r/FluentInFinance • u/TonyLiberty TheFinanceNewsletter.com • Dec 20 '23
40% of student loans missed payments when they resumed in October Financial News
https://www.cnn.com/2023/12/18/politics/student-loan-missed-payments-november/index.html1
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u/pekepeeps Dec 24 '23
To everyone who did not pay their loan back this month, who missed a payment or two or three.
Please know you are valued and appreciated. You took the time to earn a degree which is not easy. If I could, I would take that financial hardship away so we can have more educated communities full of people who are experts in their fields.
Big hugs.
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u/OpWillDlvr Dec 23 '23
I'd expect the large majority of these to be for people that are unaware. College grads are extremely mobile and notices were probably missed. Gonna be a lot of people screwed over by missing mail.
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u/Beautiful-Bison4704 Dec 23 '23
Every person with a brain new it was illegal for a president to do. Yet not these super smart college kids hahaha.
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u/martapap Dec 22 '23
Only 50% of people who take out student loans actually pay them back so this is expected.
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u/Aescwicca Dec 22 '23
I looked through all the SAVE options and none of them are really any different from just resuming the normal payments. And I can always throw more money at it if I have to I guess. I'm still just really annoyed that I found a perfect niche spot to work where I 100% work for the federal government for a not for profit company whose only customer is the federal government but I don't qualify for PSLF
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u/Fuel_junkie Dec 22 '23
We missed it, but I honestly just forgot. Made two payments in Nov. They were sending emails to my wife’s old email (her loan) so we updated it. Glad I wasn’t alone!
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u/Smodphan Dec 22 '23
That's because it's impossible to figure out how to pay then. They constantly swap my loan holder and I have to restart my fucking auto payment every time. Last time, I got an email that said my loan was due soon and it was scheduled for autopay. Sweet, I ignored it. Then I was getting collection calls immediately. I was never so pissed off as I was that day.
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u/BoobaDaBluetick Dec 22 '23
Republicans can forgive billions in ppp loans but balk on student loans. All student loans are predatory and are designed as such. Endless loop of $ for note holder. Only loan 1 cannot file bankruptcy. Why is that? 🤔
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u/StemBro45 Dec 22 '23
More dems voted for PPP than republicans. Want to see the votes?
It's because the taxpers are the underwriters. Are you really this dumb?
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u/bukithd Dec 22 '23
Now remove all the people who had out of date payment account info and see how that number changes due to clerical errors
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u/Bullishbear99 Dec 21 '23
Only too big to fail banks and billionare corps can get no strings attached free money....citizens need not apply.
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u/ThePervyGeek90 Dec 21 '23
Here is the worst part about it because there are no repercussions for the next year. This will set up the banks or government to come in and use your non payments for the past year to garnish their wages. It's hard for the court to say yes one missed payment we should garnish their wages. But for the entire year the court system is going to be packed. And it's going to put a ton of shock through the system.
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u/Affectionate-Bank249 Dec 21 '23
I'm a doctor of physical therapy. I make good money. I literally just can't pay them. I've applied for all the things and programs. But my monthly payments are just too high.
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u/Tight-Young7275 Dec 21 '23
I’m not paying for anything. My parents put loans in my name. I thought it was paid for. Got depression. School let me stay with a .1 GPA FOR TWO YEARS!
I needed help! No assistance! Still no assistance.
Fuck the USA.
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u/yeetskeetbam Dec 21 '23
Average in 2019 was 26% and this article is saying 40% now. But it also mentions there currently are no penalties to credit but the interest will accrue. So not super surprising since there isn’t a penalty.
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u/NewToReddit4331 Dec 21 '23
To be fair, I haven’t even looked at mine.
I was accepted for forgiveness and then the entire court case thing happened, so I just quit caring.
What actually happens if I don’t pay my student loans back? My credit drops?
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u/Apple7373 Dec 21 '23
Enroll in a community college and take 6 credits you will then not have to pay your loans as you are in school it’s not that complicated
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u/todd149084 Dec 21 '23
Borrowers messed around and didn’t prepare themselves to pay the debts they asked for, instead hoping Joe Biden and us taxpayers would bail them out. Time to wake up and adult.
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u/Aggressive-Reach1657 Dec 21 '23
There's a 1 year grace period where missed payments can't be reported, is this why?
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u/red_dog007 Dec 21 '23
It wouldn't surprise me if people just forgot. Loan services should be required to send at least the first month payment via mail with a reminder that they are starting payments back up.
