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 ...
Some of these deadbeats’ debt is only about the same as the cost of a new car. They feel like we the taxpayers OWE it to them. They just want a FREE RIDE past their obligations.
Great post
Just imagine what would happen if this were to succeed and, if supported by the courts, these contracts not be subject to legal enforcement? What would happen when the legal precedent is applied to all contracts?
Anything is possible in our "modern" American "justice" system ... anything!
Maybe someone can tell me what is the “systemic unfairness” about having to repay loans willingly entered into.
The college did their job—they educated the kid on how socialism works.
For a socialist what is mine is mine (think Bernie and his houses).
For a socialist what is yours is also mine.
For a socialist all my debts should be paid by someone else.
“ Simple solution: Transfer the loans back to the educational institutions where they originated. They have these choices:”
Everyone is accountable. That’s how it should work. If the institution has no stake in the game then what’s the point?
If CA wants to piss their tax dollars away on student loans for Gender Studies, that's their business.
Agreed. All other debt is dischargeable.
Government shouldn’t be involved in the loan process as well.
The 50+ year old, with an Ivy League MBA, should know better than to loan money to a low IQ African Studies 18 year old.
He does know, he just also knows that the debt can’t be discharged.
He also knows it “would be racist” to deny “an education”.
As usual, government is the problem.
Why?
“little children who don’t actually know how money, lending, credit and debt actually works.”
The “education system” failed them. They should have been taught this in High School.
Those with heavy student loans need to look at it this way...if you fail on a car loan,do you think they would fail to repossess the car?
“End all federal and state student loans and subsidies.”
Careful on that. I essentially got a government student loan, ROTC Scholarship, that I had to pay back with 4 years of my life. Probably the best deal I ever made.
I guess they don’t know what liens are.
“When their pay checks get attached, they will realize that their childish temper tantrums are to no avail. “
Everyone here despises academia for brainwashing. But when it comes to ripping off students they’re innocent
That’s insane
Academia allows and doesn’t have any responsibility in a kid getting a history degree, philosophy degree? I know kids who sign up for psychology studies
The school has zero responsibility to make good on the value of these loans. When a bank loans out for a house they have to do an inspection. Not this group
The government gives the loan. The school is off the hook. Even on this FR forum
When a kid whose parents and the school allowed a kid to borrow for a social work degree or who took an English degree and is teaching second grade at a parochial school can’t pay 1000 simply doesn’t have the money, people blame the kid.
Did anyone advise the child at 18 they need two to three majors and a masters to get a serious paying job? Anyone tell the kid they cannot learn and get drunk every weekend?
Did anyone realize that when the government is involved in the loan tge recopient is getting ripped off?
No the kids are blamed
‘The “education system” failed them. They should have been taught this in High School.’
And us. Seems to me the “education system” is full of grifters, defrauding the public. Not all of it, but too much.
Look at the universities now.
Modern buildings covering many acres with the capacity to “educate/indoctrinate “ the gullible.
Somebody has to pay for that!
Suckers…,,
Safe to say they obviously learned nothing from the college they took the loan out for.
Treat them the same as the J-6 people have been treated.
Professors RVs and summer houses are not going to pay for themselves.
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