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re: Will collections garnish wages over student loans?
Posted on 4/22/25 at 8:18 am to stout
Posted on 4/22/25 at 8:18 am to stout
quote:
But you were stashing cash instead of paying because you were hoping it would be forgiven, obviously.
False. She’s not eligible for any of the PSLF programs. And we aren’t stupid and knew that the Biden Admin’s plans were unconstitutional. If you make payments, your forbearance ends permanently. I’ll choose the opportunity to build a savings buffer while we can, Stout.
3
Posted on 4/22/25 at 8:19 am to SlowFlowPro
Good - pay your fricking bills. I hope it’s painful for the freeloaders.
Turns out, they’ll have to eat-in more and work a little harder. Decisions, decisions, decisions.
Turns out, they’ll have to eat-in more and work a little harder. Decisions, decisions, decisions.
Posted on 4/22/25 at 8:20 am to Tiger Prawn
quote:
Always posting pictures from nice restaurants, concerts with expensive tickets, or taking expensive vacations. Sounds like their budgets are just about to get an adjustment in what expenses are higher priorities.
I saw a video the other day that around 70% of the people attending Coachella this year financed their trip through one of those companies like Affirm. People are literally financing a festival "for the gram"
Posted on 4/22/25 at 8:20 am to stout
SL need to be facialitated by the institution itself and/or private banks
And allowable to be discharged under bankruptcy
You do that and tuition costs will crater in short order
And allowable to be discharged under bankruptcy
You do that and tuition costs will crater in short order
Posted on 4/22/25 at 8:21 am to SlowFlowPro
quote:
That's why even though there was some math that said it was stupid to pay SL during the Covid pause, I still did, I'm relatively disciplined in terms of budget/ spending. Most people should never not pay a routine bill/debt, even if they have a chance to pause payments.
100%
It’s why I paid off all 93k from grad school in 25 months after my wife and I got married back in the late 00’s.
Could I have likely invested and grown a bit more wealth…probably. But in my late 20s at the time I just didn’t want that debt to be part of my long term budget when kids and mortgages would become part of my life. I didn’t want the stress.
This post was edited on 4/22/25 at 8:22 am
Posted on 4/22/25 at 8:21 am to SlowFlowPro
Look it's gonna be bad but there's 2 problems with this issue. The first is you shouldn't borrow anything you cannot pay back. The second is that schools are clearly taking advantage of this which causes higher loans.
Posted on 4/22/25 at 8:21 am to stout
quote:While true, the blame starts with the educational system and grooming of students to go to university starting in middle school and ramping it up towards their senior year.
but the real blame lies on people who are bums looking for free shite.
The whole system is a racket, and the ideal scenario for the system is for everyone to become professional students, i.e., PhD's because the money stream never stops flowing on all fronts.
High schools groom children into going to universities to the point where I consider it predatory. 20+ years ago when I was in high school you were talked to in a manner of not if, but when you are going to university. All other options were silly talk. There were so many that had no business being in a 4 year college, and pretty much all of them racked up some debt over a couple years and dropped out.
The world will stop functioning without ditch diggers and carpenters, and those occupations have nobility built in to them because of it.
Posted on 4/22/25 at 8:21 am to Grumpy Nemesis
quote:
I don't think people realize how many people started taking on student loans even more in the last several years because they were certain that Joe Biden was going to end up letting them have them for free. I know one specific person in my own Circle that did this. They took on student loans to go back to school specifically not intending to pay them back and assuming they would end up being forgiven. That's what stupid fricking government policy will get you even when it's not policy yet
laughs in illegal immigration
Posted on 4/22/25 at 8:22 am to jcaz
quote:
False. She’s not eligible for any of the PSLF programs. And we aren’t stupid and knew that the Biden Admin’s plans were unconstitutional. If you make payments, your forbearance ends permanently. I’ll choose the opportunity to build a savings buffer while we can, Stout.
Fair enough
As long as yall didn't adjust your budget based on not paying the bill as SFP pointed out many people do then it shouldn't be an issue for you guys.
Posted on 4/22/25 at 8:22 am to stout
quote:
It's not a rumor. FHA acknowledged it last week when they ended the program which was a holdover from COVID that Biden admin abused.
I missed that. I saw some crazy examples of what was going on.
Look at this one from Tennessee
No payments ever made on a $236k mortgage. Then the FHA gave the banks money to not foreclose.
FHA loans under the COVID relief plan are 70% delinquent, 55% seriously delinquent
Posted on 4/22/25 at 8:22 am to masoncj
quote:
And allowable to be discharged under bankruptcy
Why?
If I were in my early 20s, and knew my credit would recover, I would gladly take out and abuse SLs, then just file BR later to get out of it. At that age you can stick out renting for a while.
This post was edited on 4/22/25 at 8:24 am
Posted on 4/22/25 at 8:23 am to stout
frick these ppl they have no reason to cry as they took out the loan. They’re the first to claim how smart they are since they’re educated so they can figure it out.
Posted on 4/22/25 at 8:24 am to TrueTiger07
quote:
Good - pay your fricking bills. I hope it’s painful for the freeloaders.
lol@ the lone clown downvoting integrity.
Posted on 4/22/25 at 8:27 am to SlowFlowPro
quote:You made the loan, you need to pay the loan like you promised. I don't care if it is in your budget or not.
No way they have it in their budget suddenly
Posted on 4/22/25 at 8:27 am to anc
quote:
I missed that. I saw some crazy examples of what was going on.
Look at this one from Tennessee
I have posted a few of the more wild ones here. No payments for 5 years and silent seconds, and thirds issued by FHA to keep it out of foreclosure
Posted on 4/22/25 at 8:28 am to mudshuvl05
quote:
, the blame starts with the educational system and grooming of students to go to university starting in middle school and ramping it up towards their senior year.
You can do this without incurring huge debt.
Pretending expensive college was a good idea for most students was an issue.
Posted on 4/22/25 at 8:29 am to RollTide4547
quote:
You made the loan, you need to pay the loan like you promised. I don't care if it is in your budget or not.
Y'all are having a completely different conversation than the one we're having
Posted on 4/22/25 at 8:30 am to SlowFlowPro
quote:
Pretending expensive college was a good idea for most students was an issue.
There are a lot of issues. Undergrad is filled with unnecessary classes. 4-year degrees could easily be 2 years cutting out some of the bullshite that universities require to keep you paying for a full 8 semesters
Posted on 4/22/25 at 8:32 am to USAFTiger42
quote:
Look it's gonna be bad but there's 2 problems with this issue. The first is you shouldn't borrow anything you cannot pay back. The second is that schools are clearly taking advantage of this which causes higher loans.
And third, because the govt backstops these loans, colleges can raise tuition for those that actually can afford it.
And that is the real crime. Yes affordability should be a consideration for attending college. If you’re a poor Einstein, you will probably be successful regardless, but sending average to low intelligent poors to college was one of the dumbest ideas we’ve had as a nation.
Posted on 4/22/25 at 8:33 am to stout
Nah we know people in this situation though.
She has a good paying job and the expected payments have been penciled into the budget for 2 years. But I always felt like cash on hand is better than paying down debt when the debt is interest free (for now).
She has a good paying job and the expected payments have been penciled into the budget for 2 years. But I always felt like cash on hand is better than paying down debt when the debt is interest free (for now).
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