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re: Will collections garnish wages over student loans?
Posted on 4/22/25 at 9:01 am to stout
Posted on 4/22/25 at 9:01 am to stout
quote:
In this cas,e we have record-high CC debt, SLs hanging over many and about to go into garnishment, a false housing market created by programs at FHA, FNMA, VA, etc that just ended last week, car repos are spiking, tariffs, etc
You can virtue signal about people paying their bills and no one will disagree with you. What you are not getting is the large impact this could all potentially have when you look at the big picture.
0
Posted on 4/22/25 at 9:02 am to SlowFlowPro
quote:
Nobody is arguing there shouldn't be repayment.
By saying they cannot be repaid, you are in fact arguing that there shouldn't be repayment...
Like I said, better decisions sometimes have to be forced... Your contention that repayment would be bad for the economy is baseless and your opinion, which as usual is very wrong...
Posted on 4/22/25 at 9:02 am to mudshuvl05
quote:
but many, many millenials were scared shitless by their educational system that they'd be left out to dry if they didn't go to university — even the barely passing ones
Millennials also had the misfortune of 2008 happening while in college. Many couldn't find jobs and found refuge in an actual education scam....graduate degrees.
Posted on 4/22/25 at 9:03 am to The Maj
quote:
By saying they cannot be repaid, you are in fact arguing that there shouldn't be repayment...
No, Peter Retardo, I am not.
I'm saying it's not mathematically possible for these loans to be repaid, and there are going to be major economic consequences that come about due to this fact.
Posted on 4/22/25 at 9:03 am to DiamondDog
These school loans are like the home loans given to people in the early 2000's. The people who fell victim to the Dodd-Frank lunacy were not sophisticated enough to understand what they were walking into. Same applies to those students who fell for Obama's FAFSA crap and chose useless majors.
Those who defaulted on their home loans were marked as not a good credit risk and so should students defaulting on their student loans.
Those who defaulted on their home loans were marked as not a good credit risk and so should students defaulting on their student loans.
Posted on 4/22/25 at 9:04 am to mudshuvl05
Correct. It was the parents and teachers/officials who pushed college down the throat of every millennial and Gen Z
Most people have no business going to college
Most people have no business going to college
Posted on 4/22/25 at 9:04 am to stout
Yeah I think that was his point. If the universities knew they would be the ones eating the costs when this debt was discharged in a bankruptcy, they would be more motivated to get the price of tuition down. As it is now colleges can keep raising tuitions as high as they want because they know the government/banks will cover them. As long as colleges are getting their money either way they have no reason to care what ends up happening to any of these loans.
Posted on 4/22/25 at 9:05 am to SlowFlowPro
quote:
it's not mathematically possible for these loans to be repaid,
Really, so are you contending that these folks don't have $1,000 cell phones with $100 per month service contracts, internet and streaming services, eat most of their meals out on the economy, etc? They have the means to make payments, they are choosing not to for their wants...
Posted on 4/22/25 at 9:06 am to stout
quote:
I would gladly take out and abuse SLs, then just file BR later to get out of it
Jokes on you buddy. You can not use bankruptcy for student loans.
Surprised you didn’t know that.
On what another poster said. I was paying mine and enjoying the 0% interest while paying down principal until THE GOVERNMENT sent me a letter putting it into forbearance and telling me if I wanted to repay it would put me in another payment plan that was much more expensive monthly.
So they forced it on a lot of us.
This post was edited on 4/22/25 at 9:08 am
Posted on 4/22/25 at 9:06 am to geoag58
quote:
Same applies to those students who fell for Obama's FAFSA crap and chose useless majors.
FAFSA has been around since the 1960s.
People have been choosing "useless" majors for decades also because "useless" majors almost always led to jobs.
"Chase your passion" was something that was always drilled into the nation's youth by adults.
Posted on 4/22/25 at 9:06 am to BuckeyeGoon
The schools were just taking advantage of Obama's stupidity. Obama should get all the blame for bringing about FAFSA.
Posted on 4/22/25 at 9:06 am to stout
Exactly and colleges and banks know that hence they will stop giving out loans like Candy
Posted on 4/22/25 at 9:07 am to SlowFlowPro
quote:
A well-rounded education teaches a person various ways to conceptualize and analyze things, which is important to have a well-rounded life and economic output.
So well rounded they get a pointless degree and then work a desk job for 70k a year for eternity. Hey at least they get to consider themselves a “professional” though and go to happy hours. That’s what really matters
Posted on 4/22/25 at 9:08 am to The Maj
quote:
Really, so are you contending that these folks don't have $1,000 cell phones with $100 per month service contracts, internet and streaming services, eat most of their meals out on the economy, etc?
You're asking irrelevant questions.
The monthly note on these loans is a lot larger than $100/month.
quote:
They have the means to make payments,
Some? Sure. More than they currently are? Definitely.
Enough to make full payments? No. These are $700-2k/month notes in many cases. You tell me what % of working Americans could afford that being dropped on them for the next 30 years.
Again, you're doing nothing more than making emotion-based NPC arguments trying to declare them to be politically immoral. We are not discussing that.
Posted on 4/22/25 at 9:08 am to stout
Pay your loans off that you agreed to and none of the bad things happen. Pretty simple stuff.
Posted on 4/22/25 at 9:09 am to SlowFlowPro
This is your best post of the day, but I still down voted you.
Posted on 4/22/25 at 9:09 am to texag7
quote:
So well rounded they get a pointless degree and then work a desk job for 70k a year for eternity. Hey at least they get to consider themselves a “professional” though and go to happy hours. That’s what really matters
As opposed to working as some form a laborer for $50k and breaking their body down by 55?
Posted on 4/22/25 at 9:10 am to 1BIGTigerFan
quote:
This is your best post of the day, but I still down voted you.
Nobody cares about your virtue signaling.
Posted on 4/22/25 at 9:10 am to The Maj
quote:
By saying they cannot be repaid, you are in fact arguing that there shouldn't be repayment...
Have you ever heard the saying you can't get blood from a turnip?
Posted on 4/22/25 at 9:11 am to BuckeyeGoon
Precisely and the college would be much more hesitant to offer huge loans on worthless degrees where the borrow has no legitimate path to paying it back
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