A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
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Our Goals
Wage garnishment will prevent most people from following through its my guess.
The way student loans are structured you can't not pay them. Don't pay your loans and default, we'll get your wages garnished. You get a tax refund normally, well they'll take that. Oh you are on government assistance well they'll cut the amount you get. Want to declare bankruptcy sorry still gotta pay the loan.
It will only be worse for incoming freshmen since the rates will now be between 5.50-8.05% last I saw.
No matter what people who lent money for student loans will get paid unless the whole system changes and judging by those in charge there is a snowflakes chance in hell that happens unfortunately.
Time to leave the country and never return.
I don’t think your debt disappears if you expatriate.
it doesn't go away but if you don't come back it doesn't really matter
Depends on where you're disappearing to, and how smart your lenders are -- many countries cooperate with foreign debt enforcement.
In Sweden for example, a foreign lender can apply for debt enforcement with our national enforcement agency (Kronofogden). They then handle it the same as domestic debt by garnishing your wages or confiscating your property for example.
Can’t garnish me or take my things if I expatriate and just become homeless. Checkmate government!
It does if you expatriate into ¡Gregorio Sanchez, Title Alligator Boxer Extraordinaire!
Banks hate this one simple trick.
You can get on income-based repayment. You have no American income, so you pay nothing. Eventually the debt is cancelled, as long as you don't move back.
Wow, I had no idea. See ya!
So don’t pay and make them work for it.
With the labor shortage right now it would be expensive for loan collectors to hire enough workers to track down and force payments if people stop paying on a large scale.
Can't get blood from a stone. Mass Garnishment will just result in crime and tax evasion. If defaults happens on a large enough scale it'll be impossible and political/economic suicide.
I live paycheck to paycheck on 150k/year. Every time I made more, more was needed for rent, medical, car maintenance, lemon cars breaking down, gas, 3 kids food... Right on the perfect path where every time I needed something I was in the perfect position to be fucked by high interest rates and not being able to make sound financial decisions before hand. Because I never started with money. I get so angry when people tell me "but you make good money." But I have tons of debt from living on the edge for decades. I do absolutely nothing because I have no money left over at the end of each paycheck.
No idea where $610/month is going to come from. So again, yes I make "good money" but the path to get here has taken it all and is still taking. And I most certainly will not be able to pay. And I'm certain it stress me out, possiblity destroy what little credit I have left so I can continue to fucked further in the future with little to no opportunity to save or get ahead.
3 kids
Once of these things is wildly more expensive and entirely optional compared to the rest.
Life finds a way. Do you want me to explain deeper into how a married man and woman living together end up making babies? To be fair. Our third was an accident and it was a hard decision to go through with it. Also, with each child a momentary boost or good news was had monetarily that would soon become moot.
And if starting out wealthy is all you seem to think should drive humans having children, consider how many people have fallen into poverty or are living paycheck to paycheck that would have otherwise not had children. The economy would collapse.
That statement is a criticism of the economy, not a justification for having kids anyways. It’s literally one of the main driving forces behind falling fertility rates.
Of course, we’re apparently going to try the handmaid’s tale before we ever consider that maybe making life easier and better for parents and children alike is the solution. Until that conservative wet dream happens, vasectomies are cheap, reliable if you can follow simple instructions, and not easily taken away by the party of “small government”
I'm already not paying and I will continue to not pay. Though it's surprising to see how many people agree with this sentiment.
The deal was that the education would get you more income, and specifically a living wage. If that didn't happen, I approve of taking your refund any way you can.
Yeah. I graduated uni with a computer science degree. It's been a decade now and I have not acquired any sort of stable income or employment.
Holders of Student Loan Asset Backet Securities and a series of credit default swaps are gonna fight back hard. Hold the line. If bribing a senator is free speech shouldn’t Citizens United also protect borrowers witholding their “speech” to communicate their condemnation of a policy?
Anyone signing up for the new SAVE income driven repayment plan?
Apparently if you're making anything under $32,800, your payments can still be paused. (The number is higher if you have kids to feed)
I'm glad to hear that's in place. It's almost literally the least we could do. It's wild that we needed a law for that.
I would be surprised if there's many people in the US earning under $32.8k and successfully making every loan payment, anyway.
Seems like the program just acknowledges what ought to happen anyway.
You should pay these back, because they’ll take it in less convenient ways. However I view these loans as predatory because they are marketed to children. You may have just turned 18 when you signed, but you were certainly under 18 when the decision to take the loan was really made.
When I agreed to go $60k into debt, I was a stupid high schooler under the age of 18 who had never had a real job and didn't know what money was worth. Colleges were spamming misinformation at me to get me to give them my money. I was misled on the ease at which I could get a solid job out of college. I trusted that the system wouldn't charge me more than the value of my education. 6 years out of college now, still $45k in debt. The system fucked me over royally when I was still a kid.