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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: where's_the_Outrage?

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.


41 posted on 09/17/2023 7:15:02 AM PDT by Old Grumpy
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To: Vigilanteman

Great post


42 posted on 09/17/2023 7:16:44 AM PDT by frogjerk (More people have died trusting the government than not trusting the government.)
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To: where's_the_Outrage?
"Boycotting" a contract. Now that's a novel way to avoid repaying a legal debt, of getting out of a responsibility to a personal commitment.

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!

43 posted on 09/17/2023 7:17:11 AM PDT by glennaro (Never give up ... never give in ... never surrender ... and enjoy every minute of doing so.)
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To: where's_the_Outrage?

Maybe someone can tell me what is the “systemic unfairness” about having to repay loans willingly entered into.


44 posted on 09/17/2023 7:17:31 AM PDT by hinckley buzzard ( Resist the narrative)
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To: stanne

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.


45 posted on 09/17/2023 7:17:33 AM PDT by cgbg ("Creative minds have always been known to survive any kind of bad training." Anna Freud.)
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To: Vigilanteman

“ 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?


46 posted on 09/17/2023 7:18:03 AM PDT by EQAndyBuzz (You Indict, we Unite!)
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To: JesusIsLord
You can't end state student loans, that's a 10th Amendment issue. Education is a state issue.

If CA wants to piss their tax dollars away on student loans for Gender Studies, that's their business.

47 posted on 09/17/2023 7:18:25 AM PDT by Extremely Extreme Extremist
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To: devere

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.


48 posted on 09/17/2023 7:19:19 AM PDT by EEGator
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To: devere
In my opinion student loans should be made eligible for discharge in bankruptcy court a certain number of years(12?) after leaving school.

Why?

49 posted on 09/17/2023 7:19:52 AM PDT by ladyjane
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To: Gaffer

“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.


50 posted on 09/17/2023 7:20:24 AM PDT by KrisKrinkle (c)
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To: escapefromboston

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?


51 posted on 09/17/2023 7:21:13 AM PDT by oldtech
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To: JesusIsLord

“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.


52 posted on 09/17/2023 7:22:19 AM PDT by where's_the_Outrage? (Drain the Swamp. Build the Wall.)
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To: Lurker

I guess they don’t know what liens are.


53 posted on 09/17/2023 7:23:31 AM PDT by Mathews (I have faith Malachi is right!!! Any day now...)
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To: where's_the_Outrage?

54 posted on 09/17/2023 7:23:58 AM PDT by Worldtraveler once upon a time (Degrow government)
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To: Governor Dinwiddie

“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


55 posted on 09/17/2023 7:25:41 AM PDT by stanne
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To: KrisKrinkle

‘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.


56 posted on 09/17/2023 7:26:12 AM PDT by KrisKrinkle (c)
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To: Lonesome in Massachussets

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…,,


57 posted on 09/17/2023 7:26:23 AM PDT by 9422WMR
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To: where's_the_Outrage?

Safe to say they obviously learned nothing from the college they took the loan out for.


58 posted on 09/17/2023 7:27:14 AM PDT by maddog55 (The only thing systemic in America is the left's hatred of it!)
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To: mikey_hates_everything

Treat them the same as the J-6 people have been treated.


59 posted on 09/17/2023 7:27:38 AM PDT by Colo9250 ( All Republican moderates need to go in 24)
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To: escapefromboston

Professors RVs and summer houses are not going to pay for themselves.


60 posted on 09/17/2023 7:28:27 AM PDT by jdt1138 (Where ever you go, there you are.)
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