Real talk - How will not paying convince conservatives to be for student debt forgiveness? They’re the ones blocking loan forgiveness, and this is a demographic of people that does lean toward them, so why would they listen?
IMHO, showing up to vote is what would actually put the fear of god into these politicians. Not paying a loan will totally fuck up your ability to rent, get a credit card, get reasonable car insurance, and even get a job. Bad credit is no joke.
It won’t, but I hope most of these people realize the only way it’ll change is consistently going to vote and keeping their family updated on what to vote on.
you voted for the most liberal candidate you had available for presidency already.
Yeah these people are only hurting themselves. The US isn’t hurting for cash and sooner or later those loans you’re avoiding turn into garnishments.
And they’re not eligible for bankruptcy relief either
Correction: You can but it’s hard. It’s a little easier under this administration though
https://www.cnn.com/2022/11/17/politics/student-loan-debt-bankruptcy/index.html
As far as I know indentured servitude is illegal in this country already, I’m pretty sure that’s reason enough not to pay.
They are conscientious objectors in that sense and I’m cheering them on.
Except, if don’t pay they don’t even need to sue to get a default judgment and garnish your wages.
https://www.nolo.com/legal-encyclopedia/can-my-student-loan-creditor-garnish-my-wages.html
I checked and there is one change. It’s easier to discharge through bankruptcy (although not simple by any means) under the current administration although without congressional change it’s still an uphill battle there too.
https://www.cnn.com/2022/11/17/politics/student-loan-debt-bankruptcy/index.html
I am applauding the act of resistence, I don’t think the fact that garnishing wages is a consequence should dissuade those from trying to take a part in resisting. It doesn’t make the debt culture we saddle our children with, for a chance at survival, any less immoral. Any resistence in such a culture is therefore a moral obligation.
strikes* will put the fear of god into politicians, if we vote they will just give us all crappy options.
also the benefit of not paying off those loans is they are actually left with a bit more money.
strikes* will put the fear of god into politicians,
Striking of matches, maybe.
Not paying a loan will totally fuck up your ability to rent, get a credit card, get reasonable car insurance, and even get a job.
I don’t agree to credit checks from landlords.
I have reasonable car insurance.
I don’t agree to credit checks from employers.
I do have a credit card and I test it once a month on a small purchase, usually coffee.
Any other dire warnings you wish to inform me about that do not match the real world?
Don’t match the real world? Just because you have been lucky to avoid that stuff doesn’t mean that a LOT of us haven’t experienced that stuff.
Credit checks are common in housing markets with limited supply, all the largest auto insurance companies in the US now do credit checks, and jobs in industries like finance and security often add a credit check during your pre-hire background check.
And god forbid you ever need some serious financial products like another loan. That is off the table.
I get the feeling that dude is in his 20s. Bless his heart.
Yeah, there aren’t a lot of Americans over 35 that don’t realize how hard a bad credit score can fuck you. There’s no shortage of very real horror stories around this stuff.
Must have somehow missed this repeatedly my entire life. Totally a real thing I am sure.
It depends on your age and where you live. You may have gotten into housing, an insurance policy, or your gig before this trend took off.
It’s now a big enough problem that a handful of states have started to draft and pass legislation that bans credit checks for insurance, housing, and employment. So, if you’re in a place like CA or MA, you might not notice that this is fair game in most of America.
That said, a lot of this fuckery is still super common and fair game in most of the US.
Housing: 6 years ago
Car insurance: I think about 3 maybe 2.
Job: 3.5 years ago
Do not live in CA or MA or a state that has rules like that. In fact 11 years ago a landlord did ask me and I said no. She backed down when I said I wasn’t going to bend on the issue. Of all the places in my life this was the only one that asked.
But yeah you continue to worry
Can’t say I blame them at this point but the consequences of that are probably going to suck for them.
Paycheck to paycheck and your payment is more than you spend on groceries. And your loan has doubled in size because of interest. And will continue to grow. Meanwhile your credit is garbage and you can’t get ahead. Bad credit? Crappy car, needs fixes. Higher interest rate. I’m 41 and trying so hard to get ahead of it.
At the very least cap the interest for people. Or how about no interest. You can’t chip away at something that’s growing faster than you can swing at it.
Best we can do is crippling debt in a dystopian shitscape to pay off the degree they lied to you about being able to get a good enough job to raise a family because you got that degree, taking on tens, maybe hundreds of thousands of dollars in debt.
