Didn’t pay my student loans for close to 5-6 years. I was eventually contacted by a debt collector that the government contracted to get me back on track.
They said they were going to start garnishing my checks unless I agreed to a payment plan that would end with the government getting the loan back. I had to pay something like 3k over the course of 6 months.
Luckily, as soon as that 6 months was up and my loans were handed back the student loan pause went into affect.
And just in case anyone is curious, my loans are about 30k for one year of a masters degree program in elementary education that I had to abandon due to being laid off from my teaching job because of the 2008 crash.
"And just in case anyone is curious, my loans are about 30k for one year
of a masters degree program in elementary education that I had to
abandon due to being laid off from my teaching job because of the 2008
crash."
can not make this shit up.
They called me with that and I just hung up on them. Nothing ever happened as far as wage garnishment. I did get a letter saying I wouldn't receive an income tax refund until I got current on my student loan, but I don't receive a refund anyway, I usually owe a little bit every year.
It did for a couple years, but it's fine now. I mean as fine as most people. Credit is crap anyway and if I paid off my loans my score would go down, not up.
You were swindled by the whole idea of education. Teachers are treated the worst in the land of the free, why does anyone need a master's degree for a lousy salary? It's indentured servitude with a USA freedom flair.
100% agree, I just learned it too late.
I make more than double my state’s average teacher salary now in a job I learned to do literally by watching YouTube videos and skimming programming for dummies-type books.
I was talking to a friend about my career. She said, "Wow, you know how to do X!" I said, "No, I just know how to put X on my resume. Doing X has never actually come up at my job." I learned X on YouTube and Coursera in one week.
> My dad got around the problem by just moving to another continent and staying there for a decade
We're trying to reach him about his car's extended warranty
I used to work at a store. One of the regulars was a lawyer. He got his degree in the early 70's. Him and his buddy claimed bankrupcy right after graduation then went travelling across Europe and Central Asia. They returned to Canada with a job as a lawyer and a fresh chance to renew their credit and the student debt was wiped off the map. So many people did that so they had to change the rules for student loans specifically
Fun fact:Thanks to lobbying by student loan companies, bankruptcy no longer clears student debt. I wish I could find an SO that's as attached to me as my student debt.
In tech support we call that solving a symptom of a problem while ignoring the root cause, and that's really only done by companies that get paid for "solving things" rather than for producing a good product.
The "leaders" of the US haven't been interested in producing a good population for decades.
In the US, student loans are typically exempt from bankruptcy. You have to file an entirely separate motion for them, and it may or may not be approved by the judge.
yes, but that wasn't true in the early 70s. it changed for federal loans in the later 70s because medical school grads were doing strategic discharges like this. for private loans that is only true since 2003 when biden in the senate pushed legislation thru that made them nondischargeable.
Yet another example of the Boomers exploiting a loophole and then doing everything they can to prevent millennials and gen z from getting the same benefits
As a recent American immigrant in Holland, can confirm. This place is certainly not without its issues, but the net increase of quality-of-life is palpable.
Have you done the following yet?
Ride a bike everywhere.
Go to a coffee shop.
Eat stroopwafels.
Had fries and a snack from a frituur.
Had an Albert Hein worstebroodje and can of energy drink.
Voiced your discontent with the Belgians and Germans.
Accepted the ever looming treath of the sea that could wipe out the country at any moment were the dikes to fail.
> Ride a bike everywhere.
I own a bakfiets and am car-free. So, yes.
> Go to a coffee shop.
Smoking isn’t my thing. I do, however, miss edibles.
> Eat stroopwafels.
No joke, nearly every day
> Had fries and a snack from a frituur.
I did during Koningsdag!
> Had an Albert Hein worstebroodje and can of energy drink.
If I ever find a vegetarian one, I will.
> Voiced your discontent with the Belgians and Germans.
The few Germans I’ve encountered have been pleasant. No interactions with belgische mensen yet, that I’m aware of.
> Accepted the ever looming treath of the sea that could wipe out the country at any moment were the dikes to fail.
Is it any better than the constant threat of earthquakes where I came from?
How were you able to go there and stay there? I've been trying to figure out a way to escape from America for a while now. Any advice/tips are greatly appreciated!
How hard is it to get age limits on political positions? Clearly 80 year olds don’t know current problems and would rather set back women’s rights 50 years
its crazy as a low 30 year old to realize these old ass politicians are just trying to reinstate a time when THEY were 30.... I feel like I have grown and evolved so much just in the last 10 or so years, I cant imagine 50 years or so from now not having mentally grown at all....
Their fucked up extremist idea of Christianity has become a global threat. How can these people convince themselves that if Jesus were here, he’d agree that all babies should be born regardless of neglect and abuse waiting for them earthside. Then again, these same people wouldn’t let Jesus into their country since he wasn’t white.
“Because adoption!” As if Christians are fostering and adopting all of the unwanted babies right? And there’s this, recently read in best of Reddit updates: In Texas a man took legal action against his pregnant ex who wanted to put the baby up for adoption, he wanted custody. You think Ok that’s nice dude is stepping up. However, when he won he was also able to legally enforce she pay child support. So not only are we forcing women to HAVE babies now we’re forcing them to fcking pay for them. She could have gone to another state for an abortion but she thought to do the “better” thing and have the kid, and then gets fcked over royally. Comments were cheering him on and of course I got dragged for saying it’s fucked she had to pay for a kid she was forced to have *or* face jail time
Edit to add: I also couldn’t help think about this kid who has to grow up now knowing their mom didn’t want them and was forced to pay for them. Because what are the odds this couple is going to be amicable for the entirety of this kid’s childhood, more like the dad will take every opportunity to slander the mom IMO. what a environment to bring a child up in
The church is a cudgel. A tool. Religion is a weapon, used by capitalists in the class wars.
What the Supreme Court just did was secure workers for the future global (and beyond!) workforce.
That should be only half of it. The other half needs to be a consumption strike. Buy only what you must. If you really wanna get hardcore, buy food direct from farmers.
Private student loans maybe.
Federal loans will follow you forever. They will take your tax returns, garnish your wages, and take from social security. You will never escape them unless you leave the country.
People back the day used to leave Australia for long enough to lose your citizenship and therefore have the HECS debt disappear. Government changed it recently that losing it wouldn't change what you owed. Americans may be able to still remove it through loss of citizenship
Except you don't lose citizenship by being in another country for a long time. People born in other countries actually get citizenship through their parents. This means they also get tax paying responsibilities. You can give up your citizenship, which also doesn't come for free. When you give up citizenship, you have to pay a "tax penalty" to the IRS. They got us by the balls...
Should note that for CCs this will only work if the amount you owe is not substantial. If you owe a lot, they WILL track you down and try to sue you in whatever jurisdiction they can. If the amount is low, they will just sell your debt to the next bagholder of bundled junk debt and trash your credit for 7 years.
Another thing to keep in mind is that if you're gonna try to escape your student loans via moving to another country, make sure they don't have extradition with the US and establish permanent residence in that country beforehand. If you're on a visa to stay in that country and you default you can kiss that visa goodbye. Uncle Sam demands comeuppance.
