233
The ‘terrifying’ trade-offs millions of Americans face as student loan repayments resume
(www.nbcnews.com)
this post was submitted on 01 Oct 2023
233 points (98.7% liked)
News
23408 readers
5157 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Almost everyone I talk to about this has the same idea: “I’m not gonna pay that, they proved they don’t need the money, it’s inflated anyways etc”
I agree with them
The situation is shameful, but it’s wishful thinking that such actions will end in any other way than interest accruing, making the inevitable repayment even more expensive and difficult. The system is set up so you can’t run away from it.
All I have to do is last to death.
Yeah I don't think these people saying they won't don't realize that this can end up at wage garnishment.
Up to 15-25% of disposable pay depending on the loan (federal or private).
Student loans are pretty much the worst type of loan you can have. They can garnish your wages, they can sue you, they can take any tax refunds and social security benefits you might eventually be paid and there isn't really a way to make them disappear.
The inability to get out of them and enforcement mechanisms make “not paying” a bad plan if you’re staying in the country. IBR and riding it out until it’s forgiven seems better, even though it’s shitty.
I have some left and have no plans to pay. Let them sue me. I want them to take me to court, hire a lawyer, spend a week, and deal with collections for the few thousand they claim I owe.
They will find a way to destroy your credit on case you had any hope of purchasing anything with a mortgage \ loan in the next 7 years
Don't worry, the insane cost of rent has already prevented most of us from being able to buy a house in the next seven years.
You can't kill what is already dead. I keep emergency funds around, enough that I could buy a brand new economy car at any time. Have a single credit card with a 5,000 dollar limit and charge a cup of coffee on it once a month to verify it still works.
Debt is evil.
Assuming you are employed, they will just garnish your wages. They don't have to sue for it, federal loans don't even need a court order to do it. Private loans do, but they are also able to take more money out of your check.
Which I can appeal and if it really came down to it I can switch over to an independent contractor in about a week. But it won't come down to it because before that happens I will just setup a 5 dollar monthly payment.