re: Will collections garnish wages over student loans?

quote:

---

Look it's gonna be bad but there's 2 problems with this issue. The first is you shouldn't borrow anything you cannot pay back. The second is that schools are clearly taking advantage of this which causes higher loans.

---

And the third is that society as a whole really fricked up leading the student loan generation to believe that they could ONLY go to college and nothing else matters.

The amount of people I know who are paying student loans back on an education they never actually finished is insane.

quote:

---

Educated by what? A bunch of bullshite mandatory elective classes and fluff that isn’t needed.

---

Yes, there are some programs like this, but please stop acting like any 4-year degree requires only 2 years.

Most legit college degrees will take three to 4 years. Hell, engineering and architecture should be five years, but instead we cram them into 4 years.

But people like you think it is wise to try and teach students 7-8 stem classes a semester without them having a foundation in the classes required for them to graduate in 2 years.

You know what would be smart by isn’t done? Creating more trade schools. That is what you are thinking about instead of claiming 4-year colleges are purely trying to rip off people.

quote:

---

Hell, engineering and architecture should be five years, but instead we cram them into 4 years.

---

Absolutely not

quote:

---

Yall are glooming and dooming over the possible societal issues caused by people actually having to pay their obligations for student loans.

---

Yes, because there will be real impacts on the economy.

quote:

---

The only 2 choices are those people pay their obligations they have made or they don't and someone else does...

---

Or lifetime garnishment, which takes that money out of the economy for the rest of their lives. Again, this will have real impacts on the economy.

quote:

---

Tons of folks with +$700k student loans

---

A $315,500 loan at 6.53% is exactly an estimated $2000/month payment

Try it yourself

Do you not know how compound interest works?

*ETA: if they've paid nothing over 5 years at 6.53% interest, the loan amount originally would be around 222,500. A lot? Yes, but not some amazing number with tuition rates where they are now.

quote:

---

I know nothing about student loans except that a lot of people have been deferring them, hoping for forgiveness, but I am seeing collections on 5.3 seriously delinquent loans are about to start back up after a 4-5 year pause.

Are we about to see 5.3 million people have their wages garnished if they fail to pay or get caught up

---

Here comes another round of the seperation.

THey let you lull yourself to sleep by not paying them then you replace that payment with something else. Then this happens lolololol

This is what stupid people do.

Pay your debts frickers.

This isn’t the same as a fixed rate mortgage or a car payment like some idiots are comparing student loans to. This is more akin to credit card debt, an unsecured loan with no collateral that changes month to month. Between late fees and compounded interest no one making under a $100k/year today can come close to affording what will be required of them, especially with trying to support a family. The fact that you can’t include it in bankruptcy without jumping through hoops makes it even worse.

Meanwhile our Congressmen readily took out PPP loans for millions of dollars and then filed bankruptcy to get off the hook. Nothing being done to them. But, let’s stick it to the working class though…

quote:

---

So you got papers but didn’t actually retain most of the skills. Good to know you and TexAgs would get along.

---

quote:

---

Everyone with half a brain got scholarships out of high school. Welcome to the club

---

quote:

---

my entire 7 years at LSU

---

Literally Ivy League brother