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'We can't pay': A growing wave of student loan borrowers are on the brink of a boycott, survey reveals — here’s why many may refuse to resume repayment in October
moneywise ^ | Sep 7, 2023 | Vishesh Raisinghani

Posted on 09/17/2023 6:44:54 AM PDT by where's_the_Outrage?

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Being a snowflake means not acknowledging consequences.
1 posted on 09/17/2023 6:44:54 AM PDT by where's_the_Outrage?
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To: where's_the_Outrage?

How/does this show on their credit reports?


2 posted on 09/17/2023 6:46:18 AM PDT by 9YearLurker
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To: All

Government shouldn’t be in the loan business


3 posted on 09/17/2023 6:50:08 AM PDT by escapefromboston (Peace, commerce and honest friendship with all nations, entangling alliances with none.)
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To: where's_the_Outrage?

Whatttaa bunch of whiny entitled deadbeat wussies.......Try paying off loans in 1980-82 in the teeth of a recession and rates were 9-12%. Took 3 jobs and living within means but was done. After that wife and I vowed never again....PAid off house ahead of time, cash payment or pay off credit card that month...Debt free...


4 posted on 09/17/2023 6:51:00 AM PDT by slapshot ( - Get woke go broke-)
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To: where's_the_Outrage?

“if we don’t pay, they are the ones who are going to suffer, not us..”

Wanna bet?

L


5 posted on 09/17/2023 6:51:43 AM PDT by Lurker ( Peaceful coexistence with the Left is not possible. Stop pretending that it is. )
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To: where's_the_Outrage?
Simple solution: Transfer the loans back to the educational institutions where they originated. They have these choices:

  1. Write them off or use their original endowments to pay them off.
  2. Collect them from their students by withholding transcripts or even revoking degrees.

    If it was a useful degree, then the student has every incentive to come up with a payment plan to keep the degree. If not, then maybe the institution deserves to take the loss for peddling a worthless product.


6 posted on 09/17/2023 6:53:07 AM PDT by Vigilanteman (The politicized state destroys aspects of civil society, human kindness and private charity.)
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To: where's_the_Outrage?
When their pay checks get attached, they will realize that their childish temper tantrums are to no avail.

7 posted on 09/17/2023 6:54:22 AM PDT by Governor Dinwiddie
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To: where's_the_Outrage?

They’ve already learned that they can make debt-forgiveness a political issue (and be taken seriously). Why not keep the pressure up? This is 21st century Western Civilization where we just print more money in lieu of demanding responsibility.


8 posted on 09/17/2023 6:55:05 AM PDT by Bishop_Malachi (Liberal Socialism - A philosophy which advocates spreading a low standard of living equally.)
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To: where's_the_Outrage?

You signed a contract, live up to it or face the consequences.
Wage garnishment can be lots of fun!


9 posted on 09/17/2023 6:55:18 AM PDT by Kolb (Compone Accomoda Supera)
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To: where's_the_Outrage?

In my opinion student loans should be made eligible for discharge in bankruptcy court a certain number of years(12?) after leaving school.


10 posted on 09/17/2023 6:56:33 AM PDT by devere
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To: where's_the_Outrage?

I was expecting this. Say you went to someplace
Midrange, like my alma mater, Santa Clara. I think it’s around 60k per year now. These people, who’ve been told countless times that having to have someone else pay your debts is some sort of sacred right, are just going to start voluntarily paying perhaps a little over $2k per month? The idea that would actually happen is laughable on its face


11 posted on 09/17/2023 6:57:03 AM PDT by j.havenfarm (22 years on Free Republic, 12/10/22! more then 6500 replies and still not shutting up!)
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To: where's_the_Outrage?

Interesting.
When one reneges on a car payment, the loan owners can take the car back - thereby receiving some value.
But, given that most of the “eddikashun” that these student loan borrowers received, there is absolutely nothing of value that they got in the first place. What’s to take back? Wokeness? DEI? Absolute stupidity?


