Posted on 11/19/2022 9:36:54 PM PST by SeekAndFind
Stick a fiscal fork in ’em: These student loan debtors are done.
As they contend with a second legal setback to President Biden’s estimated $430 billion student debt cancellation plan, some exasperated borrowers told The Post they won’t ever pay another penny toward their massive tabs — regardless of how it might impact their future finances.
Rather than having up to $20,000 forgiven as Biden vowed in August, the fed-up debtors remain among the more than 45 million borrowers who owe a total of $1.6 trillion in federal student loans. The average undergraduate borrower leaves college with nearly $25,000 in debt, according to a Department of Education review, and payments often start six months out of school when cash can be especially tight. As a result, roughly 16% of all borrowers are currently in default, federal data shows.
Halted at the beginning of the pandemic, monthly loan bills are set to resume in January unless the pause is extended for a ninth time. But current and former students, including one who owes a staggering $118,000, said the looming payments are simply above their pay grades, especially in post-pandemic America.
Some 26 million people applied for the loan relief plan that critics claim could intensify inflation and 16 million had already been approved as of last week, White House press secretary Karine Jean-Pierre told reporters.
(Excerpt) Read more at nypost.com ...
The plural of anecdote is not data.
$1.6 trillion. It's not getting repaid.
They’ll have a rude awakening any time they have a tax return. The IRS will say “I’ll take that thank you!”...until you’re paid off.
Want to see these slugs REALLY freak out…?????
Seize their XBoxes, PS5’s, and all other gaming paraphernalia…
Then you’ll have a sudden surge in repayments.
Damn, I should be a politician…..
A friend cosigned for her kids who got basketweaving equivalent degrees.
She lost her house. Living in a trailer on not much.
This will settle itself out, as debtors will penalize those who don’t repay debts.
Yes, a lot of people from the younger generations are going to be buried in debt because they picked stupid career paths and enjoyed college years instead of preparing for the future.
It’s the same old story but with bigger numbers.
In what program of study did this turd get his degree?
Are we now entering an era where people are not responsible for contract terms and conditions that we signed for.
I'm not going to pay my mortgage anymore.
I'm not going to pay my car loan anymore.
I'm not going to pay back my bank loan ......
I contend that the banks and schools have no skin in the game when it comes to student loans. Congress needs to pass a law that allows students to easily discharge their loan debt with the result being that the bank and school get stuck holding the bag. I believe a law like this would force banks and schools to be more prudent as to how much they will loan and to whom they will loan. A byproduct would be a reduction in the cost of education. Why? Because the education market would no longer be flooded with bloated and inflated student loan money,
Also if this punk ever gets a job he will not see a tax refund either.
Hope he intends to ride a budycle the rest of his life.
NO CAR LOAN
NO MORTGAGE
Maybe even NO JOB because he has pissed off employers.
I still say that this 31 year old was raised under all the PARTICIPATION TROPHIES & has NEVER learned you have to work to achieve.
All they do is piss and moan, expecting some one else to solve their problems.
Last time I looked there was still special bankruptcy rules to eliminated the debt. They are lazy.
https://www.gore-law.com/can-i-eliminate-student-loan-debt-in-bankruptcy/
Generally, you cannot eliminate (discharge) student loan debt in bankruptcy. However, there are some exceptions. 11 U.S.C. section 523 excepts from discharge student loan debt if paying the debt after bankruptcy will impose an undue hardship on the debtor and the debtor’s dependents. The Southern District of Georgia follows the Brunner test of undue hardship, which requires
1) that the debtor cannot maintain, based on the current income and expenses, a “minimal” standard of living for herself and her dependents if forced to repay the loans;
2)that additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the prepayment period of the student loans; and
3)that the debtor has made good faith efforts to repay the loans.
Why don’t these non profits help people in the right way.
Number 3 is the problem for most of them.
His parents are part of the problem-—kick him OUT of the basement.
Time to repo Nick’s brain.
TAX PAYERS $$$$ already created the loans.
I guess they’ll just garnish his wa......never mind.
I paid off my student loans as an E-2 while in the USAF. It ain't hard if you want to do it.
Generation Zero Snowflakes revolt. Will no longer pay their bills. Credit Karma in total meltdown.
Their Credit Karma app won’t be very friendly to them!
Generation Zero Snowflakes declares Federal Student Loan Agency and the nations “universities and colleges” as MONSTERS!!!
The morons scheduled lavish vacations and bought new cars in anticipation of student debt forgiveness.
Now, they not only must pay off the student debt, they have a $500 monthly payment on the new car loan for seven years and an additional $10,000 on their credit cards for buying a non-refundable five star world tour.
They should just camp out on the African savanna tour until a lion eats them. Hope the travel insurance pays out.
TAX PAYERS $$$$ already created the loans.
...........
I may be wrong, but think contract with and money from banks and Government guarantees payment???
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