As resumption of educational debt repayment looms, more than 7 in 10 borrowers say they are taking on extra work, while half say they don't know whether they'll be able to make payments come October.
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.
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.
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.
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.
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?
You have to try to make under 32,800. That’s not very helpful to a lot of college grads lol.
Edit: why am I getting downvoted? If you have a degree and are only making 32,800 or less, then you need to reevaluate your whole life. Hell, I made more than that coming out of high school. My gf is still finishing her degree and she makes 85. You people are fucking yourselves. Find a new job.
You're assuming everyone with college loans has a degree which is not always true. Plenty of people take out loans intending to get a degree and don't make it all the way. Those loans don't just go away. Now they are paying towards a loan while having none of the benefits from having a degree.
It's pretty easy to understand why many people with student loans might be making less than ~$30k a year if you think about it a little bit.
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.
That one person to the right in the thumbnail doesn't quite get how it works.
"No repayment until cancellation is delivered"
Yeah, that's kinda not a threat. "I'm not going to pay you until you tell me I don't owe anything"
Methinks someone slept through a few classes ;)
Edit: Apparently, my dumb ass slept through some news articles, because I thought the debt cancellation was meant to be total. No idea how I got that impression.
Let this be a lesson, if you're going to make a snarky joke, be right