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 ...
I do see these student loans as predatory. Name one loan you can get without proving credit worthiness and ability to pay?
Under duress? Good question/perspective. Parents pushing kids to go to college when many have no business being in college. They would have been better off in a trade.
The loans cannot be written off or forgiven even in bankruptcy in most cases.
Colleges saw a gravy train of government money at the expense and ignorance of young adults.
Who should pay the debt back if bailed out? The colleges.
You’re the monster kid.
Enjoy your credit rating snowflake.
Poor fella...a doctorate in Gender Studies from Princeton and he’s living in mommy’s basement.
He’s too old for the marines. 25 is the cutoff.
The Corp deserves better, for sure.
But he deserves some serious PT,
If they didn't make their payments, the vehicles would be repossessed. But how do you repossess an education? Lobotomy, perhaps? Hmmm....
Linkey also wants to see loans fully dischargeable in all bankruptcy cases rather than in cases where borrowers can prove their payments cause undue hardship.
Suddenly, colleges would stop admitting so many unqualified students and offering worthless majors.
The problem of student loan default was foreseen many years ago when the loan could not be forgiven via bankruptcy. The temptation for young people to run up a big debt and declare bankruptcy would be a no brainer.
Obama is the real culprit here. Obamacare created a government monopoly on student loans and the debt sky rocketed. College tuition cost inflation paid for all the commie administrators who turned campus’ into gulags. It’s all Obama’s fault.
I'll be honest. I tried doing this for about a decade after I quit college. I just buried my head in the sand and thought they'd magically disappear.
They didn't.
Eventually, they started garnishing my wages and forced me to come up with a repayment plan. They were cool enough to knock off some of the penalties but I still had to pay everything back. It took me ten years.
They will get their money one way or another, whether President Biden takes it from me to pay off your loans or you pay them off yourself, they're going to get paid.
OK. The lender will sue you, get a judgment, grab your bank account, your home, your car, your stocks and bitcoin, and all your credit cards will be blocked. Welcome to reality.
The face of the American Deadbeat. Thanks, Obama!
These little deadbeats make me ill. I left grad school $75k in debt. I was a public school teacher in Los Angeles, single, and I STILL managed to pay off that loan. I rode public transportation, I rented, I didn’t have a television, I limped along, and sometimes I had to put the loan in forbearance and watch the interest start accruing again, but eventually, I paid it off. It took me 14 years, but I paid it off. On a public school teacher’s salary in LA, I paid it off! With no help from family, no free car, no trust fund, no nothing. I hate these brats.
When the monster has had enough, it’ll come to eat YOU!
Ok. This should be the commercial for every political ad starting now. Everyone who is a swing voter hates dead beats. Especially deadbeats that cost money when they transfer the debt to we the people.
Let the small coterie of young and stupid keep running their mouths snd laugh all the way to a landslide.
Of course this would me out side has a quarter of a brain Of what actual matters to voters so I am not encouraged
bingo
Actually... the school could rescind their degree, and lock up their transcripts. Because let's face it, it's not the knowledge they pay for, it's the diploma.
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