Department of Education resumes collecting student loans, including those in default.
(www.cnn.com)
🏫 STUDENT PANIC 🏦
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As unfairly crushing as student debt is, there was an option to NOT take on loans and choose a different path in life, that path is always there. Unfortunately, they signed the papers and they are now on the hook.
And no, the rest of us honest Americans, especially the blue collar workers, need not to help them out.
The best compromise is to drop the interest rates to 1%. It’s the interest rates more than the principal that crushes people.
I hope that’s simple interest and not compounding.
For a long time debt was hyper predatory, as someone who filled out fafsas in 03, there were so many loans offered that were not even called loans, words like state sponsored grants, school choice banks, etc
And of course, no terms and conditions provided within the fafsa, you could only get them after the application
Then you got to campus, and along the campus walkways and common areaa, everyfay third party vendors for banks offering students credit cards, some from legitimate banks but some from smaller brands like "clout visa" or "surge" that gave ANY kid a $600-3000 credit card just for signing up
Add to that the entire lie of what college was supposed to be, the idea you would amount to nothing in life and be forever alone if you did not go to college. Or you would end up in the military. And even the military was sold to you as a way to get to college..
None of us born 1983 to 1998 should be judged by that kind of mentality, because while every other aspect of 90s life was better than today...academia and the bankers were already working towards the cabal plan
Wonderfully said! I feel like a loner for being on the believing side that student loans should be forgiven. Like you said, academia and bankers were actively working towards the cabal plan at that time. It’s something I wish other patriots would view from a different perspective and put their measuring stick away. People view this issue very personally because they have either paid theirs off or won’t get a hand out, therefore their inner child feels it to be unfair.
Mass forgiveness isn't the solution, but some sort of empathetic policy needs to be discussed. Yes, they took out loans and yes they have an obligation to pay them back. Welcome to being an adult. BUT...
If you went to college today, you thought you'd have a job when you got out, only to put out 500+ applications, hear back from 3 of them, and get rejected from all 3 at the interviews because you didn't have experience (as a new grad) or they found another candidate who was a better fit (you had the wrong demographics), etc.
I've been there, done that. I even went back and re-trained only to run into the same buzzsaw. So what do you do when corporate America aligns with racist Democrats to destroy your life for the sake of promoting "equity"? Telling the young adult who literally did everything they were supposed to do only to get futtbucked that he's going to have the rest of his future destroyed, that he'll never own a home, never be able to support having a family or kids as well isn't the solution. That's a path to a lot of 988 calls. People are just going to check out. This is quite literally S. Korea and to a lesser extent Japan right now. They're about 3-5 years ahead of us on this.
What they need are jobs, and if necessary, government-mandated job placement. Allowing corporations to continue this farce of lying and claiming no Americans are capable so they can continue to milk H1B and H2B visas is a joke. That needs to stop ASAP.
I agree with everything you said. Forgiveness would be great, an empathetic policy would be good. What wouldn’t be good at all is expecting these people who have been screwed to pay it back without questioning. If we’re here we are questioners. I’m not giving them my money every month without putting up some sort of resistance. The payments are supposed to start 5/5. Coincidence? I think not.
Unfortunately for most schools, they bamboozle them the moment you leave middle school, on top of the fact they dont teach critical thinking, life skills and they dont help cultivating or discovering what you want to do.
What makes people think that impressionable young people are able to make a lasting decision that would greatly benefit them, and preapprove them to take out 10K-35K (God forbid you got some kind of full or partial scholarship or grant) a semester?
The school system was flawed to begin with so colleges are directly profiting from such a system. This whole thing is game of risk and its disgusting.
You're right. I joined the military after college (enlisted because Obama cut the officer core) and they had a College Loan Repayment Program (CLRP) for 10,000 dollars of my 30k loan. Hey that's not bad! Well...it's um...well it's taxed. So the government pays me money to join them and says they will pay themselves the money owed them by me but first takes money and stuffs it up their own butts (2500 of it as it's taxed as capital gains) and then gives it to me to give to them.
I would also love to tell you about the time they screwed up my orders and so I paid out of pocket to deploy. Because I thought my taxes were to cover deployments. ( Not the ride over but all my daily allowance)
of course one has to pay it back.
I put myself through college and took out student loans. I was making good money bartending so I started to pay them back early. That ended up being a clusterfuck. They weren't posting my payments correctly and then they didn't send me another payment book when mine ran out (it was like a checkbook and you sent in a slip each month with your payment). It was like they didn't want my money!
No student loans? Wow, impressive. How were you making so much bartending?