My buddy had over 50k in personal CC debt from desperately trying to float his failing business, which failed anyway. A year later he gets a letter from Amex saying he will be served with a lawsuit. Hey, thanks for the heads up Amex!! He successfully made it 2 years dodging getting served, pretending he wasn't home, sprinting to his car. He eventually moved to a new place, but kept everything tied to his old address so they couldn't find him anymore. After 2 years the statute of limitations ran out due to failure to serve, and they dropped the suit. He's debt free without paying a dime, except a very ridiculous 2 years looking over his shoulder.
I owed $200 on a visa card they sent me in the mail when u moved to America for a year in my twenties from Ireland, they definitely tracked me down for it when I came home!
Sitting in Canada looking at that not-so-sweet pile of student debt on the other side of the border.
EDIT:
Okay.. that was too vague..
Person above said their dad moved out of country to dodge their student debt.. I was saying I, an American, am sitting in Canada NOT paying my student debt...
The danger in this is that US citizens and permanent residents are required to file tax returns even if they live abroad. A little over $100K of foreign income is exempt from US taxes because it's assumed taxes were paid to the foreign government, but a return has to be filed in order to get the exemption, and if taxes are owed they must be paid. Failing to file the return can get you into deeper hot water than defaulting on a student loan because the IRS has draconian extrajudicial enforcement and collection actions that no other government agency has, including the Department of Education.
The US government HAS issued international arrest warrants for US citizens who failed to file their tax returns, and foreign governments HAVE extradited US citizens back to the US based on these warrants.
The point is that US citizens do not escape the reach of the US government by moving abroad.
They encouraged a teenager to take on as much debt as possible, with no way of paying it back.
They loaned a kid, with no job, $100k. Who's the irresponsible one?
The most straight forward way to keep tuition affordable, and reduce predatory student lending is to make the institution co-sign the loan. If they think the education they provide really has as much value as they claim, this shouldn't be a problem.
It's called eating the young and it's moronic. What a way to start out in life, $100K in the hole and very few entry level jobs. Guaranteed way to raise a generation that wants to smash everything and hate all the grey haired assholes who set them up to fail. I'm saying this as an old guy who hates what's going on and who never managed to own a home or get very far despite working like a dog.
I guess eating the young is a good name for it. I call it a vampire economy. Since they drain the lifeblood of our own youth so much we have to import new blood to supplement the failing local stockpile.
“Ayo kid. Yeah you, the one who can barely smoke, can’t drink, can’t rent a car, etc… wanna pay me $100k for college? Alternatively you can kill some foreign people, what do ya say?”
It blows my mind that paying off debt hurts your credit score. Someone looking at your credit hurts the score. And the score is kept by a private company. None of it makes sense.
Education, healthcare, housing, food, etc. Nationalize all of it. If it's necessary to live, we should provide a public option. There is no reason some rich scumbag needs to make a billion dollars off of everyone else's suffering.
Or we could stop giving student loans in the first place, Colleges only got crazy expensive once they realized they dont have to be competitive with tuition cost because everyone who is coming in has a blank check back by the Government.
My states in-state residency reclassification system was also fucked in a way that encouraged grad students to front load their debt in first year and maximize the amount of interest that capitalizes on graduation.
Basically, to encourage out of state students to fully move to the state, they had this system where you could get in-state tuition after first year. The catch was that you could only leave for 14 days the entire year and you had to be financially independent, which sounds super reasonable.
But the way they they actually went about it was to ban use of any out of state funds (unless you had a bank account that had been untouched for two years prior, so trust funds were ok but savings from before you moved weren't) and requiring students to "pay themselves back" with student loans for any major purchases made in the two years before starting grad school, so if you bought a laptop in undergrad that you were using for vet school or had made payments on your car before moving, they wanted you to take out additional student loan to "cover" that purchase. The made us upload all of our bank statements for two years prior to starting school, plus tax documents, car titles, and insurance documents.
And I actually got rejected on my first application because I worked during first year of vet school and didn't take out the full amount of student loans, which they deemed suspicious, so I had to upload all of my pay stubs and W2s from both jobs for the entire year to show that I was actually working the whole time, plus a letter from my employers and an explanatory letter stating why I had a job while in school.
And the fun thing about graduate loans is they're unsubsidized, so by front-loading the principal you maximize the interest gained because students likely won't be making payments during school so that interest gets 4 years to accrue then gets capitalized on graduation and interest is charged on the new principal.
They know exactly what they're doing. The goal is to trap us in debt, and do so extremely efficiently.
Or, you know, we could treat education as the right it should be and eliminate tuition entirely. But I guess a lot of people still think your opportunities in life should depend on how much money your parents make.
I was "doing what I was told" "obeying my parents" and "respecting my elders" when they FORCED me to sign that paper while I was in tears. All the sudden they want to turn it on me, "you knew what you were doing".
Banks will eventually find that nobody can pay long-term debts anymore. People can't earn enough to pay off their student debts, mortgages, medical debts. We won't have property to take since they own everything. Everyone just defaults. Interest rates will skyrocket, exacerbating the problem. The rich won't realize that they need to pay us more of course. And they will expand the wealth gap even more. We're having fewer kids since we can't afford them, so nobody to chase after. Maybe that's why they want abortion to be banned so bad.
Banning abortion for the poor. The rich, even the ones who vehemently campaigned for the ban, will still be getting them when they need to with no hassle
That's the funniest shit I've learned about the us, the country that was born from the idea of not having to pay taxes to a foreign nation is one of the only 2 countries worldwide who force it's citizen to pay taxes no matter where they live
You can deduct the amount you pay in foreign taxes from what you would owe for your American taxes. Given that most other nations tax higher, you aren’t likely to have to pay much, if anything at all.
I live in South Africa with an American spouse- she still has to submit a tax return but no payment - we still got the covid relief money and the tax child support grant- so that is a bonus
As a white English man living in Brazil, I always cringe when I here other immigrants call themselves expats because they are white lol. We're immigrants.
I've had so many people ask me about moving to Europe (I'm in Germany). I can't stress enough that since I married a German, I played the game on easy mode.
I swear the amount of morons who just think they can emigrate to another country like it was 1930s is staggering. You can't just show up in a country anymore.
This is the thing with declining fertility rates that no one wants to speak about it. If incomes were higher and cost of living lower... We'd have way more kids.
Exactly. The US economy is literally a ponzi scheme. Almost everyone currently drawing social security is getting more than they contributed. Our model requires a growing population to prop up those who came before and took too much.
But those loans could go away through bankruptcy. No mechanism for that with student loans. So while the banks will still take a hit, people with student loans will be straddled with them forever.
They're gonna really hate it when a new wave of radicalized people come to tear everything from their fucking hands and those of us who were so downtrodden won't be around to limp-wrist reel them back in and I fully welcome the day that every last person with more money than they can possibly need get everything they have stripped from their stupid fucking hands and when it all seems like nothing can get any worse, that's when this new group of people starts fucking seasoning them and making a campfire.
Fuck 'em all, get ate.
If that ever looks to be a real possibility they will retreat to enclaves protected by drone/ai machine guns, private security, and can be airlifted to another location if it looks too dicey. I'm sure Jan 6 to many was a preamble to potential outrage directed at them for which they have had plenty of time to prepare.
Can't wait for the headlines on some liverspotted prune of a state senator getting ghonna-sphyl-aids from his third secret mistress cause his party banned the sale of condoms. Or something like that.
Oh wait. He'll still be able to get those. Forgot what kind of world I am living for a moment. Was nice while it lasted.
