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Many student loan borrowers are in for a big, bad surprise in 2025
Posted on 12/10/24 at 9:32 am
Posted on 12/10/24 at 9:32 am
quote:
Millions of Americans who are behind on their student debt may face a financial shock next year: The federal government is expected to start collecting on defaulted loans for the first time since payments were paused during the pandemic.
Though the Biden administration required borrowers to begin making their normal repayments in 2023, it has yet to resume efforts to recover money involuntarily from people with seriously past-due balances. That process can involve garnishing wages, tax refunds, and Social Security benefits, along with formal legal proceedings.
There are approximately 5.6 million former students currently in default, meaning their loans are at least 270 days behind on payment, who could be immediately affected when collections crank back into gear, according to Department of Education data. That number has remained stubbornly high despite years of efforts by Biden officials aimed at helping troubled borrowers get up to date on their debts.
Here's a novel idea, pay off the money you borrowed
Maybe if they didn't get student loans to stay in college for 6 years in order to earn a worthless liberal arts degree they wouldn't have to default on their loans.
ETA: Yahoo Finance article
This post was edited on 12/10/24 at 9:38 am
39
Posted on 12/10/24 at 9:33 am to bradygolf98
Biden just announced today that as part of his last 40 days he is going to forgive more loans in January
Posted on 12/10/24 at 9:34 am to stout
quote:
Biden just announced today that as part of his last 40 days he is going to forgive more loans in January
Trump will reverse this policy.
Posted on 12/10/24 at 9:34 am to stout
quote:
Biden just announced today that as part of his last 40 days he is going to forgive more loans in January
Will any of those loans be forgiven as some sort of new program or is he just taking credit for PSLF forgiveness that's been law for 20 years?
Posted on 12/10/24 at 9:35 am to bradygolf98
quote:
Here's a novel idea, pay off the money you borrowed
not around here, many posters on here don’t think that applies to them
Posted on 12/10/24 at 9:35 am to bradygolf98
Posted on 12/10/24 at 9:35 am to bradygolf98
quote:
There are approximately 5.6 million former students currently in default, meaning their loans are at least 270 days behind on payment
This doesn’t really seem out of line with any other type of debt and default.
Clickbait is clickbait though
Posted on 12/10/24 at 9:36 am to stout
I wish he would cancel my mortgage payment for the hell of it. But I'm sure I'm not who he's trying to appeal to.
Posted on 12/10/24 at 9:37 am to stout
quote:
forgive more loans
AKA, "pass the debt on to all taxpayers"
Posted on 12/10/24 at 9:38 am to stout
quote:
Biden just announced today that as part of his last 40 days he is going to forgive more loans in January
I don't understand outright forging loans even if you think it's a good thing. At least make it conditional with some kind of community service or something positive for the rest of society also.
Posted on 12/10/24 at 9:38 am to Major Dutch Schaefer
quote:Baw, he can't do that.
Trump will reverse this policy.
ETA: I mean Trump can't "unforgive" a loan if Biden does grant forgiveness.
This post was edited on 12/10/24 at 12:39 pm
Posted on 12/10/24 at 9:38 am to bradygolf98
you can only kick that can down the road for votes for sooo long. hope it was worth it. 
Posted on 12/10/24 at 9:38 am to Major Dutch Schaefer
I don't know that there's a mechanism to unforgive a loan after it's been forgiven. The left has cited the statute that can be used and it appears pretty solid. I announced long ago that I know where money is located. It can't be disputed. And it can be shifted to student loan accounts, SBA accounts, farm loans, etc, to forgive them all, as well as erase all of our debt. If Trump were to jump on this now, he would lock up the midterms.
Posted on 12/10/24 at 9:39 am to bradygolf98
I’d rather we pay off student loans than fund Ukraine
Posted on 12/10/24 at 9:40 am to stout
quote:
Biden just announced today that as part of his last 40 days he is going to forgive more loans in January
If I’m not mistaken, a good majority of the loans he’s “forgiven” were people that completed PSLF.
Posted on 12/10/24 at 9:41 am to OysterPoBoy
quote:
I don't understand outright forging loans even if you think it's a good thing. At least make it conditional with some kind of community service or something positive for the rest of society also.
I have great news for you then
Posted on 12/10/24 at 9:42 am to bradygolf98
quote:
Many student loan borrowers are in for a big, bad surprise in 2025
There was a gigantic reason that seemingly everyone forgot about when they kept throwing up the maps of "If only people with a degree were allowed to vote."
Posted on 12/10/24 at 9:42 am to JohnnyKilroy
quote:
I have great news for you then
Hit me baw.
Posted on 12/10/24 at 9:43 am to JohnnyKilroy
quote:
I have great news for you then
Posted on 12/10/24 at 9:44 am to OysterPoBoy
quote:
At least make it conditional with some kind of community service or something positive for the rest of society also.
I’ve suggested this for years. I’d happily pick up trash on the weekends to shave off some of my balance.
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