I agree with you here. I’ve always said, if you’re putting in work to get an education, the interest on the loan should be zero. Yes, zero.
Over time it means the lender (read: govt) loses money, so what. The increased tax income for an educated employee more than accounts for that. Even if it didn’t, what’s the downside to an educated workforce for anyone but those in power?
Education should not be a for-profit scheme.
The government has no problem giving away 0% interest loans, often with principal forgiveness, for tens of millions of dollars to fund infrastructure. How is university not a similar investment in the future?
Yeah, in fact it’s almost trivial to argue that education in something you’re interested in results in better/more efficient infrastructure.
As an example, California uses loops of wire embedded in the asphalt at lights to sense if cars are there, meaning less delays for people because no light is green at an empty direction of an intersection.
Though that’s only mildly high tech, some educated electrical engineers had to come up with it, and it makes life better for us all, saving gas, and reduces CO2 for idling cars as well.
Counter argument–having bad credit is also meaningless if you can never afford to purchase something like a house, and you’re ok with purchasing used vehicles and renting from smaller landlords and not property management companies.
Credit is a fucking scam to begin with. It’s insane what companies like Equifax have gotten away with.
Wholeheartedly agree. And then we go around panicking about the authoritarian social credit shit China has. Mfer we’ve have social credit for decades
Respectfully, that is apples to oranges. You are unable to function as a regular person in China with bad social credit. Here you can’t get loans and sometimes your employer sees.
Comparing the American president to a cartoon character doesn’t stop you from being able to fly. You have no idea how deep China’s social credit system goes if you think it’s at all comparable to just getting higher interest rates.
It’s a far less bad scam than the previous version of be a white guy that’s friends with the local bank.
No. At least under that shit system your information wasn’t hacked and you didn’t have zombie debt.
The consequences already suck. It’s damned if you do damned if you don’t. At least I can keep (some of) my money this way.
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Yeah, there’s going to be a whole lot of upset people when the government inevitably starts garnishing their wages.
Yes they certainly do, ask me how I know.
Not very effective when they can just garnish your wages, your taxes, and your social security. I’m fully on the side that believes student loans desperately need reform, and Biden’s forgiveness plan getting shot down has definitely negatively impacted my life, but I’m not dealing with ruined credit and the stress that not paying causes when I know they’ll find a way to get their money unless I basically throw away my career to work cash jobs. That would impact my life way worse in the long run.
Right now borrowers are incentivized to keep low income jobs and avoid settling down (they can’t buy houses anyway) which isn’t exactly excellent from a state perspective.
That kind of sounds like when people say that anyone on welfare could be doing better but chooses not to so they can keep their benefits. Of course there will always be people right on the cusp who determine that the little extra money they’d make by working more hours or trying to get a slightly better job won’t make up for what they’d lose (either in benefits or in savings from a lower student loan payment), but anyone who can afford to do significantly better generally tries to do that for a lot of reasons.
Sure but right now you can essentially defer forever under 60k, 60k vs 120k I absolutely agree, but that usually happens in steps and $60k to $70k you might not see a benefit.
Not factoring in the borrowers that still have student loans from a decade or two or three ago and can’t just upend their now-established lives by halting payment. They’ll be forced to keep paying and keep that turd floating, not by choice, mind you.
borrowers are incentivized to keep low income jobs
I don’t believe this at all.
I used to calculate garnishments in a previous job. There is a minimum take home pay that you have to get.
A low income job does mean less garnished wages, because you don’t make enough to get over the threshold.
It’s a similar method that some dead beat parents do to game the system out of having to pay child support. Sometimes they supplement with work under the table so they aren’t living crappy lives and sometimes they just live crappy lives. You can live a long time off of spite.
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I mean… right or wrong, FAAFO with banks does not sound fun, I hope they have an exit strategy like to live with someone else as they drop off the grid.:-|
I agree. More power to them, but I’m way too risk adverse to personally stop paying. I genuinely hope they can induce some change. I guess that makes me a scab.
I hope this debt is forgiven someday, but I don’t have enough faith in the powers that be to risk my future on it.
I mentioned to someone else replying at the same time as you did:
Don’t beat yourself up -
that’s the banks job.Like if someone scams you and you follow them to their house, break in and take your money back… you become the assailant at that point - e.g. if someone spots you, maybe not even the owner, and shoots you dead or whatever, then the fact that it’s their house is all that police are going to see and care about.