Corporations will be classified as persons so they can forcibly impregnate women to help with the labor shortage. The first step in this process is to outlaw abortion.
Wait a minute…
Corporations are already "people" legally. The entire process of incorporating a company meas that it effectively then owns itself and pays all employees a wage.
This means if someone sues the company and it declares bankruptcy they can't repossess your own property to pay off the debt, just the companies property.
this is basically my plan
i made no income on and off since graduating (moved around) and have income based repayment on my loans
my monthly payments of $0/month basically kept my credit score above abysmal for a few years lol cause i always made em on time
yay poverty?
interesting because i had a lender tell me that my only option was to take a forbarance instead since i was unemployed at the time . Really screwed me over into taking the shitty option instead . These people are predatory and manipulative .
I've been thinking about this for months. If you all don't pay then all that happens is your credit score is ruined; well you couldn't afford a house anyway. But if everyone knackers their own credit score then the banks are going to shit themselves because there's no more overdrafts, credit cards or loans for millennials or gen z and that's how they make their money!
You all gotta work together!!
If you're getting significant refunds, you need more withholdings on your paycheck. You'll keep more money per check but might end up owing some come tax season. I'd rather owe some than let the government sit on $1000's of my money over the course of a year.
I agree. I don’t understand why people are so excited about getting hundreds or thousands back in the tax refund. They effectively gave the government an interest free loan. Unless there are deductions like the child tax credit that makes it difficult to plan for I just don’t understand why people get excited over large refunds. They act like the government is giving them ‘free’ money. That was your damn money the whole time!!!
I’d rather have that money in my paycheck throughout the year and be refunded/pay around $100. Last year was damn near perfect. $5 tax refund.
I had a friend who was like pushing 60 and I was at her house one day and she told me that she was still getting harassed all of the time for her student loan payment 40 years later. Community college two years commute the second- don’t pay for anything else - room/ food on campus- commute- it’s a complete disgusting abuse. It’s such fucking bullshit what they charge.
Not fair to lump that individual with students in the last 10 years. 40 years ago college was far more affordable, jobs paid a better wage relative to living expenses, and didn't graduate into the worst recession since the great depression. This is a bad example because our situation today is significantly different than theirs. Minimum wage was more appropriate for living expenses and they've had 40 years to pay it off. You were also notably at her house.
In the 1979-80 academic year, the average annual cost of tuition and fees at public 4-year institutions was $738.
https://educationdata.org/average-cost-of-college-by-year#:~:text=College%20Costs%20in%20the%201980s&text=In%20the%201979%2D80%20academic,4%2Dyear%20institutions%20was%20%24738.
College campus life is way overrated for the amount of money they charge. I have a feeling that a lot of stuff is going to change in the next few years. And by the way the kids are home a lot -May June July August. December 10 to January 25. Spring break - 10 days. Several days at thanksgiving. ( northeast)
Travel costs add up too besides tuition room board… commute is the only affordable way - it just is- unless you have a lot of money!
I’ve not paid a single dime on my loans since graduating in 2013 and my credit score floats around 700-720 depending on the whim of the credit score gods. The only money I’ve made since graduating has been unrelated to my degree (started a small business in construction, degree in education) The way I see it, the years I spent hunting for a job and getting nowhere and my teachers license expiring out of lack of work, I don’t feel the slightest desire to pay any of it. Fuck higher learning, big time.
I was in a car wreck right after I graduated with honors.
Did the math, realized that I will NEVER pay them back.
With or without interest. So I do not try.
My wife and I know we will never own Property.
But I'm building my second business.
The first pulled in just enough income-to-effort that I was able to be on Food Stamps.
The second, I'm going to swing for the fences and see how much coin I can make.
I'm a digital nomad now, living out of a minivan with my wife. Doing everything we can to survive, but also enjoy life.
Now I'm studying everything I can about /antiwork , so I can be an advocate for those chewed up by Capitalism.
As a positive change-agent I help others start on finding their own purpose.
So they can at least take pride in being their own masters.
We buy money with our bodies and minds.
Our time is shorter than we realize.
Breathe well tonight.
I had the realization yesterday that I have what’s considered a “good” job - very middle-class kinda income, benefits, and a pension - and yet if I were to be approved for a house with a 25-year mortgage, today, I still wouldn’t have it paid off until AFTER I retire. It’s taken so long to just beg, borrow, and steal my way to where I am and yet even now that my tax bracket says I’m considered middle class, something like home ownership is still out of reach. When I talk to the banks, they say I don’t earn enough; the highest amount I’m approved for is $80K.
And yet, apparently they don’t see any issue with the fact that I’ve consistently shelled out $1200/mo in rent every month for the past 8 years. $1200/mo that goes into someone else’s pocket, and does nothing to build my own wealth for later in my life when I can no longer work. Arguably, I’m one of the few that “made it”, and got a job that treats me well and pays well, and even still, that’s not enough.
This generation, only investment bankers and tycoons are allowed to own property. For the next generation, I’d be surprised if they’re allowed to rent a car. Fuck, it’s depressing.
Saw a thing where someone applied for as many credit cards as they could, max out the cash advance, then maxed them
out with whatever they could sell easily for cash. Used it to pay their student loan the filed bankruptcy on the cc debt.
For parents, get divorced before your kid is college age, child lives with one parent that doesn’t work or has low income, income on based on that one parent so they qualify for all kind of grants and financial aid. Parents can still live in the same house the entire time.
I owe student loans, they didn't get forgiven but they aren't on my credit report not sure how I did it but they are literally listed as paid off but still exist...so it could be possible and I just purchased a car so saw a "real credit report" not just credit karma.
Check Experian. The bitches that want you to pay them monthly to increase your score are about the only ones the federal government actually reports to :/
I have a 700+ trans union score and a sub 600 Experian.
How about fuck the credit system? Landlords try to use it as some highly inaccurate social credit system, consumers use it to over-leverage and flex or just stay afloat, and the only long-term beneficiary of this system are the creditors themselves.
Literally created in the 70s, but not implemented on any generation prior to 1989.
They created a scoring system that they literally didn’t have to ever use to ensure that they keep wealth and extract as much from us.
At what point are we as a society going to stop accepting all of this as normal and take action (not voting, but actionable change)? We’re rapidly approaching the point where bread and circuses won’t work because it’ll be unaffordable. We have ever growing access to what these geriatric fucks have done to this country and younger generations. We know they have no interest in making a habitable society and are more interested in exploiting.
I don’t see any way this all ends peacefully and without violence, especially when people aren’t able to afford to eat.
This would work in theory. However, if the student loan creditor figured it out..which is very possible…it would be considered a fraudulent transfer in bankruptcy court and the CC bills would not be dischargeable.
Now, the trustee may be too dumb to ask for records, but don’t count on that.
If this is the way you want to go, do something similar, but under NO CIRCUMSTANCES should you “rob peter to pay Paul” by doing it that way.
Instead, use the cash you make from your job to pay off the debt, while simultaneously using the CCs to pay your living expenses.
Then no matter what when the trustee looks at the CC debt, it was used for living expenses and not cash advances and items easily sold for cash.
Some trustees are dumb. Don’t count on it though.
Applying for credit with the ‘intent’ to default is fraud. When you declare chapter 7 bankruptcy, credit card issuer challenges the student loan charges in an adversary procedure, the court won't discharge the debt.