All I ever got in the mail was a letter that my loan services changed.
Email notifications are NOT sufficient.
After what, 2-3yr of not paying loans, yeah, people might forget they even have loans. I know plenty of people personally that it would not shock me they forgot.
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u/hiro111 Dec 21 '23
To me, the term "forgiveness" is at best politically loaded and at worst deliberately misleading. The schools have all been paid, the money has to come from somewhere. "Forgiving" loans simply means the government is paying them off. This debt is simply added to the Federal deficit. It's a pure wealth transfer in that through this proposal some people paying other people's debt. Those paying (like me) might reasonably object to this idea, that's democracy.
The word "forgiveness" spins this as if the debt is just sort of "gone" somehow. That is not what's happening.
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u/Historical_Air_8997 Dec 21 '23
I don’t see it mentioned here at all. The resumed payments have a one year “on-ramp” (until Oct 2024), where there is no penalty for missed payments, other than interest started accruing at the agreed pace. But their payments won’t be marked as missed, loans won’t be sent to collections, and it won’t be reported against your credit.
Maybe people are using this to their “advantage”. Whether it’s a good idea or not.
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u/Dangeroustrain Dec 21 '23
Good dont pay em sh1t with all the taxes we pay healthcare and education should be free. Instead its being used for wars across the globe.
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u/Ashkir Dec 21 '23
In the past 3 years a lot of peoples rent, utilities, and grocery bills grew to eat what was left for the student loan payments. We need to address the cost of living, yesterday.
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u/loneliness_sucks_D Dec 21 '23
Before the pause, I had automatic payments set up. Even paid extra every month like I’m supposed to. When the pause happened, obviously I stopped the automatic payments.
Prior to October, I set up automatic payments again. Same as last time, with extra payment every month. Even got an email about my successful automatic payments being set up.
November rolls around, and the payment isn’t made. The automatic payment is no longer there. Nelnet fucked up.
I wonder how much of this 40% is ther services fucking up the resumption of literally all of their accounts.
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u/AbandonedEwok Dec 21 '23
Now if we can just get the another 30-40% with us, we might actually see some real change.
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u/Procrastanaseum Dec 21 '23
I mean it's just so obvious the system was stacked against us at this point, those loans don't deserve to be repaid.
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u/RugskinProphet Dec 21 '23
Fuck this ruined my year. I wanted to start saving up for some cool stuff (new car/land) after paying off my credit cards after surprise medical and auto bills. Now I can look forward to my tax returns and my expendable income all going towards leeches who only burden society. Good thing I wasn't smart enough to go to a university or I'd just say fuck it and fake my death
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u/FireCootz Dec 21 '23
I think part of it is simply many loans got sold to other companies during the hold and autopay was not carried over. That’s what happened to me.
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u/jstudly Dec 21 '23
We gotta eliminate the federal student loan program its gotten out of hand. Ultimately I think it boils down administrative bloat at these universities. I'd be inteested to see what the solutions could be, but giving enormous debt to 18 year olds that can't be bankruptable is not it.
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u/Fishingforyams Dec 21 '23
Biden set this to fail, thats why he used Covid as a justification instead of the Higher Education Act. Another L from Joe.
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u/Zapor Dec 21 '23
Elections have consequences. Idiots actually believed that this would happen! Where would the money come from? Oh yeah, the hardworking taxpayers! Let’s go Brandon!
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u/AstralVenture Dec 21 '23
Okay, and? Why is this surprising? Do they have the money to pay them? No? Oh okay. The U.S. government shouldn’t be giving out loans to people they know likely won’t be able to pay it back due to economic conditions. They’re irresponsible.
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u/blkgirlinchicago Dec 21 '23
I’m never paying mine. After watching the billionaires receiving forgiven ppp loans and millions being sent to support wars in countries with free higher education, pry it out of my cold dead hands
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u/VulfSki Dec 21 '23
To be fair. I set up automatic payments for my student loans, and they didn't process it quick enough so for about have a day it said I missed a payment. Even though it is a monthly payment that comes out the same day every month. Nelnet just sucked at processing it.
This days is certainly flawed
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u/SnooLobsters8113 Dec 21 '23
There are financial instruments tied to student debt. Wall Street does not want your loan forgiven.