No, I took out student loans. They just made it extremely difficult to start paying off early, before I graduated. Well, fren, I was really good at it, was young and pretty, and had a smartass mouth on me that somehow allowed me to talk shit and insult losers to their faces but smile and wink and get paid handsomely. Those were the days
My parents helped by paying off the interest while I was still in school so the loans themselves weren't insurmountable when I graduated and started paying them off myself. It was an early life lesson in interest rates that made a big difference in my quality of life. Thanks Mom and Dad!
In the long term, government backed loans are a big part of why schools got so expensive in the first place. If they actually had to compete for money instead of being guaranteed large payouts they might never have inflated to this point where whole generations are looking at college as an unwise expense that doesn't pay off. I really hope this new DoE shuffle completely re-evaluates the system in general and finds a way to encourage schools to provide affordable education rather than maximize profits.
Oh I misread. Yeah, dudes + alcohol + hot bartender can def generate some good $$$
Plus it was the late 80s. It wasn't unusual for me to make enough in tips on a Sunday night to pay my rent. Which was much cheaper back then!
Oh yeah, and my greatest score of that time was my future husband bellying up to the bar.
Gotta love (and miss) the 80s. I sure do.
What's interesting about your story was that Sunday night was your big haul. I never would've thought a Sunday. Thursday, Friday or Saturday yea. But Sunday night?
Now I don't feel too guilty about enjoying Sunday night cocktails! ;)
From 11pm to 2am on Sundays my clientele were mainly servers from places nearby. And of course servers are the best tippers
Well you should run for CONgress then. It looks like there will be an open bartender seat when the current occupant decides to primary Schumer in a Senate run. That means moving to NYC though.
That goes against my Texan sensibilities
On a similar note, when are they going to collect back the $750 billion forgiven in PPP loans? My money shouldn’t be going to float other people’s businesses for free
Pretty sure if it was FORGIVEN they will not ever do that
Regardless, that money came from somewhere (me, the taxpayer). I want my money back, with interest.
time to pay the piper.........
Now the young lefties will turn against the dept of education. A nice slick 5D chess move…. I'd even go along with forgiving student loans if this useless agency went away. And an exit from the student loan business.
I’m confused I thot they were dismantled
Not completely.
I went to private college from 93 to 97. I was fully aware of what I was signing and graduated and spent 10 years paying back 300 a month. I don't understand what changed except the victim mentality and the inability to read the paper you signed showing what you had to pay back.
Bet you signed up for your loans using a pen and paper and probably with an advisor. In the near future of 2006-2010 we were ushered into a computer lab where we were asked yes or no questions and could have a loan where terms were not completely disclosed at the literal click of a button and put into our checking accounts within days. Absolutely no victim mentality here and I can say that for most of us in my age bracket. My age group plays a huge part in this awakening in response to the introduction of technology during the middle of our formative educational years.
Pretty much. People commonly took the bait without first working out the numbers on these bigger loans to go to these 4/5 year universities. A lot of marketing was pushed towards our parents too, since their generation mentality of "get a degree and get a career" was basically what you were expected to do.
I can't really relate though, i just took out FASFA and a few scholarship grants and went to a local community college and was covered based off my grades alone. An AS degree alone was worth it. But i also took several different career paths, which was looked down on by many of our parents, where they expected you to stay with a company for a long time. I think regardless of the pressure, we all came out better in our own individual ways, and progressed much further than our previous generations.
Lol $300/mo. Fren, that's not even scratching the surface of what kids are paying today. Welcome to inflation where costs go sky-high but your income doesn't!
I graduated and made 28k a year in 1997. And split an apartment with two friends for 300 a month. The point is, either you knew what you were getting into and signed anyway or you were scammed and signed a blank loan form and had no idea you'd graduate and owe $1000 a month or more.
What happens when the government gives a blank check to an 18yr old with a government education that requires no financial literacy.
That's horse manure. The materials are written at an 8th grade reading level. They literally have a calculator there on the website so you can see the numbers on the various plans.
Keep in mind you're not just talking about blue-haired bleeding hearts who got gender studies degrees. You're talking about kids who got engineering degrees and CS degrees only to find out that those industries got targeted by Blackrock and the Powers that Be with ESG and DEI and were told you can only hire women and brown people. These employers adjusted by doing exactly that. They'd put out offers, find any excuse whatsoever to not even look at American kids, especially the new grads, and then report to the government that the only solution was to import people from India who'd work at half the wage.
This assumption so many boomers are making, that the situation is the same as when they went through in the 70s and 80s, is total horse manure.
Took on 40k of student loans and paid it all off diligently.
