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 ...
Any future funding of school loans must stop. It’s irresponsible to fund loans which have a high degree of uncertainty of being paid back, and are not secured in any way. Making loans a political carrot or stick is also irresponsible.
little children who don't actually know how money, lending, credit and debt actually works.
As the smoke clears in 2025, I expect some significant downturn where the Department of Education ceases to exist....the gov’t loan program goes into a spiral (probably a limit of $6,000 a year, and colleges go into crisis stage.
If this were about funding science or medical or engineering degrees...I might see a path ahead. The rest of this is BS. For teachers in the 1st to 6th grade....nobody needs a 4-year degree.
In the biz, it’s known as having no collateral. Automatically, that makes the loan riskier. In another lifetime, I was a loan officer for a credit union. First thing we were taught were the three C’s of credit: collateral (assets to pledge against the loan), character (credit history), and capacity (income stream).
Garnish wages if they have them...if not, debtors prison they go.
The student loans should be tied in with dealing with the $33T in national debt. Neither will be “paid back”. A dollar is a note of debt. A student loan is a debt (loan) on top of a debt (fiat debt).
How many of these people made payments in the past three years when they didn’t have to? If I understand correctly, any payment would have gone directly to principal. That would have helped them a lot. But I bet they bought lattes instead.
Fundamentally transforming America.
Give the IRS a new mission, especially in this digital era: Collections, including increased payroll “withholdings” (garnishments), on those deadbeats who don’t make payments AND hitting them with the extra income taxes on the single tax year income windfall for any part of their loans paid back late or not at all. Well publicized trials and sentences on the worst of them will encourage compliance.
The founders worried about debtors becoming a constituency and included a clause (Article I, Section 10) prohibiting states from passing laws "impairing the obligation of contracts". If ever there was a government policy that transferred wealth from the poorer to the wealthier, student loans are it, and forgiveness of student loans is it in spades, doubled and vulnerable.
I thought most of them never pay these loans anyway
Someday I hope to owe them money and will protest the unfairness of having to pay.
Bring back debtor’s prisons.
The Democrats love to make up the rules as they go along—how about putting a lien on both the deadbeat student and the college until the loan is paid in full.
If the student goes several months without paying start seizing and liquidating college assets.
Big education lobbied for these student loans figuring somebody else would have to deal with it.
It is time for them to become the “somebody else”.
1. End all federal and state student loans and subsidies.
2. I've said in past threads, make it EASY for students and parents who signed for student loans to get bankruptcy protection. Make the banks and schools eat the debt!!!. These institutions would then think twice about lending money to poor security risks.
These 2 steps would greatly curb student loan defaults IMHO
“ Government shouldn’t be in the loan business”
The Obama administration had the government tx je over the loan business in 2009
Who allowed that? Not the kids. Not tge parents
The indoctrination centers get their money. A ripoff ridiculous amount of money. And like the unregulated home loan system that broke tge bank tgese loans are given indiscriminately
Now you have a broken system that can’t be fixed. The loan sharks won’t get paid there’s no earnings there. Bidens know this. They were in it from the start in 2009. They’re attempting to fix it in their way. Control. Enabling. Pointing the finger. Denying responsibility
This was a Ponzi scheme scam
No one looks at the overinflated salaries of college and university admin staff. The overinflated staff. Does anyone see that there are three times the staff now compared with decades ago? Getting paid by the government ripping off tge futures of these kids?
Look at a typical deans salary?
Nope
Point tge finger at tge kids. Don’t look at Biden who was on the ground floor of this scheme and is now guiltily trying to fix it. People are doing his bidding
Mob thinking doing just what Biden wants them to do
Government is in the loan shark…eh student loan business and it turned to crap. Like everything else it has no business in.
But they can roam around Europe and all of the National Parks in America with an Apple watch and iphone and have credit cards to use to fund every damn GoFundMe page they see. Stupid,”educated” deadbeats. Pay your damn bills. That’s not the job of America taxpayers, you non-patriot, America-hating jackass voters. You can pay a few payments with the money you spend on Beyonce and Tater Swuft tickets. Instead of crying to the American workers to pay your bills, why don’t you have your favorite singers pay them for you.
Damn Joe Biden. He destroyed the younger generations. Now they all want everything to be free. KMA Bidenskyyyyy.
How many of these borrowers borrowed just to be in school and avoid real life? How many “gender studies” and “lesbian tribal dance” majors compared to STEM majors?
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