatever Private lender they ALSO owe money to in addition to the gov.
The thing about student loans is nobody understands they have typically borrowed money from the government AND private lenders to pay for their degrees. You can borrow X$ from the government each year and coincidentally thats how much the schools charge. How lucky.
This is all handled for them by college financial aid offices, all the kids have to do is show up to class, and the money keeps rolling. in. When told they can borrow more money than they need to cover costs to get funds disbursed to them directly for "educational expenses" like a new car and a ps5. Now I'm on a paid vacation for 4-6 years where I log in to my courses once a week to complete assignments by copying and pasting answers from google searches. If I somehow manage to become one of the 2% of college students that graduates from college I have 6 months to land a job and start paying it all back. Who knows how long it will take before I figure out that I am supposed to pay more than the minimum amount each month. If I am like most students I find myself in whatever office daycare job I can manage to land after dropping out of college because life as a "criminal justice major" falls short of my expectations. Or I just continue to change majors until the money runs out repeating a self-oblivious cycle of chasing greener pastures of career fulfillment.
As unlikely as it is to graduate, it is even less likely that you can exit school with an understanding of how unerringly fucked you are if you dont pay down your debt and end up getting your credit obliterated by the private lender and your wages garn'd forever by the government lender. There is so much money locked up in education that this microscopic percentage of people who are actually paying anything back are enough to prop up the entire industry of higher education.
Before the concept of "tuition free classes" meant "it costs nothing", Britain was working with the idea of "anyone can take the class for free, but you have to pay a fee to take the final - and you can't pass the class without taking the final." Instead of having students take out loans and then something happens to them such that they can't pass the class or they get so far behind that they know they will fail the class, they make the decision a week or so before the class is over to take out the loan. With everyone moving to post-videos-auto-graded-homework-online-only, the only real per-student cost is grading the exams anyway.
Also: "Incel Udent Debt"