Movies and TV shows about vigilantes are fun to watch but the reality is that it is quite dangerous. Right or wrong, they have the entire weight of society behind them.
Find a way to resist that does not involve the likelihood of losing everything you have.:-)
Yeah, much as I’d like to participate, I’m scared into being a scab. Life is hard enough as it is.
Don’t beat yourself up -
that’s the banks job.Like if someone scams you and you follow them to their house, break in and take your money back… you become the assailant at that point - e.g. if someone spots you, maybe not even the owner, and shoots you dead or whatever, then the fact that it’s their house is all that police are going to see and care about.
Movies and TV shows about vigilantes are fun to watch but the reality is that it is quite dangerous. Right or wrong, they have the entire weight of society behind them.
Find a way to resist that does not involve the likelihood of losing everything you have.:-)
What if they’ve built a system where peaceful resistance is encouraged but designed to be ineffective so the only way to resist effectively is to risk everything you have?
Then feel free to do so, bc at that point you know what you are risking, and more importantly what you are fighting for.
The banks won’t really care either way ofc. But you will notice, and at the end of the day that’s what matters.:-) There are worse things to lose than merely your life - like your soul (center of being).
Although… it wasn’t the banks who caused the colleges to scam students into getting loans. And most professors and staff at the colleges resisted the conversion into becoming for-profit - many (those who could) literally quit over it. The ones who caused that though have likely already cashed out and walked away.
But even they weren’t the ones who changed our economy from being one that worked FOR the people into one that used people to build more wealth for the already obscenely wealthy, and in so doing not hiring people with college degrees. As so many documentaries (like Inequality For or All) explain, that was Reagan on behalf of Republicans who broke the backs of the unions, and everything since has only reinforced and strengthened those steps.
In this place where I live, even every act of compassion is a form of resistance
That’s so sad… and yet all the more worthwhile then - dare to be different:-).
Reminder that student loans, like mortgages, are rolled up into an investment vehicle called the SLABS, or Student Loan Asset Backed Securities. Student Loan Forgiveness would tank the value of the SLABS, and I guarantee you our elected officials have money tied up in them. Since a student loan can’t be discharged through bankruptcy, it’s typically a very safe investment.
It is absolutely HORRIBLE and immortal to have an investment that gains money of others being in debt. That is SO fucked up
What… What do you think a loan fundamentally is?
Fucked up?
Welcome to capitalism.
Inb4 all the MBA nerds come to chime in about why making money off of someone else’s failure is a good thing…
It smacks of the subprime lending that caused the Great Recession all those years ago. History doesn’t repeat but it often rhymes.
Especially when it’s funded through our own taxes.
Government student loans can’t be discharged.
I got private student loans, and eventually stopped paying and they were discharged. The discharge counted as income on my taxes, but still way cheaper than paying criminal interest for 30 years.
It may be technically possible to get private student loans discharged, but from what I understand, they’ve made it incredibly difficult.
Mine were super easy. I simply didn’t pay them for a few years and they wrote them off. It hit my credit like a freight train and since the discharged debt counted as income April was pretty rough that year.
Pretty soon the defaults will fall off my credit report and I’ll be 100% recovered, though likely blacklisted by the bank.
And the funny thing is if they’d just let me defer payments and freeze interest for a few years like I’d requested, I’d actually have the income now to make payments. I didn’t want to not pay my loans, but food and rent came first.
I should do is make a SLAB composed of borrowers who are never going to pay back and ones that certainly will. Then convince pension managers to buy those SLABs from me.
As someone who was bright-eyed and bushy tailed when I started college, I was not expecting that being a student was a constant bleed of money.
The college partnered with some student loan vendor? and that vendor issued only a debit card which only worked on campus at specific ATMs. There was no apps for this shit. There was no bank withdrawal. Is was only the card and the ATM. They charged a fee for every use of it. So when I need to get that tuition money, I had to pay to get my money. It limits at 300$ so you’d have to repeatedly get charged to take multiple sums out. Tuition was exorbitant too. Didn’t include cafeteria or anything else. Books also out of pocket and 3-4 new ones each semester. We were also forced to pay ‘health fees’ for access to the newly built rec center, which you paid whether you ever stepped foot there or not.
Look it’s one thing to have a ‘way about things’ but by this point it was more like an excuse to fleece us for everything we had and more.
