Student loan defaults are soaring in the US. Slightly over 20% of all borrowers are now in default. There are so many defaulters that the US government is afraid to start the collections/garnishment process, since it might cause problems in the economy as a whole. So not only are more people defaulting, but they are mostly getting away with it.How did this happen? Why aren't Americans paying their debnts?
>>539313186Call it: Trump economic miracle.
>>539313186Join the US military and your school debts are wiped clean. This is the shadow military draft they have been talking about.
>>539313186Called my servicer in 2020 demanding they not stop auto pay. They did and had no way to reenable it and then when I called a fat sheboon expected me to manually make payments so they could try to collect back interest after the fake virus. Fuck em. I can't discharge it so I can't be sued for it. Same as bullshit medical malpractice they want to be paid for. What are they going to garnish? I have an actual bachelor's and am 'overqualified' now.
>>539313186Oh yeah, some faggots killed a bill to discharge the old loans too.
>>539314064Technically, a judge can discharge school loan debt, but you basically have to be living under a bridge to get that judgment.
>>539313186i have $150k of student loans that i will be paying lump sum in april. i also plan on mailing a hand written letter to linda mcmahon calling her a nigger.
>>539314243I mean they can't be discharged through bankruptcy. So no a judge can't order them discharged, bud. They could abuse their authority and rule it, but the government backed servicer would appeal. Biden did that decades ago
>>539313186I'm shocked it's only 20%, honestly. I know people with $5000+ a month payments and none of them have decent paying careers.
>>539313186>paying their debntsWhat you should be more worried about (and not with just pertinence to the U.S./Americans either) is that nobody is *buying* the debt. Aka bondsIt's a worldwide debt-based economic model.What does that mean?All money that central banks 'print' into existence has a corresponding note of debt issued; these are called bonds and sold on the bond (debt) market.Because the global system is a "fiat" one i.e. the money issued by all nations is founded on debt, that means to retain confidence in the system overall the issued debt *must continually and consistently be BOUGHT*. When the buying (of bonds) stops, the music's over.Bond yields are supposed to remain steady and stable (not whipsaw up-down like stonkkkks or crypto). Worldwide bond market has been more volatile and unstable in the past four years than in half a century. Nobody is buying the debt.Global bond (debt) market implodes,, so goes everything all 160 nations. Kaput
>>539314424They can't be discharged through the normal 'chapter' bankruptcy code, but a judge can indeed approve a discharge plan on a case-by-case basis. But the standards involve 'hardship,' and that's difficult to prove in court. So, the success rate is low.
>>539313186So Trump is forgiving student debt by not enforcing collections and now leftists have to pretend to be mad about it?
>>539313186It cost me $60k to pay back a $16k loan and I'm not supposed to hate jews?
>>539314424The Brunner Test was the traditional way to get this discharge, but it was very difficult. The Trump justice department has made it even harder.
>>539314752This anon gets it
>>539314579>$5000+That's fuckin nutzProbably PhDs who were replaced by diploma mill saars.I thought there was some way to make $50-100 payments basically every month for the rest of your life to keep it from affecting your goy score
Boomers set a bad example and then fucked every downstream generation over.DOTPN
>>539313186
>>539314424There are provisions for severe hardship
>>539314862Nothing is being forgiven. The numbers keep increasing on paper. But the government is not actively using its legal tools to collect the cash.
>>539314951This is the part where someone who started their career before the downfall lectures you about not understanding compound interest when you were psyopped into either going to college or digging ditches the rest of your life.
>>539315131There are IDR (income-driven repayment) plans, but those have income limits. There were fairly popular programs like SAVE and PAYE which had similar provisions, but Trump got rid of them.
>>539315412If you don't have to pay a bill then that bill is for all intense and purposes forgiven.
>>539315641The policies can change at any time. There is no guarantee that collections will remain paused.
>>539315831Everyone knows starting collections would crash the economy and be political suicide. Not gonna happen.
>>539315979So you’re saying this will kick in after the midterm elections?
>>539316017The feds will begin student loan collections and garnishments right after they end EBT and social security.
>>539313186I don't know when it started but it's been a scam for a long time. Universities receive state and federal funding based on admission numbers, not graduation. So obviously they sign people up they know cannot afford it and ruin their lives. They get the money from what ever bank, that bank sells the debt to someone else who gets to write the debt off as a liability, etc. Everyone gets rich, goy students life destroyed. They're forever trapped in poverty where they can be charged higher interest rates for everything, the most premium of goy cattle. Gotta ask yourself, would Hitler allow this?
This is what happens when you allow the free market to dictate aspects of society that should have been controlled by the state. Now we get universities run like businesses complete with asinine administrative bloat which has to be supplemented SOMEHOW (student tuition), and since these leeches in the administration are never satisfied, that number must always go up. No, we can’t step in and set a minimum salary or number of positions for these universities. No we can’t cap tuition. No we can’t stop usurious lenders from convincing literal teenagers to sign up for debt-for-life. That’s the free market!
>tfw have less than $600 in student loansBullet dodged
reminder that boomers just bankrupted their student loans and got away with it
>>539317494college was like 1-3 months of wages in the 70s. just get a job bagging groceries and pay for it lol.
>>539314064Have you tried not acting like a nigger and paying back the money you borrowed and spent?
>>539313186I'm willing to pay off the original principal but I will not be paying the usurious interest. Until that is an option to discharge the loan I will not be paying a single red cent.TUD
>>539318640I cant wait until people like you die off.
>>539317098>no we can't>no we can't>no we can'tBut they can apparently make the loans non-dischargeable in bankruptcy. Thanks, state! Very cool.
>>539313186I think we might be about to see debt forgiveness on a massive scale. I read yesterday that here in the UK Burnham's considering writing off debts to energy suppliers because there's so much of it (over 5.5 billion quid) that people have literally no way to pay back. There's probably no other way western economies to climb out of this hole. Lenders aren't going to like it, but if governments worldwide coordinate on it there's probably not much they can do.
>>539318640Have you tried not being a boomer Jew and take some responsibility for creating the college loan industrial complex and lying to your children about it. No personal responsibility will be taken untilBoomer admit to lying to an entire generation. You liars are about to learn the meaning of what accountability actually implies.
>>539313186why would you ever pay your debtsthere are literally 0 consequences to defaulting and starting over from zero while having the degreethe bank kike fears this
>instantly defaulted on my student loans in 2001>made not one payment - not one - on like 30K>never seemed to suffer any consequence>got a letter indicating they were all forgiven during covid because i'm a neet>https://www.youtube.com/watch?v=fYHzO8T33nY
>>539313186Good, everyone should default to collapse the system. Hard reset
>>539313186That's capitalism for you. You make bad loan to simeone with no credit history and they default. Looks like Hebrew Savings snd Loan is going to have to take an L on this one.
>>539314752But that is actually not true, though.
>>539319298The lenders have no liability because the loans are federally-backed. Technically, the money is owed to the US government/taxpayers.
>>539315641>intense and purposes
>>539313186>How did this happen?jeets being deported and leaving debts unpaid.
>>539319511Then why then why the nearly 10% interest rate and private corporations hounding people for government loans anon.
>>539319821Because loan servicing is subcontracted out to private firms, and they get various bonuses and fees if they can get borrowers to pay up.