Had a friend who was in the same school and program who took on the same amount but was constantly deferring and not making payments. He had all his loans forgiven during Biden’s tenure.
He was basically rewarded for being a deadbeat to the tune of 40k while responsible people like me got zilch.
Is DOGE gonna tell us what percent of "student loans" was money laundering? That's probably why the payback was paused. To give the laundro-mats a break.
This, exactly. Also, people don’t take into consideration that we were robbed. The shade was pulled over our eyes. During my college time which was around 2006/2007 we were basically told we would not find a job if we didn’t go to college. We were basically led through like cattle. If you were white and middle class you were basically screwed, you would not qualify for any sort of financial aid for the outrageous tuition. Our parents were led to believe we would be successful if we attended college and felt they had no choice but to support us as we painfully put ourselves in debt because we were led to believe it was the only choice. I believe student debt should be forgiven. The money collected was not done ethically. Retribution must be given.
Idk about forgiveness but remove the interst from the loans and take the interest that was previously paid and apply it to the principal. I paid mine off it took years and now my daughter is going through the same thing.
Pell grants were purely income based. Knew two girls then, one white low middle class, one Asian high class. The low middle class white girl got as much pell grant as any poor minority I knew, the other girl got nothing but her parents were loaded
Well my family would have been considered more upper middle class. You know, the part of the cast system where you really can’t complain but you’re working hard for the man every single day just to live the comfortable lifestyle. Surely didn’t help us get aid and our parents weren’t able to swing the tuition outright. It’s was a trap. I live in an upper middle class Midwestern area. The rich daddy’s call our dads down here who own their own physical labor business to do their grunt work.
Lol, ain't that the truth! I had absolutely stellar academic credentials, but getting scholarships was just about impossible. Wrong demographics. So my browner and female colleagues were able to get scholarships, but I had to compete with the best of the best to get merit scholarships. I did get a little help, but my parents weren't going to help after undergrad. They'd done their part (fair enough! they sure as hell had!) So I had to do grad school on loans. I paid off the Masters straight up. I'd save enough working beforehand to do that, but the professional program was a back-breaker. You don't get TA- or RA-type work-study offers in professional programs like you do for PhD work. Those help a lot as long as your project is adequately funded with grant money. But professional programs expect you to pay full-ride all based on future earnings. There is no solution other than to mortgage your future.
It's either that or ignore your potential and work a menial job just to avoid the financial risk.
No one tells you that on the back end of these programs you're up against DEI demands and corporations that look at certain people as instant-never hires. Time passes. Interest compounds. Put out applications. Hear literally nothing back in 99% of your applications... This is the world for a lot of these so-called "deadbeats."
Add in a kid, or a surprise medical diagnosis that ruins your life, or a divorce where she takes everything and wipes out your credit... There are a lot of complications here.
Its fake money anyway, idk why forgiving the debt matters,unless its boomie griefmaxxers pissed about us not giving a firm handshake. Its a really gay distraction, but its just me.
I thought the Department of Education was liquidated. Maybe I'm thinking of the teacher's union.
The Dept. Of Edu. Is brought into existence through an act passed by both houses of Congress and signed by the President. Legally, it will require an another act to disband the Dept to go through the same process (both Houses of Congress and Trump signature) and it will be a tall order, even with the Mandate.
Or sue FedGov to remove it because they've exceeded their Constitutional authority with creation of that department, and it wasn't created with a Constitutional Amendment.
Assuming that SCOTUS had the spine to actually follow the Constitution for a change.
Not completely.
I have loans, and I will prob be paying until I die. I have a bs and a ms and i dont expect anyone else to pay them. However, i think the interest rates are predatory for student lending. I think a minimal, flat, unchanging interest rate should be offered or fuck just an admin charge to the amount loaned. Our govt shouldnt be making money off of student borrowers.
Government has to get out of student loans. When loans are guaranteed, people can always pay tuition. That means universities can always slowly creep up what they ask. Everyone can get loans to pay it. No one says no because it's your future on the line.
The only way you get tuition to go down is if people say "no," it's too expensive. That can't happen if loans are guaranteed. That's going to mean people who might benefit don't get to go while nepo babies still get to go on Daddy's credit card. That's reality and you can't do anything about that.
But we have to get universities to start feeling negative financial pressures and start competing to offer better value instead of a better all-inclusive four-year vacation experience.
Why wouldn't they?
I have a buddy with student loans. He's 67. I don't understand.
Maybe they took one out for their kid or grandkid.
Signal that the invisible enemy has been defeated?
I chuckled out loud when I saw thr story on the TV at work. "5M student loan-borrowers facing mandatory collections starting May 5th".