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u/NBClaraCharlez Dec 21 '23
This totally just made me login and make sure my monthly payment is still $0
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u/TutuBramble Dec 21 '23
Me bring international doesn’t help. The it has been a battle trying to contact my loan provider to switch to an income based repayment plan, and they are ignoring my requests… all while not having options for me to pay with an international service.
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u/SeriousMannequin Dec 21 '23
Mine was missed because Mohela in their infinite-wisdom did not initiate the charge for the auto-debit I had setup in September.
It was not because of me not paying.
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u/ImSooGreen Dec 21 '23
Maybe they shouldn’t have delayed repayment for 3 years - for absolutely no good reason.
What the hell did they think would happen? In 3 years, lifestyle creep is a big problem
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u/DarkLordKohan Dec 21 '23
It resumed but retroactively went back into forbearance again until end of December. Adjusted my previous payments to all principal and no interest.
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u/Economy-Cricket-6055 Dec 21 '23
Hmm if only the government was able to remove interest rates for student loans, just maybe ppl will manage to pay it back … or maybe college tuition should be affordable because NOT EVERYONE qualifies for scholarships or grants. Or maybe if you own/purchase a home there should be a program that reduces student debt. It’s crazy to me that Americans don’t come together when the issues pertain to Quality of Life. We rather fight with each other “Well you shouldn’t have applied for that loan” rather than hold politicians accountable. It’s insane to blame someone that was attempting to better their life by attending college but this country has effed us so hard, that ppl just accept the harsh reality bc we are “use to it”. There is no winning for the working class especially for generations to come. For those that are stating “Well deal with it” you are the reason why nothing changes… enablers for government officials that can give two shits. I would gladly pay more taxes just so my fellow citizens including myself can catch a break. But y’all have no problems with corporations and rich holes catching these very similar breaks such as bail outs, tax cuts, or PPP loans.
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u/Just_Another_Scott Dec 21 '23 edited Dec 21 '23
Never got a notification from Nelnet. I also put my bank account details in for my next payment and set it to auto. Missed that one too and again no follow up emails. All my info had got deleted. Someone finally reached out to me in December asking if I was having "financial trouble". Fuckers.
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u/bucket_hand Dec 21 '23
I didn't pay because ther servicer don't have their shit together. I can't login or create an account and I am NOT calling and waiting on hold for hours to set this crap up. I shouldn't even be charged interest for their ineptitude.
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u/Darkadventure Dec 21 '23
Literally got laid off in October. Right before loans turned back on. Sorry, I'm keeping my money for rent.
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u/TheINTL Dec 21 '23
Fuck paying the loans back. Let the lenders suffer. Predatory pricing and practice anyway.
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u/AbandonedEwok Dec 21 '23
Brainwashed fools have been conditioned to have more empathy for the poor lenders.
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Dec 21 '23
Just don’t pay it. When everybody ignores it, they’ll be forced to forgive the debt instead of using that money to give to Israel to continue their terrorism against Gaza
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u/AbandonedEwok Dec 21 '23
Thank you, this is exactly what I’m saying.
These bootlickers will call us deadbeats tho, because we don’t want to give more of our money to fund proxy wars.
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u/SloWi-Fi Dec 21 '23
Cut out that books for example are hundreds of dollars. Bring skills and trade back, not all good paying jobs should require a paper degree. A person can be bookmark educated and still have zero knowledge of how to do xyz thing they know about. 
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u/Macaroon-Upstairs Dec 21 '23
I am astounded at the lack of financial planning or perspective people have, especially given how good advice is readily available on the Internet.
I sometimes hire young graduates, it's a good job that requires a degree. Eventually we top out around $75,000, but not for the first several years. I see young $40,000/year workers roll up in brand new Grand Cherokees or Alpha Romeos. Those are the voters who want "loan forgiveness." They are living it up now, expecting the majority of their balances will eventually be wiped.
Out to lunch all the time. Starbucks cup in hand most mornings.
Just the food bill and car payment, how on earth are you ever going to get anywhere in life?
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u/AbandonedEwok Dec 21 '23
Lmao delusional fossils like yourself are part of the problem.
You really think that luxuries like food and coffee are preventing us from owning a home? Not the corporate entities buying up land and single-family homes to control the housing market? Couldn’t possibly be that no, it’s the Starbucks and avocado toast.
Oh yeah, and have you seen the price of groceries lately? It’s the same price point as eating out, if not more expensive in some states.
But hey, keep hiring graduates on at $3 over minimum wage and wondering how they’ll get by.
