The better, correct term is, “resuming regular collection.”
This is just what is expected no? The abnormal behaviour was the pause on repayments. Which contextually made sense.
If I default on a loan, a bank can totally garnish my wages if I do not or refuse to pay it back. How is this any different? Was there ever an expectation of not paying back a loan they signed up on?
Hell, they could do much worse, a bank could recall the loan in full, and without means, to pay they could take all my assets by court order. This is not being done here. Which is much better. Worse case could be jail time which won’t happen here as far as I read here and elsewhere.
Not sure where you are from. You can declare bankruptcy and restructure a normal loan or take a full on credit penalty for the next decade which severely restricts you from borrowing. It depends on your state laws and what chapter you file under . Yes they can take assets to pay the loan but in some states certain assets are restricted from being part of payback. Student loans are not normal loans and are outright predatory. You cannot declare bankruptcy if you fall upon hard times to help make it more reasonable to payback if not eliminate it.
If someone wanted to have a decent career and life, and signed for some student loans not really grasping the implications, and now they’re subject to neo-slavery for the bulk of the part of their adult life when they’re even trying to get themselves established, that’s fucked. Especially since a lot of the time, the promised job security that was supposed to provide the income to pay back the loans hasn’t materialized, and a variety of interest and related fuckery have come into the picture to mean that they’re on a more or less neverending treadmill of servitude they didn’t sign up for.
There are wide varieties of scenarios where a democratic government is supposed to step in and realize that even though “the rules” are being followed, the outcome is horribly unjust, and they fix it. Forgiving student loan payments is one of the obvious ones of those in the modern day. “The rules” is just something we all made up.
Just because it’s written down, doesn’t make it right.
Totally support this. These life altering decisions ‘provided’ to young adults, are force fed down your throat from everyone around you. Parents. Teachers. Everything in your world is school school school.
You trust that’s what has gotten you through and all the people around you.
They disbursed MY student loans through a DEBIT CARD. I could only use it on ATMs on campus. There was a fee for every withdrawal. Max limits too of course! So you’re paying to pay to pay! But screw us right? We have a lifetime. So charge us for everything you can think of and add it to the tab. I got into my third year before it wasn’t enough to cover me to eat. Tuition. A roof over my head. I had to get a job to make ends meet, when I would have preferred to finish my degree. I ended up having to work a lot. A lot more than I expected. I had to quit school to work full time just to keep up with normal life expenses.
Keep in mind you’re learning a LOT and making a LOT of mistakes during this time still too.
That only encourages predatory colleges, with predatory deals with card companies to distribute student loans. To stick us with everything, including ridiculously exorbitant textbook costs.
Now I’m saddled with that debt. It’s grown 1/3rd more than I ever borrowed.
If you left the country would you still be stuck with it? If i had that albatross around my neck i would serioualy consider building a new life somewhere else
Yeah. The people telling you to do it aren’t malicious (most of them), they just grew up in a different and much fairer world. For them, the system was kind to them if they played ball, and they could have a good life just by following the rules. Now following the rules is purely for suckers. 😢
It is why I am for reform. I feel I should pay something back for what I did get, but that amount they want and how hard they’ve screwed us with horrible rates, and difficult or impossible bankruptcy options, shitty stagnant wages, rising costs of literally everything.
Trump doesn’t need to put this pain to this millions of borrowers. I don’t see him going after COVID loan forgiveness. How was that ok but this isn’t?
The loans are a part of a scam system which have been ballooning out of control for decades.
John Oliver did a great segment about it.
The better, correct term is, “resuming regular collection.” This is just what is expected no? The abnormal behaviour was the pause on repayments. Which contextually made sense.
If I default on a loan, a bank can totally garnish my wages if I do not or refuse to pay it back. How is this any different? Was there ever an expectation of not paying back a loan they signed up on?
Hell, they could do much worse, a bank could recall the loan in full, and without means, to pay they could take all my assets by court order. This is not being done here. Which is much better. Worse case could be jail time which won’t happen here as far as I read here and elsewhere.
In the civilized world education is a right not a privilege reserved only for the rich or that puts the poor into a lifetime of debt.
Not sure where you are from. You can declare bankruptcy and restructure a normal loan or take a full on credit penalty for the next decade which severely restricts you from borrowing. It depends on your state laws and what chapter you file under . Yes they can take assets to pay the loan but in some states certain assets are restricted from being part of payback. Student loans are not normal loans and are outright predatory. You cannot declare bankruptcy if you fall upon hard times to help make it more reasonable to payback if not eliminate it.
Where are you from, just curious?
If someone wanted to have a decent career and life, and signed for some student loans not really grasping the implications, and now they’re subject to neo-slavery for the bulk of the part of their adult life when they’re even trying to get themselves established, that’s fucked. Especially since a lot of the time, the promised job security that was supposed to provide the income to pay back the loans hasn’t materialized, and a variety of interest and related fuckery have come into the picture to mean that they’re on a more or less neverending treadmill of servitude they didn’t sign up for.
There are wide varieties of scenarios where a democratic government is supposed to step in and realize that even though “the rules” are being followed, the outcome is horribly unjust, and they fix it. Forgiving student loan payments is one of the obvious ones of those in the modern day. “The rules” is just something we all made up.
Just because it’s written down, doesn’t make it right.
Totally support this. These life altering decisions ‘provided’ to young adults, are force fed down your throat from everyone around you. Parents. Teachers. Everything in your world is school school school. You trust that’s what has gotten you through and all the people around you.
They disbursed MY student loans through a DEBIT CARD. I could only use it on ATMs on campus. There was a fee for every withdrawal. Max limits too of course! So you’re paying to pay to pay! But screw us right? We have a lifetime. So charge us for everything you can think of and add it to the tab. I got into my third year before it wasn’t enough to cover me to eat. Tuition. A roof over my head. I had to get a job to make ends meet, when I would have preferred to finish my degree. I ended up having to work a lot. A lot more than I expected. I had to quit school to work full time just to keep up with normal life expenses.
Keep in mind you’re learning a LOT and making a LOT of mistakes during this time still too.
That only encourages predatory colleges, with predatory deals with card companies to distribute student loans. To stick us with everything, including ridiculously exorbitant textbook costs.
Now I’m saddled with that debt. It’s grown 1/3rd more than I ever borrowed.
I still never got my degree.
If you left the country would you still be stuck with it? If i had that albatross around my neck i would serioualy consider building a new life somewhere else
Yeah. The people telling you to do it aren’t malicious (most of them), they just grew up in a different and much fairer world. For them, the system was kind to them if they played ball, and they could have a good life just by following the rules. Now following the rules is purely for suckers. 😢
It is why I am for reform. I feel I should pay something back for what I did get, but that amount they want and how hard they’ve screwed us with horrible rates, and difficult or impossible bankruptcy options, shitty stagnant wages, rising costs of literally everything.
Trump doesn’t need to put this pain to this millions of borrowers. I don’t see him going after COVID loan forgiveness. How was that ok but this isn’t?
The loans are a part of a scam system which have been ballooning out of control for decades. John Oliver did a great segment about it.