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Student loan borrowers told to default "en masse"
Newsweek ^ | 6/30/23 | MATTHEW IMPELLI

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 ...


TOPICS: Business/Economy
KEYWORDS: bidenlies; bidenomics; bribinomics; credit; deadbeats; default; parasites; studentloans; thieves
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To: MinorityRepublican

I propose a compromise. Each student loan that is forgiven, the corresponding school must reimburse the bank. The degree must then be rescinded. The degree is obviously of such low value that the recipient can’t earn enough to pay it back. This addresses the issue no one is talking about, why are these schools charging such insane tuition when they have millions, if not billions in endowments.


81 posted on 07/02/2023 9:25:42 AM PDT by gracie1 (Look, just because you have to tolerate something doesn’t mean you have to approve of it. )
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To: cherry

FJB is the one that put in you can not discharge a student loan debt.


82 posted on 07/02/2023 9:44:00 AM PDT by Keyhopper (Indians had bad immigration laws)
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To: Gaffer

Shhhhh That’s the surprise, but you have to wait until AFTER the midterms to open it.
Ex wife found that out the hard way.


83 posted on 07/02/2023 9:46:03 AM PDT by Keyhopper (Indians had bad immigration laws)
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To: jimtorr

Remember, the government is involved with the loans. Much nastier things can happen to someone who defaults


84 posted on 07/02/2023 9:48:58 AM PDT by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)
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To: gracie1

” the corresponding school must reimburse the bank”

Too many state run schools. State is the government. The government always gets their money


85 posted on 07/02/2023 9:51:04 AM PDT by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)
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To: dforest

We could all file our W2s with 9 dependents and have no taxes taken out.


86 posted on 07/02/2023 9:53:14 AM PDT by Keyhopper (Indians had bad immigration laws)
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To: Revel

All Student Loans were Federalized under Obama. Very few private student loans out there at this time available if any.


87 posted on 07/02/2023 9:57:11 AM PDT by Captain Peter Blood
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To: jimtorr

Problem is they cannot be discharged in Bankruptcy so you’re ruining your credit for nothing, it stays there no matter what.


88 posted on 07/02/2023 9:58:20 AM PDT by Captain Peter Blood
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To: cherry
can you default on student loans?....I thought you could not...

One could, theoretically, simply stop paying. Then what?

89 posted on 07/02/2023 10:00:54 AM PDT by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: MinorityRepublican
I paid off my student loans.

My kids paid off their student loans.

And my grandkids have paid off their student loans.

None of us fell for this 'free ride crap'...

Let's hope the young aren't going to fall for President Sniffer's lies again. Democrats want to make this a 'get out the youth vote' scam. But it'll backfire. Lots more citizens planed by the rules than those who wanted a free ride.

Why are democrats always supporting the criminal choices? Money for drug addicts, money for 'the homeless' who don't want a job, money for deadbeats who don't want to honor their contracts, money for corrupt countries.. money for sexual perverts targeting children, money for.. etc etc. It's like they love toxic incentives - then wonder why they get more of what they're pretending to discourage...

90 posted on 07/02/2023 10:03:38 AM PDT by GOPJ (BUD LIGHT - QUEER BEER - - - NOT WELCOME AT ANY 4TH OF JULY GATHERING.)
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To: MinorityRepublican

The Biden “plan” was only a $10,000 bribe ($20,000 for receivers of Pell grants). The problem is much bigger than that.


91 posted on 07/02/2023 10:05:26 AM PDT by Billthedrill
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To: jimtorr

good luck repairing your credit afterwards.


your DEI rating is more important in the future

https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/dei-metrics-.aspx


92 posted on 07/02/2023 10:07:57 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Lonesome in Massachussets

Husband suggests after they finish pitching a fit on the floor, they each hold their breath until the rest of us see reason.


93 posted on 07/02/2023 10:08:11 AM PDT by small farm girl (....)
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To: jimtorr

The credit based money system will fall, sooner or later.

Why not start here?


94 posted on 07/02/2023 10:09:31 AM PDT by Jim Noble (Make the GOP illegal - everything else will follow)
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To: meowmeow

I know the thread concerned Student loans, but my comment was about Bank loans.

Just “default” is the most ridiculous path.


95 posted on 07/02/2023 10:47:34 AM PDT by Maris Crane
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To: jimtorr

Soon your credit score will reflect only if you have the correct politics or not.


96 posted on 07/02/2023 10:49:29 AM PDT by Tea Party Terrorist (Eat the Rich)
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To: Organic Panic

IIRC a bankruptcy does not discharge the student loan debt.


97 posted on 07/02/2023 11:09:09 AM PDT by coalminersson
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To: Gene Eric

IIRC a bankruptcy does not discharge a student loan debt.


98 posted on 07/02/2023 11:10:18 AM PDT by coalminersson
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To: MinorityRepublican

Education Loans Can Be Discharged in Bankruptcy

What is behind the perception that student loans cannot be discharged in bankruptcy? It is true that it can be more difficult to discharge many student loans than other types of unsecured debt; the Bankruptcy Code provides a more difficult test for relief (a showing of “undue hardship”) and an extra step in the process (an “adversary proceeding,” essentially a lawsuit within the bankruptcy). However, some borrowers may not realize that discharge is still possible even under that standard and extra step.

Importantly, some loans that borrowers may think of as “private student loans” are not subject to that standard and extra step. Instead, some private loans for educational purposes can be discharged in a normal bankruptcy proceeding, just like most other consumer debts.

For example, several types of loans associated with education expenses are dischargeable in bankruptcy, like most other types of unsecured consumer debt. These types of loans for education expenses are not subject to the more difficult standard and extra step. These loans could include, for example:

Loans where the loan amount was higher than the cost of attendance (such as tuition, books, room, and board), which can occur when a loan is paid directly to a consumer.
Loans to pay for education at places that are not eligible for Title IV funding such as unaccredited colleges, a school in a foreign country, or unaccredited training and trade certificate programs.
Loans made to cover fees and living expenses incurred while studying for the bar exam or other professional exams.
Loans made to cover fees, living expenses, and moving costs associated with medical or dental residency.
Loans to a student attending school less than half-time.


99 posted on 07/02/2023 11:13:18 AM PDT by coalminersson
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To: MinorityRepublican

Yes. And stop paying mortgages and taxes. This could work!


100 posted on 07/02/2023 12:11:28 PM PDT by If You Want It Fixed - Fix It ( )
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