Wouldn’t our wages just get garnished or shit repo’d or something? I’m 100% for forgiveness cuz fuck that predatory shit, but this route seems like a guarantee to just exacerbate harm to the borrowers.
We shall see. The court battles could rage for decades.
If enough people refuse to pay, the courts can’t keep up.
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I’m considering not paying as long as they’re doing the “ease you back into it” stuff like not reporting to credit agencies or garnishing wages. Seems essentially like a forbearance without the interest freeze. It really just depends on what my new payments end up being. But until that dog gets its teeth back, Nelnet can have what’s left after I pay my actual bills and buy my weed.
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No, I said paying my actual bills first. AND buying weed. Now go lick on nelnet’s tasty boot “r-tard”.
Don’t worry, they just can’t read.
Some of us need it for medical reasons. Like severe pain.
Drugs before keeping promises is my motto too!!
Definitely not a “too” in this situation. I still handle my responsibilities.
"And with enough evaders,
Escaping from the game,
The rule becomes an empty shell
That rules in only name…"
- Leslie Fish, “Zero Game”
I would love this to be true, but when it comes down to it, I think most of that 63% will make payments as expected. This is just something they can tell a surveyor to make themselves feel better unfortunately.
Not from America so please someone explain to me, I read Biden wanted to forgive student loans but somehow it didn’t get through. Sure it would be much better if the loan is forgiven, but now it is not, shouldn’t you still pay back what is owned? They really think they can just not pay and expect no consequences?
These loans are out right predatory. I was offered a 12% interest rate 7 years ago and have friends who’ve been offered 16%!!!
Yes you can say just don’t sign it, but we’re 17 years old we can’t comprehend how much affect a 16% interest rate will have on you in 8 years and you’ve been told all your life college is the goto life path and you have to do this to get a “good job” and live a good life.
I agree we should payback the money we loaned, but taking advantage of genz via predatory loans for wanting a higher education is downright criminal in itself.
Adding onto this a lot of us will struggle to make these payments. I have 20k in loans and I haven’t paid a dime on EVER. Now I suddenly have a second car payment out of nowhere!
12 and 16% from federal student loans?
I think those predatory rates are private lenders, but those are still given the same protections to make you pay no matter what as far as I am aware.
Yes my 12% is a federal loan. Not sure on the 16.
You can look up historical interest rates for federal loans. They have never been that high. https://studentaid.gov/understand-aid/types/loans/interest-rates#older-rates
Of course everyone involved knows they will face consequences, but they may feel those consequences are better than the payments. Courts can’t garnish paychecks that don’t exist and a ruined credit rating only matters if you were ever going to be able to afford to buy a house or car in the first place. Afaik actual jail time isn’t really a thing for defaulting on a loan. If the only leverage the government has to get people to pay the loan is to threaten their future financial security, then anyone who thinks the initial promises of security is bogus has nothing to lose.
There’s also some people who are willing to take the hit just to send a political message.
That said, I suspect nowhere near 62% of borrowers will actually meaningfully boycott in any way.
He didn’t want to. He wanted to go thru the motions. If this mattered he would have executive ordered it and forced Congress to override. Even the Supreme Court can’t force the federal government to collect a debt/tax. And given the state of Congress there was no way Congress would override it.
This. For all the shit he did, Trump expanded the executive powers through EO more than any modern president ever has. Biden could have 100% EO’d student loan forgiveness, damned the consequences but chose not to.
Biden not only wanted too, but he made sure he had a backup plan. He found a loophole in Clinton era legislation that allows a president to create income based repayment plans. It’s not quite forgiveness, but it’s the best he can do with Republicans controlling the house. https://apnews.com/article/student-loans-debt-college-cancellation-forgiveness-34152bb5000128a413efd2287887a37a
If you want true loan forgiveness, vote Democratic.
As I said, he could have instructed them to just not act on or pursue any payments. Let Congress vote to force the executive to do something deeply unpopular.
If the next president reverses the order, then all these people are in the same position and might owe additional interest. Banks know this, so they will hold it against anyone seeking credit. Congress doesn’t even have to vote.
With the income based repayment, they aren’t considered delinquent on their loans, interest doesn’t build, and there is a path towards having the debt forgiven eventually.
If
The Democrats controlled both the house and the Senate for a time and didn’t get it done, or am I misremembering the Democrats controlling both?
When you take Sens Manchin & Sinema into concideration, their control was very weak. It’s a miracle the got the IRA done. It was a big F*ing deal.
So why are people not paying back their loans?
Why aren’t the banks paying back their excess reserves payments?
Not sure what that is
The US government gave free money to the banks to hold higher reserves of cash for years.
When are they going to pay that money back?
“Gave free money”, so it wasn’t a loan then?
Sure kid.
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Sounds like a good way to have your wages garnished.
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.
Not to mention none of those employees would care much about “getting them robbers” either. They’ll take whatever paycheck they can get and run.
Only for government-issued loans, I believe. Private loans won’t go into auto-garnishing unless you agree to it.
No auto-garnishing but it will hit your credit score and eventually go to collections for garnishing.
Collections can’t garnish without your permission. Only the government can force garnishments.
Granted, the lender could sue you for the debt and garnishment could be part of the ruling. But you’ll probably know if you’ve gotten to that point.
For what it’s worth, I never paid off my private loans, and they went to collections, but never garnished me. My federal loans did auto-garnish, though.
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I’ll boycott the next cop who drives behind me with flashing reds & blues since I don’t have any loans to pay.
