Elderly student loan borrowers owe $121 billion, ask Biden for relief

[Woodznutz]

Is he out of bootstraps?

He works in another field that pays more.
Choosing that course was ill-advised (he didn't consult with me first).

 

[Mac-7]

Was it a secret what the field paid when he signed the note? Maybe lending agencies need to deny loans to those who don't have a viable plan to repay?

If not for Starbucks how many lib snowflakes with college degrees in Sociology would be living on the street?

 

[Woodznutz]

If a shylock doesn't think he can get his money back with interest, he's not going to make the loan. But lenders of student loans have the guarantee of the taxpayers . Maybe the key is to eliminate the taxpayer guarantee so that the lenders will be more discerning as to who is a good risk and who should be told to get lost.

That's a good point and suggests that there was a large rat or two in the guaranteed student loan woodpile.

 

[Polishprince]

If not for Starbucks how many lib snowflakes with college degrees in Sociology would be living on the street?

Not that many, most would just be living in their mum's basement

 

[Woodznutz]

If not for Starbucks how many lib snowflakes with college degrees in Sociology would be living on the street?

They've got "dashing" now as well.

 

[Picaro]

How about prosecuting corporations and colleges for false advertising and loansharking?

 

[Polishprince]

How about prosecuting corporations and colleges for false advertising and loansharking?

it isn't "loansharking" as the interest rates for student loans are modest.

Do colleges advertise that their courses in "Black Studies" will actually prepare the students for profitable work? If they do, that would be false advertising

 

[Woodznutz]

it isn't "loansharking" as the interest rates for student loans are modest.

Do colleges advertise that their courses in "Black Studies" will actually prepare the students for profitable work? If they do, that would be false advertising

"Black Studies" prepare black students to sue for reparations.

 

[Captain Caveman]

Elderly student loan borrowers owe $121 billion, ask Biden for relief

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.

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There are 2.8 million federal student loan borrowers aged 62 and older with a total of $121.5 billion in debt, more than 726,300 of them over the age of 71, according to the Education Department. Older borrowers are one of the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.


“Many of these folks have been borrowers for 20 or 30 years, with punishingly high interest rates. Their balances and the way they have dragged on for decades is just an indictment of the broken system and the failure of past relief efforts,” said Eleni Schirmer, an organizer with the Debt Collective.


In Warner’s case, her debt dates back to the 1980s when she first borrowed to complete a law degree at the age of 30. Despite passing the bar and excelling in her classes, Warner said she was passed over by law firms. She landed a job at legal aid - rewarding work but not the kind that paid much money, she said. Still, her debt was manageable.

Years went by, and Warner began working for DC public schools - another rewarding job but one that didn’t pay enough to wipe out her loans. While there, she enrolled in a master’s of education program at the University of Maryland Global Campus and took online classes at night. She graduated in 2012, despite being laid off while completing the degree.

All told, Warner borrowed a total of about $60,000 for her two advanced degrees. The amount seemed reasonable given the career trajectory that both credentials promised, but that path never materialized. Working a series of low-wage jobs, she went in and out of forbearance before ultimately defaulting. The balance ballooned to the current $268,000 total over the years due to collection fees and interest capitalization.

Ha! Sucks to be her.....That lady is an idiot. Has a law degree and didn't apply it. Then goes back to school to get a teaching degree which is known for shitty pay. Takes loans for both degrees and apparently never even tried to pay them off. Now she's pissed that her SS is being garnished.

I don't know, perhaps Warner should have taken a basic financial class where she might have learned that if you don’t pay any more than the interest accruing that she’ll never pay it off?

Just like I said in another thread.....Colleges are trading diplomas (and the debt attached) for little more than middle management jobs.....Maybe.

I have a student loan (UK) from my psychology OU days. But as I'm a director of my own company, I always declare a low wage, so I will never ever pay anything towards my student loan. Then in whatever number of years, it gets written off. So the interest can pile onto it, it's meaningless.