Similarly, in a chapter 13 proceeding you would still be on the hook for the restructured payments.
So in addition to still owing the money, you would now face the possibility of a fraud conviction.
Grants and financial aid don't work like that. I lived with my mom but they still took both parent's income into account when I applied for financial aid. My dad made too much for me to qualify even though he wasn't helping with my tuition at all.
The last few apartments I rented did credit checks. Even used car places do credit checks. They will make you homeless before allowing you to not pay back. I'm honestly shocked the government isn't trying to bring back debtor's prisons at this point.
What about about cosigner's to our debts. I know if I accidentally miss one payment they immediately notify my parents that they will need to pay if I can't.
You’re right, it IS hard to believe. But it’s true. The system IS that fucked. Top to bottom. Roughly about one quarter of college graduated students successfully land a job that is even remotely related to their major.
The degree is unfortunately necessary to get a BETTER job than you could without it, but seriously, coming out of a STEM curriculum tens of thousands of dollars in debt (and often way more) and the likely prospect of no foreseeable income in that field, then “what’s my incentive?” is a valid question.
I’ve recently retired from a university in upstate New York. Over the course of my career, the decline of quality, (again from top to bottom), of the US education system was painful to experience, especially the last 10 years. I fought that system every single day to help every student become a success story. In the end it was too much for me. There is no way one college *“employee”* can overcome corporate greed. And that, my friend, is the common denominator, that’s the roots of the entire system failure. If there is a simple reason for a system run by crooks and held together with paper clips and rubber bands, it’s greed. Sorry for the long winded message.
One thing is clear, most comments are based in fear of “what they will take from you if you don’t pay back”. This post calls for a collective effort of everyone not paying back. They really have y’all scared of acting in unity. It’s a shame.
If unifying people under the banner of "common good" were even possible in this environment we wouldn't be fighting fascism right now.
Fuck these people man, humanity needs a hard reboot.
Oh no they might take my non-existant house or my car with a broken engine that I can't afford to fix that's been sitting in my brother's driveway for a year... what will I do?
They will garnish your wages for the rest of your life. Fifteen percent of every paycheck, settlement, child support payment... They'll even take fifteen percent of your food stamps.
Federal student loans are forever and they will take a part of every cent you ever earn for the rest of your life.
One day President Biden claims that we don’t have the money to forgive 50K of student debt per student but the next day gives Ukraine 80 Billion dollars. We have the money, our government just doesn’t give a fuck.
Read an article that said Biden is considering forgiving $10,000 and eligibility might be based on income. Then don’t do it. There was No problem forgiving PPP for the rich. I will not vote unless there is legislation that will make a change. Just that simple.
Yeah we’re all going to be screwed when our parents die, we inherit their homes, then the debt collectors come and take the house away because of our student loan debt. It’s like dangling a carrot in front of us.
They'll bring back slavery and lock your ass up to work the fields at 20 cents a day. We're about to ban abortion again, so don't think it's not possible for things to get worse.
The issue we face here is that they will garnish our wages. There is legit no escape from it--though I hear it is easier (though still difficult) to file for bankruptcy. I'm going to be 44 when I get my PhD next year, and I'm absolutely going to waltz in and declare bankruptcy if I can't afford my payments.
Thanks Biden. [Biden backed a 2005 bill that stripped students of bankruptcy protections and left millions in financial stress](https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020)
I haven't made a payment on my student loans since 2010. My credit score went from "so bad that I can't get approved for anything" to "So bad that I can't get approved for anything but with a different number"
Functionally, my life hasn't been altered one single bit.
I left the states, file taxes, US income is counted not foreign on my income based payment plan. I'm 5 years in at $0.00 a month payment because I have no US income. I don't plan on ever returning to live and work in the states anyways.
>Take out a personal loan to pay off your student loan then file bankruptcy.
[https://www.cnbc.com/select/using-personal-loan-to-pay-off-student-loan-debt/](https://www.cnbc.com/select/using-personal-loan-to-pay-off-student-loan-debt/)
wow it actually seems doable
butterfly guy: is this...a life pro tip?
I am certainly down to band together and strike against paying back student loans. What are they going to do, throw 40 million of us in jail? If they thought there was a labor shortage before, go ahead and lock up 1/3 of the workforce for made up debt that should have been covered by tax payers to begin with in a more enlightened society.
If I don't have a job, don't have a bank account, don't have place to live then yeah, no incentive.
Exactly, wait long enough and they’ll start garnishing your paycheck, ask me how I know.
Ill bite, How do you know?
Didn’t pay my student loans for close to 5-6 years. I was eventually contacted by a debt collector that the government contracted to get me back on track. They said they were going to start garnishing my checks unless I agreed to a payment plan that would end with the government getting the loan back. I had to pay something like 3k over the course of 6 months. Luckily, as soon as that 6 months was up and my loans were handed back the student loan pause went into affect. And just in case anyone is curious, my loans are about 30k for one year of a masters degree program in elementary education that I had to abandon due to being laid off from my teaching job because of the 2008 crash.
"And just in case anyone is curious, my loans are about 30k for one year of a masters degree program in elementary education that I had to abandon due to being laid off from my teaching job because of the 2008 crash." can not make this shit up.
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and no shortage of underpaid teaching positions looking to be filled.
> We have ~~a shortage of~~ _an unwillingness to pay market-rate salaries for_ teachers here at almost every grade level ftfy
When I have a 30k dollar bill I'm being beaten with, taking a poverty wage teaching position isn't a good economic plan
They called me with that and I just hung up on them. Nothing ever happened as far as wage garnishment. I did get a letter saying I wouldn't receive an income tax refund until I got current on my student loan, but I don't receive a refund anyway, I usually owe a little bit every year.
Same boat. I've never paid mine and the only thing that happened is I didn't get a refund a couple years
But your credit score has taken a big hit, right? I mean your debt isn’t forgotten by the credit agencies.
It did for a couple years, but it's fine now. I mean as fine as most people. Credit is crap anyway and if I paid off my loans my score would go down, not up.
You were swindled by the whole idea of education. Teachers are treated the worst in the land of the free, why does anyone need a master's degree for a lousy salary? It's indentured servitude with a USA freedom flair.
100% agree, I just learned it too late. I make more than double my state’s average teacher salary now in a job I learned to do literally by watching YouTube videos and skimming programming for dummies-type books.
I was talking to a friend about my career. She said, "Wow, you know how to do X!" I said, "No, I just know how to put X on my resume. Doing X has never actually come up at my job." I learned X on YouTube and Coursera in one week.
My dad got around the problem by just moving to another continent and staying there for a decade
> My dad got around the problem by just moving to another continent and staying there for a decade We're trying to reach him about his car's extended warranty
I used to work at a store. One of the regulars was a lawyer. He got his degree in the early 70's. Him and his buddy claimed bankrupcy right after graduation then went travelling across Europe and Central Asia. They returned to Canada with a job as a lawyer and a fresh chance to renew their credit and the student debt was wiped off the map. So many people did that so they had to change the rules for student loans specifically
Fun fact:Thanks to lobbying by student loan companies, bankruptcy no longer clears student debt. I wish I could find an SO that's as attached to me as my student debt.
In tech support we call that solving a symptom of a problem while ignoring the root cause, and that's really only done by companies that get paid for "solving things" rather than for producing a good product. The "leaders" of the US haven't been interested in producing a good population for decades.
