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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?

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 ...


TOPICS: Chit/Chat; Education; Society
KEYWORDS: biden; loan; loanforgiveness; studentloan
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To: cgbg

I used to watch Fox News for Tucker Carlson. But no more.


121 posted on 09/17/2023 9:07:58 AM PDT by MinorityRepublican
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To: Sequoyah101

Precisely the main concept in Stoicism.

I meant reading and commenting here. I haven’t watched news on tv for years now. It had become editorial not informational.

If you get bored, there’s a book called Stop Reading the News by Rolf Dobelli.
Easy read with true points.
I figure he’s a liberal, but it’s not distracting.


122 posted on 09/17/2023 9:08:35 AM PDT by EEGator
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To: Sequoyah101

I went to school at a Ny state univ. Got a skilled degree paid it off while I was in a combat zone getting paid captains Oy. Got another lucrative degree with tge 1200 I paid up front for the GI bill

The school I went to to pay $60 per month for my undergrad was about 1200 per year. It is now 40,000 per year tuition alone

I defy you to name one item that has increased at levels beyond inflation to that extent

Blaming the borrowers is ignoring the problem


123 posted on 09/17/2023 9:08:40 AM PDT by stanne
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To: rey

Correct, the government should not be involved with student loans, but that is a separate topic. Those who enter into bad contracts, or agreements, have only themselves to blame.


124 posted on 09/17/2023 9:13:26 AM PDT by Kolb (Compone Accomoda Supera)
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To: where's_the_Outrage?

Become a marijuana farmer?


125 posted on 09/17/2023 9:15:50 AM PDT by Leep (I've got a virus twice in one month. Should i lock myself down for 2 yrs. Just to be safe?)
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To: where's_the_Outrage?

Yes, you can.

Learn to budget and cut back needless spending.


126 posted on 09/17/2023 9:20:20 AM PDT by metmom (He who testifies to these things says, “Surely I am coming soon.” Amen. Come, Lord Jesus.)
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To: Sequoyah101

Absolutely.

Went to work from High School and after a few years working for a big company, I took advantage of the help offered to pay for college. While working and many night classes, I was able to pay as I went with help from employer.

I don’t think they do that anymore.

You can’t blame them considering what has happened to the
“universities” and the quality of the students who often do not have commitment to learning.


127 posted on 09/17/2023 9:24:19 AM PDT by Maris Crane
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To: Sequoyah101

“ Pay the debts you owe and agreed to pay back. Losers. ”

The other thing missing in this thread is Biden came up w this plan. It benefits his as does everything he does from looking at his watch during an honor guard ceremony where he is CIC and also responsible for bad decisions, to using his drug addicted traumatized son as bag man with the world’s moth ruthless killers

Biden is not responding to anyone’s request certainly not student borrowers, tge lesdt powerful of all groups

Why do people here assume this.

FR so naive.


128 posted on 09/17/2023 9:29:55 AM PDT by stanne
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To: stanne

The borrowers made the deal. Nobody made them do it. Paying too much and buying junk usually involves only one guilty party. I do fully agree though that the product offered is over priced and of low value.


129 posted on 09/17/2023 9:35:46 AM PDT by Sequoyah101 (Procrastination is just a form of defiance)
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To: where's_the_Outrage?
I worked with grad students for 15 years. A more immature and unrealistic group of clowns you have NEVER met! They can't think past their noses when it comes to ‘finance’ or anything outside their discipline. They have NO concept of W O R K, so they expect someone else will pick up the tab.

What a mentality!!!

130 posted on 09/17/2023 9:36:25 AM PDT by SMARTY (“Liberalism is totalitarianism with a human face.” Thomas Sowell)
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To: stanne

Yes. Plugs set the precident and established the expectation..leaders and society are reflections of each other. I blame lousy voters for xiden.


131 posted on 09/17/2023 9:39:15 AM PDT by Sequoyah101 (Procrastination is just a form of defiance)
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To: Sequoyah101

When a kid owes 60 k or120 k on a loan that grows with interest, not buying beer or buying beer doesn’t matter. This is a travesty that Obama Biden put on our nation in 2009. The universities have said nothing about it.

You want to talk about a kids spending and earning? Last I checked the president of Baylor was making 5 million annually. For what? The schools have said nothing not a word.

I suspect this is about not only wanting the youth vote - which Trump has- but about avoiding the disaster to the economy that will happen when 12 years after this terrible idea -govt in charge student loan industry- the financially strapped young adults simply can not pay. That’s those who have jobs but can’t have families or property, as well as the deadbeat lazy ones

Biden does nothing for anyone.

People here pretend this is one of Bidens projects

It is his only project. What is in it for him?

FR has been taken over by naive Dems.


132 posted on 09/17/2023 9:46:22 AM PDT by stanne
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To: Sequoyah101

“I blame lousy voters for xiden.”

You think the US voters put him in?


133 posted on 09/17/2023 9:47:31 AM PDT by stanne
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To: where's_the_Outrage?

Holy Moly - they are going to play a dangerous game here. The govt will find them. Student debt is forever


134 posted on 09/17/2023 9:47:37 AM PDT by SoftballMominVA (No longer in VA. Living the OBX life now!)
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To: pepsionice

I’m pretty sure I heard Trump say he’d eliminate the Department of Education.


135 posted on 09/17/2023 9:49:20 AM PDT by Senormechanico
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To: SoftballMominVA

Says the government who made up this ponzi scheme


136 posted on 09/17/2023 9:50:00 AM PDT by stanne
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To: FlingWingFlyer

“you azhos”

Hoes in Arizona be not likin’ the tone of your post.


137 posted on 09/17/2023 10:00:26 AM PDT by PLMerite ("They say that we were Cold Warriors. Yes, and a bloody good show, too." - Robert Conquest )
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To: stanne

They helped. Enough or a lot. Because of the ones who support dems it does not need a lot of fraud for the win.


138 posted on 09/17/2023 10:03:02 AM PDT by Sequoyah101 (Procrastination is just a form of defiance)
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To: where's_the_Outrage?; All

And there will be no consequences.

Let them know that not paying means that they will have NO CREDIT SCORE, they will not be able to get a mortgage-lease-credit card-car loan-no Tesla or other EV of their choosing-and that the IRS & Treasury Dept will automatically issue a lien on any paycheck.

You wanna dance, you gotta pay the band.


139 posted on 09/17/2023 10:08:24 AM PDT by qaz123
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To: where's_the_Outrage?

This issue is like acid dripping away on Biden support among younger voters. The economy sucks - especially for them. Many really can’t afford to make the student loan payments. The good paying jobs that would have justified the cost of a college degree just have not materialized for many of them.


140 posted on 09/17/2023 10:23:07 AM PDT by FLT-bird
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