re: Will collections garnish wages over student loans?

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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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Therein, as the bard would tell us, lies the rub. What's that going to look like? How does one position themselves to best weather it?

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Bankruptcy would not wipe up student debt. I believe since they are federally funded, they are non-dischargeable (meaning you still owe them).

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You have to file for “hardship” after filing bankruptcy. The court examines the evidence separately and can choose to discharge it with the other debt. Unless you have a disability that limits your ability to work or a very low paying salary the chances of it happening are very slim.

A big fix would be to allow transfer of 401K (etc.) funds to pay off student loans, even with a penalty. Pretty sure Rand Paul has called for this.

They'll never do it though because they don't want the "market" to take a bath.

What most people don’t understand is that Obama set up the rock solid collection of student loans to pay for Obamacare. That’s a fact. Loan kids all the money they need and Obamacare is funded as are the indoctrination schools. 100% fact. Congrats to those of you who voted for that jive turkey.

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Again, explain how irrelevant electives to one’s major is relevant long term

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fricking Astronomy, Women's Studies, Military Science, Bowling, Human Science, etc. for a damn Accounting/Finance degree is horseshite.

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ou can blame the Government and Biden, and, I dont think you are 100% wrong to do so, but the real blame lies on people who are bums looking for free shite. We have a whole lot of people in this country who want free stuff and justify by saying "well others are doing it so I might as well too"

I don't feel sorry for anyone who did what you described. They are bums who dug their own hole. Let them climb out of it.

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respectfully, predatory loans are to blame. Lack of accounting/finance classes in HS are to blame as well. I can't fault a kid for taking out loans to pay for education to try and better themselves. For those of us on the government loans, it's not a huge deal...but its the private predatory loans that are the issue imo.

That and tackling the real core issue of college cost. There is zero reason for Universities to charge as much as they do. The nation is better when people are educated, so we cant just let universities off the hook.


For the trade community. Yes, it offers an amazing way to skip college and make a living in most places. That said, I do think Unions help . In Columbia SC I worked as an electrician before going back for my EE degree. I made $15.00 an hour (2017). I worked 5 10's and was expected to work saturdays. My journeyman worked his arse off, and the owner would work them until they quit. That said, the situation wasn't any better anywhere else. Same pay, but in a lot of places you could get 40 hours. So unless youre union or have an awesome Owner, the trades are tough. Not to mention the stress on your body.

I can pay my loans back, its about 50k. Hopefully they don't eliminate the income based repayment, that imo would be stupid. Studies do show though, if student debt was wiped out, our economy would see improvement. Not saying that should happen...because pay your loans back, but I do hate seeing the predatory loans

that's the point of University education.

Desiring a trade certificate is something else. I told you that I'm fine with doing that and leaving the degrees for the educated class.

Trump could solidify a good majority of this voting block by just making the interest rate 0.