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Started By
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re: Will collections garnish wages over student loans?
Posted on 4/22/25 at 9:11 am to SlowFlowPro
Posted on 4/22/25 at 9:11 am to SlowFlowPro
quote:
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.
The average student loan debt in America is $38,500.
Why do you completely make up numbers?
$700/month for 30 years is $250,000+
2
Posted on 4/22/25 at 9:12 am to Sweep Da Leg
quote:
Jokes on you buddy. You can not use bankruptcy for student loans.
Surprised you didn’t know that.
I guess you missed the post I was replying to that was advocating for SLs to be allowed to be disharged in bamkruptcy
Posted on 4/22/25 at 9:12 am to SlowFlowPro
quote:
The monthly note on these loans is a lot larger than $100/month.
No shite sherlock... The amount of money these folks waste is a lot larger than $100 per month as well...
quote:
Enough to make full payments?
Good grief with your all or none scenario... They can make payments and they should make payments and their wages should be garnished, which is the premise of this thread to start with...
quote:
what % of working Americans could afford
You have no idea until they are forced to make payments... They sat around banking on forgiveness and there are mechanisms for forgiveness that they are choosing not to take as well...
Posted on 4/22/25 at 9:12 am to SlowFlowPro
I'm living the American dream. Great career. Financing education over an entire lifetime.
Its hilarious if not really sad.
Grad school was expensive.
Its hilarious if not really sad.
Grad school was expensive.
Posted on 4/22/25 at 9:12 am to SlowFlowPro
quote:
Educated by what? A bunch of bullshite mandatory elective classes and fluff that isn’t needed.
We found the trade school type
Trade schools have their place, I have an associates degree that tI use more than my bachelor degree.
Because I was a Poli Sci major I had to take a freakin whole year (36 hours) of electives and only a few could be in Poli Sci. It was stupid and wasteful trying to find classes to fill that amount of electives for the hell of it
Posted on 4/22/25 at 9:13 am to GetCocky11
quote:
FAFSA has been around since the 1960s.
This version of FAFSA was different because the Fed's for the first time made it the only game in town. And schools administrations seeing it for what it was, free money, went on spending sprees. This screwed everyone as tuition spiked.
Posted on 4/22/25 at 9:13 am to stout
quote:
you can't get blood from a turnip
Certainly, but there is blood in these cases, it just comes down to wants and needs for most of these folks...
Posted on 4/22/25 at 9:14 am to SlowFlowPro
quote:
As opposed to working as some form a laborer for $50k and breaking their body down by 55?
There are many other jobs besides pouring concrete that don’t require a 4 year degree and make much more money. Which you know.
The average lawyer salary in Louisiana is $86k. Congrats you’re killing it
This post was edited on 4/22/25 at 9:15 am
Posted on 4/22/25 at 9:15 am to jcaz
quote:
If you make payments, your forbearance ends permanently.
That wasn't the case for me. I'm also on the SAVE plan and mine have also been in forbearance while that plan was argued in court. I still made payments periodically on the principal and it remained in forbearance.
Posted on 4/22/25 at 9:17 am to The Maj
quote:
Certainly, but there is blood in these cases, it just comes down to wants and needs for most of these folks...
In most cases...sure.
There are absolutely going to be cases that SLs can not be paid back. If all loans could all be paid back then you wouldn't have repos, foreclosures, CC defaults, etc
SLs are no different than any other lending in the regard that there will be a lot of defaults and very little means to collect right now. Maybe when the borrower is in a better position in the future things will change but there will be several loans uncollectable no matter how hard they go after people.
Posted on 4/22/25 at 9:18 am to stout
quote:
I guess you missed the post I was replying to that was advocating for SLs to be allowed to be disharged in bamkruptcy
Haha I sure did.
Posted on 4/22/25 at 9:19 am to texag7
quote:
he average student loan debt in America is $38,500.
Why do you completely make up numbers?
Lots of SLs are smaller ones from people who dropped out early, which skews the average way down. The media is between $20-25k, just FWIW, which shows how badly this skews the average downward. Those people can clearly pay those SLs back.
I don't think anyone ITT is discussing that cohort specifically, but feel to start that conversation.
100k @ 6.53% over 30 years is $634/mo payment LINK
If you had $72.5k 5 years ago and paid nothing and just let the interest compound, your current loan should be slightly more than 100k today.
Posted on 4/22/25 at 9:20 am to The Maj
quote:
Good grief with your all or none scenario
He says in a thread titled.
quote:
Will collections garnish wages over student loans?
Note: if you don't pay your monthly note, they will garnish your wages.
quote:
They can make payments and they should make payments and their wages should be garnished, which is the premise of this thread to start with...
And we are discussing the drastic impact this will have, economically.
Posted on 4/22/25 at 9:20 am to GetCocky11
quote:And I and many of my friends/family are of that group. It completely derailed millions of millenials' trajectories in life.
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 9:21 am to texag7
quote:
The average lawyer salary in Louisiana is $86k. Congrats you’re killing it
I was on massive scholarships my entire 7 years at LSU
Posted on 4/22/25 at 9:23 am to mudshuvl05
quote:
And I and many of my friends/family are of that group. It completely derailed millions of millenials' trajectories in life.
2008 then 2020 was an incredible 1-2 combo for Millennials
One just as they were starting their economic life and the other as they were supposed to be making major steps to advance (after the initial issues, mind you).
Posted on 4/22/25 at 9:23 am to GeauxBurrow312
quote:Yep. Twenty years ago the average educational counselor in the south talked to you as if you'd already been admitted into university. Trade school? Guaranteed poverty. Working at the mill across town? Loser for life.
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
They all should be hemmed up and given a Singaporean style caning.
Posted on 4/22/25 at 9:24 am to masoncj
Yeah and it really just blows my mind how the colleges always manage to avoid any accountability for the student loan mess. Any time these conversations come up, its a constant back and forth of what the borrowers should have done vs what the lenders should have done and sitting in the middle is the colleges who took happily took advantage of both sides and will never face any consequences for any of this debt everyone else is stuck dealing with now.
Posted on 4/22/25 at 9:44 am to SlowFlowPro
Women, especially black women, are going to be pissed, since they hold most of the student loan debt
Posted on 4/22/25 at 9:46 am to SDVTiger
Good. Don't take out a loan if you can't pay it back. I went to a community college because that is what I could afford. Not my problem if you made bad decisions in life.
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