There seems to be a general lack of understanding of how the scam works. So I will describe it quickly:
-'Student loans' are basically a scam run by Baby Boomer university administrators to use much younger students as 'conduits' to launder loan money into their universities. The students themselves don't really receive that loan money - most of it passes right through them and into university funds/bank accounts/etc.
-This scam finances an important chunk of the modern leftist political "machine" in the US - that money goes into all sorts of leftist "foundations" and "projects" and so on
-By loading up young people (and especially young women) with student debt, the birth rate among university grads is suppressed over time, which (until very recently) has disproportionately affected whites
-The debt cannot generally be discharged in bankruptcy, which means the government can chase down its money for the rest of those students' lives, while the universities which actually GOT the money get off free
If you want to attack the modern shitlib psycho left in the US, you have to go after university funding, and that means tearing down the entire student loan scam. The fact that Trump refuses to do this is a huge disappointment and a vast missed opportunity.
>The debt cannot generally be discharged in bankruptcy I never understood this.
Wyatt Watson
The laws changed over time, with the latest big shift coming in the 2005 bankruptcy reform act. That law made it almost impossible to discharge PRIVATE (non-federally-backed) student loans in bankruptcy. It's because the university-industrial complex has bought off a lot of politicians. They want to keep the scam going. That doesn't mean we should let them.
Aiden Sanders
Never understood having to pay your debts, or that student loans don't disappear with bankruptcy?
Doesn't get discharged after 7 years of default like other debts, either.
Thankfully, we know two things: 1. Trade school grads out-earn 4-year non-stem grads in lifetime net income, and 2. Only degenerates don't pay their debts and there's none of those scum here.
Dylan Baker
The latter.
Ryan Wood
not just that, the universities are teaching anti-American, anti-humanity brainwashing, and they're allowed to invest and launder money, invest it, and pay no taxes on all their gains every major university has their own hedge fund (endowment) that's tax-free, while they brainwash students and fleece them in conjuction with the government on student loans
William Moore
Wow if people knew how to budget their credit card expenses, buy economic/used cars, and refrain from going to college unless scholarships paid the entire amount, we'd be fine.
Mason Hernandez
>their debts
The point is that "their" debts mostly went to finance leftist university-based propaganda efforts. Fundamentally, the debts should be taken back from the universities. Burdening students with those debts has been a demographic disaster, as described above with the birth rates.
You have to think of this as a systemic issue instead of an individual one. The individual is actually irrelevant here. As I noted, individuals are just interchangeable money-laundering conduits. Think macrosocial.
Bentley Anderson
Lol you just described me. Academic full ride. Make $150,000 a year in the mid west between my wife and I. Just sold my Prius that had 315,000 miles on it.
Angel Parker
Again, we're talking about the systemic effects of this whole scam. STOP THINKING IN INDIVIDUAL TERMS. I notice that this incapacity for system-level thinking has CRIPPLED a lot of analysis on the right of these sorts of issues. But you can be sure that leftists don't make the same error. That's why they are the winners from this system - they think in systemic terms, not individual ones.
Tyler Scott
The only reason I went on to college from a technical college where I placed nationally in my field, and took on $30k extra debt , was because my father told me he would pay for it.
He died six months before I graduated, and my mother told me i'm stuck with it.
I have a very grim view of the student debt situation. I intend to just keep putting it off in deferral until somebody fucking does something about it.
Owen Wood
My general advice to individual debtors is try and stay current with PAYE/IBR or whatever deferral programs are available. If you actually go into default, that's a tough bell to un-ring. The system is set up to start adding penalties and fees to your account if you do that.
But yes, the nature of the problem is systemic. It should be seen as a social issue rather than an individual one.
Jason Harris
I'm on deferral until October. I don't know with my recent income changes if I'll have to start paying again at that time, though. But when it starts, it's going to be $280-310 a month. Fucking gnarly.
I'm in it until November but I'll be paying the interest that it will generate off in the meantime. I couldn't afford the full payment but I don't want to accumulate interest. $211/month for me so far. Fucking sucks but I had a good reason to take these apart from school. Life happens, just try to stay afloat.
Justin Morgan
>-The debt cannot generally be discharged in bankruptcy This is correct, it is specified that student load debt can NOT be cleared via a Bankruptcy.
The whole system is a scam with every loan 100% backed by the US government meaning the banks assume 0% risk hence why anyone can go to a college or university while those same banks can still collect interest from the student on the initial value of the loan as well as fees.
Oy vey OP, hope you make more of these in the future as you learn more about this the scarier it gets.
So what you're essentially saying is that we kill all the communists.
Ok.
Adrian Thomas
It is a HUGE scam, easiest way to explain it to people is nowhere else in life or this world can people go around getting massive loans without collateral.
Why is there no collateral? Because the loans are backed and payed immediately by the US government upon processing, the banks exchange the money but get to keep all the interest, fees, etc, swimming in cash with 0% risk.
This is why John Q. Bumblefuck straight outta compton with not one dollar to their name can get over 380k in school loans. But if the same person tried to get a loan to fix a leak in their bathroom the SAME bank would decline that loan since the school loan is payed by the US government immediately while the same loan to fix a leak in their bathroom is not auto payed to the bank.
>The fact that Trump refuses to do this is a huge disappointment and a vast missed opportunity.
Nigga even if trump wanted to do something about it, there is absolutely no way Congress would pass student loan forgiveness legislation. The vast majority of congressmen don’t vote for the interests of their constituents, they care only about their donors AKA the same banks that lobbied Congress in the first place to keep raising the student loan interest rates.
Andrew Ortiz
You're a good goy, aren't you laddie?
Adam Green
"Forgiveness" isn't actually what will solve the problem (though it's part of the solution). The big reform needs to be massively reducing the cap on federal loans combined with making universities liable first and foremost for loan defaults. Whether it passes or not, Trump's people should put together a bill to that effect.
Charles Watson
This is the most sickening exploitation of young people that can be imagined. How disgusting that administrators and Professors view young people as cows to milk. Any working Professor who is not actively and publically speaking out for the protection of his or her students from predatory lending is complicit in this terrible crime and should be blacklisted by anyone who does not believe that predatory lending is ok. These people are in a position of authority and influence and therefore it is their duty to not allow this exploitation to continue unless they are in on it. Students too need to be woke that their enemies (teachers and administrators) are the ones denying them an affordable education and job security by not speaking out against this exploitation that will keep them underwater for years to come- after they had it beat into their heads that they needed to go to Uni and get an education.....
Anthony Hill
the point is that if you rack up 30k in debt for a degree that is worthless, you won't be able to pay it back. As for the idea that you just have to go for the right degree, that is false.
Caleb Long
You lying piece of vietnamese shit.
Oliver Jenkins
Strategy to repay debt: 1. make monthly payment, result: never pay down principle and debt remains with you until you die. or 2. make no payments, the loans all go into default, never re-finance them, eventually you get handed to "default" department. Meanwhile, save up all your earnings into one big lump sum. Now tell the default department your rich uncle said he will give you the money, but you want to have the loan charged off. They will try to get you to make payments, refuse. Only a total pay-off you tell them. Eventually you get them to agree to let you re-pay the principle amount - which you do in a lump sum with the funds you've paid. Result, debt freeeeeee
