Posted on 07/01/2023 10:54:59 PM PDT by MinorityRepublican
Some student loan borrowers encouraged others to default on their loans "en masse" following the decision by the U.S. Supreme Court to cancel President Joe Biden's student loan debt forgiveness plan, but one expert told Newsweek why that may not be a good idea.
"Okay, thing I can actually talk about: Mass default on student loan debt would be a really effective message and f*** you to this country from the folks most impacted by our constant slide backwards. Just don't pay it. Hit the bricks. En masse," Twitter user Derek Van Dyke wrote.
On Friday, the Supreme Court reached a 6-3 decision to side with Republican-led states and cancel Biden's student debt forgiveness plan, which sought to cancel up to $10,000 in debt for borrowers with an income of $125,000 or less and up to $20,000 for Pell Grant recipients.
Payments on student loan debt have been paused for several months dating back to former President Donald Trump's administration. However, under the recently signed debt ceiling legislation, payments are set to resume in October and interest on the payments will resume in September.
(Excerpt) Read more at newsweek.com ...
Yeah do just that sucker ...
Mess up your life for credit and future employment etc ...
Perhaps taxpayers should default on going to work and default on paying taxes and home loans. You know, do it en masse.
Those inclined to want student debt erased should start a giant go-fund-me account where those so inclined could make donations going towards canceling student debt. Those of us who already have paid our debt or didn’t have any wouldn’t have to pay for others debt.
Restructuring debt or defaulting/filing-bankruptcy is precisely what these people should do! This will put more lending institution & school skin in the game. No more lending $150k for a basket weaving degree unless the lending institution or school are prepared to eat the loss.
Sure, go ahead and destroy your credit rating. That’ll show ‘em!
No. based on today's quality education standards, the original was correct.
F#ck you entitled little azzholes. Pay your debts.
Biden (or whomever is pulling his strings) knew damn well he couldn’t excuse these loans. This whole exercise is designed to look as though Biden (democrats) really want to wipe this debt from the borrowers but republicans, especially SCOTUS won’t allow it. The only reason these tactics work is because so many voters are ignorant.
If borrowers default, can American tax payers default, too?
Twitter user Derek Van Dyke - Hero of the Stupid. Leader of lemmings and sloths. Practicing for a political future. What a dope.
Do it. I hope they do.
I was under the impression that it was very difficult, if not impossible, to get rid of student loans through bankruptcy court. I thought that they were the one thing, oddly, that were “exempt” from bankruptcy laws.
So, a quick search shows that they were very difficult to get rid of through bankruptcy but the current administration just made it a whole lot easier. Imagine that.
Question to the FR world....Don’t all things financial have to go through the House? How can the Executive just make these rules up, that involve taxpayer money, with the stroke of a pen?
I went to UMASS. Watched career students, grown men and women, just pile them up to get another degree. While in school, payments are deferred. They just took out more.
Isn’t that what Obama did?
But if you’re a liberal trying to get a job at a liberal company, you’ll be looked at as smart, almost heroic.
Kind of like Dem staffers, etc who get caught doing something they shouldn’t be doing(lying to FISC court, multiple times), get a slap on the wrist(probation), carry on with life(get to keep law license even though you committed perjury), and then land a job with a bunch of liberals that hate Pres Trump as a reward.
They gave the same advice to CA renters.
Now they live on the streets as they can’t pass credit check.
“Mass default on student loan debt would be a really effective message and f*** you to this country from the folks most impacted by our constant slide backwards.”
Sliding backwards as in we never had to pay our debts before? These people are insane.
Yeah...and what do they think the IRS will do with any refund check they might be eligible for in the future? Oh yeah, they’ll take it until you’re paid off.
If they default, put them in prison for a period of time equal to how long it would take to get the loans back into good standing if paying the minimal amount due.
Bring back prison camps. Put these lackeys to work sweeping the streets, clean up the garbage heaps our cities and highways have become. Let’s see how they like working a chain gang.
The interest is the problem, not the loan debt. It’s compounded and I’m not sure if that’s daily or monthly. If it were simple interest, the entire balance could be paid back relatively quickly and reasonably.
And then there were schools who skimmed a percentage off the top od the loan, leaving the student to be charged with interest, compounded, that he/she never received. The result was having to borrow a larger amount to cover the need, which means bigger interest.
I think the issue of schools skimming off the top like they were was addressed. I’m not sure if it was stopped entirely or reduced.
Another problem was/is selling the loan when the balance was significantly reduced. This drove the balance back up in the form of interest and fees.
My family ended up in deep sneakers when the breadwinner became disabled. So did I from an entirely different issue. My loan went to collections, my husband died, and I received a small something from Supplemantal Income. But when spouse died, I was forced onto death benefits. I was under 62.
When the death benefits kicked in, they took 15% of my small, unlivable income. I only owed 1900 by this point. Then after 5 years of paying this, I thought it would be done, they sold the loan! And suddenly I owe $7,000!!! WTF!
and the balance with dept. Of education? $190!!!!
So this is why I state that the interest needs to be addressed as does the selling of the loans.
The interest NEVER stops. You have to pay a huge amount
Tò keep up with it. If your education didn’t land you a great paying job, you are f#[%ed
I’m not against paying the loan, but I am against making it nearly impossible to do so. I paid back thousands more than I borrowed which in a reasonable world eould have covered both the principle and the interest.
I borrowed a very small amount for equipment I needed for a class and thought that I could reasonàbly pay back but sometimes life throws in a boomerange and a few cannons.
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