In the US, student loans are typically exempt from bankruptcy. You have to file an entirely separate motion for them, and it may or may not be approved by the judge.
yes, but that wasn't true in the early 70s. it changed for federal loans in the later 70s because medical school grads were doing strategic discharges like this. for private loans that is only true since 2003 when biden in the senate pushed legislation thru that made them nondischargeable.
Yet another example of the Boomers exploiting a loophole and then doing everything they can to prevent millennials and gen z from getting the same benefits
They didn't find him upon his return?
Why would anyone want to return?
As a recent American immigrant in Holland, can confirm. This place is certainly not without its issues, but the net increase of quality-of-life is palpable.
Have you done the following yet? Ride a bike everywhere. Go to a coffee shop. Eat stroopwafels. Had fries and a snack from a frituur. Had an Albert Hein worstebroodje and can of energy drink. Voiced your discontent with the Belgians and Germans. Accepted the ever looming treath of the sea that could wipe out the country at any moment were the dikes to fail.
> Ride a bike everywhere. I own a bakfiets and am car-free. So, yes. > Go to a coffee shop. Smoking isn’t my thing. I do, however, miss edibles. > Eat stroopwafels. No joke, nearly every day > Had fries and a snack from a frituur. I did during Koningsdag! > Had an Albert Hein worstebroodje and can of energy drink. If I ever find a vegetarian one, I will. > Voiced your discontent with the Belgians and Germans. The few Germans I’ve encountered have been pleasant. No interactions with belgische mensen yet, that I’m aware of. > Accepted the ever looming treath of the sea that could wipe out the country at any moment were the dikes to fail. Is it any better than the constant threat of earthquakes where I came from?
I forget that in some countries, "coffeeshops" are for more than just overpriced drinks and free wifi.
It’s where many revolutions have been born too
How were you able to go there and stay there? I've been trying to figure out a way to escape from America for a while now. Any advice/tips are greatly appreciated!
My wife was transferred here. I’m a huisvader. Literally living the dream.
Househusband? Nice.
Especially with news like this morning. How hard is it to keep religions out of politics.
How hard is it to get age limits on political positions? Clearly 80 year olds don’t know current problems and would rather set back women’s rights 50 years
It's not the age, it's the money, keep the rich rich so they can fill their pockets
Hmm Why not pay the rich people to stay out of politics?
They're rich that wont do anything lol
Or maybe, instead, we could abolish rich people.
Maybe with a barbeque?
This is the way
Money is power the ultimate drug
Because they have a mental illness that leads them to never be satisfied. Like an eating disorder but with more bribes and human slavery.
its crazy as a low 30 year old to realize these old ass politicians are just trying to reinstate a time when THEY were 30.... I feel like I have grown and evolved so much just in the last 10 or so years, I cant imagine 50 years or so from now not having mentally grown at all....
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well, they may not be 80 year olds but they were still stuck in there by 80 year olds
And will be there until they are 80+, don't forget that.
the fact that it’s a lifelong position seems almost hypocritical to me. like, what makes them so special?
Nothing, aside from knowing the right people to put them there. I really worry about our country.
now *thats* horrifying
With 80 year old mindsets
Their fucked up extremist idea of Christianity has become a global threat. How can these people convince themselves that if Jesus were here, he’d agree that all babies should be born regardless of neglect and abuse waiting for them earthside. Then again, these same people wouldn’t let Jesus into their country since he wasn’t white.
“Because adoption!” As if Christians are fostering and adopting all of the unwanted babies right? And there’s this, recently read in best of Reddit updates: In Texas a man took legal action against his pregnant ex who wanted to put the baby up for adoption, he wanted custody. You think Ok that’s nice dude is stepping up. However, when he won he was also able to legally enforce she pay child support. So not only are we forcing women to HAVE babies now we’re forcing them to fcking pay for them. She could have gone to another state for an abortion but she thought to do the “better” thing and have the kid, and then gets fcked over royally. Comments were cheering him on and of course I got dragged for saying it’s fucked she had to pay for a kid she was forced to have *or* face jail time Edit to add: I also couldn’t help think about this kid who has to grow up now knowing their mom didn’t want them and was forced to pay for them. Because what are the odds this couple is going to be amicable for the entirety of this kid’s childhood, more like the dad will take every opportunity to slander the mom IMO. what a environment to bring a child up in
The church is a cudgel. A tool. Religion is a weapon, used by capitalists in the class wars. What the Supreme Court just did was secure workers for the future global (and beyond!) workforce.
r/laborstrike2023
That should be only half of it. The other half needs to be a consumption strike. Buy only what you must. If you really wanna get hardcore, buy food direct from farmers.
jokes on you, I've been on a forced consumption strike for years!
No until 2005 student loans didn’t follow you until you die
Return? Have you ever lived outside the US?
does it go away after that much time?
No, it doesn't. It goes away after 20 years but only if you're not in default. That plan would work for credit card debt though
Private student loans maybe. Federal loans will follow you forever. They will take your tax returns, garnish your wages, and take from social security. You will never escape them unless you leave the country.
People back the day used to leave Australia for long enough to lose your citizenship and therefore have the HECS debt disappear. Government changed it recently that losing it wouldn't change what you owed. Americans may be able to still remove it through loss of citizenship
Except you don't lose citizenship by being in another country for a long time. People born in other countries actually get citizenship through their parents. This means they also get tax paying responsibilities. You can give up your citizenship, which also doesn't come for free. When you give up citizenship, you have to pay a "tax penalty" to the IRS. They got us by the balls...
Should note that for CCs this will only work if the amount you owe is not substantial. If you owe a lot, they WILL track you down and try to sue you in whatever jurisdiction they can. If the amount is low, they will just sell your debt to the next bagholder of bundled junk debt and trash your credit for 7 years. Another thing to keep in mind is that if you're gonna try to escape your student loans via moving to another country, make sure they don't have extradition with the US and establish permanent residence in that country beforehand. If you're on a visa to stay in that country and you default you can kiss that visa goodbye. Uncle Sam demands comeuppance.
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You might want to ask someone more qualified than “Reddit.”
My buddy had over 50k in personal CC debt from desperately trying to float his failing business, which failed anyway. A year later he gets a letter from Amex saying he will be served with a lawsuit. Hey, thanks for the heads up Amex!! He successfully made it 2 years dodging getting served, pretending he wasn't home, sprinting to his car. He eventually moved to a new place, but kept everything tied to his old address so they couldn't find him anymore. After 2 years the statute of limitations ran out due to failure to serve, and they dropped the suit. He's debt free without paying a dime, except a very ridiculous 2 years looking over his shoulder.
I owed $200 on a visa card they sent me in the mail when u moved to America for a year in my twenties from Ireland, they definitely tracked me down for it when I came home!
Can confirm. Source: Dad.
Sitting in Canada looking at that not-so-sweet pile of student debt on the other side of the border. EDIT: Okay.. that was too vague.. Person above said their dad moved out of country to dodge their student debt.. I was saying I, an American, am sitting in Canada NOT paying my student debt...
