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 ...
What eff are you doing if you have a student loan at 62. Mine was paid off with in a year of graduating college. Christ, I don’t have any debt; no mortgage, no car payment, no credit card debt.
These kids go off to be indoctrinated into things that do not translate into careers or into being responsible adults. Screw them all. It is a hard lesson that they need to learn. Maybe they will get pissed off about the right things and fix their lives and this country.
If you azhos got a degree in a cirriculum that meant something, you would be able to get a job that would allow you to pay your friggin’ bills. Anybody could have told you that degrees in Angry Black Lesbian Tranny Studies, Violent “Non-violent Protests Artwork and hometown craft beer brewing company studies weren’t going to get you anywhere. Lots of fun but you remain just another idiot with a worthless diploma sitting around Wakanda fast food joint in your “College” sweatshirt pokin’ your cellphone.
Good argument. It would be better if the bank lent the money straight out with some intent to get it back. I spoke wth a lender. He explained everything. I paid back the loan $60 per monthh from a good job I got from a skill degree I still use
This is not that
This is the government flooding these indoctrination institutions eithe billions and pointing the finger at tge kids
Mothers are so busy working and watching Yellowstone dads are gone and in tge best families parents trust the school system. That’s deadbeat.
Default their ass and send them to collections.
Ruin their credit so they can’t purchase a car or house.
That’s one of the things...”boycott”
Oh I see, it’s a euphemism for “I’m NOT PAYIN’”
See, here’s the thing. Student loan debts are not dischargeable in bankruptcy so you can’t actually go to a court and have it proven that you could pay. Just because you declare bankruptcy doesn’t mean the court will go along.
So no, I am not falling for either side of this. I just know how much public and private debt we have piled up in this country as a percentage of GDP. It’s staggering.
Thanks for your input.
I got the training in journalism and what’s happening in the media universe right now is a universe away from the training and or experiences of my youth in the media-news media.
My father seems perplexed by the commercials he sees on television as well.
TOTALLY AGREE. With one exception, daily chain gang along highways to pick up trash. ANY food they get at night will be based on weight of trash collected.
Damn whiney snowflakes. Their spirit of ENTITLEMENT needs to be totally destroyed.
Why? Are you some eff’n irresponsible dead beat. It’s people like you that don’t have a damn ethic to pay their own debts and see no problem with others paying it for you.
There are a lot of straightforward solutions - but since they all involve consequences for indulging in progressive thinking, they will all be deemed “inhumane”. Only a taxpayer bailout will be called “kind and caring.”
Exactly. In a market driven society, there is an incentive for an investor to "buy"the loan from the holder at a sharp discount to value and work out a "reasonable" payment scheme with the debtor. The loser is the idiot who made the loan in the first place and collected all fees for doing so.
Except when government guarantees are invovled anyone putting together loans does due diligence and estiamtes default risk, potential losses and recovery and has to demonstrate that the package of loans will return fair market value. 'cept when government loan guarantees are invovled.
No relief in bankruptcy does not mean these are zero risk loans. You cannot collect from a guy out on the streets or living in someone's basement.
1. I paid mine back.
2. The government will force all taxpayers to pay that money SOMEHOW.
3. If you rebel, they’ll kill you, take your stuff and sell it for $$ to pay those loans.
4. Anything else you say or propose won’t matter.
5. My final question is, “How will this not eventually destroy the credit system as millions more pile onto the I’mnotgonnarepaythatloan bandwagon?”?
Breach of contract so, pay up kiddies.
They have a year before the credit is affected. And who knows President Biden may extend it for another year in 2024.
Sure. As long as I am not the lender.
Since I am they need to pay their debt
That’s not a “boycott”. That’s called defaulting on your loans.
Per your #5, just wait until the collapse of CRE and regional banks.
Things are going to get real ugly, real fast.
You can’t get blood from a stone.
THIS.
“If the kid is so stupid he doesn’t know about debt then his parents should have told him.”
Does that mean “If the kid is so stupid he doesn’t know about” readin’, ‘ritin’, ‘rithmatic, geography, civics, history, his parents should have told him”?
That’s when congress will pass universal college where it’s paid by tax psyers. Nothing like paying for education from age 3 to 22. What a racket.
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