Non-millenial here, also watching my payments skyrocket by 440%. Can't get loans with my excellent credit score because my debt to income ratio is super high. At this point it would cost me less to tank my credit, go into default, and be garnished since my credit score is meaningless anyway.
299.56% for me.
And the kicker is that in the 10 years that I have paid, my principal balance has not decreased at all.
Oh, and the real treat? Since the Federal injunction, I can't recertify my repayment information, which means I lost all progress towards loan forgiveness.
I am fucking livid.
They will almost certainly change the rules once the injunction finalizes. Call your representative and tell them what’s going on.
When the game is that tilted against you, when do you just stop playing? You're literally getting nowhere playing by the rules.
I wonder how that plays out though. What's the punishment for non-payment?
As I understand things from my own reading, Student Loans typically can’t be discharged with bankruptcy, and they start garnishing your wages eventually if you don’t pay voluntarily.
Short of keeping all your money in cash and living off the grid in a hovel not worth the trouble for the bank to foreclose on, I think I’m pretty much fucked.
Holy shit!! I won the birth lottery be being born in Norway, and I watch Last week tonight with John Oliver weekly, read the news about what's happening around the world, to be informed, listen to Behind the Bastards, Lemmy, local news etc., so I feel pretty informed. However, 440% increase? And the other commentary who's paid for 10 years with no decrease - what in the actual fuck??????
There are SO many property owners who could not keep their house with a 5% increase on their house loan (article from COVID years), and I remember reading about people going to the news complaining that they had to cancel one of their streaming services, and others who maybe had to sell ONE of their two cabins.
450%‽‽‽‽‽‽‽‽‽‽‽ Why have people not revolted? How can you still be complacent? I'm so sorry to hear about this happening.
Same. Born in Belgium and I had to pay less than 1000 € for a full academic year at the University. The quality of education is good. I got a decent job, correctly paid. I did not had any debt when I started my career. What more did you get in the USA ? I would be depressed as hell to be in the shoes of that guy who claimed above that he paid only the interests of his student debt, after ten years of reimbursement.
Educated people don't support the regime.
Only one percent are average…. Half are below that, half above… no… that’s median
A really stupid guy can absolutely bring down the average. That’s average.
Some of the smartest people one can know are fucking stupid idiots.
I hate to say this but fucking good. Throwing random people in Gitmo wasn't enough to piss the people off to do anything, because the only thing that would be enough is when they fuck with everyone's money.
I hate the "fuck you I got mine" attitude so fucking much.
You have more hope than I. I seriously do not think Americans will ever do anything. Too many people have been indoctrinated into obedience.
Sad that it comes to this and people’s social security + other social safety nets having to be cut for them to wake the fuck up.
Wasn't there a story going around about how Harvard is doing tuition free if you make less than $200k or something? lol
All the better to declare himself supreme leader for life so he can “fix everything” and MAGA.
Damn too bad I ain't paying shit
Can't get blood from a stone.
This seems..... misleading, in a weird way. Even some of the comments are confusing, though I may be just clueless as I'm not American (I'm Canadian, so don't know any people directly impacted by this to question in person).
There are comments here saying it's really tough because low interest private loans are less available. People noting huge increases in their monthly payments (by percent, but often not noting the actual dollar value from what I can see?).
The article notes that the average student loan debt is around $38k. Even with a terrible interest rate of like 12%, which is what my local Credit Union offers for personal loans, that's a monthly payment of $500 for ~10 years. The guy in the article is an outlier it seems, in that he has a 6.3% interest rate and payments around $5000 -- so while the average person is out 38k, this guys in the hole by like $400k+?? The reason it costs them as much as a mortgage payment, is cause they spent as much as a house getting his education. I doubt education costs 'skyrocketed' partway through his education, so he would've seen that bill coming. And for the price of that education, I'm guessing he could run the numbers with more accuracy ahead of time, and make an informed/educated decision on whether to take out those loans.
400k is not uncommon for medical school debt. Blaming it on the ~18 year old that just wanted to get a decent job helping people is bootlicker talk.
Sure, but you're framing that in a way to be as positive as possible about it. How about, "the 18 year old that wanted to defend criminals and get them out of violent crime offenses for huge profits", and went into debt to pursue what they thought was going to be a hugely profitable career? Do you really think regular people, who go into debt just ~40k based on what the article states, should also be comp'ing that other case with perks/debt forgiveness? The article is specifically using an outlier case, who went into debt for a profession that's respectable, to skew opinions...
Student debt is an issue in the states, I don't disagree on that as far as I understand it at least. It's just that a lot of the articles around the subject seem very heavily skewed by political bias, which is annoying. And me being annoyed by that, and wanting more neutral discussion, I don't think of as bootlicking.
The second sentence doesn't only apply to folks going into the medical field, and I would say a lot of jobs help people.
Do you really think regular people, who go into debt just ~40k based on what the article states, should also be comp’ing that other case with perks/debt forgiveness?
Yes.
It’s just that a lot of the articles around the subject seem very heavily skewed by political bias
I think this is why I am not super interested in engaging with the particulars of your reply. Because you're right, there is selection and political bias in this article. But not in the direction you think. Because the article completely omits the culture pressures that started the issues of student loans. That for many it was seen as the only path out of poverty, and wanting to foster that while still allowing markets to drive everything in the country, the government decided the loans was the correct solution. Since these were 18 year olds getting goods that could not be returned, the only market solution to that was make the loans not discharged on bankruptcy.
Once the costs were abstracted into the future, the tuition start to quickly rise, and with government backing the student loans, the loans rise with them. Since schools are now getting an order of magnitude more from each student they lure in, they heavily push the idea that you will be flipping burgers for minimum wage unless you have a degree, reframing university as not a place of higher learning for those with exceptional interest, to the necessary step after high school. This taking root devalues all degrees, but 4 year degrees in particular, leading to a drop in the salaries expectations of the professional class with 4 year degrees.
With this market driven strategy giving rise to these new problems, income driven payment plans become much more common, and with those being cut off, suddenly the 1.6 trillion dollar debt bubble in the US starts to become realized. Which is what this article is touching on from a more personal level.
All of that being said, reaching for criminal defense lawyers as your example of a morally abhorrent and greedy career track says much more about your bootlicking than anything. If you had a worthwhile conception of the problem and reality of it, you would have picked one of the much better examples.
The difference is our student loans are not predatory, and our schools are not as expensive, tho we can't discharge our loans through bankruptcy either. I've had 3 loans and even paying minimum they were paid off in a decade or 2, repayments are higher in the states and from what I understand the minimum payments there are interest only.
Only millennials? Take a look at your own future.
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