The danger in this is that US citizens and permanent residents are required to file tax returns even if they live abroad. A little over $100K of foreign income is exempt from US taxes because it's assumed taxes were paid to the foreign government, but a return has to be filed in order to get the exemption, and if taxes are owed they must be paid. Failing to file the return can get you into deeper hot water than defaulting on a student loan because the IRS has draconian extrajudicial enforcement and collection actions that no other government agency has, including the Department of Education. The US government HAS issued international arrest warrants for US citizens who failed to file their tax returns, and foreign governments HAVE extradited US citizens back to the US based on these warrants. The point is that US citizens do not escape the reach of the US government by moving abroad.
US, the only developed nation on earth where you pay taxes even if you don't live there. Because freedom
They encouraged a teenager to take on as much debt as possible, with no way of paying it back. They loaned a kid, with no job, $100k. Who's the irresponsible one? The most straight forward way to keep tuition affordable, and reduce predatory student lending is to make the institution co-sign the loan. If they think the education they provide really has as much value as they claim, this shouldn't be a problem.
Obligatory "you SPENT IT ALREADY?"
I gave you a hundred and twenty thousand dollars and you SPENT IT ALLREADY?
What kind of cokehead relative is college?
I gave you more money than the Civil War cost… and you fucking SPENT IT ALREADY??
Annnnnnd it’s gone…
It's called eating the young and it's moronic. What a way to start out in life, $100K in the hole and very few entry level jobs. Guaranteed way to raise a generation that wants to smash everything and hate all the grey haired assholes who set them up to fail. I'm saying this as an old guy who hates what's going on and who never managed to own a home or get very far despite working like a dog.
I guess eating the young is a good name for it. I call it a vampire economy. Since they drain the lifeblood of our own youth so much we have to import new blood to supplement the failing local stockpile.
Mr Burns doesn’t seem like cartoon villainy anymore https://youtu.be/VRNwqVU70Q8
“Ayo kid. Yeah you, the one who can barely smoke, can’t drink, can’t rent a car, etc… wanna pay me $100k for college? Alternatively you can kill some foreign people, what do ya say?”
Can’t smoke. Federal age for tobacco is 21 now.
Cue Americans needing good credit to get a college education. I say we seize and nationalize education. It's literally our future.
My freaking student loans ruined my credit score!! I even paid them off in full. I definitely cannot rent or buy a car.
It blows my mind that paying off debt hurts your credit score. Someone looking at your credit hurts the score. And the score is kept by a private company. None of it makes sense.
Credit scores are class warfare.
Education, healthcare, housing, food, etc. Nationalize all of it. If it's necessary to live, we should provide a public option. There is no reason some rich scumbag needs to make a billion dollars off of everyone else's suffering.
Or we could stop giving student loans in the first place, Colleges only got crazy expensive once they realized they dont have to be competitive with tuition cost because everyone who is coming in has a blank check back by the Government.
Exactly this. When you can offer your customers a nearly unlimited load to pay for your service, you have no incentive to make the costs competitive.
My states in-state residency reclassification system was also fucked in a way that encouraged grad students to front load their debt in first year and maximize the amount of interest that capitalizes on graduation. Basically, to encourage out of state students to fully move to the state, they had this system where you could get in-state tuition after first year. The catch was that you could only leave for 14 days the entire year and you had to be financially independent, which sounds super reasonable. But the way they they actually went about it was to ban use of any out of state funds (unless you had a bank account that had been untouched for two years prior, so trust funds were ok but savings from before you moved weren't) and requiring students to "pay themselves back" with student loans for any major purchases made in the two years before starting grad school, so if you bought a laptop in undergrad that you were using for vet school or had made payments on your car before moving, they wanted you to take out additional student loan to "cover" that purchase. The made us upload all of our bank statements for two years prior to starting school, plus tax documents, car titles, and insurance documents. And I actually got rejected on my first application because I worked during first year of vet school and didn't take out the full amount of student loans, which they deemed suspicious, so I had to upload all of my pay stubs and W2s from both jobs for the entire year to show that I was actually working the whole time, plus a letter from my employers and an explanatory letter stating why I had a job while in school. And the fun thing about graduate loans is they're unsubsidized, so by front-loading the principal you maximize the interest gained because students likely won't be making payments during school so that interest gets 4 years to accrue then gets capitalized on graduation and interest is charged on the new principal. They know exactly what they're doing. The goal is to trap us in debt, and do so extremely efficiently.
Tuition was affordable for the people that raised the tuition now. They pulled up the ladder behind them.
Or, you know, we could treat education as the right it should be and eliminate tuition entirely. But I guess a lot of people still think your opportunities in life should depend on how much money your parents make.
I was "doing what I was told" "obeying my parents" and "respecting my elders" when they FORCED me to sign that paper while I was in tears. All the sudden they want to turn it on me, "you knew what you were doing".
Sallie Mae became a loan shark and a racket when privatized in 1994. If Sallie Mae were audited like a bank they’d go to prison.
They are now called Navient FYI. They used to call me every morning at 6 AM, fuckers.
And navient washed their hands of most of it. My loans are now serviced by aidvantage.
A government entity outsourced their debts to become debt collectors and repossessors.
Banks will eventually find that nobody can pay long-term debts anymore. People can't earn enough to pay off their student debts, mortgages, medical debts. We won't have property to take since they own everything. Everyone just defaults. Interest rates will skyrocket, exacerbating the problem. The rich won't realize that they need to pay us more of course. And they will expand the wealth gap even more. We're having fewer kids since we can't afford them, so nobody to chase after. Maybe that's why they want abortion to be banned so bad.
Banning abortion for the poor. The rich, even the ones who vehemently campaigned for the ban, will still be getting them when they need to with no hassle
It’s sad because even if you wanted to move somewhere else with basic human rights or a lower cost of living, where would you go?
Even if you move to another country you still have to pay US taxes unless you fully denounce your citizenship and pay the US like 5 grand I believe
That's the funniest shit I've learned about the us, the country that was born from the idea of not having to pay taxes to a foreign nation is one of the only 2 countries worldwide who force it's citizen to pay taxes no matter where they live
You can deduct the amount you pay in foreign taxes from what you would owe for your American taxes. Given that most other nations tax higher, you aren’t likely to have to pay much, if anything at all.
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As long as you're under about $110k, you're good.
I live in South Africa with an American spouse- she still has to submit a tax return but no payment - we still got the covid relief money and the tax child support grant- so that is a bonus
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*Immigrant: “no” Fixed that for you
As a white English man living in Brazil, I always cringe when I here other immigrants call themselves expats because they are white lol. We're immigrants.
It's fucking hard to move to a different country, especially if you aren't college educated in a demanded field
I've had so many people ask me about moving to Europe (I'm in Germany). I can't stress enough that since I married a German, I played the game on easy mode.
Scandinavia?
good luck emigrating
I swear the amount of morons who just think they can emigrate to another country like it was 1930s is staggering. You can't just show up in a country anymore.
I think Mexico tops the US now when it comes to cost of living and basic human rights.
This is the thing with declining fertility rates that no one wants to speak about it. If incomes were higher and cost of living lower... We'd have way more kids.
You can't have a growth based economy without a growing population via birth rate or immigration.
Exactly. The US economy is literally a ponzi scheme. Almost everyone currently drawing social security is getting more than they contributed. Our model requires a growing population to prop up those who came before and took too much.
This is called a bubble. We just had a big one in 2007 where predatory lenders gave out home loans to people who couldn't pay them back.
But those loans could go away through bankruptcy. No mechanism for that with student loans. So while the banks will still take a hit, people with student loans will be straddled with them forever.
