Trump Administration already garnishing wages on Student loans that are defaulted.
Posted by MikeTerry_@reddit | studentloandefaulters | View on Reddit | 19 comments
I know the primary Trump base is the uneducated, but we need a President that is pro-education, pro-DOE, and maybe one that loves the poorly educated and the ones that actually try to make something of themselves.
If you voted for this Administration, shame on you.
lostacohermanos@reddit
Time to start leaving the country
Whatsinthebooooox@reddit
I know the primary Democrat base thinks they are the educated, but we never needed a president that was pro-education, pro-DOE, and maybe one that didn’t:
—> useless departments with no funding explode with students that realize it takes more than just dreams to be a chemical engineer.
The line of greedy regardation 👇🏻
Remember, when someone tells you it’s your fault…remind them that the government backed loans for strippers and boomers with sub-prime credit to play real estate tycoon.
Most importantly, starting with 2005 (point 1 above), it was Joe Biden, Barack Obama, and Democrats were behind each pivotal blunder that caused this mess.
Joe Biden move in 2005 was called disgusting by Elizabeth Warren and Bernie Sanders. The saviors were the one’s that put you in chains all along.
Republicans actually called this catastrophe in ~2005.
Swallow that pride and come to terms with the fact that every time a new income driven repayment plan roles out it adds more time for undergrads and doubles it for grad loans because it is a tax scheme. One that would be called downright illegal discrimination for any private bank.
Democrats f*cked us. 36 years in California and I will no longer vote blue.
Borrowed $99k ($80K grad when rent exploded when I started grad school which was “free” for engineering PhDs)
$20K of interest Repayment started at $120K total Paid $40K Now owe $137
I will pay one lump sum of $144K by selling everything I have and taking on credit card debt for food and everything else.
Frak the government.
Hilarious part is I pay $100K in taxes because California has become the state of taxing the negative-net-wealth, high income renters to give it to the wealthy property owners.
Almost 50% of my income goes to government.
davebone6195@reddit
Nobody expects or wants American taxpayers to pay their loans. But when you borrow $10000 at 18 years old and it takes 96 years to pay it off (not to mention you have paid the principle back 26 times and you are paying interest on interest on interest) THAT is when people reach out for help.
Take a mortgage for example, 30 years and it is paid off. You can actually WATCH the principle drop with every payment. Student loans are not like that. The principle never drops due the way the payments are structured and the interest is added back to the amount owed almost monthly which increases the amount to be paid (see compounding.)
If more people would educate themselves on the issues with student loan debt instead of just assuming that we want a "hand out" then the American people would be so much better off and the economy would boom! But it is the rich against the middle class who want to keep us "under control" and not allow us to prosper.
Sorry, rant over. I will step off my soap box now. Let the down votes come in!
Equivalent-Watch9744@reddit
So probably better to pay like 10 dollars a month on it?
Dangerbeanwest@reddit
Right? Like maybe they could cap the amount that the interest could accrue to. That would be fair and give ppl a reason to pay them off. But when it looks like you’ll never ever get there…what’s the fucking ppint
JeepGirl17@reddit
I have been making this rant for 3 years now!
powercow@reddit
and mind you the giant orange nazi, discharged debt many times through bankruptcy.
GW Bush and the GOP removed discharging student debt from bankruptcy.
the GOP believe you can have an Idea, get a massive loan for a business, fuck up, and get most that money forgiven and the rest restructured.
But get a loan to improve your education to try to get a job in the field you like, and then they field collapses before you get there.. well too bad so sad. And these people get loans right out of HS, were business lending tends to be to slightly older people.
IF they went after billionaire tax cheats instead of nickle and dimming poor america, they could actually get some deficit reducing money.
MAM-25@reddit
Yes, if student loans were sold like mortgages…actual payment schedule for finite term. Rather these loans are entirely misrepresented through deferred payments during which interest builds, then “minimum payments”, accepting minimum payments which don’t cover the interest accrued. The only credible loan is the federal subsidized (no interest until you graduate), which of course is not enough to cover yearly costs but students need to be working during college too. 🙏
igotcompetence@reddit
Mike , this isn’t just a Trump issue. I get that selective outrage is easier and makes it all seem better but it doesn’t fix anyone’s problems. Trump doesn’t help, however, this goes beyond trump once you realize it’s a Uni-party and once you see the things you need to see everything will become more clear. This student loan compounding nonsense has been around before trump was considering.
I was in college during Bush 2 and Obama.
Anakin5kywalker@reddit
The joke's on them! I don't have any wages to garnish because the job market is an apocalyptic disaster of biblical proportions!
fucuasshole2@reddit
Yep, lost my job a few weeks ago. Got money set aside but it’s maddening watching it drain. Least I got an interview next week but it’s 1 out of 50 applications I sent out
Key_Chicken1@reddit
That’s awfully self-righteous of you to talk down to “uneducated” people whom you expect to pay your student loan debt. Maybe next time make better financial decisions rather than blaming other people.
Gingerandthesea@reddit
So where is the comment where you’re are also holding for-profit colleges and universities accountable to the same standard as students with debt?
For-profit colleges get handouts with your tax money too. In fact they steal billions of dollars in the form of financial aid like Pell grants, GI benefits, and loans. I don’t see you screaming about how these scammy colleges masked at “prestigious” places that have low graduation rates and job placement rates, or how these scammy schools have higher default rates from students with debt from there. Are you not outraged at how these places are fudging numbers to get more money and getting caught but still continue to steal both of our money? It’s way more money then the current debt we have know that’s designed to enslave people.
I know it’s easier to just victim blame and point fingers at someone trying to better themselves with an education. But… you just have to be fair when you’re screaming about free money and “handouts”.
dennis8844@reddit
I'm confused. Where does OP talk about their student loan debt? For all I know the account could be a Russian or Chinese troll.created to boost arguments.
Don't drink the Kool aid, no matter the color or flavor. The schools and the lenders are just as complicit as the 16/17 year olds that signed their contract for loans for school. The full return of bankruptcy to student loans is the only answer, Studentloanjustice.org is a good resource for this.
TWOscore11@reddit
If people had the option for bankruptcy just like we do with every single other type of debt, then tuition would have to drop to something that is approximating realistic for people to pay.
Universities/the education complex don't want that. Right now, they basically have a government guarantee that they get paid whatever they charge. And the government has a guarantee that they can basically own you in the event you don't or can't pay.
Bankruptcy is the fair solution to allow all of this to reset, but I'm not even hearing that from Bernie or that wing at all.
MikeTerry_@reddit (OP)
You're obviously an idiot. You didn't understand the facetiousness of the post's body. Nor did you catch the inconspicuous Trump quote in there. And hate to break it to you, I don't have any SL debt, but empathize with people who do, unlike you- who only cares about self. Take your tantrum to your cult friends and fuck off.
Key_Chicken1@reddit
You okay bro? And no, I don’t empathize with people who want to shame others for their own mistakes instead of taking accountability.
xolo80@reddit
I get that this issue stirs up strong opinions, and I don’t think anyone should be made to feel looked down on. But just as people have different paths in life, we also face different challenges. This is about improving things for future generations, not finger-pointing.
kamikazikarl@reddit
Great way to trigger brain-drain... though I guess that's what they want, anyway. Much easier to get what you want when the entire population can't think for themselves and can't afford to be educated.