I did mine as a hobby knowing it was a profession I wasn't going into and I knew it was going to cost nothing.

If the woman knew she was going to be lumbered with debt, not go into those professions to pay it off and then cry, no sympathy off me.

 

[Picaro]

it isn't "loansharking" as the interest rates for student loans are modest.

Do colleges advertise that their courses in "Black Studies" will actually prepare the students for profitable work? If they do, that would be false advertising

A distinction without a difference given the size of the loans for hyper-inflated 'costs', like $300 textbooks and ridiculously high tuition charges and more.

False advertising is claiming that jobs require a college degree when they actually only need a Jr High level of skills, like requiring receptionists and phone answerers to have an English degree for their minimum wage opening or requiring an engineering degree just for an assembly tech job, that sort of nonsense. If they're going to do that then the employers can pay off the loans.

 

[Moonglow]

I paid off all of my student loans by the time I was 24.

The day you graduated

 

[Jarlaxle]

I have a student loan (UK) from my psychology OU days. But as I'm a director of my own company, I always declare a low wage, so I will never ever pay anything towards my student loan. Then in whatever number of years, it gets written off. So the interest can pile onto it, it's meaningless.

I did mine as a hobby knowing it was a profession I wasn't going into and I knew it was going to cost nothing.

If the woman knew she was going to be lumbered with debt, not go into those professions to pay it off and then cry, no sympathy off me.

Pay your bills, deadbeat.

You are a poster child for the return of debtor's prison.

 

[Captain Caveman]

Pay your bills, deadbeat.

You are a poster child for the return of debtor's prison.

I follow the tax laws, the more knowledge you have, the less income tax and NI you pay. The student loan deductions are automatically made by HMRC via their RTI software. So it means I pay £0.

If the government feel more need to repay, they need to change the thresholds etc.. The less knowledge you have, the more tax you pay.

 

[Jarlaxle]

I follow the tax laws, the more knowledge you have, the less income tax and NI you pay. The student loan deductions are automatically made by HMRC via their RTI software. So it means I pay £0.

If the government feel more need to repay, they need to change the thresholds etc.. The less knowledge you have, the more tax you pay.

You're still a deadbeat and a parasite.

 

[Captain Caveman]

You're still a deadbeat and a parasite.

Sounds like you're thick and pay too much tax.

 

[DGS49]

The magnitude of the problem is stunning. Seems like a shitload of irresponsibility. It's bad enough when an 18-year-old does this, but these seem to have been adults.

I don't think I'd have the balls to march on Washington to beg for relief from my legal debts.

 

[Jarlaxle]

Sounds like you're thick and pay too much tax.

No...but then again, your reading comprehension is dismal and your reasoning ability is zero, so I understand why you might post something that stupid.

 

[Captain Caveman]

No...but then again, your reading comprehension is dismal and your reasoning ability is zero, so I understand why you might post something that stupid.

My reading comprehension is a few steps ahead of yours. Also, in the US, if your healthcare doesn't bankrupt you, student loans are the next thing to dodge. As there's no need for me to be bothered which plan I'm on because I pay £0.00, I'll have to check when I do the wages online at the end of the month. Looking at the link, repayment level is low. First time I've looked at those!! Lol.

We're Free of the problems you guys endure.

Repaying your student loan

When you start repaying your student loan, your monthly repayments, what to do if you have 2 jobs or are self-employed, how to get a refund if you've overpaid.

www.gov.uk

 

[Muhammed]

Someone that takes out a loan at 30 is certainly not a "victim".....Unless of course you mean a victim of their own stupidity.

But they're a teacher. Going back to school for a masters degree gives them more pay for the same exact work teaching those 2nd graders the exact same lessons as before they got their master's degree and a pay bump.

She just wasn't using her extra pay to pay off those loans. They chose to be a deadbeat racking up fees for non-payment.

90% of the time that is due to vice. Alcohol, drugs or gambling take precedence over student loan payments.