Posted on 09/17/2023 6:44:54 AM PDT by where's_the_Outrage?
As U.S. President Joe Biden’s stalled student loan forgiveness plan means repayment is set to resume on Oct. 1, a growing number of student loan borrowers are claiming they either cannot or will not pay the debt back.
In fact, an August survey from student and education resource publication Intelligent.com revealed that 62% of respondents said they are considering boycotting loan payments in the fall as almost half of them doubt they will be able to afford those payments.
Twenty-nine-year-old Shahem Mclaurin took to TikTok to ask hard questions about whether borrowers like him should protest what many view as systemic unfairness by refusing to pay back their loans.
“Are we not paying — like collectively, as a whole,” he said in the viral video, “meaning if you put a payment down you are breaking, you’re crossing the line?”
“How are we going to move? Because they can’t keep getting away with this stuff … if we don’t pay, they are the ones who are going to suffer, not us.”
Half of the Intelligent.com survey respondents believe a boycott could lead to total debt forgiveness........
The Education Data initiative also reported that the average federal student loan borrower has $37,338 outstanding, and the average private debt is $54,921 per borrower.......
The government can also withold Social Security benefits, which could impact the finances of the millions of borrowers over the age of 62 who have an average outstanding student debt of $41,778. Also, about 23% of that $1.6 trillion of total debt is held by borrowers over the age of 50.
(Excerpt) Read more at moneywise.com ...
They’ll just wait the 12 years and declare bankruptcy.
Why? For the same reason we have personal bankruptcy laws at all. Sometimes people have misfortunes of one kind or another and need a second chance at life, without the burden of large debts.
I paid my own student loan, which was small, and my children are paying theirs. But sometimes people can’t pay.`
At least you get it. One more camel’s nose under the tent. One more step to voting money from others. One more step to rot and anarchy.
I feel certain that you are correct about most of these people complaining.
That is a real stumper of a question for many but a very good one anyway. WHY? onwhat grounds? Why is an agreement signed not a valid one to be fulfilled? WHY?
Said the person with loans they can’t pay.
Wait until their paychecks get garnished.
Thanks, interesting.
I just about have. It is a constant sob story or crisis.
Most people will pay their debts if they can. One of my children took a large loan for medical school, and is now working as a doctor and repaying the loan. And they have plenty of money left over, so why even consider bankruptcy?
In the first quarter of 2020, there were 175,146 individual bankruptcies in the United States. About 66.5% of these were directly related to medical problems.
Correct, bankruptcy does not mean there’s no risk, but it can be mitigated easier.
The US Government is a predatory loan maker. There’s plenty of this in the private sector. There are plenty of no rates that buy sports cars off a dealer’s lot outside the front gate of the base who fail on their loans. The car is repoed, sold at a closed auction at a ridiculously low rate, and the dealer goes to court and gets a deficiency judgement against the LCpl and attaches to his wages. The car purchased at closed auction by a puppet corporation of the dealer resells the car on another unwitting nonrate, rinse and repeat.
My wife had student loans when we married nearly 5 decades ago. I never knew how much. She got a job and paid them off fast. I never heard a word of it. When that was done she never worked another day outside the home.
Conscience, character, ethics and morals are all but gone now.
Pay the debts you owe and agreed to pay back. Losers.
You need an education to get a good paying job and we can help you out here [by helping the college of your choice jack up its tuition to unsustainable levels] and you won't have to pay a thing until you get your degree in 4 years.
We would both be better off. It’s truly a form of addiction or feeling of missing out.
I had stopped for a couple months earlier this year. I need to go back to it.
You really miss nothing
Good luck.
Thank you. Needed to be said. The flawed thinking is conflicted thinking. Child like to attempt toreason away with flawed logic.
We get away with it because the world wants to use our dollars. But once they decide on a reserve currency (The Euro?), we will not be able to print dollars without suffering hyperinflation (like in Argentina and Venezuela)
I flat do not watch local or national news i come back to reading here an other places because i think being uninformed is irresponsible. However, there is seldom a thing you can do in response so why bother?
It is better to be uninformed than misinformed.
;-)
They can afford a cell plan and a car payment but not a student loan
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