Article

2023-09-24 -Great Cultural Revolution

Borrowers weigh payment boycott as student loan payments set to resume

[10 News] Let us know how that works for you? Most Americans have no student loans or have paid them off, having real jobs. A reckoning is near

Yes, and the consequences for the stupid will be deservedly ugly.

Student loan repayments are resuming on October 1st, after a protracted legal battle led by the Biden administration. Interest on loans has already started accruing again.

The administration is still providing debt forgiveness to around 800,000 borrowers and installing a new income-driven repayment plan.

But that still leaves the rest of the 43.5 million Americans who will be paying an average of $337 a month to service their loans.

Some economists have warned that this could slow down consumer spending, which has been surprisingly steady amid inflation. It also coincides with other hardships, like major strikes in Hollywood and for Detroit's Big Three automakers.

Posted by Frank G 2023-09-24 00:00|| || Front Page|| [11132 views ] Top

#1 People seem to think that they are beyond accountability. Its not just antifa or BLM. Its in our millennial culture. Once their credit goes to zero they will learn to pay their bills. Getting a student loan was a choice, so was getting some stupid degree that would not help you in life. Not my problem to bail you out, get a tent, live on the street, loath you life, I have no sympathy.

Posted by 49 Pan 2023-09-24 12:09|| 2023-09-24 12:09|| Front Page Top

#2 "Nobody told me my Queer Studies degree would be worthless..."

Doesn't change the verbiage of whatever loan papers you signed.

Posted by M. Murcek 2023-09-24 12:22|| 2023-09-24 12:22|| Front Page Top

#3 Thinking of the discussion in another thread about suing the vaccine companies despite the gummint indemnification. Seems there's a pretty big class here that should be going after the lenders and the universities for teaming up to make loans on what is basically a defective product. Lots of deep pockets to go after.

Posted by M. Murcek 2023-09-24 12:28|| 2023-09-24 12:28|| Front Page Top

#4 People seem to think that they are beyond accountability.

Betcha they're going to get away with that.

Posted by Grom the Reflective 2023-09-24 12:29|| 2023-09-24 12:29|| Front Page Top

#5 THey have apparently never heard of garnishing paychecks. Which the IRS is very good at.

Posted by Tom 2023-09-24 14:37|| 2023-09-24 14:37|| Front Page Top

#6 Most of them have no paycheck to garnish.

Posted by M. Murcek 2023-09-24 14:48|| 2023-09-24 14:48|| Front Page Top

#7 #5 You still haven't grasped that a membership in a privileged group = privileges.

Posted by Grom the Reflective 2023-09-24 15:01|| 2023-09-24 15:01|| Front Page Top

#8 If contracts become breakable just to let politicians buy votes, it will be a "privilege" all will come to rue equally.

Posted by M. Murcek 2023-09-24 15:10|| 2023-09-24 15:10|| Front Page Top

#9 "If", "become"?

Don't we have here dayly articles about double system of justice, double standards in every walk of life, etc.?

Posted by Grom the Reflective 2023-09-24 15:21|| 2023-09-24 15:21|| Front Page Top

#10 The problem with messing with debt is it is a market distortion and eventually affects all.

When the cost of borrowing goes up high enough, it will definitely affect the universities, the academics and the communities that depend on those institutions for economic reasons.

There's no way to firewall it so a "privileged class" is unaffected.

Posted by M. Murcek 2023-09-24 15:27|| 2023-09-24 15:27|| Front Page Top

#11 Lo these many years ago, when younger son was of that age, he brought me the paperwork for the student loans. After reading thru, it was basically 'sell your soul'.
He went in the Army instead. He's still in the Army. An E-8, promotable. Got a masters degree along the way, on uncle sugar's dime. He trains people. He says he's in for retirement, they'll have to push him out. Then he'll double dip doing the same training job.

Posted by ed in texas 2023-09-24 15:37|| 2023-09-24 15:37|| Front Page Top

#12 /\ Sounds familiar. Smart lad !

Posted by Besoeker 2023-09-24 15:46|| 2023-09-24 15:46|| Front Page Top

#13 Son #1 - did 5 yrs in Army. Got his BS degree on GI Bill without my money. Got his first year in Law School on scholarship. I'm paying/paid his last 2 years on my dime so he doesn't exit law school with debt. Fuck these whining assholes

By the way - 2nd Amendment Law protection focus.

Posted by Frank G 2023-09-24 16:00|| 2023-09-24 16:00|| Front Page Top

#14 /\ Another enterprising young lad. Perhaps there is hope after all.

Posted by Besoeker 2023-09-24 16:11|| 2023-09-24 16:11|| Front Page Top

#15 There you go. The people on the GI bill paid up front with service.

The sort that want their loans cancelled now wouldn't have made the cut, most likely.

Posted by M. Murcek 2023-09-24 16:13|| 2023-09-24 16:13|| Front Page Top

#16 There IS hope

Posted by Frank G 2023-09-24 16:27|| 2023-09-24 16:27|| Front Page Top

#17 Well, their credit score and physical assets I guess.

And good on your son Frank!

Posted by DarthVader 2023-09-24 21:19|| 2023-09-24 21:19|| Front Page Top

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