After 2.5 years of it I finally had to get a job on top of everything just to afford to be there. The job then took most of my time and it was not easy working around the school schedule. I finally had to quit school. What did I do? I stayed in my job because it was the only income source I had as a young person without a college degree and at least I was literally getting working experience.
Tell me, who benefited here? You can argue it was me, but I have no degree in my hand. I have now almost 20,000$ on top of my original amount (40k) due to interest. I’ve always struggled to make ends meet and I’m essentially trapped with this debt. Is this really fair? I didn’t know the true consequence of these loans adding up. It was only after I got so far and saw how big a problem was growing that I had to bail. There was no way I could afford it. I was a kid, I was told I had to go to college and I had no choices in life unless I did that. So much pressure growing up.
I was not expecting that being
a studentalive was a constant bleed of money.
All these comments whining about how this will hurt credit scores, pay attention to the laws that we have currently. Student loan companies cannot take any action on unpaid loans for 1 year from the start of repayment. Interest still accrues but they cannot garish wages like all these morons are saying. That means for most, you don’t need to pay anything until after the next election. Use the only leverage we have and don’t pay back the loan for at least a year. Make them earn the vote and do something else to cancel these loans
One year isn’t a long time. That’s quite the limb to go out on without any kind of certainty that it won’t ruin your credit in a year.
Fuck credit you are never going to own a new car or a house.
You know nothing about me, friend.
i think it was the royal “you”
You go from saying it won’t happen to saying you have a year countdown. Make up your mind. No one is saying it’s going to happen tomorrow.
Beene added that there are other options if you want to make your viewpoint on student debt forgiveness clear that don’t involve risking your financial future, like protesting and writing to your elected representatives.
“But have you considered begging?”
All of that relies on the belief that anyone with any significant student loans have a financial future. Most of us are so far up shit creek, give me that civil disobedience paddle.
And when you consider that the debts are packaged into an investment vehicle, there’s no fucking way they’re going to vote on student loan forgiveness. Don’t want the value of all those securities to tank.
hard af.
can’t you all clown on them in the facebook comments? AKSCHUILLY the government will always win yeah no shit thanks
I took out my student loans to get a teaching degree. I worked full time during school, but tuition at my public university was 10k$/year when I was making $16k. My state has effectively made it illegal to be transgender in a public school, so despite a devastating shortage in my area of expertise, I can no longer work in the career I took the loans out for. My option is now to take out more student loans to pay for a masters degree and hope that I’ll be able to save up enough to move out of state, because I want to do the thing that I love to do and am good at. I will be a debt slave for the rest of my life.
You should look trying to move to a state before taking the loans. Plenty of states need teachers and are willing to pay for you to get your master’s as part of retaining you.
Yeah, when i was in high school in NY, you were allowed to teach as long as you are in a masters program.
What the fuck? What state?
The state that just hired the LibsOfTikTok person to evaluate school materials… and is going after a principal’s license for dressing in drag on the weekends. Imma be vague because my life sucks enough without getting Chaya involved…
Refusing to make payments on a debt that can never be repaid is smart.
That guy wrecking his credit over $1200 is not.
Student loans are rarely $1200
Is this one of those things where is enough people don to pay, one of the financial systems will be ripped down?
Worth a shot.
2025: The Supreme Court reinterprets the 14th ammendment and allows debtors prison
Pretty sure this “story” is sponsored by Sallie Mae.
If so joke’s on them, they didn’t put the propaganda in the headline so this will just make more people boycott. And if it leads to financial ruin for 1 in 10 borrowers that just costs the taxpayers even more.
I’d Freddy Mad still around?
Sallie Mae is the company that owns the majority of student loans in the united states.
They will get their paychecks garnished, or tax return checks garnished.
Exactly right. It’s not like thesenare optional payments. You give them the money or they take the money, what’ll it be?
Take it. Please spend and entire year without me paying a cent, then five dollars once in a while, then they hire a lawyer to bring it to court, and I drag it out, then there is a judgement and I file an appeal to modify payment terms, then I get litetally any change of life circumstances and file for yet another modification. This continues on and on and on until I die.
Please please waste piles of US taxpayer dollars. I want you to spend 100 dollars in paperwork and layer fees for every dollar you get. Or either that and wipe the debt out the way we as a society should
Oh hey this is about me 😂