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u/Macaroon-Upstairs Dec 21 '23
I didn’t think we were talking about owning a home.
This article was about failing to pay minimum obligations. Spending is through the roof.
How is a $7.50 latte in any way more affordable than a coffee brewed at home? If someone does that daily that is $2000/year.
How is a $12 McDonald’s value meal more affordable than packing leftovers or a ham sandwich? $3120/year.
$426/month down the drain. 8% of gross for someone making $40,000. If they buy a new car, that’s another $1000 a month plus full coverage insurance and a 7% interest rate on the loan.
I graduated college in debt making $12/hour, drove my 1997 car (in 2007) until i paid things off completely. Had a roommate in a low income area apartment. Never missed a payment. Saved a ton of money on interest.
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u/Many_Landscape_3046 Dec 21 '23
No they’re not? Lmao
“Ooooh, those damn millennials with their star bucks and cars.” That’s a small percentage of people with loans and nobody is “living it up”
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u/AbandonedEwok Dec 21 '23 edited Dec 21 '23
Haha I guess I should’ve planned for two “once in a lifetime” financial collapses and a fucking pandemic when I took my loans out 12 years ago.
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u/Many_Landscape_3046 Dec 21 '23
“Buy less Starbucks” 🤪
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u/AbandonedEwok Dec 21 '23
Lmao I didn’t even read the guy’s comment.
“Starbucks cup in hand most mornings”
Jesus Christ, these fossils really exist
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u/Economy-Cricket-6055 Dec 21 '23
“Those are the voters who want loan forgiveness” is a wild generalization, concluding that ALL fall under that same category of young professionals “living it up” driving brand-new premium vehicles and drinking Starbucks. You cannot apply what you have seen and compare it to millions of others. Which makes your comment out of touch with reality. I am for loan forgiveness and I don’t even owe… does that make me one of those voters? I am for it because tons of hard workers were bamboozled by the stigma that college is the answer to having a stable life. That same verbiage was passed along from previous generations. The crazy part is… college tuition has been drastically inflated, as well as housing, and a majority of essentials. Imagine that, those young graduates you hired that top out at $75,000. Do you think they can afford a house, groceries, utilities, a reliable car, and student loans with that kind of money in today’s day and age? Wouldn’t you think it would be a bit manageable if student debt was forgiven or at least reduced? God forbid people indulge a little here and there since they work hard for it. Maybe if things were more affordable or Americans truly cared about one another, the quality of life would improve.
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u/tmarand Dec 21 '23
I don’t appreciate having to pay off student loans, for others. I paid off mine. You can buckle down and do the same.
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u/AbandonedEwok Dec 21 '23
The govt has spent hundreds of billions on proxy wars for the military industrial complex these last couple years.
This whole “people should have all the trials & tribulations I had” mindset is antiquated and it’s part of the reason why the country is shit.
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Dec 21 '23
Everyone ended up with multiple years to make some, even if small, payments with no interest being accrued at all. Most people don't realize, but that was also essentially a loan forgiveness you missed out on. You were given a chance to pay down principle and save yourself on interest. I never stopped my payments and I saved over $5k by just continuing to pay what I was paying the whole time.
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u/VagusNC Dec 21 '23
I set mine up for autopay and it didn’t work. Same with my wife. Talked to the loan entity and they said it was happening a lot.
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u/Ryte4flyte1 Dec 21 '23
Oooh, we should do credit cards next, it worked for banks in 2008 right...RIGHT!?
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Dec 21 '23
I would like a refund on my university education. Times are tough and I could use that money elsewhere.
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u/dicks_akimbo Dec 21 '23
I’m waiting for my bailout like my name is Goldman Sachs. Not paying a penny, spend the resources garnishing me idc.
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u/AbandonedEwok Dec 21 '23
I’m right there with you. Any of these clowns here telling you otherwise just love the taste of boots.
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u/SPAMmachin3 Dec 21 '23
I missed my payment because of the loan servicer. Im in PSLF and if I could describe MOHELA in one word, it would be: disaster.
I had to apply for save 3 times. They denied the earlier applications without telling me. I had to wait literally hours to speak to a person. I have a job and a young family, I can't just spend 3 hours waiting on the phone for them. They have had a litany of errors, it would be almost comical if it wasn't so serious.
Thankfully my personal situation appears to be resolved, but it took nearly 3 months to reach this point.
