the fact that they actually hit the restart button was so insanely unnecessary and cruel. 60% seems high really
this post was submitted on 27 Dec 2023
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The cruelty is the point. You gotta use the whip to motivate your ‘workers’ right.
It's one of the classic conservative rules: "Rich people perform better for money and poor people perform better when starved."
Not sure what proportion of loans it accounts for, but the 60% figure probably also includes people like me who currently have $0 monthly payments. Hilariously every month it takes 3 days to "process" my "auto-debit payment" of $0 but I imagine those are all being marked as "paid" in the system.
Be careful. Mine has $0 monthly payments for some years but is still accruing interest.
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The whole ordeal is/was a colossal screw up.
The student loan company I had to deal with lied to me and made no apologies about it. When I submitted an official complaint through the Federal Student Aid site, it wasn't handled by some government agent or a 3rd party supervisor, it was handled by a customer service rep working for the student loan company. It was literally "we investigated ourselves and found we did nothing wrong" kind of thing.
Having said that, you may still want to file a complaint if you have had issues with the USA's loan servicing - https://studentaid.gov/feedback-center/. It's probably delusional, but I feel like at least having an official record of the report could be helpful down the line at some point. Maybe one day the Federal government will seriously investigate, or maybe one day there will be a lawsuit and at least an official complaint could serve as evidence you were impacted.
We don’t have to pay for the first year, interest accrues, but you don’t become delinquent. Either I completely misread the agreement I signed, and so did many others including journalists.
More likely, this particular article is garbage.
Well that's even harsher. They'll let you build up some principal before garnishment.
The interest doesn’t capitalize at least.
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Wait don’t do that. They garnish wages for student debt. They’re happy to do it, too, as they get to keep a big chunk of extra fees that way.
While agree that not paying you are just sinking youself deeper especially since you can’t declare bankruptcy and get rid of the debt. The Biden administration put an on-ramp period in place so that it would reduce any penalties for not paying. Repayments start
Time to start working under the table.
This is what happens when the social contract unravels.
Just wait until they bring back debtors prisons to fix the labor shortage
How would removing people from the labor force fix the shortage? Did debtors prisons have you work for companies or something?
The 13th amendment outlaws the practice of slavery, except for prisoners. A possible (legally questionable and morally objectionable) solution is to throw those who can’t pay in prison, then force them into labor as prisoners, and use that labor to pay their debts, after they pay room/board of course, thus ensuring they never escape their bonds
The answer to your questions is slavery with extra steps.
That takes a lot of work and a court order. You can avoid that by making a token payment say of five dollars once a month.
This could be good. If students default en mass congress might be forced to enact debt forgiveness
You got some wishful thinking there buddy.
Unfortunately student loans are one of the few types of loans you cannot default on or get relief through bankruptcy. From what I understand, anyway.
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No, they'll just garnish your wages
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Millions of borrowers have probably gotten themselves into situations where they can't make their payments.
Honestly, why the fuck should they? Mohela is a perfect example of how impressively bad the restart of payments went. Absolutely bottled it. People paid, didn't register, they reported late payments then magically everything was ok... until the next payment.
The entire restart was an absolute shit show. Fuck em.
Hold the line until every single executive at Bear, Goldman, and AIG pays back their bonuses.
YOU ARE FREE!!!
This article is way back in 2020. Two douchebags went to the Supreme Court to stop the White House from forgiving debt.
Fuck the greedy bankers taking advantage of students trying to gain an education. They deserve to get fucked and every American citizen deserves an education.
Fuck the universities too. Why do they cost so much in the U.S.A.?
Is it an intentional strike or simply not being able to pay?
Strikes are traditionally caused by situations that the striking persons have determined are untenable in one way or another.
I can make the payments, I choose not to. I’d be content with 0% interest options, but for now my payment is set so that i’ll either be broke monthly in order to beat the interest levels or more interest is added on, even though I made the regular payment.
College can be free, it shouldn’t be a burden to anyone.
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Fucking usurer scum. The real cancer of our planet. How is this bs fair?
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Politics aside, as someone who defaulted on student loans years ago, don’t do that. It is a decision that will follow you for a ridiculously long time with little recourse.
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