12 posted on 09/17/2023 6:57:20 AM PDT by Da Coyote
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To: where's_the_Outrage?

Regardless the system is so corrupted why continue any kind of participation including paying bills?

I limit my participation in things probably not enough need to pull the plug on Satellite Radio, Cable etc. they feed the monsters like Sports.

Bow Down To Deion.

My moral values are clear they even include the Seventh Tradition of AA “self-sustaining through our own contributions”

Obviously people are living disastrous lives including financially disastrous lives.

If we can help people manage their financial issues great.

They need to figure out their “moral responsibility”.


13 posted on 09/17/2023 6:58:56 AM PDT by Nextrush (FREEDOM IS EVERBODY'S BUSINESS-REMEMBER PASTOR NIEMOLLER)
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To: where's_the_Outrage?

Pay your bills, deadbeats.


14 posted on 09/17/2023 6:59:51 AM PDT by who knows what evil? (Yehovah saved more animals than people on the ark...siameserescue.org)
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To: escapefromboston

Government shouldn’t be in the loan business

As someone who took out student loans, watched them more than double due to interest rates, and repaid those loans, I disagree. I made an agreement, I kept my word. The Government RETROACTIVELY changed the agreement to charge and compounded my interest while I was still training. They didn’t keep an agreement. I still paid my loans.

Student loan and interest should be TAX DEDUCTIBLE. The government gets its money back every year that a person supports themselves and isn’t on welfare (80+k a year taxpayer cost). That would make it profitable from a government status, and incentivize the education/production. After that, garnish all wages to below welfare status for people who are non-payers. I am fairly certain this would fix it.


15 posted on 09/17/2023 7:01:28 AM PDT by Pete Dovgan
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To: where's_the_Outrage?

Don’t they know the government can garnish wages? They will take the payments out of every single check.


16 posted on 09/17/2023 7:01:34 AM PDT by McGavin999 ( A sense of humor is a sign of intelligence, leftists have no sense of humor, therefore………)
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To: where's_the_Outrage?

Ask the schools for your money back.


17 posted on 09/17/2023 7:02:07 AM PDT by blueunicorn6 ("A crack shot and a good dancer” )
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To: where's_the_Outrage?
This is the "company store" problem. Starve or work for us and we sell you food and provide housing at a price that consumes all of your wages and leaves you in debt.

Government provided loan guarntees, private lenders provided loans on which because of the guarantees they made money, and the unversities jacked up their prices, and these were loans not dischargeable in bankruptcy.

Was the borrower stupid and irrespnsible? Sure. But so were all the other participants in this market.

The US credit bubble had to start cracking somewhere. Here it is. The Austrian school of economics would have predicted the whole thing.

Excess credit leads to mal-investment leads to default or runaway inflation and collapse of the currency.

18 posted on 09/17/2023 7:02:15 AM PDT by AndyJackson
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To: where's_the_Outrage?

Part of the problem is that most college advisers are stone-cold liars. Let’s say a student wants to major in French history. There’s nothing you can do with such a degree. Way, way better if that kid learns a trade instead.

Ah, but the history department will disagree. They need the students. So they will tell a naive 18-year-old all sorts of lies about how valuable that degree is.

Yes, an 18-year-old is an adult, and must do his own due diligence. He is ultimately responsible for his own actions. But the colleges must get some of the blame. That’s why I’d like to see them have some sort of co-signer responsibility.

Or at least they should be forced to be honest about every degree they offer. That sure isn’t happening now.


19 posted on 09/17/2023 7:02:35 AM PDT by Leaning Right (The steal is real.)
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To: where's_the_Outrage?

One of the selling points of Obamacare was that student loans would be used to finance health insurance subsidies. 1.6 trillion dollar student loan debt later, it doesn’t seem to be working out for anybody. Recall that insane McCain defeated the attempt to repeal Obamacare just to deny Trump a victory.


20 posted on 09/17/2023 7:04:17 AM PDT by DeplorablePaul
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