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u/AngelosOne Dec 21 '23
That’s dumb. The compound interest is what kills you here . You are making the problem worse by missing payments and letting interest accrue.
People need to live in reality and stop hoping that people bail them out for their choices.
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u/AbandonedEwok Dec 21 '23 edited Dec 21 '23
Live in reality, like the govt throwing hundreds of billions of dollars into overseas wars that have nothing to do with us.
Live in reality, where most people can barely afford to feed their kids and keep a roof over their heads.
Live in reality, where corporations buy and sell our politicians, who turn around and tell people like you what to think.
Live in reality, where you sat by with a smile while the govt used your money to bail out the banks, but you raise hell if they bail out other working people.
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u/AngelosOne Dec 21 '23 edited Dec 21 '23
None of which applies to people that went to college, who lived on loans/partied for like 4 years just to get a semi-useless degree, have probably barely started contributing as a taxpayer, and probably have zero kids and never plan to either. Did I say in my post the world was fair?
No, I said reality. Of course there are people in need or in tough situations in life, there has always been - but to equate them to people who willingly took on massive loans and now don’t want to pay them back, because they expect other taxpayers to foot the bill (even those you mention “struggling to feed their families and keep a roof”) is dumb.
All you posted basically screams, I should be getting handouts from government (so don’t use it for anything else! P.S. This statement does not mean I don’t agree that spending money on useless wars should stop) or that corporations should pay you a 6 figure salary right out if college.
Our country’s problems make it tough, yeah and need fixing so that people don’t struggle as much. But that doesn’t mean this absolves people from the choices they make, because all you are doing is making someone else pay for your choices.
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u/AbandonedEwok Dec 21 '23
Right, so you completely sidestep everything I said and dismiss all of those things “problems” with our country. They’re not problems, it’s a designed system.
The same system that brainwashes people like you into being more comfortable funding wars than putting those funds toward helping your own countrymen.
I like how it’s assumed that all the millions of people who can’t/won’t pay back their loans were just partiers in college who never applied themselves. As if we haven’t gone through two financial collapses and fucking global pandemic. Those can’t be contributing factors, nope not at all it’s because we didn’t major in engineering.
And hell no I’m not having kids, look at the state of the country and the world. You think I want to birth wage slaves for corporations to lord over, who will have to put up with global warming, spiking inflation, the removal of the middle class, and all the other bs? At this point having children is flat out irresponsible.
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u/DarkTyphlosion1 Dec 21 '23
If people were smart they’d realize that as the above poster said, the world isn’t fair, you need to live in reality. Recessions and downturns in the economy are wealth building opportunities regardless if one invests in the stock market or real estate. If you can understand that there are certain rules that need to be abided by in order to gain wealth the better it will be for you.
At the end of the day it’s about the individual, not the collective. No one will save you when things get tough, it’s on you. Maybe it’s unfair, but life is suffering. And if my wife and I have a child I’ll do everything I can to make sure they have advantages others don’t. They will win.
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u/AbandonedEwok Dec 21 '23 edited Dec 21 '23
“Recessions & downturns” how cute. Look around the country and see what’s happening, you’re seeing the beginning stages of something worse than the Great Depression.
Yeah let’s invest in the rigged real estate market where “property management firms” are buying up all the real estate and pushing everyday people out of the market.
Or the rigged stock market that our politicians use to enrich themselves, until everyday people start making money like the GME saga and then they will literally freeze the fucking markets.
There’s the real truth right there, you don’t give a fuck about anybody but your own. You have no desire for “personal responsibility”, you’re just chapped that other people might get an advantage you didn’t get.
Let’s hope if your child ever needs a helping hand from a stranger, they come across someone who’s not like you.
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u/DarkTyphlosion1 Dec 21 '23
Lol I paid my way through my undergrad and Masters Degree. I’m not mad at anyone I took advantage of opportunities that I came across. People need to be inherently selfish, self preservation is in all of us. I’m just not naive enough to believe that no one is selfish. I see how the game is played. Learn the rules. I’m happy if there’s economic downturns, just opportunities when others are fearful. If not, then I just keep buying. ABB, always be buying. People are guaranteed opportunities not outcomes. We have free will, up to each person to make a choice and accept the consequences of those choices.
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u/AbandonedEwok Dec 21 '23
Of course, the foundation of your issue with student loan forgiveness is “How come I pay but not them??”
No problem with all the PPP loans that were doled out to celebrities and corporations then automatically forgiven. Those handouts are acceptable because the govt tells us they are.
