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this post was submitted on 30 Jan 2024
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Reminder that student loans, like mortgages, are rolled up into an investment vehicle called the SLABS, or Student Loan Asset Backed Securities. Student Loan Forgiveness would tank the value of the SLABS, and I guarantee you our elected officials have money tied up in them. Since a student loan can't be discharged through bankruptcy, it's typically a very safe investment.
It is absolutely HORRIBLE and immortal to have an investment that gains money of others being in debt. That is SO fucked up
What..... What do you think a loan fundamentally is?
Fucked up?
Welcome to capitalism.
Inb4 all the MBA nerds come to chime in about why making money off of someone else's failure is a good thing...
It smacks of the subprime lending that caused the Great Recession all those years ago. History doesn't repeat but it often rhymes.
Especially when it's funded through our own taxes.
Government student loans can't be discharged.
I got private student loans, and eventually stopped paying and they were discharged. The discharge counted as income on my taxes, but still way cheaper than paying criminal interest for 30 years.
It may be technically possible to get private student loans discharged, but from what I understand, they've made it incredibly difficult.
Mine were super easy. I simply didn't pay them for a few years and they wrote them off. It hit my credit like a freight train and since the discharged debt counted as income April was pretty rough that year.
Pretty soon the defaults will fall off my credit report and I'll be 100% recovered, though likely blacklisted by the bank.
And the funny thing is if they'd just let me defer payments and freeze interest for a few years like I'd requested, I'd actually have the income now to make payments. I didn't want to not pay my loans, but food and rent came first.
I should do is make a SLAB composed of borrowers who are never going to pay back and ones that certainly will. Then convince pension managers to buy those SLABs from me.