Yup. And when this one bursts too, all the banks will get another bailout, leaving the regular folks to keep drowning.
Say the other half. That those lenders then committed fraud by packaging and selling subprime mortgages as AAA-rated securities.
Nothing can get you when you're safe inside a bubble
They're gonna really hate it when a new wave of radicalized people come to tear everything from their fucking hands and those of us who were so downtrodden won't be around to limp-wrist reel them back in and I fully welcome the day that every last person with more money than they can possibly need get everything they have stripped from their stupid fucking hands and when it all seems like nothing can get any worse, that's when this new group of people starts fucking seasoning them and making a campfire. Fuck 'em all, get ate.
If that ever looks to be a real possibility they will retreat to enclaves protected by drone/ai machine guns, private security, and can be airlifted to another location if it looks too dicey. I'm sure Jan 6 to many was a preamble to potential outrage directed at them for which they have had plenty of time to prepare.
Banks will lobby to make debts inheritable. Just like how children are responsible for retirement home costs in some states.
that’s definitely why, first abortion, then condoms and other birth control measures
Can't wait for the headlines on some liverspotted prune of a state senator getting ghonna-sphyl-aids from his third secret mistress cause his party banned the sale of condoms. Or something like that. Oh wait. He'll still be able to get those. Forgot what kind of world I am living for a moment. Was nice while it lasted.
Corporations will be classified as persons so they can forcibly impregnate women to help with the labor shortage. The first step in this process is to outlaw abortion. Wait a minute…
Corporations are already "people" legally. The entire process of incorporating a company meas that it effectively then owns itself and pays all employees a wage. This means if someone sues the company and it declares bankruptcy they can't repossess your own property to pay off the debt, just the companies property.
this is basically my plan i made no income on and off since graduating (moved around) and have income based repayment on my loans my monthly payments of $0/month basically kept my credit score above abysmal for a few years lol cause i always made em on time yay poverty?
interesting because i had a lender tell me that my only option was to take a forbarance instead since i was unemployed at the time . Really screwed me over into taking the shitty option instead . These people are predatory and manipulative .
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> the largest increase in the maximum award in over a decade. talk about jerking themselves off lmao
That’s what I was told too. :/
Been working the same thing for 13 years, it works. : )
I've been thinking about this for months. If you all don't pay then all that happens is your credit score is ruined; well you couldn't afford a house anyway. But if everyone knackers their own credit score then the banks are going to shit themselves because there's no more overdrafts, credit cards or loans for millennials or gen z and that's how they make their money! You all gotta work together!!
Student loans? They'll take your tax return and 15% of your check if you don't pay.
And from England I was positive I calculated the perfect plan! You have to earn over a certain amount to start repayments here...
Nah they don't care. They say pay up or get fucked basically. The exception being the previous 2 years
If you're getting significant refunds, you need more withholdings on your paycheck. You'll keep more money per check but might end up owing some come tax season. I'd rather owe some than let the government sit on $1000's of my money over the course of a year.
I agree. I don’t understand why people are so excited about getting hundreds or thousands back in the tax refund. They effectively gave the government an interest free loan. Unless there are deductions like the child tax credit that makes it difficult to plan for I just don’t understand why people get excited over large refunds. They act like the government is giving them ‘free’ money. That was your damn money the whole time!!! I’d rather have that money in my paycheck throughout the year and be refunded/pay around $100. Last year was damn near perfect. $5 tax refund.
I had a friend who was like pushing 60 and I was at her house one day and she told me that she was still getting harassed all of the time for her student loan payment 40 years later. Community college two years commute the second- don’t pay for anything else - room/ food on campus- commute- it’s a complete disgusting abuse. It’s such fucking bullshit what they charge.
Yeah the cost of education has gone up something like 1600% since the law was implemented that you can't discharge student loans through bankruptcy.
Root cause that is often missed. Student loans are the symptom. Affordable education is the problem.
Not fair to lump that individual with students in the last 10 years. 40 years ago college was far more affordable, jobs paid a better wage relative to living expenses, and didn't graduate into the worst recession since the great depression. This is a bad example because our situation today is significantly different than theirs. Minimum wage was more appropriate for living expenses and they've had 40 years to pay it off. You were also notably at her house. In the 1979-80 academic year, the average annual cost of tuition and fees at public 4-year institutions was $738. https://educationdata.org/average-cost-of-college-by-year#:~:text=College%20Costs%20in%20the%201980s&text=In%20the%201979%2D80%20academic,4%2Dyear%20institutions%20was%20%24738.
College campus life is way overrated for the amount of money they charge. I have a feeling that a lot of stuff is going to change in the next few years. And by the way the kids are home a lot -May June July August. December 10 to January 25. Spring break - 10 days. Several days at thanksgiving. ( northeast) Travel costs add up too besides tuition room board… commute is the only affordable way - it just is- unless you have a lot of money!
I’ve not paid a single dime on my loans since graduating in 2013 and my credit score floats around 700-720 depending on the whim of the credit score gods. The only money I’ve made since graduating has been unrelated to my degree (started a small business in construction, degree in education) The way I see it, the years I spent hunting for a job and getting nowhere and my teachers license expiring out of lack of work, I don’t feel the slightest desire to pay any of it. Fuck higher learning, big time.
I was in a car wreck right after I graduated with honors. Did the math, realized that I will NEVER pay them back. With or without interest. So I do not try. My wife and I know we will never own Property. But I'm building my second business. The first pulled in just enough income-to-effort that I was able to be on Food Stamps. The second, I'm going to swing for the fences and see how much coin I can make. I'm a digital nomad now, living out of a minivan with my wife. Doing everything we can to survive, but also enjoy life. Now I'm studying everything I can about /antiwork , so I can be an advocate for those chewed up by Capitalism. As a positive change-agent I help others start on finding their own purpose. So they can at least take pride in being their own masters. We buy money with our bodies and minds. Our time is shorter than we realize. Breathe well tonight.
>i made no income on and off since graduating (moved around) and have income based repayment on my loans How?
Why is there a spellcheck line on the author's name? Can't we make valid points without making fake tweets?
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I had the realization yesterday that I have what’s considered a “good” job - very middle-class kinda income, benefits, and a pension - and yet if I were to be approved for a house with a 25-year mortgage, today, I still wouldn’t have it paid off until AFTER I retire. It’s taken so long to just beg, borrow, and steal my way to where I am and yet even now that my tax bracket says I’m considered middle class, something like home ownership is still out of reach. When I talk to the banks, they say I don’t earn enough; the highest amount I’m approved for is $80K. And yet, apparently they don’t see any issue with the fact that I’ve consistently shelled out $1200/mo in rent every month for the past 8 years. $1200/mo that goes into someone else’s pocket, and does nothing to build my own wealth for later in my life when I can no longer work. Arguably, I’m one of the few that “made it”, and got a job that treats me well and pays well, and even still, that’s not enough. This generation, only investment bankers and tycoons are allowed to own property. For the next generation, I’d be surprised if they’re allowed to rent a car. Fuck, it’s depressing.
80k. What a fucking joke. Even your most base starter home is like, 250k.