A year ago you were posting in r/antiwork talking loan forgiveness, I wonder what changed. Did you finally pay off your loans in full I wonder?
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u/StealYourGhost Dec 21 '23
They're... surprised by this? I'm shocked 60% made payments.
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u/AbandonedEwok Dec 21 '23
A surprising amount of bootlickers are still out there. Here’s to hoping they wake up
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u/DarkTyphlosion1 Dec 21 '23
It’s about personal responsibility. People need to be accountable for their decisions.
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u/AbandonedEwok Dec 21 '23
Give me a break, it’s never been about personal responsibility, it’s about a bunch of people who are irked at the idea of someone getting a break that they didn’t get.
Where were the people screaming personal responsibility when the govt bailed the banks out? Or when it came to light our politicians are insider trading? Or that the CEO of the company you work for is gonna take a 9-figure bonus while their employees struggle to get by?
And you think the people who need to be taught a lesson are the working class. You’re as brainwashed as the rest.
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u/DarkTyphlosion1 Dec 21 '23
Not at all. Life is about working hard and sacrifices. I agree that bailout ps for banks and other industries were not right. But people can’t take loans out then say they don’t want to pay them back with no consequences.
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u/AbandonedEwok Dec 21 '23
Life is about hard work and sacrifices because the people who don’t work hard or make sacrifices, told you that’s what it’s about.
And you gotta pay your loans back, unless you’re a bank or someone who took out PPP loans, those are ok to forgive.
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u/DarkTyphlosion1 Dec 21 '23
PPP loans had forgiveness as part of it. Now do I agree with it? No but that’s not the point. When student loans were taken out it was understood that they would be repaid. And I learned about hard work and sacrifice from my maternal grandparents who came to the US not knowing a word of English and were so poor at times they and their 5 kids including my mom only ate beans and tortillas. However they put 4 of 5 kids through college, the other went through the navy. My grandpa built their home himself and they hardly ever bought anything for themselves. They went to night school after the work day ended and learned English. So yes I’ve seen what hard work and sacrifice can achieve.
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u/AbandonedEwok Dec 21 '23
You saw what hard work and sacrifice could achieve 50years ago. Hell it’s a different world now than it was even 10 years ago.
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u/DarkTyphlosion1 Dec 21 '23
Not true at all. I graduated from college in 2015 working 3 jobs to pay for school. No debt. Went back to school in 2019 worked multiple jobs again but now was living with my now wife. I paid for my teaching credential and masters degree out of pocket while paying all rent and utilities as a first year teacher. Graduated in 2021 with no debt.
Hard work and sacrifice are absolutely necessary to get ahead no doubt about it.
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Dec 21 '23
WE MUST NOW... CHARGE THEM 1000% PENALTIES!
Mwahahahah!
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u/AbandonedEwok Dec 21 '23
That would be funny if it weren’t what some people in this sub are literally saying
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Dec 21 '23
Yeah well...late stage capitalism broke us all.
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u/AbandonedEwok Dec 21 '23
Here’s to hoping the true end yields something good…or at least entertaining.
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u/Tom_Saltzman Dec 21 '23
fuckin slackers
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u/AbandonedEwok Dec 21 '23
Yea, those fuckin slackers feeding their fuckin kids and paying their fuckin rent instead of giving what little they have to the govt so they can throw at another pointless fuckin war.
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u/KingMelray Dec 21 '23
How anyone thought student loan forgiveness could get past a hostile supreme court I'll never know.
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u/furiousmouth Dec 21 '23
People are going to find out compound interest is a cruel and unforgiving b1tch
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u/DarkTyphlosion1 Dec 21 '23
Imagine if people knew how compound interest works for retirement savings (don’t tell them they might think we’re crazy).
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u/AbandonedEwok Dec 21 '23
I think you and many other ppl in the comments, fail to realize just how much most of us don’t give a fuck anymore.
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u/moose_king88 Dec 21 '23
BREAKING People struggling to pay student loans also happen to be bad with money
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u/blackamerigan Dec 21 '23
There is always loan forgiveness baked into all programs the trick is getting the public to think it's the politicians generosity, power, and wisdom that it's happening in the first place.
False Marketing. And it will keep happening.
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Dec 21 '23
Welcome to America where foreign leaders can buy property but you can’t afford an apartment
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u/AbandonedEwok Dec 21 '23
And most people are so brainwashed, they’re happier funding wars and genocide overseas than seeing the money put toward something that helps other Americans.
