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re: Will collections garnish wages over student loans?
Posted on 4/22/25 at 10:49 am to SlowFlowPro
Posted on 4/22/25 at 10:49 am to SlowFlowPro
quote:Ok. What is the solution? We either have the impacts of them paying their obligations or society pays the obligations for them to avoid the impact.... Which of those do you choose? I choose the first.
Yes, because there will be real impacts on the economy.
quote:That would be them paying obligations, right? They are being forced, but they are still paying. Seems like a distinction without a difference.
Or lifetime garnishment, which takes that money out of the economy for the rest of their lives.
quote:Ok. What other choice is there than 1) they pay their obligations or 2) someone else pays?
Again, this will have real impacts on the economy.
1
Posted on 4/22/25 at 10:49 am to jizzle6609
quote:
Early 2000s TOPS scholarships were so easy to get lol.
I don't count that as "scholarships"
But I remember in like 8th grade when they first announced TOPS I was blown away how low the lowest tier was. I already had the ACT from the TIP program in 7th grade
This post was edited on 4/22/25 at 10:52 am
Posted on 4/22/25 at 10:51 am to SlowFlowPro
quote:
Again, this will have real impacts on the economy.
And birthdates, which are already abysmal.
Posted on 4/22/25 at 10:51 am to SlowFlowPro
quote:
But I remember in like 8th grade when they first announced TOPS I was blown away how low the lowest tier was. I already had the ACT from the TIPS program in 7th grade
It was laughable.
I think people got the low end of it with a 17. 17 LOL
Posted on 4/22/25 at 10:53 am to jizzle6609
I remember going to other schools for various events and seeing their "valedictorian" boards and the ACTs sometimes were like 19-21 
A different world than Gifted at Barbe.
A different world than Gifted at Barbe.
Posted on 4/22/25 at 10:55 am to RollTide4547
quote:
Ok. What is the solution?
There isn't a solution. This is an issue that will project a lot of bad stuff into society, the economy, probably politics, etc.
We're discussing the impacts of this issue.
quote:
We either have the impacts of them paying their obligations or society pays the obligations for them to avoid the impact.... Which of those do you choose? I choose the first.
Both would be bad. Again, you're having a different conversation than the one we are.
quote:
That would be them paying obligations, right?
Probably not. They'd likely die net negative in terms of assets.
Then it would have to be written off, so a combination of both of your scenarios above
Posted on 4/22/25 at 11:06 am to stout
quote:
Credit scores in the shitter
Collections on your arse garnishing your wages
Home purchases and/or rent are unaffordable
New cars cost $40K+
Not much to look forward to for the student loan generation
Which is why the economy is in real trouble. We are a consumer driven economy. If there is no consumerism there is no economy
Posted on 4/22/25 at 11:17 am to SlowFlowPro
quote:
This is one of those issues hanging out in the ether that I'm sure Powell is being mindful of. This would be bad for the economy at large.
Making people pay back loans is bad for the economy?
Posted on 4/22/25 at 11:19 am to deltaland
quote:
Making people pay back loans is bad for the economy?
When they can no longer spend that money? Yes.
This money isn't even being paid back to private actors, nor is it significant to our public deficit/debt issues.
Posted on 4/22/25 at 11:22 am to stout
quote:
It could be the first domino that falls and fall quickly considering the volume and how many people have been too comfortable not paying the past 4+ years. No way they have it in their budget suddenly
Problem is some of them dropped the paused payment from their budget and replaced it with something else. A dumb move especially when they could have been paying directly to principal for a good chunk of that time.
Posted on 4/22/25 at 11:23 am to stout
You can reach out and get on a payment plan and base it on income (extends payment period) but will stop collections/garnishment
Easy step is they can intercept tax refunds, stimulus check, SS checks ect.
If you don’t get on a plan for payment and just don’t contact them they will garnish income. Just like the IRS.
Easy step is they can intercept tax refunds, stimulus check, SS checks ect.
If you don’t get on a plan for payment and just don’t contact them they will garnish income. Just like the IRS.
Posted on 4/22/25 at 11:23 am to SlowFlowPro
quote:
Again, this will have real impacts on the economy.
Yes, we have the best educated baristas in the world.
Posted on 4/22/25 at 11:24 am to SlowFlowPro
quote:
SlowFlowPro
Wait is this fricking moron all in on forgiving student loans now? Good God
Posted on 4/22/25 at 11:24 am to SlowFlowPro
quote:No. But those 2 scenarios are reality. All the talk in the world won't change that.
Both would be bad. Again, you're having a different conversation than the one we are.
quote:Discussing impacts without bothering to try and figure out a solution seems like a waste of time.
We're discussing the impacts of this issue.
quote:They'll pay until they die. No different than anyone with student loans that dies in a car wreck. I'm ok with the loans being written off they die.
Probably not. They'd likely die net negative in terms of assets.
Posted on 4/22/25 at 11:24 am to jcaz
quote:
Wife got on the SAVE plan few years ago. Been in interest free forbearance since COVID. No plans for forgiveness, just stashing cash until payments restart.
I'm assuming you mean you've been putting that cash into something that can grow and then you'll throw back on the loans to pay them off.
A lot of people didn't do that.
Posted on 4/22/25 at 11:26 am to SlowFlowPro
quote:
When they can no longer spend that money? Yes.
Make them go out and break windows on the weekend.
Posted on 4/22/25 at 11:31 am to stout
1. Yes
2. credit accounts crushed with 21 late payments
2. credit accounts crushed with 21 late payments
Posted on 4/22/25 at 11:34 am to stout
it sounds like wage garnishing will happen. also tax refunds and social security payments are on the table for garnishment.
The level of personal debt in this country is scary. A lot it is from bad personal decision making, and the reckoning is going to affect everyone. There's only so much road to kick the can down.
The level of personal debt in this country is scary. A lot it is from bad personal decision making, and the reckoning is going to affect everyone. There's only so much road to kick the can down.
Posted on 4/22/25 at 11:35 am to Grumpy Nemesis
quote:
Wait is this fricking moron all in on forgiving student loans now?
wut
Posted on 4/22/25 at 11:37 am to RollTide4547
quote:
Discussing impacts without bothering to try and figure out a solution seems like a waste of time.
There isn't really a solution.
Just like with the personal/credit card debt bubble, the CRE bubble, etc.
They are eventualities that will happen that will have impacts. We're discussing what we think those impacts will be. There is no "fix" or "solution". It's just shite we have to deal with.
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