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 ...
Exactly....The banks did this forever...then suddenly it was the government became a College Loan Bank....except my money will keep it in business if these ........... don’t pay.
There is no limit to the destruction government can cause when “trying to help”.
Government is the absolute worst way to attempt to accomplish anything of a positive nature for the simple fact it is primarily interested in doing what benefits itself.
“ Interesting.
When one reneges on a car payment, the loan owners can take the car back - thereby receiving some value.
But, given that most of the “eddikashun” that these student loan borrowers received, there is absolutely nothing of value that they got in the first place. What’s to take back? Wokeness? DEI? Absolute stupidity?”
That’s easy.
The school collects the money from the government straight up. No questions
Does the school have to advise the kid he’ll have to have a job? Does the school take any responsibility in getting tge kid a job?
Why not?
I hear ya but it is not really a contract if there is no exit.
Other types of loans have other forms of exit, other than full payment. The Founding Fathers well knew the perils of a system that didn’t allow exit on loans or contracts. They sought to avoid a system of debtors prisons and servitude.
The student loan system is like no other. There is no bankruptcy exit. It is essentially a life sentence. Payment or death is the only way out.
These are unreasonable loans that are made without any investigation into repayment ability. Normally, banks look at values, character and ability. Is what is being purchased valuable? Can the bank recoup any potential losses? Is the item able to be resold to recoup loss? What’s the credit history and ability to pay of the applicant? What is the collateral?
None of that exists with these loans. The only reason they are made is because of the co-signer; you, or I should say the government on your behalf, as the government has no money to loan without you. It’s a scam. And banks make money or they wouldn’t do it.
And as anyone with any economic knowledge knows, there are really only two forms of inflation; the expansion of the money supply (printing dollars), or the expansion of credit. The expansion of credit in both the housing market and the education market has driven prices up faster than any other sectors.
Everything the government touches turns to crap and the student loan system is a prime example. These are not legitimate loans and should not be viewed as such. Furthermore, one looks at anyone who fails on their home or business loans as poorly as people on this site view people who fail on student loans. Why? It’s a business arrangement like any other, admittedly an incredibly bad business arrangement, more so on the part of the bank. Many business deals fail and most result in the loss of money. Why is this business arrangement and potential loss viewed so much differently? The taxpayer is the co-signer on all sorts of loans, besides student loans, yet these are seldom at issue, even though some result in great loss.
The government should not be involved in any loan system or co-signing for anyone for anything. It always muddies the waters and causes undesirable consequences.
I have no clear understanding of WTH they are talking about and the sentences from the College Grads are the least likely to make sense.
“ Government shouldn’t be in the loan business
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.”
Tge Obama Biden administration started this
“Government shouldn’t be in the loan business”
The government exists in its present form because of the “loan business”.
Everyone just wants to loot.
While it hasnt worked this way for a while, money isnt supposed to appear (or loans disappear) just because an individual or group desires it.
The consequences will eventually be felt and enjoyed by everyone.
America doesn’t have morals anymore.
I don’t watch sports except F1 and Tennis anymore, but sometimes see something on tv at the gym or an friend’s house.
You can get up to date lines and gamble from the commercials. Degenerate.
Half the people here are fine with low moral representation, as long as they vote a certain way.
Drug ODs are at an all time high.
CC debt at an all time high.
Deion is a racist **** and the cucks here bow down for a game.
Faggots and trannies in schools, etc.
We have gone beyond the event horizon.
I advise taking care of the ones you care about and remove oneself from most aspects of pop American life. Those meetings you mentioned end with a prayer about accepting the things you can’t change. Stoicism, exercise, contemplation, friendship and reading take up most of my free time now.
I’m about ready to remove news from my life as well.
It’s 98% useless, negative trash.
Take care.
Theyre about to boycott? The word is default. Hopefully their bad decisions follow them around the rest of their lives.
Most of these debtors are able to repay their loans, they just don't want to. They're spoiled brats who don't want to deal with consequences.
In one state where those debtors had their licenses revoked 98% of them resumed their payments immediately. Don't fall for their lies.
Growing it and feeding it unsustainable proportions.
What paychecks?
“ Exactly....The banks did this forever...then suddenly it was the government became a College Loan Bank....except my money will keep it in business if these ........... don’t pay.”
When Obama Biden took over student loans in 2009 I anticipated a disaster. Why did I hope people would blame Obama Biden not dreaming people would fall for the manipulative Biden, in attempt to not be tarred and feathered for this mess he created, pointing the finger at these borrowers?
There is a meme going around. It is “F around and Find out.”
These debtors are about to F around. And they will find out.
The last thing you want to do is screw around with the “system.” It’s worse than dealing with the mafia. The mafia just kills you. The government doesn’t let you off so easily.
So they destroy their credit score, which impacts their ability to get jobs, and pay off their loans....Brilliant!
Yep the 1% er’s are back
“Simple solution: Transfer the loans back to the educational institutions where they originated. They have these choices:
Write them off or use their original endowments to pay them off.
Collect them from their students by withholding transcripts or even revoking degrees.
If it was a useful degree, then the student has every incentive to come up with a payment plan to keep the degree. If not, then maybe the institution deserves to take the loss for peddling a worthless product.”
Brilliant idea!
If the kid is so stupid he doesn't know about debt then his parents should have told him. If he parents don't understand then the apple doesn't fall far from the tree. Poverty and irresponsibility will always be with us.
Well that will take care of the doctors, dentists and lawyers who can pay. That doesn't deal with all of the others who don't have licenses...
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