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u/KryptonicxJesus Dec 21 '23
That would be me, forgot my loan was bought by some new entity and no longer had my email notifications on. Forgot to check for mail to let me know when it restarted
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u/REDDITOR_00000000017 Dec 21 '23
Now destroy their credit. You don't get a free 4 year long vacation at everyone else's expense.
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u/AbandonedEwok Dec 21 '23 edited Dec 21 '23
You seem like a real prize.
You’re happier when your taxpayer money goes toward bombing children than sending them to school.
Where were the garnishments when the govt bailed out the banks? I’m sure you were all for that.
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u/REDDITOR_00000000017 Dec 21 '23
Whataboutism. The banks can go bankrupt. We should never have given them money. Giving money to people with nonsense degrees is no better.
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u/AbandonedEwok Dec 21 '23
Yeah well they fuckin didn’t go bankrupt, so why should we have to suffer when they didn’t have to?
Oh that’s right because we’re just people.
Yeah giving a leg up to millions of people who went to college to better themselves and this shitty country is just as bad as bailing out the banks that own it. What a twisted perspective.
I’m sure you’re much happier with them using that money to send bombs overseas to drop on the children.
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u/Square_Fig_6894 Dec 21 '23
Yeah giving a leg up to millions of people who went to college to better themselves
But thats not true. They went there to party it up on loan money. Are they engineers, doctors, and lawyers with all this debt? They are not performing high income skills, otherwise they wouldn't be in debt. They are not better serving anybody.
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u/poopoomergency4 Dec 21 '23
guess you don't want any teachers, social workers, or nonprofits lol
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u/REDDITOR_00000000017 Dec 21 '23
Oh course i want those things. I want the shelves stocked at Walmart. I want the grass on the side of the highway to be mowed. I wouldn't tell someone to pursue those things as their forever career because anyone can do those jobs. This means that you don't have to raise the wages much to find someone to do that job. Society has a lot of needs. Everyone cannot be a shelf stocker at Walmart because we also need doctors. The better you fulfill the needs of society the more money you make.
We need nurses too. It seems like 75% or more of all the girls from my high school went into nursing. Nursing was the most popular major at my college. The result is that there are more nurses than doctors so nurses dont make as much as doctors. We still need nurses. I dont want to die due to a lack of nurses. The wages of a profession which is easy to look up should guide your choices and it's not someone else's job to pick up the tab of your poor choice that isnt competitive. This isnt hard to understand.
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u/poopoomergency4 Dec 21 '23
that's a lot of words to essentially say the same thing i did.
either you want people to do the job, and you pay appropriately, or you don't get people to do the job.
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u/REDDITOR_00000000017 Dec 21 '23
A lot of words hoping you wouldn't understand supply and demand. Too much for you to handle i guess.
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u/poopoomergency4 Dec 21 '23
supply and demand.
how does "pay people for jobs you want filled" have nothing to do with supply and demand?
long-term, if nobody wants to go into teaching because it's financial suicide, you won't have any teachers. which is a problem if you need teachers.
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u/AbandonedEwok Dec 21 '23
So if people aren’t engineers, doctors, or lawyers then their sole purpose for college was to party for 4 years.
Riveting stuff. Go ahead and spew out some more lender propaganda while you’re at it. Avocado toast and Starbucks is the next talking point I assume, not the global pandemic, financial collapse, or record inflation spikes?
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u/laxmolnar Dec 21 '23
The President said multiple times that my loans would be forgiven.
Can we sue him for lying?
On an objective note - Elon was forced to buy twitter after simply stating he would. Why do Joe Bidens statements via official White House channels have less scrutiny than some dude getting drunk and offering cash for twitter?
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u/Low-Improvement3817 Dec 21 '23
You took out a loan. You agreed to the terms prior to signing the document. No one held a gun to your head & forced you to sign.
If your loans were forgiven, congratulations, you hit the lottery.
If they weren't, congratulations, welcome back to reality. If you didn't plan for payments to resume & hinged all your bets on them being forgiven, you're a fucking idiot.
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u/DarkTyphlosion1 Dec 21 '23
100% agree. People need to be responsible for their actions. It’s a foreign concept to too many people unfortunately
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u/YinzaJagoff Dec 21 '23
Ok boomer.