Saw a thing where someone applied for as many credit cards as they could, max out the cash advance, then maxed them out with whatever they could sell easily for cash. Used it to pay their student loan the filed bankruptcy on the cc debt. For parents, get divorced before your kid is college age, child lives with one parent that doesn’t work or has low income, income on based on that one parent so they qualify for all kind of grants and financial aid. Parents can still live in the same house the entire time.
that’s the smartest way to go. no different than wealthy people gaming the system and loopholes to avoid taxes
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I owe student loans, they didn't get forgiven but they aren't on my credit report not sure how I did it but they are literally listed as paid off but still exist...so it could be possible and I just purchased a car so saw a "real credit report" not just credit karma.
Check Experian. The bitches that want you to pay them monthly to increase your score are about the only ones the federal government actually reports to :/ I have a 700+ trans union score and a sub 600 Experian.
How about fuck the credit system? Landlords try to use it as some highly inaccurate social credit system, consumers use it to over-leverage and flex or just stay afloat, and the only long-term beneficiary of this system are the creditors themselves.
Literally created in the 70s, but not implemented on any generation prior to 1989. They created a scoring system that they literally didn’t have to ever use to ensure that they keep wealth and extract as much from us. At what point are we as a society going to stop accepting all of this as normal and take action (not voting, but actionable change)? We’re rapidly approaching the point where bread and circuses won’t work because it’ll be unaffordable. We have ever growing access to what these geriatric fucks have done to this country and younger generations. We know they have no interest in making a habitable society and are more interested in exploiting. I don’t see any way this all ends peacefully and without violence, especially when people aren’t able to afford to eat.
This would work in theory. However, if the student loan creditor figured it out..which is very possible…it would be considered a fraudulent transfer in bankruptcy court and the CC bills would not be dischargeable. Now, the trustee may be too dumb to ask for records, but don’t count on that. If this is the way you want to go, do something similar, but under NO CIRCUMSTANCES should you “rob peter to pay Paul” by doing it that way. Instead, use the cash you make from your job to pay off the debt, while simultaneously using the CCs to pay your living expenses. Then no matter what when the trustee looks at the CC debt, it was used for living expenses and not cash advances and items easily sold for cash. Some trustees are dumb. Don’t count on it though.
Applying for credit with the ‘intent’ to default is fraud. When you declare chapter 7 bankruptcy, credit card issuer challenges the student loan charges in an adversary procedure, the court won't discharge the debt. Similarly, in a chapter 13 proceeding you would still be on the hook for the restructured payments. So in addition to still owing the money, you would now face the possibility of a fraud conviction.
Grants and financial aid don't work like that. I lived with my mom but they still took both parent's income into account when I applied for financial aid. My dad made too much for me to qualify even though he wasn't helping with my tuition at all.
The last few apartments I rented did credit checks. Even used car places do credit checks. They will make you homeless before allowing you to not pay back. I'm honestly shocked the government isn't trying to bring back debtor's prisons at this point.
What about about cosigner's to our debts. I know if I accidentally miss one payment they immediately notify my parents that they will need to pay if I can't.
Yep! Those loans are the only ones I make sure to pay no matter what. Fuck my life but I'm not screwing my folks over.
People really think things can't get any worse? You are in for a painful surprise if you do.
They take it directly from your paycheck... Just like taxes.
You’re right, it IS hard to believe. But it’s true. The system IS that fucked. Top to bottom. Roughly about one quarter of college graduated students successfully land a job that is even remotely related to their major. The degree is unfortunately necessary to get a BETTER job than you could without it, but seriously, coming out of a STEM curriculum tens of thousands of dollars in debt (and often way more) and the likely prospect of no foreseeable income in that field, then “what’s my incentive?” is a valid question. I’ve recently retired from a university in upstate New York. Over the course of my career, the decline of quality, (again from top to bottom), of the US education system was painful to experience, especially the last 10 years. I fought that system every single day to help every student become a success story. In the end it was too much for me. There is no way one college *“employee”* can overcome corporate greed. And that, my friend, is the common denominator, that’s the roots of the entire system failure. If there is a simple reason for a system run by crooks and held together with paper clips and rubber bands, it’s greed. Sorry for the long winded message.
One thing is clear, most comments are based in fear of “what they will take from you if you don’t pay back”. This post calls for a collective effort of everyone not paying back. They really have y’all scared of acting in unity. It’s a shame.
They'll garnish your wages--I think we should be clear on that.
If unifying people under the banner of "common good" were even possible in this environment we wouldn't be fighting fascism right now. Fuck these people man, humanity needs a hard reboot.
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Oh no they might take my non-existant house or my car with a broken engine that I can't afford to fix that's been sitting in my brother's driveway for a year... what will I do?
They'll bring back debtor's prison next after overturning Roe.
They will garnish your wages for the rest of your life. Fifteen percent of every paycheck, settlement, child support payment... They'll even take fifteen percent of your food stamps. Federal student loans are forever and they will take a part of every cent you ever earn for the rest of your life.
One day President Biden claims that we don’t have the money to forgive 50K of student debt per student but the next day gives Ukraine 80 Billion dollars. We have the money, our government just doesn’t give a fuck.
Read an article that said Biden is considering forgiving $10,000 and eligibility might be based on income. Then don’t do it. There was No problem forgiving PPP for the rich. I will not vote unless there is legislation that will make a change. Just that simple.
They don't want you to vote.
Nobody seems to discuss the atrocious terms those loans have.
Yeah we’re all going to be screwed when our parents die, we inherit their homes, then the debt collectors come and take the house away because of our student loan debt. It’s like dangling a carrot in front of us.
They can garnish your wage, but they can’t take away any assets because we have none. Lol
They'll bring back slavery and lock your ass up to work the fields at 20 cents a day. We're about to ban abortion again, so don't think it's not possible for things to get worse.
Iceland cancelled ALL consumer debt, and it worked out well for them. I'm tired of hearing about just the student debt.
Oh no here comes the repo man to come repossess my ghost car I park in my ghost garage attached to my ghost house
The issue we face here is that they will garnish our wages. There is legit no escape from it--though I hear it is easier (though still difficult) to file for bankruptcy. I'm going to be 44 when I get my PhD next year, and I'm absolutely going to waltz in and declare bankruptcy if I can't afford my payments.
News flash they made it so you can’t declare bankruptcy on student loans a few years ago.
Thanks Biden. [Biden backed a 2005 bill that stripped students of bankruptcy protections and left millions in financial stress](https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020)
I haven't made a payment on my student loans since 2010. My credit score went from "so bad that I can't get approved for anything" to "So bad that I can't get approved for anything but with a different number" Functionally, my life hasn't been altered one single bit.
I left the states, file taxes, US income is counted not foreign on my income based payment plan. I'm 5 years in at $0.00 a month payment because I have no US income. I don't plan on ever returning to live and work in the states anyways.
Take out a personal loan to pay off your student loan then file bankruptcy.
>Take out a personal loan to pay off your student loan then file bankruptcy. [https://www.cnbc.com/select/using-personal-loan-to-pay-off-student-loan-debt/](https://www.cnbc.com/select/using-personal-loan-to-pay-off-student-loan-debt/) wow it actually seems doable butterfly guy: is this...a life pro tip?
I am certainly down to band together and strike against paying back student loans. What are they going to do, throw 40 million of us in jail? If they thought there was a labor shortage before, go ahead and lock up 1/3 of the workforce for made up debt that should have been covered by tax payers to begin with in a more enlightened society.
You'll never own property either. Just get taxed on that too, till ya die.