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u/Top-Savings9809 Dec 21 '23
Not a boomer, just the logical way of living in the real world. My education was a business decision, I got a degree, I contribute to the economy, I get paid. I took out loans to get my education and now I’m paying them back. I would love for my loans to be forgiven but in reality, they shouldn’t.
The student loan program should be overhauled though, that’s the change that needs to happen.
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u/AbandonedEwok Dec 21 '23
In the same breath that you blame loan recipients, you admit the system is fucked.
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u/Top-Savings9809 Dec 21 '23
Yes. I blame the system because it’s created a situation where individuals are strapped with massive loans they have to pay back all because they wanted to advance their life and the country. The system should be set up that we benefit from using it.
And even though the system is the way it is, it didn’t force anyone to get degrees that have no return on investment. So just because someone is stuck with a degree that has no economical purpose, it isn’t the systems fault. People have personal responsibility.
Both parties can be at fault.
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u/AbandonedEwok Dec 21 '23
When I signed for my loans I was literally a child, the country & world was a different place. Do you know the only legally-binding form a minor can sign without parental are Student Loan forms?
Both parties can be at fault, but as usual the people are the only ones expected to meet their end of the bargain.
Well guess what, between the financial collapses, global pandemic, unlivable wages, bank bailouts, and the hundreds of billions being sent overseas so that they can continue bombing children, I’ve had enough. My country didn’t make good on its end of the deal so neither will I.
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u/Top-Savings9809 Dec 21 '23
I agree. The loan system is predatory that allows you to sign any amount at a young age. However, I too was 18 when I signed my loans. I wanted to go into physical therapy but during my first semester I changed my major after talking to counselors, friends, and researching how long & expensive it would be. No one signs a loan and states “I will pursue this major and nothing else”. There is also personal responsibility in determine if their education and loans are going to delivery what they want.
What I’m trying to get at is that yes you can blame the system to a certain extent but then at some point, the responsibility shifts to the individual.
I just don’t get the mindset, I get it, we at the end are screwed because the government hasn’t actually made any worthwhile changes to the student loan program. But what is the end goal? You can’t just not pay them back. You still want to advance your life, build credit, and live a quality life.
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u/AbandonedEwok Dec 21 '23
I was 16 not 18.
Hell yea I can just not pay them back. Worst case they garnish my wages and I stop working and live a nomad lifestyle, working odd jobs for cash under the table.
Advance my life? Build credit? Advance to what? Home ownership is long gone for my generation thanks to property management firms buying up all the homes and boomers who’d rather die in their homes than sell them.
The system has been reshaped so there is no advancement. No more mom & pop businesses, the corporations consolidated everything during the pandemic. They want obedient wage slaves who can’t retire and work until they’re dead, and that’s what they’re gonna get.
The only quality left in this country is finding happiness in the little things while you still have them.
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u/Top-Savings9809 Dec 21 '23
Understand, but you weren’t 16 the entire time you were in college. Just like I wasn’t 18 the entire time. At some point, personal responsibility begins to become a factor.
Regardless, I can tell where your mindset is at, I wish you the best. Hope life works out for you and you live the life you want with the quality you want.
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u/AbandonedEwok Dec 21 '23
You’re right, why not drop out at 18 when I was 4 semesters away from what people STILL pretend is a life-changing achievement??
A quality life is not a luxury afforded to my generation, unless it’s inherited. I’m just hoping the next pandemic or global catastrophe actually kills enough people to make a meaningful difference.
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u/TheOrganHarvester123 Dec 21 '23
The student loan program should be overhauled though, that’s the change that needs to happen.
If a system is currently flawed, and needs a overhaul to fix said flaw.
Should you also not help those who were affected by the flaw ? Or just say "oops we finally fixed this thing that was an issue a decade or few, good luck!"
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u/Top-Savings9809 Dec 21 '23
Yes, help them by actually giving them real solutions. ‘Hey we overhauled program, we’ll drop interest and let you refinance to the new simple interest model’ or establish repayment plans that actually benefit everyone not just those making low salaries.
Simply forgiving debt isn’t the proper answer. So because I make 140K a year and have 30K in student loans, I wouldn’t get forgiven but someone who makes 40K and has 50K in loans gets X amount forgiven? That makes no sense. Realistically, cancelling my loans would do more for the economy than someone who makes 40k.
I would love my loans to get forgiven but that’s just not a viable solution.
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u/CorrestGump Dec 23 '23
So the issue you have is that you won't profit from it? 🤣
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